2. Pay off your debt

If you want to live on Social Security alone, one of the best things that you can do is pay off your debt. Your life will become more comfortable after you have fewer expenses. Just imagine that you have your full Social Security benefits just for yourself to spend on daily stuff such as groceries and vacations.

Whether you have already retired or are still working, make paying off debt your top goal. Also, if you feel like using debt to manage any gaps in your retirement budget is a good idea, hear us out: it is not. Never do that! Debt in a context like this will only generate more debt.

You need to try your best to live within your means and never use credit cards. It is better and easier this way. Also less stressful. At first sight, buying what you want using a credit card may seem like an easy way to get the stuff you need right away, but keep in mind that when the interest charges add up, it will become more and more difficult for you to pay for them.