For you to enjoy a white Christmas with your family without the winter hassles, you need to be prepared. In a country where 31% of households have trouble paying their energy bills, every dollar saved matters.
Life is less forgiving in your mid-40s or 60s. At this age, you have tried your hand at various things in life, and you either succeeded or failed. Be it divorce, bankruptcy or financial mistakes that result in a bad credit score, you have to pick up the bill and get back on your feet. With a bad credit score, usually below 619 on the FICO score, many doors will be closed for you. That means no access to loans, higher insurance premiums and sometimes unemployment because some employers take credit reports seriously.
Living on a low or fixed income means every cost you incur needs to be deliberate and well thought. A budget helps you to plan financially and ensures you stay out of debt. Through a priority list, you can balance your income to your expenses.