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Retirement is going to be a big change.
Youll no longer have a regular income from your job and will instead be relying on your retirement savings.
This can be a tough adjustment for some people.
To prepare, now is the time to start planning your retirement budget.
As youre making your budget, consider these seven things you should probably stop wasting your money on.
Retirement isnt a financial free-for-all.
While you might be driving a lot now, things might change after retirement.
If youre only driving when you run errands, you might find that the car you have is sufficient.
Getting a brand-new loan starts your clock all over again.
These can quickly eat away at your monthly budget.
Dont spend extra on your variable bills like subscriptions or all of that, Hall added.
Netflix, Hulu, Disney+, Spotify, meal kits they add up fast.
Dont go subscription crazy.
Phone Upgrades
It can be tempting to upgrade your cellphone whenever something new comes out.
It might havesome new featuresyou think you cant live without.
Instead, keeping your current phone as long as possible can save you a lot of money.
Fast fashion makes buying too many clothes too easy.
The same thing goes for shoes and accessories.
You probably raised your kids in this house and commuted to work from it.
Now that you are nearing retirement, havingsuch a large housemight not make sense anymore.
As you get older, you may be unable to do everything around the house like you used to.
That means youll need to hire someone for the work, which is another expense to budget for.
Instead, it might make sense to consider downgrading to asmall, less expensive and more manageable home.
Eating Out Too Often
The cost of eating out and ordering takeout can quickly add up.
Your taste buds dont need a luxury upgrade, said Hall.
Stick to your usual grocery budget and avoid eating out at restaurants as much as possible.
Lottery Tickets or Gambling
The odds of winning the lottery are roughly one in 300 million.
When it comes to the casino, the odds dont get much better.
These items are a great place to start.
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