If you’re retiring this year or revisiting your budget and are currently retired, you see the writing on the wall. Purse strings are being held tighter than ever, and you want to ensure you’re budgeting wisely in 2025.
Here are seven budget hacks that improve financial security in a time when you need it most.
Make Cuts Where It Counts
Spending less seems obvious. But what isn’t so obvious is where you should be spending less. For some, it’s dining out too much. Others can’t ignore the allure of an online deal in their inbox. Find out which expense is your Achilles’ heel and do what must be done.
Don’t Rely on Credit
The last thing you want to do is overuse credit if you’re on a budget. Improper credit usage can swallow a budget whole and eat away your income. This is a major issue for retirees, since many are operating on fixed incomes. Be careful not to spend outside your means and pay your cards off on time.
Do a Budget Check-In
It’s never been a better time to check in with yourself and see how your budget is faring in 2025. It’s smart to do this now and then, so if you haven’t already this year, do yourself a favor and audit your expenses. Move things around so they align with your financial goals and help you accomplish paying off debt faster.
Put Your Bills on Autopay
A good way to ensure everything is paid on time and doesn’t impact your credit score is to use autopay. Almost every service offers this, and it usually only takes a few minutes to set up. Once you automate the payments, you’ll never have to worry about forgetting to pay your bills again — a massive relief and a great way to free up more energy to focus on other things.
Build an Emergency Fund
If you don’t have an emergency fund, ignore everything else and make one; it’s the number one way to prevent life from catching you unawares and destroying your financial well-being. Emergency funds are ideal for handling major life events that would otherwise strain your budget. So not only should every retiree have one, but every single person should.
Scrutinize Subscriptions
We have way too many subscriptions, and we either don’t need or don’t use most of them, either. This is a 2025-specific thing retirees should focus on: eliminating bloated subscriptions wherever possible. Is there a cable package that saves you $25 a month while cutting 500 channels you literally never watch? That’s the kind of thing we’re talking about getting rid of.
Take Advantage of Senior Discount Programs
Senior discounts are the unsung heroes of retiree budgets. If there’s a place that has them, then that’s arguably become your new favorite place to go. Think about how much you spend on groceries every year. Now, imagine if you always saved 10% on them. That’s a lot of money throughout the year, and something that every retiree should consider before they shop.
