The ONE Cost You Must Cut In Retirement

00:11:28
https://www.youtube.com/watch?v=Mc63GzLDqVU

Résumé

TLDRIn the video, a financial adviser shares budgeting tips specifically geared towards retirees, emphasizing the need to cut unnecessary expenses to save money without compromising on quality of life. The video begins by discussing an article listing 21 expenses that can be removed from one's budget without being missed. The advisor, however, expresses disagreement with some points, such as cutting gym and warehouse club memberships, while agreeing with reducing bottled water purchases and being cautious about rental car insurance. The most important takeaway is the need to stop buying 'stuff,' particularly in retirement, and instead invest in experiences that bring joy. Emphasis is placed on affordable luxuries and enjoying life's journey rather than accumulating material possessions.

A retenir

  • 💡 Reduce bottled water consumption to save money and help the environment.
  • 👍 Retain your gym membership for health and social benefits.
  • 🚫 Consider cutting back on multiple streaming services.
  • ✂️ Reevaluate the necessity of rental car insurance based on existing coverage.
  • 🛑 Avoid purchasing unnecessary items in retirement.
  • 📚 Utilize libraries and apps like Libby to save on books.
  • 📺 Evaluate your TV and streaming subscriptions for cost-effectiveness.
  • 💰 Reduce use of premium gas if not needed by your vehicle.
  • 👫 Prioritize experiences over material possessions for joy in retirement.
  • 🍰 Indulge in affordable luxuries like coffee dates for quality time.
  • 🧾 Regularly check subscriptions to avoid unnecessary spending.
  • 🎯 Focus on financial well-being and enjoying life experiences.

Chronologie

  • 00:00:00 - 00:05:00

    The financial adviser shares her views on cutting expenses in retirement, disagreeing with some recommendations from an article suggesting 21 expenses to eliminate. She believes gym and warehouse club memberships are valuable for personal health and cost savings, respectively. However, she agrees with eliminating bottled water purchases due to environmental concerns and excessive costs. The adviser also notes the potential redundancy of rental car insurance if one's own insurance covers rentals, although she sometimes pays for it in challenging driving environments for convenience and peace of mind.

  • 00:05:00 - 00:11:28

    Continuing the discussion, the adviser recommends cutting magazine subscriptions, deeming them unnecessary because of readily available online content. She supports AAA membership for emergency car services and argues against cutting cable TV and streaming services if they provide worthwhile low-cost entertainment. Late fees are to be avoided, while reconsidering the need for multiple streaming services can save money. Checking bags should be avoided during flights due to high costs. Using a library instead of purchasing books is more economical. The adviser prioritizes experiences and relationships over material possessions in retirement.

Carte mentale

Vidéo Q&R

  • What is this video about?

    The video discusses budgeting tips and unnecessary expenses to cut in retirement.

  • Why should bottled water be cut from the budget?

    Bottled water can be expensive and is not environmentally friendly, especially when alternatives like tap water are available.

  • What is the single most important expense to cut according to the advisor?

    The advisor believes the most important expense to cut in retirement is unnecessary material possessions or 'stuff.'

  • Why does the advisor disagree with cutting gym memberships?

    The advisor believes gym memberships can be valuable for health, social connections, and motivation.

  • Is cable TV considered an unnecessary expense?

    Not necessarily. It can be a source of inexpensive entertainment when calculated per hour.

  • Which expense related to vehicles does the advisor suggest might be unnecessary?

    Considering cutting rental car insurance if you have existing coverage elsewhere.

  • Why are streaming services recommended to be cut down?

    Many people have multiple streaming services, which may not all be necessary.

  • What are 'affordable luxuries'?

    Affordable luxuries are small expenses that enhance life quality, like going out for a coffee with friends.

  • Why is buying 'stuff' in retirement discouraged?

    The focus should be on experiences rather than acquiring unnecessary material items.

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Sous-titres
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  • 00:00:00
    as a financial adviser I've had
  • 00:00:02
    conversations about expenses and
  • 00:00:04
    budgeting with many many people and in
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    today's video I want to share with you
  • 00:00:09
    the one cost that I think you need to
  • 00:00:11
    cut out of your budget when you're in
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    retirement but before we go there I
  • 00:00:16
    thought it would be fun to go through an
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    article that talks about 21 expenses
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    that they say we can all cut out of
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    their budget our budgets and not miss
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    them at all so let's do that first and
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    then I'll share with the number one
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    thing I think we need to to cut out of
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    our budgets when we retire okay so this
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    article is by money talk news and it's
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    called 21 items to cut from your budget
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    that you won't even miss first one they
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    say is gym
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    memberships I'm not a fan of that I
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    think taking care of our our health is
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    really important and if it if it takes
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    belonging to a gym to make the
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    experience more enjoyable for you if
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    you're more likely to make friends and
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    have Rel relationships through that I
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    think having a reasonably uh reasonably
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    cost gym membership makes a lot of sense
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    so I do not agree with that number two
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    they say to cut out your Warehouse Club
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    membership I'm not a fan of that either
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    I'm a big fan of Costco not not
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    sponsored by Costco but uh I do like
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    being able to get Bargains and and some
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    things that I like to buy um are just so
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    much cheaper they're like frozen fruit
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    which I use for smoothies to have a
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    healthy dessert uh it's the cost of my
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    smoothie is probably half or a fourth of
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    what it would be otherwise so no I
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    disagree with that but don't worry
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    number three I do agree with and that's
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    bottled water you know frankly I never
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    understood the bottled water craze
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    especially like at a convenience store
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    uh or someplace where they have a
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    drinking fountain nearby and they're
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    selling bottles of water for a dollar or
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    $2 a bottle so it's not good for the
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    environment sometimes it's super
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    convenient if you're on a trip if you're
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    in a meeting and there's there's no
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    other convenient way to get water it can
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    be a great way to do it but in general
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    not a fan of the Disposable bottle uh
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    water bottles okay the next one next one
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    is is is I'm going to be a cautious yes
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    on and that is rental car insurance
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    first I want to point out definitely
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    make sure that you're insured when
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    you're driving any vehicle but if you
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    have coverage through your existing um
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    through your existing insurer Like I Do
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    U many people have additional insurance
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    through credit card but be sure to call
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    and make sure that you're covered so
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    rental car um insurance I decline it
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    when I'm sure that I have insurance and
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    in some cities where it's really kind of
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    crazy driving Boston comes to mind for
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    me um I still pay even though I have
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    other insurance I pay for the rental car
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    insurance because I don't want the
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    hassle that's going to be involved so so
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    I'd rather have the rental car insurance
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    and and make it as seamless and as easy
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    as possible okay the next one gift wrap
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    sorry I don't agree with that uh I do
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    like wrapping gifts I like receiving
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    gifts that are wrapped next one I do
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    agree with magazine subscriptions
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    there's probably not many of us that
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    have many magazine subscriptions but if
  • 00:03:21
    you do a lot of the stuff that we're
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    interested in obviously we can find on
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    YouTube or on the internet somewhere the
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    next one autoc club members ship I don't
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    know I I have AAA membership for my car
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    uh I like it because if your car breaks
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    down it doesn't happen often but it's
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    nice to know that you can get towed to a
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    mechanic of your choice uh when you're
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    on the street that's an emergency and
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    you can put yourself in a situation
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    where you end up going to a repair shop
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    that might rip you off so I like jumping
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    on Google very quickly looking for you
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    know what are the good car mechanics
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    nearby and having the F I ability my AAA
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    membership lets me tow my car up to 100
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    miles so I can pretty much get to any
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    mechanic in any City that I want to go
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    to okay the next one is uh cable TV um I
  • 00:04:14
    guess uh most of us aren't using cable
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    anymore we're using cable just for our
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    high-speed internet uh but if it's
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    providing entertainment for you whether
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    use streaming services or cable
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    TV you know the the streaming services
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    when you you think about what it costs
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    per hour of entertainment it's one of
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    the lowest cost ways of getting
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    entertained it may not be the healthiest
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    and the best way for our minds but it is
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    lowcost entertainment and for some folks
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    where it's hard for them to get out or
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    it's the winter months that can be money
  • 00:04:46
    well spent okay the next one is is late
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    fees totally agree with that any any
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    charge that you have why go through the
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    late fee sometimes there may be
  • 00:04:56
    emergencies in life uh and you look at
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    say well instead of paying this $500
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    bill I'll pay the $25 late fee cuz I had
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    something else come up so it can be
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    quick and easy and convenient but in
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    general try not to pay late fees next
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    one streaming services again I think
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    streaming services give us a lot of
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    entertainment for the the amount of
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    money that they cost but you know the
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    average American has between three and
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    four streaming services do we really
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    need that probably not so can you cut
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    back to One streaming service Maybe okay
  • 00:05:30
    next one is checked bags when we're
  • 00:05:32
    taking an airline flight I'm a big fan
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    of this um I I can very easily carry all
  • 00:05:38
    of my stuff if need be on a carry-on bag
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    um and if otherwise one of those roller
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    bags so it depends on you but like
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    sometimes when I'm packing something
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    bulky maybe a sweatshirt I may choose to
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    keep that outside of my suitcase so it
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    can you know fit in the sizing bin and
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    just before I get on the flight I'll put
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    the sweatshirt on so I can walk walk
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    through um and you know then I don't
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    have that big bulky item so if you can
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    avoid a checked bag often times the
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    check bag can be as expensive believe it
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    or not as the airfare it is itself is
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    for for you as a person okay the next
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    one food delivery yeah that's one I I
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    don't get maybe if you're sick maybe
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    it's a treat um but if you're going to
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    if you're going to get take if you're
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    going to get restaurant food why not go
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    to the restaurant and enjoy uh new book
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    I'm a big fan of books I'm a big fan of
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    learning um but you know the library has
  • 00:06:35
    those books and then I'm also a big fan
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    of audible but there's another app
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    called Libby where you can get the books
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    for free so yeah you can save a lot of
  • 00:06:43
    money if you buy books if you buy
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    audable by using your library system
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    okay the next one's landline phones yeah
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    if you have a landline phone sometimes
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    people like to have that for emergency
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    reasons but I think most of most of
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    that's been figured out now where if you
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    call 911 on your cell phone I think they
  • 00:07:01
    can they can track where you are so do
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    we really need a cell phone anymore
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    probably most of us do not uh brand name
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    products this is like at the grocery
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    store you know buying a a no-name cola
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    as opposed to the brandname cola it
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    depends right uh when I was younger we
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    often had no-name colas and I could
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    taste the difference and I really want
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    the named Cola cuz I enjoyed it more uh
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    but other things I can't taste the
  • 00:07:28
    different and and yeah it's it's about
  • 00:07:29
    half the price so why not the next one
  • 00:07:32
    manicures you know what as somebody
  • 00:07:34
    that's never taken had a manicure I I
  • 00:07:37
    have no opinion on that okay smoking I
  • 00:07:40
    do have an opinion on that it's not good
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    for us and it's an expensive hobby it's
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    an expensive habit so if you and I know
  • 00:07:47
    it's hard to break that habit but if you
  • 00:07:48
    can break that habit it's better for
  • 00:07:50
    your health and it's better for your
  • 00:07:52
    your bank account okay the next one
  • 00:07:55
    cleaning products really cleaning
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    products um not for me you know they
  • 00:07:59
    designed cleaning products they invented
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    that to make the process of cleaning
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    easier uh some products are not very
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    good for the environment so I see that
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    they do have environmentally friendly
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    products and I do know you can go on the
  • 00:08:11
    internet and you know they'll tell you
  • 00:08:13
    use baking soda or whatever to to clean
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    different things but for me that's
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    that's pinching pennies that probably is
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    not going to have a a major impact on my
  • 00:08:23
    life I could be wrong okay car washes
  • 00:08:27
    yeah you know there's affordable car
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    washes I I do know that people can spend
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    20 3040 $50 washing their car uh and if
  • 00:08:35
    that's your thing if you're into cars
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    and you want to have a clean car then
  • 00:08:39
    great but there are inexpensive car
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    washes $5 $10 just to keep your car uh
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    acceptable societally right particularly
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    if you live in a place that has snow in
  • 00:08:50
    the winter it can your car can look
  • 00:08:52
    pretty awful so getting that salt off
  • 00:08:54
    your car getting that Gunk off your car
  • 00:08:57
    uh car's exterior for five or $10 I
  • 00:09:00
    think is money well spent next one I
  • 00:09:03
    don't know why this is on the list paper
  • 00:09:05
    towels probably saying you could use
  • 00:09:06
    cloth towels and and wash them but I bet
  • 00:09:09
    if we if we did a study I don't know
  • 00:09:11
    what's the environmental impact by the
  • 00:09:13
    time we wash it and that it might be
  • 00:09:15
    pretty close so again this is a small
  • 00:09:17
    one that I don't think moves the needle
  • 00:09:19
    the last one on their list but remember
  • 00:09:21
    I'm going to talk about the one thing I
  • 00:09:23
    think you need to cut out uh in
  • 00:09:25
    retirement coming up here in a second
  • 00:09:27
    but the last one on their list is
  • 00:09:29
    premium prum gas I have had cars that
  • 00:09:31
    that required premium gas I know people
  • 00:09:34
    have said that you know don't believe it
  • 00:09:36
    it's not true my experience is yeah it
  • 00:09:38
    is true I could I could tell a
  • 00:09:41
    difference um the car knocked I don't
  • 00:09:44
    know if you know what that means but
  • 00:09:45
    when it doesn't have uh enough um a high
  • 00:09:49
    enough octane um it can kind of backfire
  • 00:09:52
    so anyways I don't I didn't like paying
  • 00:09:55
    for premium gas but I did uh frankly I
  • 00:09:57
    tried running it on regular gas and it
  • 00:09:59
    didn't work out so well okay so what's
  • 00:10:01
    the number one thing that I think we
  • 00:10:03
    need to cut out in in retirement and for
  • 00:10:07
    me that's stuff just buying stuff for me
  • 00:10:10
    and my family it's not what brings us
  • 00:10:13
    joy you know the stuff that comes in the
  • 00:10:15
    cardboard boxes from Amazon I have
  • 00:10:17
    friends that have never even opened the
  • 00:10:19
    cardboard shipping boxes from Amazon
  • 00:10:21
    they just have stuff uh for me what
  • 00:10:24
    brings me joy is doing doing things with
  • 00:10:27
    my friends doing things with my family
  • 00:10:30
    having Adventures having experiences and
  • 00:10:33
    I I I also look at affordable luxuries
  • 00:10:37
    and if these affordable luxuries can
  • 00:10:39
    either make you feel better about
  • 00:10:41
    yourself or can help you connect with
  • 00:10:44
    somebody and spend quality time with
  • 00:10:46
    somebody you love I think that's money
  • 00:10:48
    well spent and a good example of that is
  • 00:10:50
    going out for a cup of coffee or even
  • 00:10:53
    you know going out to a restaurant but
  • 00:10:55
    instead of getting the whole meal just
  • 00:10:56
    getting dessert so you can sit down and
  • 00:10:59
    catch up with a friend of yours for 30
  • 00:11:01
    45 minutes I those are what I call
  • 00:11:04
    Affordable luxuries and I think that's
  • 00:11:07
    that's money well spent it's the spice
  • 00:11:09
    of life the other thing that I think is
  • 00:11:11
    time well spent is making sure that
  • 00:11:14
    you're enjoying the journey until you
  • 00:11:16
    get to retire which is why I made this
  • 00:11:18
    video here seven things to stop doing in
  • 00:11:21
    your 50s and 60s in order to enjoy the
  • 00:11:24
    journey more thanks for watching this
  • 00:11:26
    video and I'll see you in that one
Tags
  • budgeting
  • retirement
  • expenses
  • financial tips
  • saving money
  • unnecessary purchases
  • affordable luxuries
  • experiences vs. material
  • health focus
  • financial well-being