As you age, it’s normal to wonder if you’ve saved and invested enough money to support yourself once you retire. If you’ve been disciplined, you may have planned well and made wise financial decisions. Perhaps you or your spouse have a pension through your employer, but you may worry it won’t be enough. However, many don’t consider that your lifestyle will significantly change in retirement. Here are 13 ways your expenses will likely decrease once you’re retired.
1. Less Commuting
Typically, once you’re retired, you’ll lose your morning and afternoon commute to work, saving you money on fuel (and time). Depending on your specific situation, you may also be saving on parking fees, tolls, or other transportation costs.
2. Less Eating Out
For many, retiring means fewer trips to the drive-thru and eating at home more. Or perhaps you stopped for a cup of coffee on your way to work each day. Making your meals – and lattes – at home will save you a considerable amount of money.
3. Fewer Shopping Trips
If you work near a mall or shopping center, it can be tempting to run errands or go shopping on your lunch break. These unnecessary trips to the store will keep that money in your pocket.
4. After Work Meetups
Weekly office lunches or happy hours with coworkers can quickly get expensive. Oftentimes, people will go so they don’t miss out, but obviously, you won’t feel obligated once you’re retired.
5. Senior Discounts
Unless you’re able to retire early, you’ll now qualify for senior citizen discounts at your favorite stores and restaurants. In some cases, this can mean up to 20% off your bill, which equals considerable savings.
6. Purge Your Home
By the time you have retired, you have spent most of your life buying items and accumulating things you probably don’t even use. Retirement is a great time to purge your home. Reduce any storage costs you may have and earn money by selling the items you don’t need.
7. Downsizing
Many older people eventually reach a point where their living accommodations are too big for their needs. Once your kids move out of the house, you likely won’t need as much space. This may put you in a position to downsize your primary residence, which can save a lot of money.
8. Decreased Clothing Expenses
Now that you are not going to work every day, you’ll no longer need to pay for work uniforms or other clothes for your job, which can be a significant expense. If you don’t wear the professional clothing you already own, you may consider selling it to make some extra cash or donating it to a local shelter.
9. Less Vehicle-Dependent
You may no longer have the need to own multiple vehicles for yourself and your partner. Many retired couples are able to live with only one vehicle as you don’t both need to be at work simultaneously. Depending on the condition of your vehicle, you can also sell it and bank the profit!
10. Fewer Car Repairs
Not driving to work each day means less wear and tear on your vehicle. This will help your vehicle last longer and cut down on pricey repair bills at the automotive shop.
11. Save on Makeup and Hair Products
When you no longer have to get ready for work each day, you’ll likely consume fewer beauty and haircare products, which can save a ton of money.
12. Start a Garden
With the increased time on your hands, you’ll likely seek out some hobbies to occupy yourself. One great way to save money and counter inflation is to start a garden and grow your own food. In addition to lowering your food costs, it can be quite rewarding.
13. No Need for Luxury Items
As you age, you may notice yourself caring less and less about expensive luxury items. Often, people feel the need to ‘keep up’ with their coworkers or present a certain image in the office. However, once you’re retired, you may no longer feel the need to impress people with fancy clothes and accessories.
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