Cars. If possible, avoid buying new vehicles. "Avoid overspending on maintenance, gas and oil, too," Green says. "There is no need to spend money on premium fuel if the manufacturer recommends regular unleaded. You can't be afraid to look around for the best deals, and haggle a bit for what you need." Individual lifestyle needs may come into play, but it is important to evaluate your transportation needs to keep costs low. "Take a step back and maybe say, 'Do we really need two cars?'" Heichel says. "Some people may need two vehicles, while others may not. It's important to examine your lifestyle needs."
Gambling. Avoid recreational activities that involve spending a lot of money and not getting much, if anything, in return. "A large percentage of lottery tickets are purchased by seniors, and it's throwing away money for everyone," Green says. "Senior citizens are also disproportionately represented at casinos."
Instead, choose activities that will improve your quality of life. "Focus on activities that help you collect memories and experiences – not things or money," Astor says. "The idea is to spend what little discretionary income you have on what is most important to you. But your income may not be on the upswing, so that means you have to be more careful."
Food. Food is a necessity that you can't eliminate, but there are steps you can take to help maintain a solid budget throughout retirement. Go for the generic or store-brand items instead of brand names. "It's the little things that add up over time but can be easily avoided," Green says. Indulging in marked-up movie theater snacks and dining at restaurants are two other things that can be cut back to save money in the long run. "Save these things for special occasions," Green suggests.
Home repairs. This may be another unavoidable area for spending, but it comes down to doing your research and understanding what you need, especially if you are not able to do the repairs yourself. "Home repair can be really expensive," Green says. "You've got to be willing to shop around and find the best deal."