When holiday shopping comes around, how difficult is it to do anything when most of your budget is created by social security income? Young couples make do for their children because they find some residual income to buy the good stuff, but what about the grandparents?
It’s common to see news stories about yuletide budgets, planning, and savings, but what about the elderly out there looking for their grandkids’ toys?
According to a recent GOBankingRates.com story, “the average Social Security check will be $1,907 a month — slightly higher than it is now.” With rising prices on most things these days, holiday spending may be difficult for Americans who count on their Social Security checks.
The story’s author called upon several experts spanning financial services, like a financial planner, a credit union executive, consumer expert, cash app designer, and Beyond Finance Director of Client Counseling, Dr. Kate Mielitz, AFC. Those asked to take part in this article have a keen understanding of budgets among all generations, particularly those dealing with Social Security.
The discussed topics include:
- Taking advantage of savings opportunities
- Creating a designated holiday budget
- Developing a creating spending strategy
- Visiting free events during the holidays
- And what Dr. Kate discussed, “Shopping or Cooking Smart.”
Whether cooking at home or taking the kids and grandkids out to eat, there are plenty of ways to maximize the Social Security budget. Among Dr. Kate’s thoughts was this:
“Baked potatoes can make cooking for fewer people much more affordable — and since not everybody loves leftovers, these should decrease what’s left as well,” Mielitz said. “Vary your dessert selections. Pie isn’t loved by all, so do you have a great brownie recipe? Even a box of Duncan Hines along with the eggs and oil can be cheaper than a pie this holiday season.”
For more of Dr. Kate’s insight and the other topics related to limited budgets during holiday shopping season, check out the GoBankingRates post, the Yahoo Finance post, or find other topics on the Beyond Finance blog.