Did you know that the average Social Security benefit is $1,657 per month? As we enter into retirement, budgeting becomes a near necessity. Check out these 5 tips for inexpensive retirement living!
Tip 1: Do the math.
Compare prices per unit before buying! This is a must, especially during times when inflation is…well...getting a bit inflated. Think in terms of shelf-life versus quantity. If you’re buying something that doesn’t go bad for quite some time (like sugar, flour, coffee pods, etc.), then buying in bulk will pay off. When purchasing from big box stores (like BJ’s or Sam’s Club) or if you’re just picking up a value pack of something, you generally pay less per unit.
Tip 2: Stay home. Dine-in.
Did we already mention inflation? Well, restaurants are feeling it too. So, consider this: not only are they already paying more for their ingredients, but store owners also have to pay employees to cook and serve the food. What does that cost you, the patron? A lot! Stay home. Dine-in. Save a couple of bucks.
Tip 3: Watch your water
You use a tremendous amount of water over the course of a month, and you have to. Metered water is not cheap like it used to be, though, and when you are trying to cut costs, every penny counts.
One idea is to put a sealed container, such as a jar or plastic container, in the tank of your toilet. This will automatically raise the water level, and so it will take less water to refill the tank. Fill up your dishwasher entirely before you run it. Make laundry day count and wash as much as you can in one load. Then, of course, there’s the traditional advice: don’t run the water when you’re not using it.
Tip 4: Consider some energy-efficient home modifications.
This is an investment that will pay off in the long run. Seal up drafty areas of your home, and switch to LED lightbulbs. Install energy-efficient windows and doors. These small changes will add up in saved utility bills.
5. Trade landlines for cell phones and Wi-Fi.
If you’re paying a fortune for cable, telephone, and Internet, you may want to consider sticking to Wi-Fi service and a monthly data plan. Purchase a monthly streaming service, like Netflix, Hulu, or YouTube TV instead. Smart TVs usually include their own streaming services, which work just as well as cable. Simplifying your technology this way can save you a considerable amount of money, especially if you only watch one or two channels. And, come on, who actually answers their house phone anymore anyway?
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