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as a financial adviser I've had
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conversations about expenses and
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budgeting with many many people and in
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today's video I want to share with you
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the one cost that I think you need to
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cut out of your budget when you're in
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retirement but before we go there I
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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
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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
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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
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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
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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
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next one is checked bags when we're
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taking an airline flight I'm a big fan
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of this um I I can very easily carry all
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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
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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
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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
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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
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different and and yeah it's it's about
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half the price so why not the next one
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manicures you know what as somebody
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that's never taken had a manicure I I
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have no opinion on that okay smoking I
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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
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it's hard to break that habit but if you
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can break that habit it's better for
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your health and it's better for your
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your bank account okay the next one
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cleaning products really cleaning
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products um not for me you know they
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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
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internet and you know they'll tell you
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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
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life I could be wrong okay car washes
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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
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that's your thing if you're into cars
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and you want to have a clean car then
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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
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the winter it can your car can look
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pretty awful so getting that salt off
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your car getting that Gunk off your car
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uh car's exterior for five or $10 I
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think is money well spent next one I
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don't know why this is on the list paper
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towels probably saying you could use
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cloth towels and and wash them but I bet
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if we if we did a study I don't know
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what's the environmental impact by the
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time we wash it and that it might be
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pretty close so again this is a small
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one that I don't think moves the needle
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the last one on their list but remember
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I'm going to talk about the one thing I
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think you need to cut out uh in
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retirement coming up here in a second
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but the last one on their list is
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premium prum gas I have had cars that
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that required premium gas I know people
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have said that you know don't believe it
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it's not true my experience is yeah it
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is true I could I could tell a
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difference um the car knocked I don't
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know if you know what that means but
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when it doesn't have uh enough um a high
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enough octane um it can kind of backfire
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so anyways I don't I didn't like paying
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for premium gas but I did uh frankly I
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tried running it on regular gas and it
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didn't work out so well okay so what's
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the number one thing that I think we
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need to cut out in in retirement and for
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me that's stuff just buying stuff for me
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and my family it's not what brings us
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joy you know the stuff that comes in the
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cardboard boxes from Amazon I have
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friends that have never even opened the
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cardboard shipping boxes from Amazon
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they just have stuff uh for me what
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brings me joy is doing doing things with
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my friends doing things with my family
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having Adventures having experiences and
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I I I also look at affordable luxuries
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and if these affordable luxuries can
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either make you feel better about
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yourself or can help you connect with
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somebody and spend quality time with
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somebody you love I think that's money
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well spent and a good example of that is
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going out for a cup of coffee or even
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you know going out to a restaurant but
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instead of getting the whole meal just
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getting dessert so you can sit down and
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catch up with a friend of yours for 30
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45 minutes I those are what I call
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Affordable luxuries and I think that's
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that's money well spent it's the spice
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of life the other thing that I think is
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time well spent is making sure that
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you're enjoying the journey until you
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get to retire which is why I made this
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video here seven things to stop doing in
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your 50s and 60s in order to enjoy the
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journey more thanks for watching this
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video and I'll see you in that one
