Cutting Expenses in Retirement: 4 Entertainment Items To Stop Buying
Written by
Adam Palasciano
Edited by
Ashley Barnett
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Retirement is a time to rest, relax, and enjoy life to the fullest. Assuming you’ve saved and invested enough throughout your career to live comfortably, spending your hard-earned money on entertainment can provide a lot of personal satisfaction and fun to your post-career life. Whether it’s going to the movies, seeing a play at your local theater, or upgrading your TV, entertainment is great, but it doesn’t come cheap.
According to the U.S. Bureau of Labor Statistics, the average retiree spends $2,589 on entertainment-related expenses annually. This is the sixth most costly category for retirees, preceded by necessities like shelter, healthcare, and utilities.
While the average retiree entertainment spend doesn’t seem like much if you break it down (an average of $215.75 per month), entertainment costs can really add up once you’re living on a fixed income in your golden years.
According to Fidelity Investments, Kiplinger, and GOBankingRates, here are four entertainment expenses to cut in retirement so you can save money,
Unused Streaming Services and Other Subscriptions
There are many streaming services and recurring subscriptions these days. Individually, Netflix, Hulu, MAX, Paramount+, Spotify, and other streaming services don’t cost a whole lot. However, when you pile on subscription after subscription, you can easily start spending hundreds of dollars a month. It’s easy to forget or simply lose track of how many streaming services you’re paying for and which ones you don’t use anymore. Be sure to review your bank statement to identify recurring charges that you can cancel. You could potentially save a bundle and give yourself more financial breathing room.
Entertainment Outings That Aren’t Discounted
Going to the movies, seeing a live show, or heading to a museum can all be fun and exciting. However, the overall cost of these outings can get expensive. If entertainment outings are a must, search for ways to get a discount. For example, go to the movies for a matinee screening which is usually cheaper than going in the evening. Find out if the museum has a free day, or you can ask about senior discounts while you’re out, which might save you even more money.
Dining Out
Eating out at your favorite restaurant is a popular form of entertainment and a great way to connect with family and friends over a nice meal. However, dining at a restaurant is significantly more expensive than buying groceries and cooking at home. Consider eating at home more often and searching for discounts. Some restaurants may offer an “early bird special” or offer a nominal discount to seniors who dine at their establishments.
Unnecessarily Upgrading Entertainment Equipment
It can be tempting to buy a new 4K TV, a better speaker system, a shiny new laptop computer, or the latest virtual reality headset. But, spending on new-fangled electronics and entertainment equipment is sure to cost you a ton of cash. Instead, consider waiting until your equipment breaks or has an issue before replacing something. Or, wait for a big sale on Black Friday or Cyber Monday if you really have to buy some new equipment.
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