7 Ways To Make the Most of Your Social Security Check Every Day

Living on a fixed income can be challenging, but with some smart strategies, you can stretch your Social Security check further than you might think. GOBankingRates spoke with financial experts to uncover some practical ways to maximize your Social Security benefits in your day-to-day life.

Tanya Peterson, vice president at Achieve , a digital personal finance company, emphasized the importance of strategic planning. “Many people who depend — however much — on their Social Security checks refer to ‘being on a small budget.’ Yet many (most?) of them don’t actually have a budget in place,” she said.

Here are seven ways to make the most of your Social Security check every day.

Also, find out the average Social Security payment in each state.

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Create a Budget

Peterson explained the importance of having a concrete budget. “Keep it simple with one of many good free apps now available, a spreadsheet or pencil and paper,” she said.

“The starting point should be your goals. Whether they are trips you want to take, a college education for a grandchild or other, write all your goals down, and then build your budget with them in mind,” she added. “You’ll see, in black and white, just what you have and what you may need to do to get where you want to go.”

Check Out: I’m a Retired Boomer: 7 Reasons I Wish I Used a Financial Advisor To Plan For Retirement

Join a Warehouse Club

Don’t overlook the savings potential of warehouse clubs. Peterson said, “Retirees and others may overlook warehouse clubs, assuming everything comes only in sizes too large for them. In reality, you’ll find many nonperishable items and many individually packaged items, ranging from frozen foods to automobile tires.”

If the quantities are still too large, Peterson explained a possible solution: “Purchase and split up goods with family, friends or neighbors.”

Reevaluate Your Life Insurance

Your insurance needs may have changed in retirement. “If you are paying premiums on a large life insurance policy, but no longer are supporting dependents, decide whether you should redirect those payments to your day-to-day budget,” Peterson said.

Be a Smart Grocery Shopper

Peterson provided several strategies for saving on groceries:

• Plan your meals around weekly sale ads
• Use digital coupon apps
• Check clearance areas, especially for items nearing expiration dates
• Buy produce that’s in season

“You can generally save up to 15%,” Peterson said.

Use Technology to Your Advantage

Your smartphone can be a powerful money-saving tool. “Use your phone’s calculator to check unit pricing,” Peterson said. “Remember that mid-sized packages often offer better value than larger sizes.”

Cut Down on Utility Costs

Understanding your utility usage is key to saving. “Decide where to save on utilities by figuring out what your utilities actually cost and what your patterns are,” Peterson said.

She shared practical tips like adding weather stripping, using “draft dodgers” at exterior doors and playing the “solar game” with shades and blinds. “It takes a few extra minutes, but the energy savings can be surprising,” she said.

Consider Delaying Your Benefits

Anthony DeLuca, expert contributor for RetireGuide.com , suggested a long-term strategy: “Perhaps an obvious way to make more of your Social Security check is to delay monthly payments until you optimize at age 70.”

His reasoning is that delaying your Social Security benefit until age 70 will increase the monthly benefit by 132% compared to your current full retirement age. That’s a lot of extra money just by waiting it out — if you can afford to do that, it’s worth exploring.

Bonus Tips

DeLuca offered additional advice for stretching your Social Security check:

• Buy generic brands at grocery stores. “The reality is such: the food taste the exact same. Sometimes, it’s more on the chef than the material,” he said.
• Look for affordable alternatives to name brands, especially online.
• Explore free or low-cost local activities. “There are so many free or low-cost activities that exist in any state that will help save hundreds of dollars a year,” DeLuca said.

This article originally appeared on GOBankingRates.com : 7 Ways To Make the Most of Your Social Security Check Every Day