7 Family Expenses To Cut While on Social Security

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Living on a fixed income can be challenging when you have a family and multiple bills. Making your dollars stretch further becomes a top priority. That’s why it’s crucial to reevaluate your budget and cut down on some family expenses.

Here are seven expenses you can trim to reduce financial strain and live more comfortably while on Social Security.

Extravagant Gifting

It’s easy to get carried away with gifting, especially on holidays, birthdays or other important occasions. However, extravagant gifting will eventually drain your budget. When living on Social Security, you need to set realistic limits on how much you spend on gifts. Although an expensive gift might make you feel good at the time, it can create unnecessary financial stress in the long run.

Instead, consider other options like homemade gifts that might be less expensive yet thoughtful. The best thing about DIY gifts is that you can customize them to your preference and they don’t have to cost much money. Also gifting isn’t always about material things. You can also offer your time or skills, such as cooking a meal or babysitting, as a gift.

Family Outings

Family outings are a great way to spend quality time together, but they don’t have to involve fancy dinners, amusement parks or paid events. While treating your loved ones to a fun day out is great, these activities are costly, especially if done regularly. 

Opt for free or low-cost alternatives like parks and museums that offer senior or family discounts. You can also create fun activities like board game nights or potluck-style gatherings at home. These options can be more fun and memorable and are less likely to break the bank.

Expenses for Grandchildren

We all know that grandparents can do anything for their grandkids. From purchasing toys to paying for fun activities, these expenses can quickly deplete your Social Security income. 

You can treat your grandchildren occasionally, but consistently covering expenses may not be a good idea when you’re on a fixed income. Plus, you can still support your grandchildren by doing things that don’t directly involve money. For example, you could offer babysitting, tutoring or spending quality time together.

Insurance 

Retirement is an excellent time to reconsider all insurance policies, including life, home or auto, to ensure that you’re getting the best rates. You can cut your expenses by simply switching providers or changing premiums. And since you’re on Social Security, it’s worth exploring whether you qualify for senior discounts.

Dining Out

Eating out regularly while on Social Security is an expense that shouldn’t be in your budget. Consider homemade meals, which, in most cases, are healthy. Also, normalize shopping with coupons and purchasing groceries in bulk. You may also want to take advantage of senior discounts at grocery stores to reduce costs even more.

Utility Bills

Utilities are a necessary expense, but you can lower them with minor tweaks. For instance, unplug electronics when not in use, switch to LED lights or install programmable thermostats that automatically adjust temperatures. Plus, many companies offer utility discounts to Americans over the age of 65, so check with your provider to see if you’re eligible for any rate reductions.

Subscription Services

Having many subscription services can quickly eat up Social Security funds. This is the perfect time to reassess recurring monthly bills and cancel unnecessary plans. From cable TV to premium streaming services and free shipping services like Amazon Prime, you may have subscriptions you don’t need.

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