Heading into retirement is like tidying up the house because you work out what you need and let go of the extra stuff. For anyone who’s looking to kick back and enjoy their golden years, it pays to know which bills to avoid. Here are 18 common expenses that, with some planning, you can take out of your monthly budget to make your savings stretch a little further.
Commuter Costs
You can kiss those days of commuting goodbye, along with the annoying expenses that went with them. Retiring means no more shelling out for gas every week or dealing with rush hour traffic because you can travel where you want when you want. You can save a lot by simply staying put or choosing to travel without the nine-to-five schedule.
Second Vehicle Expenses
Speaking of cars, many retirees realize they don’t need multiple cars like they did when they were working. Dropping the extra vehicle means they get to save a lot on things like insurance and maintenance, which seriously adds up. This also simplifies things for retirees because they no longer have to juggle service appointments.
Work Wardrobe and Dry Cleaning
During your working life, you likely had to deal with heels, ties, and huge dry cleaning bills to keep your clothes looking good. But now, the focus is on comfort. That means no more wasting money on outfits you wear just to impress your boss, and most of us wear comfy pants instead of tailored suits.
High Mortgage Payments
One of the best moves you can make before you retire is paying off that mortgage. After all, there’s no greater feeling than retiring without dealing with those monthly house payments hanging over your head. It’ll free up that extra cash for fun or a more comfortable daily life.
Professional Memberships
Those professional dues and magazine subscriptions were important back when you had to climb the ladder. Now, though, it’s time to let them go. There’s no need to keep paying for industry news when you’re not in the game anymore, and you can spend that money on those hobbies that you’ve been dying to explore.
Premium Cable Packages
Although you have more time on your hands, that doesn’t mean you need to spend money on 500 TV channels. Cable packages are usually more expensive for live TV than many streaming services, and they don’t have anywhere near as much flexibility. You’re better off sticking to streaming or maybe even trying some free entertainment.
Gym Memberships
Of course, staying active in retirement is important, but you don’t need a fancy gym to do it. Many retirees swap out their costly memberships for walking or community center classes, which usually have senior discounts. This way, they can keep fit on their own terms and within their budget.
Credit Card Debt
If there’s one thing you don’t want in retirement, it’s debt, which is why many of us try to get rid of high-interest credit card debt before we retire. Clearing these debts means less stress and more financial freedom to spend on the things we love. Wouldn’t you want your retirement to be more relaxed?
Excessive Eating Out
Of course, eating out is fun, but the costs can add up quickly. Since you have more time at home, it’s wise to start cooking more. Make it something you enjoy by experimenting with new recipes or revisiting old favorites. When you have more home-cooked meals, you’ll save money and also turn mealtime into an event to explore with family and friends.
Specialty Groceries
Speaking of food, when we’re working, we often grab whatever’s quickest, which can mean spending on specialty or gourmet items that aren’t exactly good for our wallets. Once you retire, you’ve got more time to shop around and make smarter choices. Buying in bulk and choosing generic brands will save you a lot, as will cooking with fresh, local ingredients.
Expensive Vacations
Travel certainly broadens the mind, but those exotic trips aren’t exactly necessary. Many retirees prefer to visit places closer to home or take advantage of last-minute deals because they understand the important part is making memories, not breaking the bank. It makes traveling a lot less stressful and allows for more frequent getaways.
High Energy Costs
Downsizing or simply upgrading to energy-efficient appliances can save you a lot on your utility bills, and it’s better for the planet, too. Making your home more energy-efficient can make it more comfortable, which is better for everyone. Why give your hard-earned cash to the utility companies when you can keep it for yourself?
Home Internet Upgrades
Having super-fast internet was probably pretty important when you were working from home. But you don’t really need it so much during retirement. You can probably get by with a less expensive plan without noticing a difference, and changing services can reduce your bills by quite a bit. Put that money elsewhere instead.
Subscription Services
Whatever subscription services you have right now, think long and hard about what you actually enjoy and use. Dropping a few could help your budget and also mean less clutter around the house. Streamlining your subscriptions will help you focus on what retirement should be about, such as enjoying what you love without unnecessary expenses.
Technology Upgrades
You really don’t need the latest gadgets anymore, and if your phone or laptop is doing the job, there’s no point in upgrading. It’s okay to skip a generation or two unless you really need it. This way, you’ll keep some money in your pocket and don’t have to worry about the hassle of constantly adapting to new tech types.
Educational Expenses
Learning is something you should always be doing, even during retirement, but you don’t have to pay so much for it anymore. There are a ton of inexpensive, or even free, courses and seminars out there that’ll fuel your passion. You can enrich your retirement years with new skills and knowledge at a minimal cost.
Investment Account Management Fees
Smart retirees know how to manage their investments through low-cost platforms that reduce or entirely eliminate those expensive management fees. Taking the time to learn about investment management means you can keep more of your hard-earned money working for yourself rather than paying high fees for someone else to manage it. Better yet, choose an automated, low-fee service.
Office Supplies and Equipment
If you don’t need your home office anymore, then that means it’s time to stop buying all those office supplies. You don’t have to get rid of your printer or extra laptop, but don’t buy new ones if they break down. Retirees who plan ahead can phase out these expenses as they wind down their professional lives by focusing instead on setting up their space for hobbies.
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