14 Essential Bills to Cover with Your Social Security Check – Don’t Let Them Slip!
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With rising living costs, prioritizing essential bills becomes crucial to ensure monthly financial stability. Social Security checks are a lifeline for many Americans, providing crucial support to keep life moving.
Did you know that over 65 million Americans receive Social Security benefits as of 2023? On average, retirees collect about $1,827 monthly, yet studies show that almost 40% of beneficiaries rely on Social Security for 90% or more of their income
Juggling bills on a fixed income can feel like walking a tightrope. To make sure your money works smarter, here’s a list of 14 essentials where Social Security really needs to do its job.
Housing Costs
The U.S. Bureau of Labor Statistics (BLS) explains that Americans aged 65+ spend an average of 30% of their income on housing, rent, a mortgage, or property taxes, which can consume a significant chunk of your check, so prioritize this expense.
An expert tip from financial advisor Ted Jenkins advises that if need be, explore downsizing or low-income senior housing programs.
Utilities
Electricity, water, gas, and internet are non-negotiables not just for comfort but also for survival. According to EnergyStar.gov, the average monthly utility bill in the U.S. is $410.
Programs like the Low-Income Home Energy Assistance Program (LIHEAP) can help cover costs.
Grocery Bills
Food is the happy fuel for the soul. The USDA reports that seniors spend an average of $370 monthly on groceries. If you’re pinching pennies, look into programs like SNAP (Supplemental Nutrition Assistance Program) or local food banks.
You can also try meal prepping to stretch dollars further.
Health Insurance Premiums
Medicare might feel like a lifesaver, but it’s not a free pass! The standard Medicare Part B premium is $164.90/month in 2023, according to Medicare.gov. That’s likely coming out of your Social Security.
Pencil it into your budgeting plan.
Prescription Medications
Skipping medication to save money is a big no. Seniors spend an average of $663 annually on prescription drugs, according to the latest Kaiser Family Foundation data.
Consider seeing if you qualify for Medicare’s program to reduce costs.
Transportation
Even if you’ve ditched the daily commute, don’t forget car payments, insurance, or bus pass expenses. AAA notes that the average annual cost of owning and operating a car is $10,728.
Your wallet’s best friends are public transit, senior discounts, and rideshare programs!
Phone and Internet Services
Staying connected isn’t a luxury anymore; it’s a necessity. The average monthly cost for a mobile plan and internet services can reach $150–$200.
Check out low-income connectivity programs like Lifeline or ACP for discounts.
Debt Payments
High-interest debt can drain your Social Security faster than you can say. The average American credit card balance is $5,733, according to Experian.
Prioritize paying debts or consider asking lenders for lower
Auto or Renters Insurance
Accidents happen—and insurance helps soften the blow. The average renter’s insurance policy costs $174/year, while AAA lists car insurance at $1,588/year.
Compare rates annually to score the best deals.
Emergency Fund Savings
You still need an emergency fund! Whether it’s fixing the leaky roof or covering unexpected medical costs, set aside $20/month toward savings to stay ready for rainy days.
Home Maintenance
If you’re a homeowner, home maintenance will be needed occasionally once stuff breaks. According to HomeAdvisor, Americans spend $3,192 annually on home repairs.
Start a home expense jar to avoid surprises.
Entertainment & Hobbies
Life’s still about joy! Whether it’s movie nights, painting, or gardening, budget a little extra entertainment for the things you love is vital.
AARP suggests searching for discounts at local venues or free activities in your community.
Pet Expenses
Pets are family, and caring for them matters. According to the ASPCA, routine vet visits, food, and grooming can cost up to $1,400 annually per pet.
Consider setting aside at least $100/month to keep your dog healthy and more friendly.
Subscriptions or Streaming Services
Netflix subscription, Spotify, or even that newspaper add up more than we would ever like to admit. The U.S. Bureau of Economic Analysis reports seniors spend $68 monthly on subscriptions.
Take a moment to evaluate which ones bring value.
Disclaimer: This list is solely the author’s opinion based on research and publicly available information.
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