GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re free to read more about oureditorial guidelinesand our products and servicesreview methodology.
Making your dollars stretch further becomes a top priority.
Thats why its crucial to reevaluate yourbudgetand cut down on some family expenses.
However, extravagant gifting will eventually drain your budget.
When living on Social Security, you oughta set realistic limits on how much you spend on gifts.
Instead, consider other options like homemade gifts that might be less expensive yet thoughtful.
Also gifting isnt always about material things.
Opt for free or low-cost alternatives like parks and museums that offer senior or family discounts.
you could 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.
For example, you could offer babysitting, tutoring or spending quality time together.
you could cut your expenses by simply switching providers or changing premiums.
And since youre on Social Security, its worth exploring whether you qualify for senior discounts.
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.
Subscription Services
Having many subscription services can quickly eat upSocial Security funds.
This is the perfect time to reassess recurring monthly bills and cancel unnecessary plans.
More From GOBankingRates
Share This Article:
