Think small indulgences won’t impact your retirement budget? Think again. While everyone deserves some treats in their golden years, certain “little luxuries” can add up to big expenses over time.
Pro tip: Before cutting any expense, track how much joy it brings versus its actual cost. Sometimes what seems like a luxury is actually an important part of your quality of life. Other times, you’re splurging on things that don’t bring you much joy.
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Here are 10 little luxuries financial experts suggest scaling back on to keep retirement funds healthy.
1. Daily Fancy Coffee Drinks
That $6 oat milk latte might seem harmless, but do the math. Five days a week adds up to $120 monthly, or $1,440 yearly.
Consider investing in a good home coffee maker instead. You’ll get your caffeine fix while keeping more money in your pocket.
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2. Multiple Streaming Services
When you’re home more, it’s tempting to subscribe to every streaming platform. But at $15 to $20 each (or sometimes more), having Netflix, Hulu, Disney+ and Max could cost over $700 annually. Pick your top two favorites or rotate subscriptions seasonally to save money.
3. Premium Cable Packages
With so many streaming options available, paying $100 or more monthly for hundreds of channels you don’t watch is unnecessary.
Consider basic cable or even cutting the cord entirely.
4. Regular Food Delivery
Those delivery apps are convenient, but the fees, tips and markups can add a lot of extra money to your food costs. According to a Finance Buzz study, Postmates has markups that are 92% higher than the menu price, while DoorDash and Grubhub followed at 83% and 80%, respectively.
The study used the example of a simple $9.85 Chick-fil-A order. That same meal would cost $16.87 if ordered through UberEats and an exorbitant $23.01 if ordered through Grubhub.
Consider picking up food in person or eating in.
5. Monthly Beauty Boxes
Subscription beauty boxes might seem fun and affordable, but for $25 to $50 monthly, give or take, they may not be worth it.
Adding up those costs, retirees could find themselves spending $600 or more yearly for products they might not even use.
It’s likely better to shop strategically during sales instead.
6. Impulse Amazon Prime Purchases
The convenience of next-day delivery can lead to mindless buying. Those small $20 to $30 purchases can add up quickly when you’re not commuting to stores.
Consider removing your saved payment information to create a “pause” before purchasing.
7. Brand-Name Everything
Store brands have come a long way, especially for basics like cleaning supplies and paper products. Switching to generic for just a few items could save hundreds annually.
According to The Dinner Daily, generic foods can represent a cost savings of 25% to 30% compared with name-brand items.
8. Unused Gym Memberships
That monthly gym membership might have made sense when you were working, but consider whether you’re really using it enough to justify the cost. As reported by The Motley Fool, the average gym membership usually costs between $40 and $70 — but that could vary widely depending on things like location and amenities.
Also consider the fact that some Medicare plans offer free fitness programs.
9. Regular Professional Manicures
As reported by Southern Living last year, the average cost of a gel manicure can range from $35 to $100 depending on the services provided. Getting a regular manicure every two weeks could cost retirees significantly.
Consider learning to do your own basic nail care and saving salon visits for special occasions.
10. Unused Landline Phones
If you’re paying for both a landline phone and a cellphone, you might be duplicating expenses unnecessarily. According to Forbes, landline phones cost between $10 and $60 per month in most cases.
Consider whether you really need both and cut the one you use less often.
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This article originally appeared on GOBankingRates.com: 10 Little Luxuries To Stay Away From in Retirement
