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Baby Boomers nearing retirement need to be smart with savings. While you’ve worked hard over the years, it’s time to critically assess spending habits. We’ve identified unnecessary costs that aren’t doing much good after 60. Evaluate these potential money drains to keep more cash in your pocket.
Consider canceling unused gym memberships. Maintain fitness at home or outdoors instead to avoid the monthly costs.
Unused Entertainment Subscriptions
Audit entertainment subscriptions you don’t use monthly like streaming services, cable channels, magazines, etc. Cut unused ones.
Downsize your vehicle. Opt for used, practical cars over luxury brands to reduce insurance, taxes, and loan payments.
Take affordable road trips within driving distance rather than far-flung vacations requiring airfare and hotels.
Too Much House
Downsize to a smaller living space you can easily maintain on a fixed income without as much storage and utility costs.
You likely don’t need the latest and greatest smartphones or tech accessories. Opt for budget-friendly options that meet basic needs.
Name Brand Food Items
Generic store brands provide the same quality at a significant discount for much of your grocery shopping.
Department Store Clothing
Shop thrift stores in nice neighborhoods to score quality clothes, shoes, and accessories at big markdowns.
Excessive Home Decor
Minimalism frees up maintenance time and money. Avoid decorative clutter that requires cleaning, organizing, and upgrading.
Frequent Dining Out
Eat out less by cooking bulk meals at home and bringing lunch rather than purchasing meals daily.
Premium Cable Packages
Streaming services are way cheaper than hundred-dollar cable bills. Stick to the basics or essential channels only.
Take public transportation when possible or walk for shorter trips to reduce Uber and cab costs.
There’s no need to pay for a separate landline when cellphones are ubiquitous. Ditch the landline bill.
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Michelle Harler is the founder of Guide2Free, a website dedicated to finding and sharing freebies, product testing opportunities, and other ways to save money. With over a decade of experience in the industry, her expertise in finding quality offers makes Guide2Free an invaluable resource for anyone looking to try new products and save money.