Largest Social Security increase in 40 years starts in January

Typical payment will increase $140 per month

InvestigateTV - Social Security benefits will go up in January by 8.7%, the largest cost of living increase in 40 years. The Social Security Administration said the increase translates to an average of $140 dollars more per month.

Our partners at the financial website NerdWallet said while there’s no easy fix for how much everything is costing right now, there are ways to make your money stretch as far as possible.

Pay down debt: High interest rates make your debt more expensive. List your debts and pick one to tackle. Pay any extra you can towards that one debt. Once you pay it off, move to the next debt on your list.

Track your spending: Track where your money is spent to find costs you can rein in or cut out altogether.

Review your bank statements: Review the last few months of account activity to visualize your spending. Free apps like Mint can help you plan. You Need a Budget is another good app with a free trial, then a monthly subscription.

Ask for help: If you are struggling to pay your bills, pick up the phone and call those companies. You could ask to have your bills lowered, paused, or even deferred until you can catch up.

USA.gov has free resources for anyone struggling to deal with debt. The Federal Trade Commission also offers free resources.

Rachel DePompa

Rachel DePompa

Rachel DePompa is NBC12's On Your Side Investigator. Before joining WWBT in March of 2008 Rachel worked in Roanoke, Bristol and Harrisonburg.