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However, reassessing yourspending habitsis a great idea to keep your retirement stress-free and ensure youre not overspending.
This is exactly what Patrick H. did when he retired several years ago.
We considered what would provide us with the most satisfaction.
If a particular expense no longer had much value, we eliminated it.
Lets dig a little deeper into somecostly mistakes boomers should avoid.
Expensive Vehicles
The average new car payment in the United States is a whopping $735.
This allows you more freedom in your monthly budget for other activities.
After I retired, I realized I wasnt driving nearly as much, Patrick added.
My wife and I started discussing whether we could make it work with just one car.
We decided to sell her car, leaving us without a car payment.
However, you may be presented with many insurance options that you may not need.
We had paid off the mortgage on our home and our kids were grown.
We didnt think there was much of a need to continue paying for life insurance at that point.
My wife uses her membership a lot, especially in the winter, but I went weeks without going.
We decided to cancel my membership, but she kept hers.
This helped us save a good amount of money each month.
Are you not sure how to find all of your subscriptions?
it’s possible for you to start by checking your bank account and seeing monthly recurring charges.
That cost us quite a bit of money the past six months.
By doing this we help both our kids graduate without any debt.
While their kids make the payments, we didnt want to be in a situation like this.
My wife and I have lived in our home for 40 years, Patrick said.
Weve gone through a few renovations, but this is the home we love.
Its where we raised our kids.
We planned to pay off our mortgage, eliminating housing expenses from our retirement budget.
Because of that, buying a new retirement home was never really an option.
Retirement should be a time of enjoyment, not financial stress.
Be wise with your spending, and youll have a much happier retirement.
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