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GOBankingRates’ editorial team is committed to bringing you unbiased reviews and information. We use data-driven methodologies to evaluate financial products and services – our reviews and ratings are not influenced by advertisers. You can read more about our editorial guidelines<\/a> and our products and services review methodology<\/a>.<\/p>\n 20 Years Trusted by Retirement<\/a> can be an exciting time. Your years of planning have now become reality, allowing you to enjoy your vision of post-work life. Amid all of the new changes, one can reign supreme, and that\u2019s moving to a fixed income. Although not bad, per se, it does require a shift in money management, as everyday expenses can sneak under the radar and have a greater impact on your budget. <\/p>\n These are seven small expenses that can quickly add up in retirement years<\/a>.<\/p>\n 1. TV Viewing<\/p>\n Watching the latest show or movie is a fun leisure activity. Unfortunately, TV is growing increasingly expensive. The average person spends nearly $170 per month on video entertainment, according to TiVo<\/a>.<\/p>\n<\/p>\n If you\u2019ve cut the cord, find ways to reduce costs, such as canceling a service if you haven\u2019t used it in over a month. For those with cable, consider opting for streaming. Even cutting costs<\/a> in half can significantly increase savings.<\/p>\n 2. Food Delivery<\/p>\n Nothing beats ordering food from a meal delivery<\/a> app like DoorDash on a Friday evening or just because. Unfortunately, it\u2019s easy for this to become an expensive habit, as fees can be notoriously high.<\/p>\n Americans spend nearly $120 monthly on food delivery, according to Empower<\/a>. Consider reducing order frequency to lower budgetary stress.<\/p>\n 3. Banking Fees<\/p>\n Where you bank matters, especially as a senior. Banks often charge fees<\/a>, with the maintenance fee being the most notorious. It\u2019s fair to expect to pay as much as $25 monthly for this charge, according to CNBC<\/a>.<\/p>\n Many banks offer senior-friendly accounts that waive common fees. The financial institution may market these accounts, and if not, you can inquire at your local branch for options. If you travel often, selecting a bank that reimburses ATM fees can also be helpful.<\/p>\n 4. Impulse Purchases<\/p>\n Impulse spending<\/a> runs the gamut, from a $5 coffee to mindless online shopping. These expenses may seem negligible, but they can quickly get out of hand if not closely monitored.<\/p>\n Create a budget for your favorite impulse purchases and identify ways to stretch it, such as brewing coffee at home or shopping online only when you have a discount code and need the item.<\/p>\n 5. Prescription Drug Costs<\/p>\n Affordability of prescriptions<\/a> is a significant concern for many retirees. Nearly 40% of seniors have personally skipped filling a prescription, or know someone who has, due to cost, according to AARP<\/a>.<\/p>\n<\/p>\n Being your own advocate is vital. Ask your doctor about generic alternatives when they prescribe a medicine. The same philosophy can be employed when purchasing over-the-counter drugs to save more.<\/p>\n 6. Gym Memberships<\/p>\n![\"\"](\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/11\/icon-20.svg?webp=1&quality=75\"){kind=icon}
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