For the first time in decades, San Jose seniors will find that their Social Security benefit checks have shrunk beginning next year. Although legally, Social Security benefits cannot be reduced, cost of living adjustments will not be made to Social Security Benefits over the next few years. As premiums for the Medicare Prescription Drug Program will be raised slightly, this means that Social Security benefit checks will be smaller than ever before. Although the change will be slight for most seniors, for those living on a limited and fixed income, the impact can be severe. In order to survive through this reduction, seniors can take note of the following money saving tips:

1. Set a budget: know how much money you have available to spend on a weekly basis, and keep a record of your spending so you ensure that you’re never overspending. Pay in cash, and then deposit any remaining money at the end of the week into a savings account

2. Smart shopping – create a shopping list and buy only what you need. Plan meals around items that are in season, and try out generic brand products over name brands for the savings

3. Think all unnecessary purchases over – instead of buying things you don’t need impulsively, wait 24 hours and think it over. More often than not, you will find that the temptation passes

4. Discounts – clip coupons or shop at stores that offer more discounts. Also be aware of places that offer discounts to senior citizens, like movie theaters, museums, and even grocery and retail stores

Sources:

1. MSNBC

2. Associated Content

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Home Instead Senior Care serving elders and seniors in San Jose, Los Gatos, Santa Clara and Saratoga home care – 408-370-6360.