10 Ways To Make the Most of Your Social Security Payment in August

For many Americans, August's Social Security check is already spoken for before it hits the bank. However, just a few shifts in your daily habits can help stretch your retirement dollars further.

Social Security benefits are a lifeline, but for many retirees, they're no longer enough to live on alone. While increasing your monthly benefit isn't an option after you've already filed, there are realistic steps you can take this month to make the most of what you're receiving.

Review your recent bank or credit card statements each month to spot recurring charges that you may no longer need. Streaming services and other unused subscriptions can add up quickly.

Cutting back on just a few of these non-essential purchases can free up money for the things you really need, such as medications and groceries.

Many retailers, grocery stores, and transportation services offer senior discounts for people aged 60 and older, but they are not always advertised.

Call ahead or ask when you check out to see if there is anything available where you currently shop. Even small discounts can add up. For example, a 10% discount on groceries could save you $30 or more per month.

Combining your auto and home insurance under one provider could lower your premiums. Contact your insurer to ask about bundling (and senior discounts, while you're at it). This could reduce your premium substantially, allowing you to use the extra income for other fixed monthly expenses.

It's hard to make your Social Security stretch without a proper budget. Tracking spending doesn't have to be complicated, though.

There are plenty of free apps available these days, or you can track your budget the old-fashioned way with a pen and paper. Either way, tracking your spending helps you prioritize essentials and avoid unnecessary purchases, helping you stretch your dollar a little bit further.

High electric or gas bills can quickly drain your monthly income, especially during seasonal extremes. Programs like the Low-Income Home Energy Assistance Program may be able to help you lower or at least stabilize your energy costs.

Your local utility company may also offer a senior discount plan or budget billing. Applying can help ease the pressure of your August payment (and every month after).

Plan meals before shopping and stick to a list to avoid impulse buys. You can also consider purchasing from discount stores and browsing the weekly circulars to help lower your grocery bill.

The USDA estimates the average moderate-cost grocery plan for a single adult 65+ is around $350/month. If you're spending more than that, it may be time to reexamine your grocery budget. Cutting just a small portion of your grocery costs can give you an extra $30 or more to use elsewhere.

Gas prices can eat up more of your budget than expected, especially if you're making multiple small trips each week. Try combining errands into a single outing to help lower transportation costs.

Taking just one or two fewer trips out into town each week could add up to a full tank of gas a month. These savings can then be used on other necessities, like food or health care.

Many pharmacies offer free or low-cost drug savings programs that are separate from insurance. Chains like Walgreens, CVS, and Kroger have discount cards or memberships that could lower your out-of-pocket costs for common prescriptions.

If you're spending a substantial amount of money on prescription medications each month, these programs can potentially save you hundreds, so you can stretch your Social Security check.

If something isn't essential, consider waiting until it's marked down, especially for home goods and electronics.

Many retailers will offer clearance sales at the end of each season or around the holidays. Delaying a purchase for now could potentially allow you to purchase it for half the price later, stretching your Social Security benefits without making any real sacrifices.

Consider withdrawing a set amount of cash for non-essentials. Once it's gone, that's it for the month.

This physical limit can help curb overspending and make you more mindful about where your money is going. It's a simple way to control optional spending.

The Social Security Administration pays benefits based on your birth date and the type of benefits you receive. Here's when you can expect your August 2025 Social Security payment:

• Aug. 1: Supplemental Security Income (SSI) payment and Social Security payment if you received Social Security before May 1997 or if receiving both Social Security & SSI
• Aug. 13: Birthdays on the 1st–10th of the month
• Aug. 20: Birthdays on the 11th–20th of the month
• Aug. 27: Birthdays on the 21st–31st of the month

If your payment doesn't arrive on the expected date, the SSA recommends waiting three mailing days before contacting them.

Living on Social Security alone isn't always easy. But, with a few smart money moves for seniors, it's possible to get more mileage out of each monthly payment. Trimming non-essentials and using local resources can help reduce stress and make each dollar count.

The average retired worker receives about $1,900 per month in 2025, but many seniors face higher monthly expenses. That's why revisiting your budget regularly and exploring overlooked senior benefits could help you stay on more stable financial ground.