10 Ways Retirees Can Save $100 Each Month

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10 Simple Cuts That Could Save Retirees $100 Every Month in 2026 (financebuzz.com)

Savvy Savings for Seniors: 10 Ways to Boost Your Retirement Budget

**Are you looking to stretch your retirement dollars further and enjoy more of what you love? Even small adjustments to your spending habits can create significant savings over time.

By trimming just a few common monthly expenses, retirees can easily save $100 or more each month, providing valuable financial breathing room. **

Here are ten key areas where seniors can start seeing substantial savings today:

1. Reconsider Dining Out

Americans spend an average of $191 monthly on dining out, according to a U.S. Foods survey.

Retirees can significantly reduce this cost by preparing more meals at home. Opting for affordable recipes and planning meals in advance could save over $100 monthly while also promoting healthier eating habits.

For those who enjoy occasional restaurant visits, seek out senior discounts or take advantage of happy hour specials to make your dining-out budget go further.

2. Cut the Cord on Cable TV

Cable TV packages often hover around $217 per month. Switching to streaming services like Hulu or Netflix (which cost around $11.99 and $7.99 per month, respectively) can lead to substantial savings. Streaming platforms offer vast content libraries for a fraction of the cost, potentially saving you well over $100 each month by tailoring your subscriptions to your preferences.

3. Smarten Up Beauty and Personal Care

Expenses for salon visits, spa treatments, and personal grooming products can quickly accumulate. By reducing the frequency of professional services or embracing more DIY options, retirees can save $100 or more monthly. For instance, extending the time between $50 haircuts from a few weeks to two months can noticeably reduce costs.

4. Opt for Generic Groceries

Combat grocery inflation by switching from brand-name products to generic alternatives. Many generic items contain the same ingredients as their pricier counterparts but can cost up to 30% less. A retiree spending $300 monthly on groceries could save approximately $90 by choosing store brands, bringing them close to their $100 savings goal with minimal effort.

5. Reduce Home Cleaning Services

If you utilize professional cleaning services, HomeGuide reports costs ranging from $25 to $75 per hour, with typical sessions lasting several hours. Cutting back on visits or handling more cleaning tasks yourself can easily save $100 or more per month. Retirees with more time on their hands may find tackling these chores personally to be a rewarding way to save money.

6. Review Your Subscription Services

It’s easy to lose track of recurring monthly subscriptions, from streaming platforms to magazines and fitness apps. Regularly reviewing your bills and canceling unused or redundant subscriptions could free up $100 or more each month. Budgeting apps can also help track recurring payments and streamline your subscriptions.

7. Optimize Insurance Coverage

Overlapping or unnecessary insurance coverage is a common area for retirees to overspend. Review your policies to identify duplicates or unused coverage.

Also, explore discounts: bundling auto and home insurance or switching to a more affordable insurer could save $100 or more monthly. Raising your deductibles might also lead to savings without sacrificing essential protection.

8. Manage Medical and Prescription Costs

Retirees can explore Medicare Advantage plans to potentially reduce medical expenses, though thorough research is advised to determine if Original Medicare might be a better fit for your needs, regardless of cost. Additionally, investigate the federal government’s Medicare Savings Program or its Extra Help program if you qualify, which can offer monthly savings ranging from $137 to $185 on medical and prescription costs. Comparing pharmacy prices and opting for generic prescriptions can yield further savings.

9. Curb Impulse Spending

Unplanned purchases can quickly deplete your budget. To avoid impulse buys, retirees can create shopping lists, pay with cash, or take a moment to consider purchases before committing. Even small changes, such as skipping unnecessary grocery items or limiting online shopping, can lead to $100 or more in monthly savings.

10. Embrace Budget-Friendly Entertainment

Entertainment doesn’t have to be expensive. Retirees can enjoy low-cost activities such as borrowing books and movies from the library, attending free community events, or hosting game nights at home.

Many venues also offer senior discounts, significantly reducing ticket prices. By choosing these budget-friendly alternatives, retirees can easily achieve their $100 savings goal and boost their financial well-being.

Bottom Line

By making a few strategic cuts to monthly expenses, retirees can quickly accumulate $100 or more in savings, gaining greater financial flexibility and an opportunity to build wealth. From dining out less to reassessing insurance, these small changes can significantly stretch your retirement dollars without diminishing your quality of life. Start by choosing just one area from this list, and you’ll be amazed at how quickly the savings add up.