7 Monthly Expenses You May Be Able to Cut After 60 Without Sacrificing Comfort

After 60, the way we think about money often begins to change.

For many of us, it’s no longer about buying a bigger house, climbing the career ladder, or accumulating more things.

It’s about enjoying the life we’ve worked hard to build.

But there’s something I’ve noticed: it’s surprisingly easy to keep paying for things simply because we’ve always paid for them.

A subscription renews automatically. The cable bill creeps higher. The insurance policy gets renewed without much thought.

Ten or twenty dollars here and there may not seem important, but put several unnecessary expenses together and they can become hundreds—or even thousands—of dollars a year.

The goal isn’t to live cheaply or give up things you enjoy.

It’s to stop spending money on things that aren’t making your life any better.

Here are seven places worth looking.

1. Cable and Streaming Services

Television has changed dramatically.

Years ago, we had relatively few choices. Today we have cable, streaming services, free streaming channels, smart TVs, and more subscriptions than most of us could possibly watch.

The problem is that it’s easy to accumulate them.

Netflix. Hulu. Peacock. Paramount+. Max. Disney+. Cable.

Individually, they may not seem terribly expensive. Together, they can become another substantial monthly bill.

Take a few minutes and write down every television or streaming service you’re paying for.

Then ask yourself:

When was the last time I actually watched this?

You don’t have to give up television you enjoy. Just eliminate the services you’re paying for but rarely use.

You might even rotate streaming services—keep one or two for a few months, cancel them, and try something else.

The goal isn’t less entertainment.

It’s paying only for the entertainment you actually use.

2. Your Cell Phone Plan

Cell phone plans are another expense many of us put on autopilot.

We’ve had the same carrier for years, the bill arrives every month, and we pay it.

But your needs at 65, 70 or 80 may be very different from what they were years ago.

Look at what you’re actually using.

Do you need all the data you’re paying for?

Are there features on your plan you never use?

Does your carrier offer a lower-cost plan that would work just as well?

And don’t be afraid to ask.

Sometimes a simple question—

“Do you have a less expensive plan that would work for me?”

—can uncover options you didn’t know existed.

Don’t change a reliable service just to save a few dollars. But there’s no reason to overpay for features you don’t need.

3. Internet Service

This is another bill that deserves an occasional review.

Internet providers often introduce new packages while longtime customers continue paying older rates.

Before switching providers, call your current company.

Ask what speed you’re paying for, what you’re actually paying each month, and whether they have a less expensive option.

You may discover that you’re paying for internet speeds or extras that aren’t necessary for the way you use the internet.

Again, comfort matters.

Reliable internet has become an important part of everyday life. Saving $10 isn’t worthwhile if your service becomes frustrating.

But paying more than necessary doesn’t make sense either.

4. Insurance

Insurance is one area where I would never recommend simply choosing the cheapest option.

Coverage matters.

But that doesn’t mean you shouldn’t review what you’re paying.

Auto and homeowners insurance rates can change considerably over time.

Ask your agent about available discounts. You can also compare coverage with another reputable insurer.

The important part is comparing similar coverage, not just the monthly premium.

A cheaper policy isn’t a bargain if you discover after a loss that it doesn’t provide the protection you thought you had.

This is an area where a little homework can sometimes produce meaningful savings.

5. Memberships You Rarely Use

Gym memberships.

Warehouse clubs.

Professional organizations.

Online memberships.

Clubs and services that automatically renew every year.

Each one may have made perfect sense when you joined.

But does it still?

Look at your credit card and bank statements for recurring charges.

You may find something you’ve forgotten about completely.

One simple question helps:

If I weren’t already paying for this, would I sign up for it today?

If the answer is no, that’s probably a good candidate for cancellation.

6. Bank and Credit Card Fees

Fees are particularly frustrating because they often provide absolutely nothing that improves our lives.

Monthly account fees.

ATM fees.

Annual credit card fees.

Late fees.

Other service charges.

Take a look at what your bank and credit card companies charged you during the past year.

If you’re paying a monthly banking fee, ask whether there’s an account without one.

If you’re paying an annual fee for a credit card, decide whether the benefits you’re receiving are actually worth the cost.

A $10 monthly fee is $120 a year.

I’d rather have that $120 in my pocket.

7. Automatic Subscriptions

This may be the easiest place of all to find wasted money.

Automatic payments are convenient—which is exactly why they’re easy to forget.

Apps, software, magazines, cloud storage, entertainment services and countless other products can quietly renew month after month.

Go through the last two or three months of your credit card and bank statements.

Circle every recurring charge.

Then ask:

Do I still use this?

You might be surprised by what you find.

Don’t Cut the Things That Make Life Better

There’s an important difference between spending less and living less.

I’m not interested in eliminating every little pleasure just to save a few dollars.

If you love your morning coffee, enjoy it.

If a streaming service gives you hours of entertainment, keep it.

If going out to dinner with your spouse or friends is something you look forward to, that’s part of enjoying life.

At this stage of life, comfort and enjoyment matter.

What we’re looking for is the money that leaves our accounts every month without giving us much of anything in return.

Try a 30-Minute Expense Checkup

You don’t need complicated spreadsheets or financial software.

Sit down with your most recent bank and credit card statements and spend 30 minutes looking for recurring expenses.

For every one, ask three questions:

1. Do I still use it?
2. Does it make my life better?
3. Could I get the same thing for less?

You don’t need to change everything.

Finding even $50 a month in expenses you don’t care about means $600 a year stays in your pocket.

And that’s the point.

Life after 60 shouldn’t be about constantly giving things up.

Sometimes it’s simply about becoming more intentional about where our money goes.

Spend less on what doesn’t matter—so you can enjoy more of what does.

Gary’s Thoughts

At 79, I’ve learned that saving money isn’t always about giving something up. Sometimes it’s simply about taking a closer look at where our money is going.

My wife and I still want to enjoy our lives. If something makes our lives easier or gives us enjoyment, I’m not interested in getting rid of it just to save a few dollars.

But paying every month for something we don’t use? That’s different.

I’d rather spend that money on something we enjoy—or simply keep it in our pocket.

That’s what I mean by spending less without sacrificing comfort. Here is a simple tip. I have an E-Trade Account. You can open up a simple checking account.  With that you get free checks. A debit card that does not charge ATM fees and it can be used at every ATM location. E-Trade also gives you access to their Premium Savings Account. No minimum deposit and no penalties. It pays 3.5% and is insured. 

Suggested Reading:

1. Enjoying Life After 60: What Really Matters Most

2. Why My Wife and I Enjoy Staying Home More Than We Used To