5 Practical Ways to Cut Expenses in Retirement Without Feeling the Pinch

When you've already cut your retirement budget to the bone, you don't need anyone telling you to dig a little deeper. That's not what this article is about. Instead, we'll look at things you can do today to begin cutting costs. It's up to you to decide whether to tuck the savings away in an emergency savings account, invest it, or save it for something fun.

While some of these ideas may be familiar to you, hopefully there will be a few you haven't yet considered.

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1. Embrace digital coupons and cashback apps

If your idea of couponing is spending hours at the kitchen table cutting coupons out of a newspaper circular, you're going to love the newer alternative. As the name suggests, digital coupons are redeemed digitally. There's nothing to cut and no paper coupons to lug around or sort through.

You can find money-saving coupons on retailers' websites, on social media, or by downloading an app to your smartphone. Here's a sample of some of the most popular digital coupon apps and what they can do for you:

• Honey: You can download the Honey app for either iOS or Android smartphones or add the Honey extension to your computer. Here's how it works: You shop online, and Honey automatically finds (and applies) the best coupon codes when you check out. Honey is a fan favorite due to its vast database that gives users access to coupons that may not be available elsewhere.
• Ibotta: Ibotta is a big player in cashback and is great for grocery shopping. First, you search for the deal on products or retailers you like, and once you find what you want, you add it to your list. After you've purchased items (either in-store or online), you submit your receipt directly through the app. If you have a store loyalty account, you can link it to Ibotta to automatically redeem eligible offers. As soon as your cashback balance reaches $20, you can transfer it to your bank, PayPal, or convert it to gift cards.
• Flipp: Another smartphone favorite is Flipp, and with good reason. It's a great money-saving tool, but nearly as important, it can save you valuable time. The Flipp app browses through digital flyers from more than 2,000 retailers to find the best deals near you on things you buy. With Flipp, there's a ton you can do with the touch of a button. For example, you can quickly find specific items or stores, or create a shopping list and let Flipp do the work by matching your items with deals. You can also clip digital coupons, which will be automatically added to a store loyalty card for use at checkout.

2. Take full advantage of memberships

If you have a membership to a big-box store like Sam's or Costco Wholesale, make sure to squeeze every last dollar from its benefits. For example, take advantage of low-cost optical care, office supplies, automotive work, and discounted auto insurance. If you're buying a new car, you may even be able to find a great deal by making the purchase through the store's auto purchasing program. Use pharmacy discounts and explore exclusive travel deals. Don't forget to check out specially priced tickets to local events.

If you want to make the most of your membership, consider getting together with a friend or family member and splitting the cost of bulk items. For example, neither of you may need a huge bag of lemons, but each of you could use half.

3. Negotiate monthly expenses

Many utility companies are willing to work with you on price. Give your utility providers a call to let them know you're a retiree and would like to remain a customer but need a price break. Here are some of the services frequently open to discounts:

• Cell and home phone
• Cable and satellite TV
• Home security
• Internet
• Some electric and natural gas companies

When a utility provider knows you have options, it's more likely to find a way to give you a discount. After all, it would rather provide a discount than lose a good customer. Negotiating consists of three steps:

1. Research other providers in your area to see if your current company is charging you too much.
2. Be polite and clearly explain your needs. Ask about discounts and promotions.
3. Be ready to switch. If you're unhappy with how negotiations turn out, make sure you can get a better deal elsewhere and make the switch.

4. Take advantage of designated senior shopping times

Several major retailers offer discount shopping times for seniors, such as:

• Target
• Walmart
• Aldi
• Dollar General
• BJ's Wholesale Club
• Safeway, Albertsons, and Vons
• HyVee
• Fred Meyer
• Piggly Wiggly
• Fresh Market
• Kohl's
• Michaels
• TJ Maxx
• Ross Dress for Less

Whether you save 10% or 20%, that's money in your pocket.

5. Don't be shy about using community resources when you need them

If you have trouble covering the cost of rent, making home repairs, or buying the nutritional food you need, look to nonprofits and community-based organizations in your area. If you're unsure where to start, contact 211.org, a service that connects people to essential community resources and services. Accessing 211 is easy: Simply dial 211, chat with a representative online, or browse local resources on the 211.org website.

If you're interested in money-saving strategies, it can be fun to add new ones to your list.

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Dana George has positions in Target and Walmart. The Motley Fool has positions in and recommends Costco Wholesale, PayPal, TJX Companies, Target, and Walmart. The Motley Fool recommends the following options: long January 2027 $42.50 calls on PayPal and short June 2025 $77.50 calls on PayPal. The Motley Fool has a disclosure policy.