How to Budget on a Fixed Income

Posted: Sunday, May 6th, 2018

Looking to use a budget to live on a fixed income? Follow these steps:

  1. Use a budget planner. Creating a budget by tallying your expenses and income will let you see how much money you have to work with. Budget apps can help with this.
  2. Follow the 50/30/20 rule. Your monthly budget should ideally break down into 50 percent necessities, 30 percent amenities, and 20 percent savings and extra debt repayments.
  3. Keep an eye on fixed expenses. People on fixed incomes will often find that they’re spending too much on auto payments for their car, truck, or SUV. If you’re overpaying for your vehicle, consider trading it in for a less expensive model. A financing service like Green Light Auto Credit may end up saving you hundreds per month.

Can I Afford a Car on a Fixed Income?

At Green Light Auto Credit, we specialize in helping customers on fixed incomes find the vehicle they need at an affordable price. Fill out a credit application to find out how affordable your next car can be, then contact us for budgeting help.