topic Re: Budget concerns-action steps in Community Chat

Budget concerns-action steps

smoochy — Thu, 01 Oct 2026 15:28:56 GMT

DH and I are on a limited fixed retirement income. Its been more than sufficient to meet our needs with some modest extras. Until recently. As the cost of everything has skyrocketed from groceries to insurance to utilities to dental to auto expenses and everything in between, we are now feeling it. Our income is not keeping up. We had a serious discussion about the cuts we have to make, in order to keep our very modest lifestyle from tanking. And to be able to pay for the necessities. Here are some of our action items.

• Give up the regular weekly dinner out.

• cut the Amazon and other online ordering. When I added up our expenditures for one month, we were both in shock 😲 non essentials, random krap that catches our eye.

•reduced our life insurance amounts because the premiums keep going up to where we cant afford them

• cut off the fun but frivolous streaming services for TV and radio

•the big one, with the biggest impact on us, is when the lease is up on our suv (next spring) we will turn it in and use our older, small compact car. We can no longer afford two cars. Especially the one with the higher payment.

My DH works a part time job. We will figure out the logistics of being a one car couple.

Any tips to share?

Re: Budget concerns-action steps

faeriemoon — Thu, 01 Oct 2026 15:30:29 GMT

Those are a lot of changes and sacrifices. I'm sorry you find yourself in that position. I'm glad you have a plan; things work out well when you have a plan.

Re: Budget concerns-action steps

smoochy — Thu, 01 Oct 2026 15:36:35 GMT

@faeriemoon wrote:
Those are a lot of changes and sacrifices. I'm sorry you find yourself in that position. I'm glad you have a plan; things work out well when you have a plan.

yes I do better with a plan. Panicking wasn't helping. Lol

Actually, once we get a grip on our online spending, we might find we have enough money to cover some of the other things.Like eating out once in a while.

Re: Budget concerns-action steps

sunshine45 — Thu, 01 Oct 2026 15:39:39 GMT

i think it would be fairly easy to give up the amazon and/or the streaming services to save some money.

it is easy for me to say though because i am not "retired" yet. not sure i will ever be?

it is not too late to talk to a financial advisor. highly recommend that everyone have one.

Re: Budget concerns-action steps

kitcat51 — Thu, 01 Oct 2026 15:53:34 GMT

I can control spending on my wants, needs but thousands of $$$ every six months on property taxes is breaking me.

Re: Budget concerns-action steps

Growing — Thu, 01 Oct 2026 15:55:20 GMT

smoochy, it sounds like you and husband have come up with a good plan. I don't know if you did this step but making a written budget for each month is helpful. Put it in writing together as a team. Then when we feel like a splurge, we have it in writing and we can go back and recheck the budget and our expenses and decide yes or no. It might help to also designate a small amount of cash, maybe even $20 each to spend as you each individually want. So that the nose to the grindstone isn't constant and you don't feel always deprived.

I used to do this as a low income working mother with a teenager still in the house and would go to thrift stores and find bargain clothing. I will say that the thrift stores around me have high prices, just paid $10 for a pair of black jeans that used to would be $5. I also used to go to Estate Sales when I needed houseware items.

I know some older folks that have decent health so they still work. Mostly the ones I know stop buying new clothes and other non-essential purchases, drive an older car, etc. I am about 10 years behind some of my friends and I pay attention to how others do life so I will be prepared myself when the times comes. Thank you for sharing your situation as I learned from it.

Some people feel if you have good savings, good 401K money, etc. that life insurance is not necessary at an older age. It gets very expensive at an older age. If the surviving spouse can pay for the funeral expenses with savings money and not be crushed financially, you guys might not need life insurance. Just something to think about and do as you all feel best.

We have one car but only one driver and my husband says using a ride share is much cheaper per month than having a car payment, insurance, gasoline, new tires or battery expenses.

Lastly, don't know how dire things are but even middle class older adults are using food banks where I live. It helps a lot for them to cut back on food costs. Some are income based and some are not.

Re: Budget concerns-action steps

Growing — Thu, 01 Oct 2026 15:57:16 GMT

I agree on the property taxes thing. I was thinking how much the property taxes are for us in my big city and tiny house, older lower class neighborhood bordering a poor neighborhood. LIke sort of budgeting in my head for if my husband dies first and we still live here. It is scary honestly.

Re: Budget concerns-action steps

smoochy — Thu, 01 Oct 2026 15:59:07 GMT

@kitcat51 wrote:
I can control spending on my wants, needs but thousands of $$$ every six months on property taxes is breaking me.

same here. In Florida we will be voting on an amendment to eliminate property taxes.

Re: Budget concerns-action steps

rockygems123 — Thu, 01 Oct 2026 18:49:35 GMT

@smoochy

I cook because I enjoy it and like the challenge but also really like the cost savings.

Bought a $5 Sam's Club - sometimes Costco - depends on where I am or what is being delivered.

Made 4 servings of delicious soups had enough leftover chicken for 4 additional servings. That's a lot of meals for $5 and a little more for pasta, onions celery carrots etc.

If you find you need a 2nd car you can always buy a used vehicle, not a lease.

Just finished a month of car shopping, it's not easy but was worth it.

Re: Budget concerns-action steps

smoochy — Thu, 01 Oct 2026 16:03:44 GMT

@Growing wrote:
smoochy, it sounds like you and husband have come up with a good plan. I don't know if you did this step but making a written budget for each month is helpful. Put it in writing together as a team. Then when we feel like a splurge, we have it in writing and we can go back and recheck the budget and our expenses and decide yes or no. It might help to also designate a small amount of cash, maybe even $20 each to spend as you each individually want. So that the nose to the grindstone isn't constant and you don't feel always deprived.

I used to do this as a low income working mother with a teenager still in the house and would go to thrift stores and find bargain clothing. I will say that the thrift stores around me have high prices, just paid $10 for a pair of black jeans that used to would be $5. I also used to go to Estate Sales when I needed houseware items.

I know some older folks that have decent health so they still work. Mostly the ones I know stop buying new clothes and other non-essential purchases, drive an older car, etc. I am about 10 years behind some of my friends and I pay attention to how others do life so I will be prepared myself when the times comes. Thank you for sharing your situation as I learned from it.

Some people feel if you have good savings, good 401K money, etc. that life insurance is not necessary at an older age. It gets very expensive at an older age. If the surviving spouse can pay for the funeral expenses with savings money and not be crushed financially, you guys might not need life insurance. Just something to think about and do as you all feel best.

We have one car but only one driver and my husband says using a ride share is much cheaper per month than having a car payment, insurance, gasoline, new tires or battery expenses.

Lastly, don't know how dire things are but even middle class older adults are using food banks where I live. It helps a lot for them to cut back on food costs. Some are income based and some are not.

what a thoughtful, sensible post. 👌 thanks for your input 🥰 it never occurred to me, what you said about life insurance. My DH retired military and will be interred for free in a national cemetery. I also receive that benefit as his spouse.

Re: Budget concerns-action steps

smoochy — Thu, 01 Oct 2026 16:08:17 GMT

@rockygems123 wrote:
@smoochy

I cook because I enjoy it and like the challenge but also really like the cost savings.

Bought a $5 Sam's Club - sometimes Costco - depends on where I am or what is being delivered.

Made 4 services of delicious soups had enough leftover chicken for 4 additional servings. That's a lot of meals for $5 and a little more for pasta, onions celery carrots etc.

If you find you need a 2nd car you can always buy a used vehicle, not a lease.

Just finished a month of car shopping, it's not easy but was worth it.

the chicken is a great idea. Im not the greatest cook so i thrive on simple recipes, one dish dinners. Re: the car, we have enjoyed many years of leasing new vehicles. At our ages its not a good idea to keep doing it.

Re: Budget concerns-action steps

Kachina624 — Thu, 01 Oct 2026 16:17:44 GMT

I have an old, but dependable car and don't plan on a newer one since I don't go much. My last tank of gas lasted almost 6 month. I've dropped my comprehensive insurance, just keeping the required liability.

I'm also getting rid of my current land line phone for an alternate system which is much cheaper but still uses normal, not cell, phones.

I use a debit card for purchases so don't run up credit card debt.

I retired in 1998, with state retirement and wonderful free insurance, but in all that time have just had one miserly $100/mo raise. I do okay and have everything I want or need.

Re: Budget concerns-action steps

They CallMe MRWILKES — Thu, 01 Oct 2026 16:45:01 GMT

If you have any savings in a cash-type account look at current CD rates. They just went up (after declining for several years) and I took advantage to generate some extra income.

Checking accounts may pay 0.1%, but CDs will give you in the range of 4% to 4.9% (as of now.)

Re: Budget concerns-action steps

catter70 — Thu, 01 Oct 2026 16:25:34 GMT

I must say I worry too. I've cut out a lot over the years and save as much as I can. But like everyone else, everything is going up. Part D going up 100.00 a month, no idea yet on Medicare and supp., garbage collection up $160.00 a year, taxes just went up $200.00, now heating season is here. Then add in all the rest. We can all hope for the best.

Re: Budget concerns-action steps

haddon9 — Thu, 01 Oct 2026 16:33:58 GMT

@smoochy wrote:
@Growing wrote:
smoochy, it sounds like you and husband have come up with a good plan. I don't know if you did this step but making a written budget for each month is helpful. Put it in writing together as a team. Then when we feel like a splurge, we have it in writing and we can go back and recheck the budget and our expenses and decide yes or no. It might help to also designate a small amount of cash, maybe even $20 each to spend as you each individually want. So that the nose to the grindstone isn't constant and you don't feel always deprived.

I used to do this as a low income working mother with a teenager still in the house and would go to thrift stores and find bargain clothing. I will say that the thrift stores around me have high prices, just paid $10 for a pair of black jeans that used to would be $5. I also used to go to Estate Sales when I needed houseware items.

I know some older folks that have decent health so they still work. Mostly the ones I know stop buying new clothes and other non-essential purchases, drive an older car, etc. I am about 10 years behind some of my friends and I pay attention to how others do life so I will be prepared myself when the times comes. Thank you for sharing your situation as I learned from it.

Some people feel if you have good savings, good 401K money, etc. that life insurance is not necessary at an older age. It gets very expensive at an older age. If the surviving spouse can pay for the funeral expenses with savings money and not be crushed financially, you guys might not need life insurance. Just something to think about and do as you all feel best.

We have one car but only one driver and my husband says using a ride share is much cheaper per month than having a car payment, insurance, gasoline, new tires or battery expenses.

Lastly, don't know how dire things are but even middle class older adults are using food banks where I live. It helps a lot for them to cut back on food costs. Some are income based and some are not.
what a thoughtful, sensible post. 👌 thanks for your input 🥰 it never occurred to me, what you said about life insurance. My DH retired military and will be interred for free in a national cemetery. I also receive that benefit as his spouse.

@smoochy We also got rid of the life insurance. It was my first thought after reading your op.

For us, it was thousands a year and we didn't really need it. Is your home paid for? Do you have sufficient (only you can determine that) retirement savings?

I agree about cutting back on streaming subscriptions particularly if you don't use it a lot.

My DH can no longer drive and hasn't done so in about 8 months. We still have his old clunker in the driveway and I'm paying about $100.00 a month for the insurance. It's time to let that car go.

Re: Budget concerns-action steps

Sooner — Thu, 01 Oct 2026 16:50:15 GMT

@smoochy You two sound like very smart folks, dealing with the issues head on with a great plan.

I'd suggest groceries--maybe eat healthier? More grains (rice, quinoa, farro--try new things). Make dishes with tuna, chicken, and veggies over these as protein and veggie one dish meals. Top pasta and sauce sometimes with cottage cheese rather than meatballs.

Buy those $4.99 rotisserie chickens at Sams, use the meat, freeze some and always always make broth from the carcass and skin! Use it for soups with any leftovers you have--meat, chicken, a few veggies that you freeze to make soup with the broth. We do it and that's what we ate when we were first married and had nothing. Only then we had to cook the chicken--no Sam's!

I'd say to lighten the load try to make cooking fun. Think of new dishes, new things to cook that are good, healthy and cost less--Blue Zones type dishes are good.

Observe Trash-Day Eve! It's when you clean out the fridge, toss and clean and eat anything left over! It is a holiday here!

Keep us posted--let's share ideas! And prayers, good wishes, and a pat on the back for you two!

Re: Budget concerns-action steps

Marp — Thu, 01 Oct 2026 16:55:27 GMT

@smoochy wrote:
@kitcat51 wrote:
I can control spending on my wants, needs but thousands of $$$ every six months on property taxes is breaking me.
same here. In Florida we will be voting on an amendment to eliminate property taxes.

@smoochy, if that passes how is the state going to handle the loss of the approximately $55 billion it collects in property taxes each year? What services will be cut or eliminated?

Re: Budget concerns-action steps

They CallMe MRWILKES — Thu, 01 Oct 2026 17:20:28 GMT

The Florida Amendment will not eliminate the property tax. Misinformation.

If passed, it would increase the homestead exemption for non-school related property taxes.

Taxes for local school districts would not be impacted.

Re: Budget concerns-action steps

Sooner — Thu, 01 Oct 2026 17:11:49 GMT

@smoochy wrote:
@kitcat51 wrote:
I can control spending on my wants, needs but thousands of $$$ every six months on property taxes is breaking me.
same here. In Florida we will be voting on an amendment to eliminate property taxes.

@smoochy So much needed!!! How unfair to older people especially--and in essence all who own a home.

Re: Budget concerns-action steps

LizzieInSRQ — Thu, 01 Oct 2026 17:17:53 GMT

IMO leasing vehicles is never a good idea no matter what age one is. Basically its renting and not owning.

Ive enjoyed years payment -free after a car is paid off and use it for trade in purchasing new.