9 Things To Stop Buying If You Want To Retire Ten Years Early
Avoid these nine financial pitfalls at all costs if early retirement is on the horizon.
Valeriia Samarkina | Canva Retiring a decade ahead of schedule isn’t just about stashing away cash; instead, it’s about cutting out the unnecessary expenses that are quietly robbing your future.
Here 9 things to stop buying if you want to retire 10 years early:
1. Credit card interest
If you’re still paying credit card interest, it’s time to face the harsh reality of the situation. You’re actively financing someone else’s luxury vacation. Every time you don’t pay off your balance, the interest keeps growing, and your dream of retiring early shrinks by the moment.
Future you sipping a cocktail on a beach? Or the future you paying off last year’s dinner at Olive Garden? Where would you rather see yourself?
The choice is yours. The first step to an early retirement is slashing that credit card debt to zero. Do it with the same enthusiasm that you’d have for tackling an all-you-can-eat buffet — relentlessly and with purpose.
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2. Overpriced diplomas
Sure, education is priceless, but a $100,000 degree from a private university that lands you in a mid-level position with a salary that barely covers your rent? Not so much.
The debt from higher education can haunt you like that one embarrassing photo from prom night. Instead, consider more affordable education options or even skip the traditional route altogether if you have a clear path to your dream career.
The goal is to be financially free and to escape the matrix quicker. It’s not to be shackled to student loans until you’re eligible for social security.
The National Association of Scholars published a study, Priced Out: What College Costs America, which delves into the revenues and expenses of our higher education institutions. Most Americans are used to thinking of college as an expensive but precious service provided by well-meaning experts who are doing their best to keep it affordable.
Arnold’s view, however, is deeply skeptical. Her research shows that college officials spend vast amounts on non-educational programs and personnel that they desire, adding considerably to the costs imposed on students, families, and taxpayers.
3. Expensive gadgets
I get it — everyone loves the newest tech. But do you need the latest smartphone? Or the latest smartwatch? Or smart-everything the moment they hit the market?
Every time you try to upgrade with these fancy little techs, you’re, in reality, downgrading your savings. Remember, early retirement is a marathon, not a sprint. So you need to resist the urge to get your hands on gadgets that lose value faster than you can say ‘retirement.’
Alpha En | Pexels
4. Designer clothes
High fashion might make you look good, but it won’t make your bank account look any better. If you’re dropping serious cash on designer labels, then I think that it is high time you take another look at your list of priorities. Don’t waste your money on the clothes that you clearly don’t need. Invest in classic, timeless pieces that last longer and cost less. Your future self (and your wallet, too!) will thank you.
5. Fancy coffee
That daily latte and lunch from your favorite bistro might not seem like much, but those little luxuries add up over time. Just make your coffee and pack a lunch. These are simple changes that could save you thousands over the years. Channel these savings into your retirement fund, and watch your financial future grow one coffee bean at a time.
According to Numbeco's Cost of Living research, Americans save around $12 per meal by cooking at home instead of eating out. The average home meal costs $4.23, while an inexpensive restaurant meal costs over $16.
6. Overpriced gym memberships
Staying fit is important, but so is staying financially healthy. If you’re paying a premium for a gym membership that you barely use, it’s time to cancel and find cheaper alternatives. You could run in the park or follow online workout routines.
These are free. You can get such routines easily from YouTube. You’ll rarely need any equipment. This will keep both your body and bank account in great shape.
Deutschlandreform | Shutterstock
7. High-end furniture
A beautifully furnished home is, of course, a joy. But paying for high-end furniture can delay your retirement by years. Instead, opt for quality second-hand pieces or budget-friendly options that won’t break the bank.
You can find a lot of these on Etsy. I can tell you this, your future self will appreciate lounging on a couch bought with financial wisdom much more than longing on one that broke your bank.
8. Subscriptions you don't use
Netflix, Hulu, Spotify, Disney+, HBO Max… the list goes on. While one or two subscriptions might be manageable, having them all can drain your finances as fast as vampires would suck blood if they were real.
Evaluate which ones you truly need and cut the rest. Every dollar saved is a dollar that could be working towards your early retirement.
9. Frequent vacations
Who doesn’t love a good vacation? But if you’re jet-setting multiple times a year, those travel costs can seriously delay your early retirement plans.
Consider scaling back on vacations or finding budget-friendly travel options. The less you spend now, the sooner you’ll be able to take that permanent vacation — retirement.
By avoiding these 9 major financial pitfalls, you’ll be on the fast track to retiring a decade early. It’s not about deprivation.
It’s about making smarter choices that will accelerate your long-term goals. Focus on cutting out these expenses, and your future self will thank you when you’re living the dream — retired, stress-free, and financially secure.
Amob Rahman is an entrepreneur, marketer, and prolific writer. His passion lies in supporting individuals to deal with life's toughest challenges.