Retirement usually means you’re on a fixed income, which could put a damper on your spending.
You may find discretionary items that won’t fit in your budget, or you can get them cheaper if you qualify for a senior discount.
Check your budget for some of these items and consider cutting back on ones you don’t need to avoid wasting money and boost your retirement funds.
Eliminate your late tax debt
Each year, the IRS forgives millions in unpaid taxes. If you have more than $10,000 in tax debt, or have 3+ years of unfiled taxes, you could get forgiveness too. You might be eligible to lower the amount you owe, or eliminate your tax debt completely.
Easy Tax Relief could help you lower or get out of your tax debt for good. They’re well respected in the industry and have been recognized for their ethical standards when dealing with tax debt. While most tax companies just put you on a payment plan and file your taxes for you, Easy Tax Relief talks to the IRS directly. They can help you pay off your tax debt faster while potentially reducing what you owe.
Important: Not everyone will qualify. To take advantage of this special program you must owe more than $10,000 in past-due taxes.
Fill out this form to get started
New cars
![couple enjoying time together](https://cdn.financebuzz.com/filters:quality(75)/images/2024/04/13/couple-enjoying-time-together.jpg)
You’ll likely still need a car when you retire, but you won’t have the extra wear and tear from a daily commute.
New cars can be expensive and depreciate over time. Invest in a reliable used car instead, especially after you retire when you don’t have to drive to an office. A used car could also help you save on auto insurance.
Meals at restaurants
![senior friends meeting for meal](https://cdn.financebuzz.com/filters:quality(75)/images/2023/09/01/senior_friends_meeting_for_meal.jpg)
You may be excited about doing things when you retire, like eating at restaurants more often.
But dining out regularly can be expensive. It might be a better idea to cut some restaurant visits and eat at home instead. With the extra time you have to cook, you could even learn new recipes.
A bigger house
![puchase property deal concept](https://cdn.financebuzz.com/filters:quality(75)/images/2024/04/13/purchase-property-deal-concept.jpg)
Retirement could mean it’s time to move somewhere else, and you might be excited about the change.
But don’t be tempted to buy a bigger home when you retire. It can cost more for space you don’t need, and it will require more money for utilities, lawn care, and repairs.
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Computers
![cheerful man using his laptop](https://cdn.financebuzz.com/filters:quality(75)/images/2024/04/13/cheerful-man-using-his-laptop.jpg)
A good thing about retiring is you don’t need the desktop computer you once did while working from home.
Consider downsizing your computer options if you’re in the market for one and get something smaller and more affordable compared to one that could bust your budget. Perhaps all you need is a tablet or your smartphone.
Subscription services
![new plasma panasonic tv](https://cdn.financebuzz.com/filters:quality(75)/images/2024/04/13/new-plasma-panasonic-tv.jpg)
You may not think much about subscription services and memberships if you’re just paying a little bit here and there for a streaming service or items shipped to your door each month.
But those small costs can add up to a big hole in your budget. Think about which services you need and consider signing up for subscriptions you can cancel from month to month to adjust your budget.
Designer clothes
![couple shopping together](https://cdn.financebuzz.com/filters:quality(75)/images/2024/04/13/couple-shopping-together.jpg)
One of the great things about being retired is you don’t have to wear expensive professional office clothes anymore.
Skip the designer clothes and expensive pieces for cheaper options or consider shopping at outlet stores to get deals on brand names for less.
The latest phone
![man with a smartphone sitting](https://cdn.financebuzz.com/filters:quality(75)/images/2024/04/13/man-with-a-smartphone-sitting.jpg)
Smartphones have become a standard necessity for everyday life, but you don't use them as much when you don't have to be connected to the office.
Cut back on phone expenses by getting older phone models that work just as well as the latest models but with a lower price tag.
Expensive groceries
![senior man with shopping list](https://cdn.financebuzz.com/filters:quality(75)/images/2023/12/29/senior_man_with_shopping_list.jpg)
Groceries can be a pricey staple for any budget. Now that you're retired, it may be time to cut that cost down as much as possible.
Spend some extra time clipping coupons, looking out for sales, and taking advantage of any rewards you may get for signing up as a loyal customer.
Full-price gym memberships
![cheerful males giving high five](https://cdn.financebuzz.com/filters:quality(75)/images/2024/04/13/cheerful-males-giving-high-five.jpg)
It’s a good goal to stay in shape as you get older, but it can also be expensive to have a gym membership.
Check with your local gym to see if it has membership discounts for seniors. You can also try other local businesses to get exercise like dance studios or yoga studios that could also give senior discounts.
If you’re over 50, take advantage of massive discounts and financial resources
Over 50? Join AARP today — because if you’re not a member you could be missing out on huge perks. When you start your membership today, you can get discounts on things like travel, meal deliveries, eyeglasses, prescriptions that aren’t covered by insurance and more.
How to become a member today:
- Go here, select your free gift, and click “Join Today”
- Create your account (important!) by answering a few simple questions
- Start enjoying your discounts and perks!
You’ll also get insider info on social security, job listings, caregiving, and retirement planning. And you’ll get access to AARP’s Fraud Watch Network to help you protect your money, as well as tools to help you plan for retirement.
Important: Start your membership by creating an account here and filling in all of the information (Do not skip this step!) Doing so will allow you to take up 25% off your AARP membership, making it just $12 per year with auto-renewal.
Full-price vacations
![senior couple enjoying cruise vacation](https://cdn.financebuzz.com/filters:quality(75)/images/2024/01/24/senior-couple-enjoying-cruise-vacation.jpg)
Retirement means you have more time to take a vacation and travel to see different sites.
Before you book that vacation, check on hotels, attractions, and other potential stops to see if they have senior discounts that can help you save money.
High-risk investments
![older clients consulting agent](https://cdn.financebuzz.com/filters:quality(75)/images/2023/11/30/older_clients_consulting_agent.jpg)
High-risk investments can have a high reward but can also crash and leave you with a big loss.
It’s acceptable to take more chances on high-risk investments when you’re younger and have plenty of years to rebound from potential losses. By the time you hit retirement, it may be smarter to stick with more stable investments, even if they offer lower returns.
Jewelry
![different elegant bijouterie](https://cdn.financebuzz.com/filters:quality(75)/images/2024/02/28/different-elegant-bijouterie.jpg)
Retirement is not a time to spend money on expensive discretionary spending like jewelry.
Set a tight budget for jewelry if you really want to get a particular piece, or consider digging through your jewelry box to give old items a new life by wearing them more.
Movie tickets
![joyful senior going to movies](https://cdn.financebuzz.com/filters:quality(75)/images/2024/01/01/joyful_senior_going_to_movies.jpg)
More streaming services are carrying movies only a few months after they’ve been on the big screen, making it easy to access them at home for an affordable price.
However, if you still want to go to a theater, check out your local places to see if they have senior discounts on movie tickets and concessions.
Gifts
![covering eyes and flowers surprise](https://cdn.financebuzz.com/filters:quality(75)/images/2024/04/13/covering-eyes-and-flowers-surprise.jpg)
You may enjoy spending lavishly on gifts for others, but it could be a good idea to cut back on gift-giving when you’re on a fixed income.
Instead, think about giving inexpensive gifts or offering up things that don’t cost you money, such as spending time with someone you care about or taking care of your grandkids for free.
Home renovations
![builder carrying a ladder](https://cdn.financebuzz.com/filters:quality(75)/images/2023/10/08/old-builder-carrying-a-ladder.jpeg)
Under normal circumstances, home renovations can be expensive, which can be made worse when you’re on a fixed income.
Try to pay for needed home renovations while you’re still working so you don’t have to use retirement funds to cover them.
It’s also a smart idea to have an emergency fund in a high-yield savings account that’s well-funded in case you have an unexpected repair crop up when you’re retired.
Bottom line
![checkout paying by debit card](https://cdn.financebuzz.com/filters:quality(75)/images/2024/04/13/checkout-paying-by-debit-card.jpg)
There are some great items you may want to buy when you’re retired. However, it can be hard to decide what to keep and what to cut when you’re on a tight budget, especially if you retire early.
Remember to take advantage of discounts if you join an organization like the AARP or search out stores that have senior discounts.
It’s also wise to find a financial advisor who can help you financially as you navigate your way through your retirement investments.
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