6 Things To Stop Buying in Retirement If You Want To Save Money

Find Room in Your Budget to Save More

When you retire, you may be on a fixed income. Adjusting your spending habits can be difficult, particularly if many of them were set decades ago. These adjustments, however, can make a huge difference. Cutting out unnecessary expenses can save you hundreds of dollars each month, meaning you may not have to worry as much about your retirement cash running out.

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If you want to save money in retirement, you need to take a look at all of your monthly expenses. Place each item into a need or want category. Then, carefully comb through your wants to determine what you can live without or at least cut back on. You might be surprised at how a few tweaks to your spending can mean significantly more money in your pocket. Here are the six best things to stop buying if you want to save money in retirement.

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Entertainment Subscription Services

Most Americans are guilty of having at least one subscription service. Unfortunately, these small monthly fees can add up each month, particularly when you have multiple subscriptions.

“One of the best things retirees can do to save money is to reevaluate their recurring costs that eat into their fixed income-based budget month after month. For example, entertainment subscription services can really add up,” said Erika Kullberg, founder of Erika.com.

The attorney and personal financial expert noted, “Research from Bango found that the average American has 4.5 subscriptions and pays an average of $924 per year for these services. This means retirees may be able to save an average of $77 a month.”

Luckily, there is a more cost-effective way to get your entertainment fix. “Most public libraries have DVDs on loan,” Kullberg said. “Retirees may find it fun to get out of the house to rent movies instead of paying for multiple entertainment subscriptions.”

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Professional Services

Another easy thing to cut back on that can make a big difference in your budget is professional services. Depending on where you live, a cleaning service can cost around $70 per hour, and landscapers can easily run you $100 per month.

Kullberg, who has over 21 million followers and is the host of a popular podcast, said that retirees can also “reconsider the services they pay for that used to save them time while working.”

An added benefit of doing some things yourself instead of paying for them is that it keeps you active. “While they may have been too busy to clean their home or keep up with yard work while working, they may find these chores are a great way to stay active,” Kullberg said. “Cutting back on professional services can save a lot of money.”

Eating Out

While dining out may be your favorite pastime, it can break the bank. On average, Americans spend around $300 eating out each month, per Ramsey Solutions. Limiting the number of times you eat at a restaurant each week can save you significant amounts of money in the long run.

“Cutting back on eating out is also a great way to save money and forces retirees to master some fun new cooking skills,” Kullberg said. “Spending more time cooking at home is healthier and can save retirees hundreds each month.”

Overpriced Coffee

One of the biggest challenges for a retiree on a fixed or reduced income may be to stop paying for convenience. Small things like buying a cup of coffee outside of the home each day can start to add up.

Your daily coffee habit may cost you around $40 or more each month. Instead of paying $5 for a cup of joe, consider brewing one for a fraction of the cost at home.

Peak-Season Travel

One perk about retirement is that you may have the freedom and flexibility to travel when you want. With that flexibility, you should consider traveling when prices are less expensive. If vacationing is a part of your retirement plan, then you may want to consider cutting back on peak-season travel.

“If you decide to travel in retirement, you can travel in off-peak seasons to enjoy lower airfares and hotel rates. Same places, but at less cost,” said Steve Azoury, ChFC, owner of Azoury Financial.

Gas

If you are retired, you may be able to get rid of your money-guzzling vehicle and opt for public transportation or simply go from a two-car household down to one.

“With one’s retirement, you can ‘test drive’ what it would be like with only one vehicle for a husband and wife. With the advancement of ride-share services, you could be covered for the occasional inconvenience of needing a second ride,” Azoury said.

Doing so could save you quite a bit of money. “The savings associated with one less car is significant, considering the car payment, insurance, wear and tear, maintenance, and even parking and/or toll fees driving to work,” he said.

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This article originally appeared on GOBankingRates.com: 6 Things To Stop Buying in Retirement If You Want To Save Money