2. Shelter
The average spent on by US households: $13,258
As you may already know, prices for shelter have also increased due to inflation. According to recent data, the average American household spends an extra $327 per month, and people’s wallets are definitely feeling the strain.
While getting a roommate may be helpful, this idea may work better for those in their 20s who aren’t yet married and don’t have kids. But downsizing is something you should consider if you want to reduce shelter expenses, especially if you live in a big house and your children have their own place to stay.
Or you can turn your house into a moneymaker. Basically, you rent out a room and use the money that you’ll be making to pay shelter expenses. Our advice is to do this via a vacation rental website like Vacation Rentals by Owner or Airbnb. You’ll reduce your expenses and pay off your mortgage faster while still having a place to live debt-free in your golden years.