8 Home Expenses To Cut While on Social Security
Written by
Cynthia Measom
Edited by
Amber Barkley
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Living on Social Security isn’t easy, especially when the average retirement benefits check is around $1,870 a month. And with costs rising everywhere, making that money stretch can feel like a constant struggle. Even if you’re already careful with your spending, some expenses — especially those related to your home — might still have room for reduction.
Here are eight home expenses to cut while on Social Security.
Property Taxes and Home Maintenance
Bill Ryze, a certified chartered financial consultant (ChFC) from Tennessee and a board advisor at Fiona, said he advises people on Social Security to downsize to a smaller, less expensive house and explore energy-efficient upgrades to reduce utility costs.
“The benefits are lower property taxes and reduced maintenance expenses,” he said.
Utility Bills
Dennis Shirshikov, head of growth at Summer and a professor of finance and economics at the City University of New York, said one of the most significant expenses that retirees can reduce is utility costs.
“Start by auditing your energy usage and looking for inefficiencies,” he said. “Installing energy-efficient appliances, LED lighting and programmable thermostats can dramatically lower monthly bills. Additionally, consider negotiating with your utility providers. Many offer discounts or budget billing plans that can help stabilize payments throughout the year.”
Ryze said, “I also advise providing better insulation by sealing drafts around doors and windows. As a result, you’ll incur reduced monthly utility bills.”
Home Insurance Premiums
Ryze said that while home insurance is a must, shopping around for competitive rates makes sense.
“I suggest bundling home and auto insurance for potential discounts,” he said. “Thus, you can lower insurance costs without compromising coverage.”
Shirshikov added, “Many people don’t realize they can often lower their premiums by increasing their deductible, bundling policies — like auto and home insurance — or simply shopping around for better rates. Retirees who have paid off their mortgage might also consider switching to a lower coverage amount, as the risk profile has changed.”
Internet and Phone Bills
Ryze pointed out that various options are available for affordable streaming services and advised negotiating with your service provider for better rates.
“You can also consider switching to more affordable plans, which can enable you to save on monthly communication and entertainment expenses,” he said.
Groceries and Food Costs
“Some strategies to reduce groceries and food costs include buying in bulk, creating shopping lists and planning your meals,” said Ryze. “You can look for discounts, use coupons and consider generic brands. So, you reduce food expenses without sacrificing nutrition.”
Transportation
Ryze suggested using public transport or carpooling to save on transportation costs.
If that’s not possible, he also suggested regular vehicle maintenance to help avoid expensive repairs. “The ultimate benefit is that you lower your fuel, maintenance and insurance costs.”
Maintenance and Landscaping
Shirshikov said maintenance and landscaping costs can also be trimmed.
“Hiring a lawn care service or regularly paying for handyman services can add up quickly,” he said. “Instead, consider downsizing to a smaller yard or a property that requires less maintenance or even adopting a more sustainable landscaping approach, such as xeriscaping, which reduces the need for watering and upkeep.”
Cable or Satellite TV Expenses
“Lastly, cutting back on cable or satellite TV expenses is an often-overlooked way to save,” Shirshikov said. “Many streaming services offer senior discounts or more affordable packages that provide a wide variety of content at a fraction of the cost. By switching from traditional cable to a streaming service, a retiree can easily save $50 or more per month.”
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