There’s no getting around it. The price of everything is up and continues to go up. The media can say it’s only 3.4% inflation. Yeah, right! I’ve had to rework our budget to absorb a $465.00 monthly increase in expenditures due to in increases in health insurance, car insurance, home insurance and utilities alone. This is over a 13 month period from December 2022 to January 2024. Can you believe Georgia Power is once again before the Public Service Commission requesting yet another rate hike? Jeez.
Our monthly income has remained consistent since retirement. We chose to adjust our spending to absorb the increased costs rather than increase our withdrawals from retirement funds. Any money we’ve picked up from the occasional side gig automatically goes into savings. How do we manage? Below are some ways we stretch our funds to continue to enjoy activities that mean a lot to us.
Eat at home. Peruse the weekly sale ads to take advantage of deals and help with menu planning. Shop with a list. Have a snack before heading to the grocery store. If you shop at more than one store, is there a part of town where the stores are close together? There’s a grocery store 1 mile from my house. However, I can drive 5 miles and have access to Publix, Kroger, Lidl & Aldi within a 1/2 mile of each other. This saves me time and gas.
Get and use a library card. Today’s libraries offer so much more than just books. Digital access, programming and meeting space are just a few of the services available.
Take a water bottle and snacks if you’ll be away from home more than an hour or two. Ditto if your furkid often accompanies you. I keep an extra leash, water bowl and poo bags in my car at all times.
Shop prescriptions before refilling. GoodRX or the pharmacy’s own discount pricing is often cheaper than your health insurance copay on generics. You can easily transfer a prescription to another pharmacy.
Use a credit card for most purchases, especially ones where there is no cash discount. This offers you a level of consumer protection, helps with expense tracking/cash flow and may allow you to earn perks and rewards for simply being a cardholder. The caveat here is that you must pay the balance in full each month. If you can’t do this, then stick with good old cash.
Learn about all the amenities your area has to offer – parks, recreation, social groups, volunteer opportunities and special events. Picnic in the park, take your dog for a long walk, volunteer at the library, participate in the weekly farmer’s market, attend movie night or a summer concert on the lawn. You get the idea.
Keep your vehicle in good repair. Keep up with routine service and maintenance. Run it through the car wash on a regular basis. If you have a car loan, pay it off ASAP and plan to keep your vehicle until the wheels fall off. Many of today’s cars are designed to make it to 200k miles. Yes, you many have some major repairs as the car ages, but that’s part of it. Still cheaper than buying a new one. I think hubs and I both are now determined to see how many miles we can put on our vehicles.
Clean out and organize your clothes closet. Your daily uniform is likely to be jeans and a cute top or sweater in retirement – not the dressier work wardrobe your day job required. But hold on a minute before tossing everything except your jeans – keep a couple of dresses and some of your favorite business casual outfits. You’ll still need them occasionally and will be glad you kept them.
Audit all of your subscriptions & auto-renew items annually – magazines, streaming services & other digital entertainment, warehouse memberships, shopping services, quilty box of the month subscriptions. Do you read the item or use the service? Does it still provide value? Is there a cheaper option available? I let two of my favorite magazine subscriptions expire because they’re now available in the Libby app. Hubs was a die-hard Sirius XM fan until I showed him how to replace his beloved Braves game broadcast with a free app from the local sports radio station. Some streaming services are now included as an added benefit with our mobile phone plan. Amazon Prime will probably be the next subscription to go away at renewal time. Not happy with all the ads now in music, podcasts and other online streaming services offered through Amazon. I thought I pay an annual fee to avoid that.
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