The Good: I own a one bedroom condo, a 2004 Ford camper van, a 2005 EZGO golf cart, and a bicycle, all paid for. I have no debt and a credit score of 718, which is more than 100 points less than it was a year ago. I pay all my bills in full on time, using a dwindling savings account. And thanks to the state of Florida I receive "food stamps."
The Not-So-Good: My monthly HOA fees exceed my pension income by almost $100. My electric bill averages $100 a month, and other bills add up to a deficit of $300 to $800 a month. Additional expenses are for property taxes, health insurance premiums, copayments, prescriptions, cell phone service, condo and auto insurance, parking for my van, appliance warranty, and property taxes.
What's your biggest expense other than housing and food? I'm betting it's transportation. Cutting out car ownership can be a big savings.
ReplyDeleteThanks for your comment. Good question. I haven't driven a gas vehicle in 2.5 years. I drive only a battery driven golf car to buy groceries, see doctors, and pick up prescriptions. I charge it with an electric charger and fill the batteries with distilled water. I do keep minimum insurance on the van because dropping it isn't a good idea. My combined premium for both condo and auto insurance is less than $50 a month. My vehicle registration is $118 a year and property taxes are $315 a year.
DeleteSounds like you’ve got it to the minimum but what about vehicle maintenance, depreciation and the cost of lost investment money for the value of the non used vehicle. There’s further savings to be had and a potential source of revenue.
DeleteYou list ‘parking for my van’ as an expense, that seems unnecessary.
DeleteThe van is my backup plan. If I run out of money and can no longer pay to keep my condo, I will sell the condo and live in the van. It makes me feel a little less scared, knowing I have the van and will have some kind of roof over my head.
DeleteThe parking expense is necessary because the van is considered a Class B RV and is not permitted to park in the residential area. I was paying $65 a month to park it elsewhere but finally got a spot in the Association RV storage and it will cost me only $150 a year. That saves me $630 a year. If possible in future, I will use it for business, traveling to possible speaking engagements or clients.
And my cell phone bill is only $14 a month.
ReplyDeleteWhat about your internet and cable subscriptions?
ReplyDeleteInternet, cable and Wifi are a bulk purchase for the entire retirement condo community I live in. It's included in the monthly HOA fees which also cover water, landscape work, etc.
DeleteYour HOA fees would be eliminated by renting in a less exclusive/expensive neighborhood.
DeleteA monthly electric bill of $100 for one person is high. Look for ways to cut that in half. Reduce running the A/C, dish washer, and clothes dryer.
ReplyDeleteIt's 90 to 95 degrees here in Florida. AC is important. All appliances are electric - like water heater - and there are no gas appliances. I rarely use the oven; using the microwave instead. I keep the temp set at 75 during the day. I don't own a dishwasher. The clothes washer and dryer are apartment size and I do only two loads per week.
DeleteThe golf cart is a potential source of revenue. How expensive was it? Replacing it with the bicycle would mean savings on electricity and added health benefits of exercise.
ReplyDeleteThe golf cart is my only transport to buy groceries twice a month and to get to doctor appointments. It was a gift given on the promise that I would replace the batteries and tires. So instead of a $10,000 golf cart, it cost me $1,000 3 years ago.
DeleteI'm going to sell the bicycle. My balance is off and I can't stay on the bike for long. I wouldn't have a way to carry bags of groceries. Also, riding in the 90-95 degree heat has caused heat exhaustion. I do walk for exercise.
There are free cell phone plans available under federal plan called Lifeline
ReplyDeleteI have one of those Lifeline phones. It's quite small with no keyboard. Texting requires I learn how it used to be: clicking on the A three times to get the C, etc. I have a paid for (2017) Samsung Galaxy 8.
DeleteIf you qualify for food assistance you probably also qualify for Medicaid and other government social safety net programs.
ReplyDeleteI applied for Medicaid 3 times and was denied. Now I have health insurance through the Affordable Care Act that costs me less than $25 a month. I apply for rewards that often bring premiums down by 100%. I do have co-pays. I'll talk about health care in my next blog.
DeleteI’m a practicing Minimalist. Liquidate your unnecessary assets; luxury condo, R/V, and golf cart. Rent an apartment in a less expensive area and use mass transit. There are free transit options for seniors and subsidized housing as well.
ReplyDeleteYour suggestions are excellent; and I appreciate your comments. I want to be a minimalist and am also following the suggestions for Swedish Death Cleaning (I borrowed the book from the library). I have a website where I am listing items for sale, as well as on Facebook and Nextdoor. www.AndreasEstate.com
ReplyDeleteI live in one of the cheapest condos in my area (800 sq. feet). There is no mass transit here; the community is too small. I'm not eligible for subsidized housing or grants toward utility bills. I've applied and was denied. If I move to a less expensive area - where is that in Florida? - I will be even more lonely than I am here. I fight depression every day. I won't be able to get to doctor appointments if I give up my golf cart.