Financial success in retirement comes down to making your money last. And, if you spend less of your money, it will last longer.

We’re not here today to tell you to drastically alter your lifestyle post-retirement so your money will last a few more years. Instead, we offer these 5 quick and easy tips to help rein in your spending habits. Some are quick and easy to implement. Others require a bit more discipline. But one thing is certain; do these, and you’ll save money. (You don’t even have to wait for retirement to use them.)

1. Pay With Cash

Stop swiping your card for every transaction. Start paying with cash. Someone might ask, “Why? I’m still spending money and it’s coming out of the same bank account; isn’t it?”

The difference is psychological. When you pay with plastic, or click the “download” button on iTunes, you don’t feel the pain associated with giving up your money. Companies know this and have been brilliant at making the act of purchasing products and services easy and effortless.

2. Cancel Sales Notices and Email Deals

The allure of “30% off!” or a limited “2-for-1” deal can be hard to pass up. But, would you have bought it in the first place? Retailers are masters at creating need. By offering you a good deal, they know that you may be buying an item that you might otherwise have lived without. That’s why you want to eliminate the temptation at the source. Do yourself a favor. Hit the unsubscribe button.

3. Try the 10×100 Strategy

Cutting your spending by $100 might seem like a lot, especially if you’re living on a fixed income. But anyone can cut $10 from their spending, right? Let’s say you have $120 budgeted each month for eating out; try cutting it down to $110. Not too painful, and you just saved an extra $10! Easy.

Now here’s the trick. Find 10 areas in your budget where you could shave $10 off each month. Add them all together and you’re saving an extra $100 every month, without hurting your lifestyle all that much.

4. Stop Buying Things Brand-New

We’re conditioned to want new things. But, buying something used does not mean it is junk or of poor quality. In fact, there are a lot of items you can purchase used. Most people have no idea! Thrifts shops, consignment stores, as well as brick-and-mortar stalwarts like your local Salvation Army or Goodwill store all offer great deals on used items. And, purchasing high quality, used merchandise is made even easier in today’s modern world through online sites like Amazon, eBay, and Craigslist.

5. Take Another Look at Your Utility and Service Providers

You’ve heard this one before. But, when was the last time you did it? Set aside an hour or two today and call your service providers. Ask them if you qualify for any discounts or current promotions. You might be surprised at what they offer you, but it’s up to you to take the initiative.

Smart spending is just … smart. Financial success in retirement depends on many factors, spread across many decades and within varying degrees of your control. But, use these 5 tips to cut your spending and you will save money without drastically altering your lifestyle.


This information is provided for general information purposes only and is not intended to provide specific investment advice. The information in the articles should not be relied on for tax reporting, accounting, or valuation purposes. Past performance is not a guarantee of future performance. It is not possible to invest directly in an index.

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