Think small indulgences won’t impact your retirement budget? Think again. While everyone deserves comfort in their golden years, certain everyday expenses can quietly drain your savings over time.
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Before cutting any costs or switching up your spending habits, consider how much joy a purchase brings versus its actual price. Some expenses are worth keeping for your quality of life, but others may be costing you more than they’re worth.
Here are 10 little luxuries to scale back on to protect your long-term financial health.
1. Daily Fancy Coffee Drinks
Tracking your spending daily may seem like a chore, especially before you’ve had your coffee, but it’s worth doing. 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.
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 HBO Max could cost over $700 annually. Pick your top two favorites or rotate subscriptions seasonally to save money.
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3. Premium Cable Packages
Paying $100 or more monthly for hundreds of channels you don’t watch is unnecessary with so many streaming alternatives available (though you should be editing those a bit as well). Consider switching to basic cable or cutting the cord entirely to save hundreds annually.
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 Uber Eats and an exorbitant $23.01 if ordered through Grubhub. Instead, 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. By cutting back on these little luxuries, retirees can stretch their savings further and focus spending on what truly matters.
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 GoodRx, 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 earlier this 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
Paying for both a landline and a cellphone may be duplicating expenses. Landlines typically cost $10 to $60 per month. Evaluate your usage and consider cutting the one you use less often.
Caitlyn Moorhead contributed to the reporting for this article.
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This article originally appeared on GOBankingRates.com: 10 Little Luxuries To Stay Away From in Retirement
