Bob N. worked well into his 80s before finally retiring at the age of 83. As the eccentric Denver resident enjoys his later years, he wishes he had been more diligent about cutting some expenses decades ago. “I could have retired years sooner if I trimmed the fat in some areas,” the 85-year-old said. “Live and learn, I guess!”
With the benefit of hindsight, here are seven costs Bob wishes he had cut in order to reach an earlier retirement.
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Cable TV packages
“I kind of convinced myself that spending $150 a month on a massive cable package was reasonable for a long time,” Bob said.
He kept his premium channels and expensive packages until he cut the cord five years ago. “I could have saved thousands by broadcasting earlier. Although I think this is getting more expensive too. Right now, I’m watching a lot of Pluto TV – it’s free!” he said.
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Eating out for convenience
Bob worked long hours at his career, often using it as an excuse to take dinner out. “The ease of taking over was a money trap,” he said.
He estimated spending over $500 a month on restaurant meals during his working years. “My health and my wallet would be better if I prepared the meal, but it wasn’t something people did,” he explained.
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Gym memberships
“I’m as guilty as anyone of paying for gym memberships that I rarely use,” Bob said.
For decades, he maintained memberships at numerous gyms and studios, rationalizing it by occasionally attending classes. “That’s an easy $100 a month that I could have pocketed just by going for walks,” he said.
Brand loyalty
Bob spent many years buying the same familiar but expensive groceries, grooming products, and home appliances. “I certainly had more money than sense when it came to brand loyalty,” he said.
The move to store brands didn’t happen until his 70s. “Why did it take so long to realize that most generics work well?” he asked.
Bulk cell phone plans
Bob depended on large family cell phone plans for years, paying over $200 a month even after his kids moved out. “It was pure laziness that kept me from landing a smaller, cheaper plan just for me,” he said. “What harm”.
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Annual subscriptions
Like many people, Bob paid for subscriptions every year that he barely used. “Those $60-$100 annual fees for things like magazines or broadcasts really add up over time,” he said. He wishes he had taken a closer look at mitigating those recurring costs much sooner.
Inertia to change bad habits
More than anything, Bob wishes he had pushed himself to correct unhealthy spending behaviors earlier in life instead of letting “inertia.”
“Once you get used to a certain lifestyle, it can be hard to cut back,” he said. My biggest regret is not having the discipline to curb my spending when I was young.
Fortunately, Social Security and Bob’s modest retirement savings cover his needs. “I may not be rich, but I’m fine,” he said. “Although retiring before 80 wouldn’t be the worst thing in the world!”
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This article originally appeared on GOBankingRates.com: I Retired in My 80s: 7 Expenses I Wish I’d Cut Sooner
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