8 Income Ideas for Seniors Struggling with High Living Costs

May 8, 2025 - Genie Editor

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Stashing away $1,000 is a big win — especially if you’re on Social Security or a tight budget. Now’s the time to make it work for you. Whether it’s starting an emergency fund, paying off bills, or cutting monthly expenses like groceries or prescriptions, these tips will help you stretch your money and feel more secure.

The Savings Genie is reader-supported. We may receive compensation from the products and services mentioned in this story, but the opinions are the author's own. Compensation may impact where offers appear. We have not included all available products or offers.

1. Ask this Company to Pay off your Debt

Drowning in debt? Every month you wait makes it worse — more interest, more stress, and fewer options. If you’re carrying over $20,000 in credit cards, personal loans, or medical bills, it’s time to hit back.
Freedom Debt Relief could help slash what you owe and roll your debts into one low monthly payment. No upfront fees. No hidden tricks. You only pay when your debt gets resolved.

Many clients find relief in as little as 24–48 months — and the first step takes just 30 seconds. Answer a few quick questions and see if you qualify.

Check Your Eligibility Today

 

2. Cancel Your Car Insurance

You're probably overpaying for car insurance — and your current insurer is fine with that.

Most drivers stick with the same policy for years without checking rates. But auto insurance isn't one-size-fits-all — and your needs might have changed. With State Farm® you can get a personalized quote in minutes. No pressure. No spam. Just coverage built around you, backed by a local agent who’s ready to help.

It’s fast. It’s free. And it could save you more than you think.

Compare My Quotes – It’s Free

3. Get Personal Loans up to $50,000

*This is an ad.

Imagine waking up one step closer to your next financial goals. Using this site could be your first step.

Need a loan now? You may qualify for up to a $50,000 loan in just days by answering a few simple questions on this site. NerdWallet helps thousands of people find the personal loans they need—from debt consolidation to home improvement and everything in between.

Use this tool to get matched with loan options faster than ever. Here’s how to get started:

1. Visit our link and choose how you plan to use your loan
2. Then, answer a few questions about yourself (name, email, etc.)
3. Get your personalized loan results in minutes!

This tool connects you with lenders quickly—so you can take the next big step toward your financial goals.

Get the Loan You Need Today

*Approval and loan terms vary based on applicant qualifications. Not all applicants will qualify for the full amount or lowest available rates.

*NerdWallet Compare, Inc. NMLS 1617539, https://nmlsconsumeraccess.org/
CA Fin. Lender loans per DFPI Fin. Lenders Lic 60DBO-74812

4. Cut $1,025 From Your Car Insurance Bill — In 5 Minutes

If you haven’t shopped around for car insurance lately, there’s a good chance you're paying too much — and your insurer is hoping you never notice.

Skip the hassle of checking dozens of sites, Insurify lets you compare quotes from top providers in one place. It’s fast, free, and users save up to $1,025 a year. Just answer a few quick questions about your car and driving history.

Insurify will show you personalized rates in minutes — no phone calls, no junk emails. Just real savings and a 4.7-star Trustpilot rating to back it up.

Compare My Quotes — It’s Free

5. Still Paying Off Credit Cards in Your 60s or 70s? (You’re Not Alone)

Carrying credit card debt into retirement? You’re not alone. In fact, over 80% of adults 75 and older still have balances—and many feel overwhelmed trying to keep up With rising interest rates and higher living costs, even minimum payments can feel impossible on a fixed income. But there may be a way out—without taking on more debt or filing for bankruptcy.

Thousands of older Americans are using programs that negotiate directly with creditors. These services may help lower your balances and monthly payments, so you can finally breathe easier.

You Need To Have At Least $20,000 In Credit Card Debt and Live In The USA.

See Your Debt Relief Options
(Consultation is free, confidential, and no obligation. Results vary based on individual financial situations)

6. Stop Paying Your Credit Card Company and Try This Instead

Did you need some quick help with a “rainy day” situation but don’t have the cash or credit card balance available?  You’re not alone.  If you’re dealing with credit card debt, you understand the stress—the constant worry, the high interest rates, and the overwhelming fear that you’ll never get out.

AmONE is a personal loan marketplace with more than 50 lenders and financial institutions that can help you get matched with a personal loan keep you on your feet  in no time. AmONE is a free service that helps consumers, regardless of their credit score, find a personal loan.

You can borrow up to $100,000 and receive your funds as soon as 24 hours after approval - Talk about QUICK HELP!

Don’t let a rainy day scenario turn your day upside down - let AmONE help.

Get a Personal Loan Fast with an APR as Low as 6.40%

7. Stop Overpaying for Home Insurance

When it comes to saving money, most people rush to change their car insurance. But here’s the secret:

Switching home insurance often leads to even bigger savings.

Some homeowners cut $500–$1,000+ off their yearly premiums—just by comparing providers. Rates can vary drastically between insurers for the same exact coverage.

Use this comparison tool to check your rate now. It’s free, takes minutes, and could put real money back in your pocket.

Compare Home Insurance & Save Now

8. Crush Debt Without a Second Job—Tap Your Home for Fast Cash

I get it—watching your credit card balances climb while you’re doing everything to stay afloat is exhausting. That’s where Hometap comes in: it turns your home equity into upfront cash, no loan, no monthly payments—just real relief to finally knock that debt down.

Hometap lets homeowners access their home equity without taking out a loan or making monthly payments. Instead, it offers a home equity investment—a lump sum in exchange for a share in the home’s future value. Homeowners can receive up to 25% of their home’s value (up to $600,000) and have 10 years to settle, usually by selling or refinancing.

How it works:

Check eligibility – Must own a qualifying home, have 25%+ equity, current on mortgage payments, a 500+ credit score, and live in one of these states:
AZ, CA, FL, MI, MN, NV, NY, NJ, NC, OH, OR, PA, SC, UT, VA, WA.

Request an estimate – Share basic info to get a preliminary offer.
Apply – Complete the application and schedule an appraisal ($299–$1,000).
Sign and close – Review terms and pay ~3.5% in closing costs.
Receive funds – Get cash in days.
Settle later – Repay via refinance, buyout, or home sale.

Ready to unlock your home’s potential?
Apply Now

9. Earn up to $60 a Year Using Your Smartphone, Tablet or Computer

Have you ever wondered who influences the products and brands consumers use? The answer is you.  Nielsen is the company that collects anonymous data that helps shape what shows appear on Netflix, which podcasts trend, and what radio content people hear — and they’ll reward you for simply sharing how you use the internet.

By joining Nielsen, your everyday device usage can help shape the future of media — and you can receive rewards in return! Just sign up and install the app on your phone, tablet, or computer. It runs quietly in the background, and the longer it stays, the more reward points you receive.

These points can be redeemed for gift cards from popular retailers like Amazon and Walmart. The program is 100% free, and there's nothing else you need to do after setup.


See If You Qualify Today

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