You’ve worked hard for decades and now it’s time to let those golden years really shine. But let’s face it, living on a fixed income is trickier than doing the macarena at your grandchild’s wedding. Fortunately, there are plenty of tips to help you cut fat from your budget without sacrificing the good life.
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Bye-bye, plastic bags!
Margarita Cheng, CFP and expert contributor at Annuity.org, on ditching those pesky plastic bags.
“I live in Maryland, and we’ve had a bag tax for a while,” she said. “You can leave reusable bags in your car. It’s not only good for your wallet, it’s also good for the earth.
So, grab some cute reusable bags and save the planet while you save some cash. Win-win!
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Water, water everywhere
Speaking of saving the planet, Cheng has another eco-friendly tip: She wants you to say goodbye to plastic water bottles and, depending on where you live, invest in a water filtration system. That way, all you need is your own reusable water bottle.
Michael Collins, CFA, founder and CEO of WinCap Financial, agrees.
“Bottled water is another unnecessary cost that adds up over time, and it also contributes to plastic waste,” he said. “So instead, invest in a reusable water bottle and use a filter at home if necessary.”
Cable TV: The Silent Budget Killer
Remember when cable TV was the hottest thing? Well, times have changed, and so have your TV habits.
Cheng says you should consider re-evaluating the cost and benefit of the cable.
“You can pay for channels you don’t watch,” she said. “Depending on your situation, streaming may be more appropriate for your needs.”
Collins admits that with the rise of streaming services, cable TV has become an unnecessary expense for many households. Who needs 500 channels when you have Netflix and a comfy couch?
Subscription overload
Speaking of subscriptions, Cheng warned about the false costs of automatic deliveries.
“Not just magazine subscriptions, but subscriptions for all goods and services. Consider re-evaluating delivery frequency to make sure it meets your needs,” she shares.
Do you really need a new razor every week? Or is there enough toilet paper to survive the apocalypse? Didn’t think so.
Cleaning products: Less is more
Time to channel your inner DIY goddess! Cheng shared some motherly wisdom: “My mother shared a lot of hacks with me. Yes, it is important to have a clean and beautiful home, but we can do it with less toxic chemicals.
She also, “Simplify your cleaning routine and consider using microfiber cloths instead of lots of paper towels. You don’t have to stop using paper towels, because they are useful, but for mirrors and glass, microfiber cloths. If appropriate, DIY cleaning products with vinegar, tea tree oil, etc.
Collins backs this up, saying, “Paper towels and napkins are products that may seem like a convenience, but they’re actually wasteful and add up over time. Instead, invest in reusable cloth napkins and cleaning cloths that can be washed and reused multiple times.”
Gadget Overload: Say No
Personal finance expert Erica Kullberg warns against falling into the gadget trap.
“There are so many fun gadgets on the market that solve all your problems but clutter up your kitchen drawers,” she says.
Her advice?
“Use your newfound free time to learn how to learn cooking skills with the tools you already have. Any real chef will tell you that having a good knife and knowing how to use it will get you further than buying lots of gadgets,” the expert continued.
And it’s not just kitchen gadgets. Kulberg added, “Don’t let your grandchildren bully you into thinking you have to have an ‘i’ for everything” — a new iPhone, iPad, etc.
So, if you’re already happy with your current tech setup, there’s no need to upgrade your gadgets (and never use them).
Bottom line
Retirement doesn’t mean you have to live like a hermit, but it does mean being smart about your purchases. As Kulberg wisely shares, “When you’re living on a fixed income, you have to be careful about all your purchases.”
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This article originally appeared on GOBankingRates.com: Cutting Expenses in Retirement: 6 Household Appliances to Stop Buying
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