If you don’t use it, why pay for it? 7 things you can stop spending money on that you won’t miss

If you don’t use it, why pay for it? 7 things you can stop spending money on that you won’t miss

We all do it. We do it so often, we don’t even know we’re doing it.

What am I talking about?

Spending money on unnecessary things or on items and services we no longer use.

Looking for an easy way to save more for retirement? Stop paying for things you get no benefit or enjoyment from.

Here are some examples:

1. Apps

Admit it, you wanted to try out a new game, dating site or other app, and you clicked “okay” when asked whether you agreed to pay for it. The issue: You’re still paying long after you stopped playing the game or realized you were never going to meet the person of your dreams on the app.

Take a few minutes to check out the automatic renewal settings on your smartphone or tablet and turn off any that you’re no longer using. It could save you hundreds of dollars a year.

2. Clubs

Do you belong to a wine-, fruit- or coffee-of-the-month club? Do you actually drink all the Chardonnay, eat the grapefruit or sip the decaf that arrives on your doorstep? If not, cutting out these clubs could save you hundreds more annually that you could put toward retirement.

3. Gyms

Come New Year’s Day, everyone has good intentions of getting fit and many people join a gym. By March, the commitment to exercise is over, yet the gym membership continues on. Do you have a gym membership you’re no longer using? Then admit you’re not a fitness junkie and cancel it. If you’re spending $50 a month for one, it will save you $600 in a year, money you can save for retirement.

4. Television

When you first signed-up for cable or satellite service, you assumed you’d find time to watch unlimited football games each weekend or all the back episodes of that series everyone’s been taking about. If that’s not the case, then review your video package and figure what you really watch regularly and cut the rest. With all the flexible video delivery options available today, you should be able to get access to more of the sports, programs and movies you enjoy at a fraction of the cost.

Not sure how to get started? Talk to your children or grandchildren about Netflix, HBO Plus, Amazon Prime, iTunes, Hulu and other video delivery options. Let them set up a video-on-demand system that is fun, easy-to-use and cost-effective. Remember: Put any money you save into a “thank you” treat for your helpers and your retirement savings.

5. Subscriptions

Whether paper or online, magazines, newspapers or books, how many of the things that you subscribe to do you actually read?

  • Do you look at that monthly gardening magazine now that you live in a condo?
  • Do you get the same local sports information the paper provides faster online?
  • Are you still receiving parenting publications even though you’re an empty-nester?
  • Do you actually read the books supplied by that monthly book club?

If you answered yes to any of these questions, it’s time to rethink your reading habits. Cutting just a few publications you no longer look at could save you one hundred or more dollars annually.

Tip: Online services such as Texture will get you access to the magazines you love to read and more, generally for less than the cost of a single subscription. Plus, ordering ebooks online through Amazon or a similar service will save you a lot compared to paper copies.

6. Delivery services

It’s tempting at the time you make an online purchase to sign-up for an offer of unlimited shipping at a fixed cost. The problem? Most of these shipping promotions auto-renew, so you are likely paying for ongoing shipping from companies you no longer do business with. Check online to see if you are and regularly review your bank and credit card statements to look for ones you don’t remember signing up for. Take time to cancel those you no longer use.

7. Memberships

Have you paid for memberships to spas, massage services, salons and other facilities you don’t frequent anymore? Sometimes it makes sense to buy one to enjoy reduced costs on individual services. However, if you no longer use the services, the membership is a waste. Call and cancel immediately!

Tip: If a business gives you a hard time cancelling a service or subscription, your bank or credit card provider may be able to help by negotiating directly with the business or cancelling payments to it. Simply give them a call or submit a request online.

Conclusion

Eliminating expenses for products and services you no longer use is a great way to find more money to save for retirement.

Another option? Starting an online business. It’s easy to do, start-up costs are low and you can have one up-and-running quickly. You work when and how often you want to earn the money you need for retirement. What are you waiting for? Get started today!

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