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While inflation may have cooled some, the costs of living are still higher than they used to be.
Those on limited incomes feel that pinch the most.
However, sometimes its difficult to figure out what expenses can go or can be replaced with cheaper alternatives.
Financial experts suggest theeasiest places to trim your budget without feeling deprived.
Most seniors can switch to budget cell plans, streaming services or free local TV for big savings.
Ive seen clients cut $100 to $200/month this way, Strange said.
Brand-Name Food
Food costs are often too high for fixed incomes, according to Strange.
An alternative is buying generic or in-season foods only.
For example, one client saved $200/month just by switching from name-brand to store-brand goods, he said.
Focus on home cooking, use grocery store loyalty programs and check out senior meal programs.
Consider community gardens or food banks for additional savings on nutritious foods, he said.
Small changes can lead to noticeable reductions in monthly bills, he said.
He recommended you review all insurance policies annually.
There are also other avenues you’re free to explore to save.
Look for senior discounts, bundle policies for savings and consider increasing deductibles if it significantly lowers premiums.
For life insurance, evaluate whether maintaining a policy is still necessary, he said.
Many pay too much forpremiums and prescriptions.
Switching to Advantage plans and generic meds saved one couple $500/month.
Assistance programs can also lower [medication] costs, he said.
Selling an extra vehicle saved a client $6,000/year in costs, Strange said.
Small shifts add up, so rechecking options annually and making incremental changes is key, he said.
Cutting expenses doesnt have to hurt so long as you know where to look.
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