There’s an old joke that says, “When the going gets tough, the tough go shopping.” Our observation: not these days. Surveys of so-called consumer confidence seem to suggest that many Americans are taking a cautious approach to spending in these turbulent times, and that seems to go double for retirees. 

Inflation remains stubbornly high. The stock market is gyrating like an out-of-control roller coaster. In many parts of the country, property taxes are rising along with food prices. For retirees, this degree of financial uncertainty suggests these are times when holding the line on spending isn’t just a good idea – it’s a necessity. 

Cutting back on big ticket purchases is a basic place to start. But are there some other ways to trim daily costs that might be a bit less obvious? According to this recent AARP article, there definitely are places we can all trim the budget and spend less. Each by itself might not amount to a lot of savings, but collectively these cutbacks – ten in all – can be handled pretty painlessly while potentially making a big impact on the bottom line. 

Contributing writer Bruce Horovitz prepared this article for AARP. Let’s review his suggestions. 

Retirement is a Good Time for a Budget Review 

“Retirement is a time to rethink some things,” Horovitz begins: “how we fill our hours and days, what we do for fun and fulfillment. And, maybe, all that stuff we’ve been spending money on for years.” 

Sure, he notes, you may have needed that stuff back then for various reasons, like family or work. But now that you’re likely not going back to the office and the kids have (probably) moved out, this could be a good time to take a “hard look” at the goods and services you buy. Which ones do you really need? And do the ones you do need have cheaper alternatives?  

According to Horovitz, here are the ten things you should consider culling from your retirement budget.  

Do You Really Need Brand-New Clothes and Accessories? 

It’s a good bet you have drawers and dressers still packed with office attire, especially if you retired as a white-collar worker. Do you still need it all? And even more importantly: do you actually need more of it?  The answer is, probably not. 

Trae Bodge, a smart-shopping expert, recommends that if you do still want to supplement your wardrobe, skip boutiques and department stores in favor of second-hand shops. These days, thrift stores (especially those in more upscale neighborhoods) offer great bargains on barely-worn high-quality clothes.  

Even better? “Shop your closet,” she says! After all, it’s probably full of clothes you rarely wear. They may not be brand-new, but they’re new to you. Bodge herself likes to do this on a twice-yearly basis, a sort of seasonal refresh. “Inevitably, I find things I forgot about,” she says. “I can hide some from myself one winter and feel like I have a new wardrobe the next winter.” 

Do Your Grandkids Have to Receive Such Expensive Presents? 

No one’s suggesting being a killjoy or a grinch, but gift-giving can be a pretty expensive proposition, especially in big families. Bodge suggests that retirement might be a good time to dial back the spending on gifts.  

“Consider being a little less lavish in your giving, especially as the grandkids get older and it gets harder to know what to get them,” Horovitz writes. And Bodge adds that instead of buying expensive or fancy gifts that could “fall flat”, give gift cards or cash so that the recipient can get something they truly need or want.  

If gift cards sound a little boring or impersonal, they don’t have to be. Horovitz suggests checking out websites like Gift Card Granny, PerfectGift.com and Giftcards.com, which let you “create personalized gift cards adorned with a memorable photo—perhaps one from a vacation you took with your grandchild—and a brief message.” 

Is It Time to Stop Acquiring All Those Collectibles? 

As we’ve mentioned on the Blog before, collections can be more trouble than they’re (literally) worth these days. “Many retirees have amassed collections from once-keen hobbies that now sit around taking up space,” Horovitz writes. “How much time do you spend cataloging those rare coins, rearranging the Hummel figurines or playing with your toy trains? Do you really need any more of them?” 

Bodge suggests letting retirement be a time when you stop expanding your collections and start looking for their future home instead. Bodge’s father, an avid collector of jazz books and records, plans to donate his collection to a local library after he dies, for example.  

(We wrote about getting rid of stuff your kids don’t want in this Blog article last year.) 

Are You Getting Your Money’s Worth from Warehouse Memberships? 

Buying in bulk can be a tough habit to break, especially if you raised a house full of kids and consistently needed to fill the pantry on a budget. “Now that you’re an empty nester, those big sacks and giant jugs of kitchen staples are as likely as not to get stale or spoil before you finish them,” Horovitz writes.  

Because of this, bulk discounts and the annual membership fees that go along with them are probably a waste of your money.  

“Look at your shopping habits,” says Andrea Woroch, a budgeting expert. “Our daughter went to school in September, and we realized we have less people eating here now.” Woroch suggests canceling your Costco, Sam’s Club or BJ’s membership and buying smaller quantities at a local supermarket. 

Is It Time to Visit the Library Instead of Buying Books? 

Being an avid reader isn’t exactly an inexpensive hobby, especially if you prefer physical paper-copy books. Bobbi Rebell, a certified financial planner and author of Launching Financial Grownups, suggests becoming better acquainted with your local library. “You still support authors by borrowing from the library,” she says, because libraries are likely to buy more copies of popular writers’ work. 

Horovitz adds, “You can also browse newspapers and magazines, saving more by shedding subscriptions. And many libraries lend ebooks and audiobooks through online services like Libby, Overdrive, and Hoopla.” 

Do You Really Have to Travel in Peak Season? 

If you had kids in the house years ago, you may have gotten used to taking vacations in the rhythm of peak travel periods during school breaks, leaving you paying top-dollar for flights, hotels, and rental cars.  

But now that you’re not tied to a school schedule, Rebell suggests taking advantage of the quieter travel times. “Don’t go on vacation when college kids are on vacation,” she says. Instead, travel in the spring or fall when schools are in session and temperatures are still mild. 

Do You Really Need That Second Car? 

While it’s common for families with one or both working spouses to each need their own car for commuting, retirees don’t have the same obligations. Becoming a single-car family is a viable option, with potentially big savings. 

Woroch suggests that this might be an opportune time to downsize to one vehicle. “In addition to making money by selling the spare car, you’ll reduce your vehicle maintenance and auto insurance costs,” Horovitz adds. If you live in an area well-served by transit, the choice is even easier. 

Are Your Adult Kids Still on Your Family Cellphone Plan? 

It’s more common than you think for family cell phone plans to remain in place long after the kids have left the nest. According to a recent survey by WhistleOut, a cellphone plan comparison website, more than one-third of millennials (ages 29 to 44), and even 1 in 7 Gen Xers (ages 45 to 60), say they’re still on their parents’ cellular plan.  

And that’s not a small expense. NerdWallet tells us that an average four-person family plan with unlimited data from a major carrier costs around $200 a month, plus taxes and fees.  

If you want to cut down on some spending, Woroch says that reducing the number of phone lines on your plan can really help. Suggest to your adult kids that it’s time to get their own service plans. However, etiquette expert Lizzie Post says to be sure to give them advance notice so that they have time to budget for a new cost.  

Do You Have to Buy Flowers and Plants at Expensive Nurseries? 

For the plant lovers among us, the local garden center and flower shop can be a dangerous place for the wallet. Bodge says that if flowers and plants bring you joy, don’t stop buying them…but there are plenty of cheaper sources than the boutique nurseries. She suggests trying budget-conscious retailers like Trader Joe’s, Lidl, Ikea or Home Depot.  

“Another option is to grow your own,” Horovitz writes. “You can also save on gardening expenses by shopping at discount chains rather than nurseries. Pro tip: Some cities and counties have programs offering free mulch or garden-equipment rentals. See what your local government offers.” 

Can You Do the Work Yourself Instead of Housecleaners and Gardeners? 

Many families hire housecleaners, gardeners, or other home services when life is at its busiest, to help manage the chaos of a full schedule by cutting down on home maintenance tasks.  

But, Woroch says, these days you probably have more time on your hands. If you’re in good health and have the stamina for it, she suggests tackling the housecleaning and lawn maintenance yourself, to save a bit of cash.  

Bonus? Most house and yard chores make terrific exercise, so you can improve both your physical and financial health at the same time! 

Rajiv Nagaich – Your Retirement Planning Coach and Guide 

The long-awaited book by Rajiv Nagaich, called Your Retirement: Dream or Disaster, has been released and is now available to the public. Retirement: Dream or Disaster joins Rajiv’s ground-breaking DVD series and workbook, Master Your Future, as a powerful planning tool in your retirement toolbox. As a friend of AgingOptions, we know you’ll want to get your copy and spread the word.  

You’ve heard Rajiv say it repeatedly: 70 percent of retirement plans will fail. If you know someone whose retirement turned into a nightmare when they were forced into a nursing home, went broke paying for care, or became a burden to their families – and you want to make sure it doesn’t happen to you – then this book is must-read. 

Through stories, examples, and personal insights, Rajiv takes us along on his journey of expanding awareness about a problem that few are willing to talk about, yet it’s one that results in millions of Americans sleepwalking their way into their worst nightmares about aging. Rajiv lays bare the shortcomings of traditional retirement planning advice, exposes the biases many professionals have about what is best for older adults, and much more. 

Rajiv then offers a solution: LifePlanning, his groundbreaking approach to retirement planning. Rajiv explains the essential planning steps and, most importantly, how to develop the framework for these elements to work in concert toward your most deeply held retirement goals.  

Your retirement can be the exciting and fulfilling life you’ve always wanted it to be. Start by reading and sharing Rajiv’s important message. And remember, Age On, everyone! 

(originally reported at www.aarp.org)