There’s no doubt that you’ll need a well-padded nest egg to help you survive retirement.
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According to a recent study by GOBankingRates, Americans ages 65 and over need between $679,000 and just over $2 million to retire, depending on which state they live in, assuming a drawdown of 4% per year for living expenses.
One way to help you stretch your retirement funds is to cut expenses. Here are nine things to downsize that don’t include your home.
Cable TV and Streaming Services
Retirees should consider downsizing their cable TV and streaming services in retirement, said Jared Virgadamo, CRPC(r), CFS(r) with Manske Wealth.
“The cost savings can be significant for some,” he said. “The average American household spends $100+ per month on cable and streaming services, but the monthly cost of these services increases when someone starts adding all the additional channels to a cable package or keeps buying subscriptions to new streaming services but never cancels the old ones.”
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Extra Cars
“Retirees may not need more than one vehicle per household, so consider selling extra cars and saving auto loan payments, insurance and maintenance expenses,” said Laura Adams, MBA, award-winning personal finance author and expert with Finder.
Selling an extra car can save you thousands per year. For example, according to AAA, if you drive a 2020 Toyota Avalon, 4-door sedan 10,000 miles per year, you could pay the following costs, which add up to $5,192 annually:
You could also downsize your vehicle to one that’s less expensive to maintain and buy fuel for if you can’t do without one.
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Recreational Vehicles
“Likewise, if you have a motorcycle, boat or RV you’re not using, liquidating them can cut multiple costs,” Adams said.
You can avoid hundreds (or thousands) of dollars in expenses each year for fuel, insurance, maintenance and repairs for recreational vehicles you opt to get rid of.
Storage Units
“Retirees with personal belongings in storage should sort through them and donate or throw away items they genuinely won’t need, reducing or eliminating those monthly fees,” Adams suggested.
According to data compiled by Move.org, storage units cost between $70-$300 per month, with the average cost hovering around $180 monthly. Over a year, a monthly rental cost of $180 adds up to $2,160 you could save.
Phone or Internet Services
“You might have phone or internet packages you could downgrade if you no longer need as much data or high-speed services,” Adams said.
According to Reviews.org, the average monthly cost for home internet is $81 and the average monthly cost for a mobile phone plan for one person is $66, which adds up to $147 per month.
However, you can find basic internet plans for around $20 per month. Additionally, if you opt for an MVNO provider for your mobile phone service, like Visible or Mint, the average monthly cost is $38.50 a month. With the reduced expenses, the total for phone and internet service comes to $68.50 per month, which cuts your costs by $78.50 monthly or $942 per year.
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Subscriptions and Memberships
“Cutting back on unused or non-essential subscriptions and memberships, such as gym memberships, magazines and club memberships, can lead to substantial savings,” said Taylor Kovar, CFP and CEO and founder of Kovar Wealth Management. “By carefully evaluating and trimming these expenses, retirees could save upwards of $2,400 annually.”
Costly Habits
“Adjusting habits around dining out, entertainment and travel can also yield significant savings,” Kovar said. “By reducing these expenses by even 30%, retirees could save around $900 per year. Opting for more home-cooked meals, taking advantage of senior discounts, and seeking free or low-cost entertainment options can help in making these adjustments.”
Clothes
“You won’t need business clothes anymore or even business tops for Zoom meetings,” said Angela Dorsey, CFP(r), MBA and founder and financial planner for Dorsey Wealth Management. “Your clothing budget should shrink.”
To find your savings, subtract the amount you normally spend on work clothing per month or annually before retirement, which will likely be hundreds of dollars.
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Grocery List
“In retirement, you will have more time to fix healthier meals,” Dorsey said. “By not having to buy quick-fix or microwavable meals you may find that your grocery bill decreases.”
According to the National Consumers League, you can cook nutritious and affordable meals with ingredients from the grocery store for about $2.75 per serving. If you’re paying more than $2.75 for single-serving frozen or prepared meals from the grocery store, you can definitely cut costs by cooking meals yourself. Plus, you’ll likely get the added benefit of less sodium and preservatives.
This article originally appeared on GOBankingRates.com: Cutting Expenses in Retirement: 9 Things To Downsize (That Aren’t Your Home)