Retire Earlier by Cutting Out These 8 Useless Expenses

It's tempting to splurge when you get a raise or save more money than you're used to. But you should think twice about spending it all, especially if you want to retire early.

There are many surprising retirement mistakes that one can make, but the money they waste before they retire can hurt their finances just as much. 

Read more to find ways to avoid these unnecessary purchases and invest in your future instead.

Living in a home with unused space doesn't do any good. Besides, you might struggle to keep up with your mortgage payments and higher taxes, not to mention you'll be paying larger utility bills and more maintenance costs.

Downsizing to or buying a home that better suits you and your family can save you money in all these areas. When you pay your bills each month, you can add those savings directly into your retirement account.

Luxury car purchases can significantly reduce your savings. Many luxury vehicles' pricing generally starts around $40,000 and can cost more than $100,000. 

You could retire years earlier if you put that money into your savings instead. Luxury cars generally cost more to insure as well, so it's a good idea to skip them, even if you get a good deal.

Spending funds on high-interest credit card debt is a waste of money. It is an expense that only grows and offers nothing to you in return. The household debt hit $18.20 trillion this year, according to the Federal Reserve Bank of New York's Quarterly Report on Household Debt and Credit. 

You can reduce the amount you spend on fees and interest by limiting your credit card purchases to what you can pay off each month, opting for low or finding the best credit cards with a 0% intro APR, and paying off high-interest debt as early as possible.

Having a hobby is healthy, and spending a little money on what you love to do is warranted. But overspending can delay your retirement plans. Spending less now could mean you'll have more time to enjoy your hobby later.

You can find ways to enjoy your hobbies without sacrificing your savings goals. Rather than spending $5,000 on a trip to an exclusive golf resort, enjoy a fun golf weekend with friends at a local course for a few hundred bucks instead.

Everyone loves a vacation, and no one wants to miss out on visiting family and friends, but traveling is expensive. Besides airfare or gasoline for the car, you can expect to pay for lodging, food, and other expenses.

Spending more than you can afford on travel may prevent you from growing your savings so you can comfortably retire. 

Pro tip: If you're going to travel a lot, at least use a good travel credit card. If you find the best travel credit cards, this will cause you less financial strain, and the perks may reduce your spending.

Trying to keep up with current trends or what your friends buy may mean spending money you wouldn't otherwise. 

Installing a new pool or adding a third bathroom just because someone else did may not improve your life or long-term finances. You'll likely get little use or enjoyment from your purchase.

Rather than spending money on something you didn't want in the first place, spend it on your future by adding it to your retirement account. You'll thank yourself later when you can retire, and your friends are still working.

Most smartphones last significantly longer than a year, but that doesn't stop some Americans from upgrading every time a new one is released. 

While new versions usually have new or better features, you should consider whether those features justify the cost before you make the leap.

If you're happy with your current phone, consider waiting a few years to upgrade. By then, you'll likely have a phone with even better features and will probably save some money.

While it's true that you can sell your jewelry and watches later on, you might not get what you paid for them.

You might get much less. Generally, you can expect jewelry to hold 20% to 50% of its retail value, according to Jackie Abraham Jewelers. If you want to invest in jewelry that holds its value, you need to know what to look for.

If you know how to spot rare and highly desirable pieces, you might get away with splurging a little on this one.  But even with valuable jewelry, you'll need to find the right buyer to make extra money. 

Before splurging on a luxury car or new watch, consider if it's worth it. Even smaller purchases add up over time. 

You could add that money to your savings and enjoy not going to work every day instead. The more money you can save now, the more comfortable you can live when you retire.

If you put effort into making smart financial decisions, you could retire early. Just remember that the earlier you retire, the longer your savings will need to last.