What Expenses to Eliminate When You’re Trying to Save Money

Inflation impacts everyone, but it’s been extremely hard on retirees living on fixed incomes. With no extra money available, many seniors are looking for ways to cut back on expenses. GO Banking Rates has come up with a few suggestions for common expenses you might want to consider eliminating.

Subscription services – The average American spends over $550 on subscription services. Many are for products or services you don’t even use. Review your credit card and bank statements for recurring charges and cancel any subscription you no longer use or need.

Gym membership – Exercise is important to staying healthy, but you don’t necessarily have to work out at a gym. Walking or biking are great forms of exercise that you can do outdoors at no charge. If you prefer a gym or exercise class, check to see if your local community center has a fitness center — these are often free for residents or have a reduced rate.

Impulse purchases – Before you hand over your credit card, think to yourself: “Do I really need this?” It’s easy to get caught up in the moment or think a sale is too good to pass up. Don’t act in the moment. Take time to think about whether you need that item. Chances are you don’t.

The Seniors Trust is diligently working to improve the financial well-being of America’s retirees through passage of The Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, establish a fair annual cost-of-living adjustment (COLA), increase minimum benefits, and ensure the long-term solvency of the Social Security program.