Maybe You Don’t Need More Money. Maybe You Need to Keep More of What You Have.
Sometimes one phone call can put money back in your pocket.
A lot of people approaching retirement—or already retired—ask the same question:
How can I make more money?
There’s certainly nothing wrong with earning extra money after retirement. But lately, I’ve been thinking there may be another question that is just as important:
How much of the money I already have am I unnecessarily giving away?
Something happened to me recently that reminded me just how important that question can be.
My Waste Management Bill Went Up 18%
I recently received my Waste Management bill and noticed that the price had increased by about 18%.
Like a lot of people, my first reaction could have been to complain about it and then pay the bill.
After all, prices go up.
But an 18% increase caught my attention.
So instead of simply accepting it, I picked up the phone and called Waste Management.
I explained that I was 79 years old and asked whether there was anything they could do to reduce my bill.
There was.
My bill had been $46.66.
After one phone call, they reduced it to $30.34 for the next 12 months.
That’s a savings of $16.32 every billing period, depending on the billing schedule.
I didn’t threaten to leave.
I didn’t argue with anyone.
I simply asked.
How Many Bills Do We Pay Without Questioning Them?
That experience got me thinking.
How many bills arrive every month or every few months that we simply pay?
Cable or streaming services.
Internet.
Cell phones.
Insurance.
Trash collection.
Subscriptions.
Bank fees.
Memberships.
Home services.
The amounts creep up a few dollars at a time, and eventually we’re paying considerably more than we were a year or two ago.
Most of us spent our working years concentrating on earning more money.
After retirement, I think it makes just as much sense to become better at keeping more of it.
Saving Money Doesn’t Have to Mean Giving Things Up
When people hear the words “cut expenses,” it doesn’t sound like much fun.
It sounds like doing without.
That’s not what I’m talking about.
I don’t want to spend my retirement sitting in the dark because I’m trying to save a few dollars on electricity.
I want to enjoy life.
My wife and I enjoy our home. We enjoy relaxing in the evening, watching a good television series, going out occasionally, traveling when we can, and spending time with our family.
Those are things worth spending money on.
But paying an extra $16.32 for the same trash service?
I’d rather keep the money.
That’s the difference.
Give the Money You Save a Purpose
Here’s where I think saving becomes more interesting.
Suppose you find $50 a month in unnecessary expenses.
That’s $600 a year.
You could leave it in your bank account.
But you could also use some of it for something that makes retirement more enjoyable.
A nice dinner.
A weekend away.
Something you’ve wanted for the house.
A hobby.
A bottle of wine and a special dinner at home.
A few more date nights with your spouse.
Or simply the peace of knowing that money is still in your account when you need it.
Saving money doesn’t always have to be about sacrifice.
Sometimes it’s about redirecting money from things that don’t matter very much to things that do.
Being a Longtime Customer Doesn’t Mean You’re Getting the Best Price
This is something I’ve learned over the years.
We sometimes assume companies will automatically give loyal customers their best price.
Unfortunately, that isn’t always how things work.
Promotions expire. Rates increase. New plans appear. Discounts may be available that nobody tells you about.
Unless you ask.
My Waste Management bill is a perfect example.
If I hadn’t called, I probably would have continued paying $46.66.
Nobody called me and offered to lower it.
I had to ask.
Make One Phone Call
I’m not suggesting you spend an entire day calling every company you do business with.
That would drive me crazy.
Instead, start with one bill.
Look for something that has increased noticeably.
Then call the company.
You don’t need an elaborate speech. You can simply say:
“My bill has gone up quite a bit. I’m a senior and I’d like to keep my expenses under control. Are there any discounts or lower-priced plans available on my account?”
Then let them answer.
They may say no.
But they may also save you $10, $20 or $30 a month.
You’ll never know unless you ask.
At 79, I’m Still Learning This Stuff
One reason I started Reinvent After 60 was because I don’t believe we ever reach an age when we’ve figured everything out.
I’m 79, and I’m still finding better ways to do things.
Sometimes reinvention isn’t starting a business, moving across the country or making some enormous change in your life.
Sometimes it’s looking at a $46.66 bill and thinking:
“Why am I paying this much?”
One phone call later, the bill is $30.34.
I’ll take that kind of reinvention any day.
Keep More. Enjoy More.
There’s nothing wrong with wanting more money in retirement.
But before worrying about how to make more, take a look at where the money you already have is going.
You might discover that you don’t need to earn another $500.
You just need to stop unnecessarily giving away the $500 you already earned.
And here’s the part I like best:
Don’t save money just for the sake of saving money.
Keep more of it so you can use it for the people, experiences and simple pleasures that make these years worth enjoying.
That’s what financial peace after 60 means to me.
What bill have you been paying without questioning it? Maybe it’s time to make one phone call.