1. Budgeting: The first step in taking control of your financial situation is to create a budget plan. Ensure that your income can sustain your essential expenses. Cutting back on non-essential items can save a considerable amount of money.
2. Senior Discounts: Many businesses offer discounts to seniors. From grocery stores and restaurants to travel and entertainment, you may discover ways to save money.
3. Downsizing: If you are living in a large home, you might consider downsizing to a smaller home or apartment. This could reduce your mortgage/rent payments, utility bills and maintenance costs.
4. Part-time employment or freelance work: If your health allows it, consider finding a part-time job or doing freelance work. This can supplement your monthly income.
5. Government Assistance: Look into government programs designed for seniors, such as SNAP for food assistance, LIHEAP for utility assistance, among others.
6. Prescription Savings: Most pharmaceutical companies offer savings programs for those on certain medications, and there are discount programs and cards available. Ask your doctor and pharmacist about your options.
Please seek advice from a financial advisor for the best steps to take, considering your personal circumstances.