Cutting expenses

Pirate Lady

Well-Known Member
Jun 2, 2020
7,574
Chesapeake Bay, Middle River
Boat Info
Sundancer 250 ‘91
Engines
7.4 Bravo 1
So, it’s football Sunday. Getting ready to watch FB, eat, beer. So, you old retired guys, ideas for reducing expenses?
As you’ve seen, we are in process of hunting insurance and finding major savings. No longer driving much so probably drop XM when current plan ends in May. Review boat insurance before current policy expires in June.
What are some ways you have found to reduce expenses that you no longer need?
Downsizing house, while this is way more than we need for 2 people, it’s paid, and with RE prices, I would end up with smaller for same money, so not option.
Speaking of eating, we have on the menu… Oven hot French bread, Bear Creek cheddar soup, wings, onion rings, and salad.
 
We really haven't cut out things so much. Just not spending on work related things saves a significant amount of money. No more suits, fancy (expensive) shoes and all that. I do not own a suit any more. All the shoes are gone. I pretty much live in jeans and hoodies in the winter. Flip flops, shorts and t-shirts in the summer. Sketchers are now my fancy shoes. Oh, a pair of Tecovas, too. Still wasting money on vehicles and boats (obviously)...
 
Back in 2005 when my mother died I was emptying out the house. There was cupboards, refrigerator, and large full freezer of food to dispose of. There was a family near by that she used to give odd jobs to, they were pretty hard up most of the time. I went to them and asked if they'd like the food.

They came and took everything, said they'd sort out anything spoiled later. We loaded into boxes, bags, garden cart, several trips were made. I went into their house to unload, the shelves were literally empty, they kids were so happy to see food, they each made remarks on what they wanted to eat first. One kid about 11yo was pushing a large wheelbarrow, my mothers name was Neita, he said 'my, Ms Neita must have been a wealthy women to have all that food'.

Ya' I'm slicing the bologna and spam thin now.;)
 
The best way to save money is to cut dining and entertainment out of your budget. Unplug anything you are not using. Turn off lights when you are not in room. Keep the thermostat down a few extra degrees in winter and up a few extra degrees in summer. Better yet get a programmable thermostat. Shop at two or more grocery stores and only buy sale items or house brands. There are so many ways to save it just takes discipline and sacrifice.
 
Agreed to dining and entertainment, cutting back. @Pirate Lady maybe a few less trips to the local bar.

Learn how to fix things yourself, turn the wrenches. I did almost all the service to the boat myself this year, I do most of the service to the cars as well and the house stuff. And while I'm on that note, don't be afraid to negotiate prices on services and things you buy. You'd be surprised.

Figure out how much cash you really need, put the rest in a high interest savings account of some kind, rates are too good right now.

Get rid of cable TV. How many episodes of law & order can you really watch? Get your books free from the library, and free from the library online.

I joined a fancy tennis club a couple years ago. It's not uncommon for me to have two or three beer sometimes after a match two or three times a week. That adds up quick when they are six to seven dollars each. And it's not uncommon for one of us to pick up the tab for the others.

GF and I like to go out for dinner on the weekends as well, sometimes we'll cut back on the drinks to save a little bit of money, sometimes we won't.

I'm not retired though, I am starting to think about what that looks like. I am now maxing out on my health savings account since everyone I talk to says medical expenses is the one thing they didn't plan for.
 
... I am now maxing out on my health savings account since everyone I talk to says medical expenses is the one thing they didn't plan for.

Thats the one expense you can't plan for. Because under normal circumstances it's not much, but when they change there's never enough. Very hard to plan for that.
 
I do all of my drinking at the boat. It’s just easier and a hell of a lot cheaper. The truck is parked two days a week now, fuel is still my biggest expense at $156.00 per tank. The boat only went thru one tank of fuel this year, the lowest I’ve ever used. I do most of my own work, what I can’t do I barter out.
 
If you can't afford to retire, go back to work...:cool: My Dad spent way more money after he retired than he ever did when working. His RMD's and pension were a lot more per year than he ever made working. Great planning on his part!
 
Buying food and drinks out is the biggest expenses. Of course that's what we like to do. But we try to cut down on big meals and drinks. My wife is not a drinker and that helps alot..
 
Don’t listen to him!
HaHa! I’d starve first, sell the cars, walk to the bar. A man has to know his limitations.
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If you can't afford to retire, go back to work...:cool: My Dad spent way more money after he retired than he ever did when working. His RMD's and pension were a lot more per year than he ever made working. Great planning on his part!
I am making more retired and spending far less. Just hate wasting money. Frugal.
Work lunches were mostly fast food, haven’t been to one in months. $7 for a whopper is crazy.
 
Drinks out here, in my case an Old Fashioned, are $15+ now at a restaurant/bar, pretty ridiculous in my opinion but they do taste good. And I love being at a speak easy bar having a good old fashioned.
My favorite corner pub pours VERY generous drinks. My go to is Beef Eaters on the rocks with olives. They charge $10. I thought that was kinda pricey until I watched my favorite bartender pour it. She poured like 1/2 of a 750ml bottle in my glass over ice. I'm not sure how they make money on that. I used to be able to drink 2, but now I can only have one. They pour my wife's chardonnay the same way, 2 glasses to a bottle. Costs the same as my drink. 2 glasses of wine for her and her clothes fall off when we get home. I don't mind paying that bill...
 
Agreed to dining and entertainment, cutting back. @Pirate Lady maybe a few less trips to the local bar.

Learn how to fix things yourself, turn the wrenches. I did almost all the service to the boat myself this year, I do most of the service to the cars as well and the house stuff. And while I'm on that note, don't be afraid to negotiate prices on services and things you buy. You'd be surprised.

Figure out how much cash you really need, put the rest in a high interest savings account of some kind, rates are too good right now.

Get rid of cable TV. How many episodes of law & order can you really watch? Get your books free from the library, and free from the library online.

I joined a fancy tennis club a couple years ago. It's not uncommon for me to have two or three beer sometimes after a match two or three times a week. That adds up quick when they are six to seven dollars each. And it's not uncommon for one of us to pick up the tab for the others.

GF and I like to go out for dinner on the weekends as well, sometimes we'll cut back on the drinks to save a little bit of money, sometimes we won't.

I'm not retired though, I am starting to think about what that looks like. I am now maxing out on my health savings account since everyone I talk to says medical expenses is the one thing they didn't plan for.
Gettin' old, lots of things to think about....my Aunt sold her house when she was 93yo and moved into an assisted living place. She was there for 6 years and just died a month ago. The last two years there she was paying 93K a year, the place was a decent facility but nothing fancy.
 
Yeah, my mom lives 100% off my dads SSN. Folks beat her up for "not planning for retirement". Well, we were dirt poor growing up so it was either plan for retirement or feed us...

She's in a decent Senior Living Facility close to me, not Assisted yet but we are looking into that for her. We are first trying to find out what she can qualify for (Medicaid for example) to help offset the costs, as she has many health issues.

My financial planner tells me I will be ok, 99.99999999999999999999% probably and all that. Still though, I get anxious thinking about it and I am think 3, 4, 5 times more now on big purchases knowing I will not have a "paycheck" in 10 or so years.
 
Yeah, my mom lives 100% off my dads SSN. Folks beat her up for "not planning for retirement". Well, we were dirt poor growing up so it was either plan for retirement or feed us...

She's in a decent Senior Living Facility close to me, not Assisted yet but we are looking into that for her. We are first trying to find out what she can qualify for (Medicaid for example) to help offset the costs, as she has many health issues.

My financial planner tells me I will be ok, 99.99999999999999999999% probably and all that. Still though, I get anxious thinking about it and I am think 3, 4, 5 times more now on big purchases knowing I will not have a "paycheck" in 10 or so years.

As long as we're out-saving "most" of the folks around us, we should be fine!! :)

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