Smart Ways to Save on Monthly Expenses

Life has gotten more expensive! You’re not imagining it–prices have gone up on just about everything. Prices are up 2.8% compared to last year.* That’s why it’s important to save money where you can. Every dollar counts, and making smart choices can help your budget stretch further. 

Here are eight easy ways to cut costs without sacrificing the things you enjoy.

1. Track Your Spending:
   • Create a realistic budget based on how much money you have coming in each month and how much is going out. This will help you see where you might be overspending and where you can cut back. Making small changes to your spending habits can add up to big savings over time.
2. Grocery Shopping: 
   • The cost of groceries keeps going up, but there are plenty of ways to save when you shop. Try shopping store brands instead of name brands. They often taste just as good and cost much less. Keep an eye out for sales and use coupons whenever possible. Consider buying in bulk for items you use often. 
   • Many grocery stores also have “Senior Days,” where they offer a 5% to 10% discount on certain days to help you save money on your groceries.
   • Shopping for groceries online can be a great way to save money. You can often find special deals and discounts that aren’t available in stores. It also makes it easier to stick to your list and avoid impulse purchases.
   • Additionally, planning meals or meal prepping ahead of time can also help you avoid unnecessary grocery trips and wasted food. Cooking meals at home instead of eating out will significantly reduce your costs. 
3. Cut Unnecessary Expenses:
   • Little costs can add up fast. Take a look at your monthly subscriptions and see if you are using them all. If not, cancel the ones you don’t need. Also, making your own coffee instead of stopping at a cafe every day could save you hundreds of dollars each year.
4. Save on Bills:
   • Your utility bills might be higher than they used to be, but there are ways to lower them. Simple actions like turning off your lights when you leave a room, using energy-efficient LED light bulbs, and adjusting your thermostat can help you save money each month. Don’t forget to ask about senior discounts with your utility provider.  If your phone or internet bill seems too high, call your provider and ask if they have any better deals. If not, it might be worth shopping around for cheaper options.
5. Rewards and Discounts:
   • Many stores and restaurants offer reward programs that can help you save money. Before you pay, it's always a good idea to ask about discounts, such as those available for seniors and veterans. Many grocery stores, pharmacies, and gas stations also offer free loyalty programs that unlock member-only deals. Over time, these savings can add up and lower your monthly expenses. 
6. Healthcare Expenses:
   • The cost of healthcare can take up a big part of your budget. You may be able to save by using generic medications instead of brand names. Check for Medicare savings programs like Extra Help or state assistance programs. 
   • For more information, visit our Extra Help Paying for Medicare Prescription Drug Expenses blog. If you live in New Jersey,  check out our blog post, Help in New Jersey Paying for Prescription Drugs, to learn about additional PAAD help that could be available to you.  
   • Make sure to take advantage of free screenings and wellness visits that Medicare covers. If you have a Medicare Advantage plan, you can also use the extra coverage, such as OTC allowances and fitness memberships. Consider choosing a telehealth visit instead of in-person visit. A video or phone visit can save you time and money by eliminating the need to drive to an office, especially for follow-ups or minor issues.
7. Entertainment:
   • Having fun doesn’t have to break the bank. Many parks, museums, and libraries offer free admission to seniors. Check out free local community events such as concerts, fitness classes, or educational workshops. Saving money doesn’t have to be giving up the things you love.
8. Seek Help:
   • If you’re struggling to make ends meet, there is help available. Many local communities have food banks and support groups. There are also government assistance programs and non-profit organizations that are available to help.

Prices may be higher than they used to be, but that doesn’t mean you have to spend more than necessary. Start with small changes, and you’ll be surprised at how much you can save.

Looking for more lifestyle tips? Explore our latest blogs for practical tips to make healthier choices and get the most from your Medicare benefits. 

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*Source: 2025 Consumer Price Index Summary, bls.gov.news.release/cpi.nr0.htm. 

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