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Its not the first time Social Security has faced a shortfall.
The Wants You Dont Really Want
Spending plans come down to needs and wants.
You cant do much about the needs housing, utilities, insurance, etc.
and you shouldnt eliminate the affordable wants that make life worth living.
But you could and should trim the monetary fat wherever you find it.
Ive advised numerous clients on their financial strategies, said Jonathan Feniak, general counsel atLLC Attorney.
Firstly, scrutinize discretionary spending.
High-end subscriptions, dining out frequently or extravagant vacations, while enjoyable, might need to be pared down.
This doesnt mean eliminating fun, but rather opting for cost-effective alternatives.
Consider downsizing, said Feniak.
A smaller, possibly more energy-efficient home can bring substantial savings.
Look into healthcare plans and alternatives, said Feniak.
Reevaluate your car insurance, said Melanie Musson, a finance and insurance expert withInsuranceProviders.com.
you’ve got the option to also increase your deductible to pay lower premiums.
A mileage-based policy might be a great avenue of savings if you dont drive much.
Instead of going out to eat, start making your own meals, said Musson.
According to Fresh Meal Plan, the average meal at home costs just $4.
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