Retirement often means adjusting to a fixed income, making it crucial to adhere to a strict budget. For many retirees, this means making some tough choices to keep expenses in check. One is to do away with constant dining out.
Suze Orman, the renowned host of the “Women & Money” podcast and one of GOBankingRates’ Money’s Most Influential Women, has pinpointed a key expense retirees should consider slashing to stay financially secure.
“Eating out,” Orman told GOBankingRates, is the discretionary expense that can often derail a retiree’s budget. She underscores the importance of distinguishing between “needs” and “wants” during retirement.
Suze Orman on Dining out
“To have money, you need to live below your means but within your needs,” Orman advised. “You achieve this by focusing on buying necessities over luxuries. Need is food purchased at a grocery store. Want is dining at a restaurant repeatedly.”
Orman’s advice isn’t just for retirees; she believes everyone can benefit from reducing or eliminating dining out. She points out that frequent restaurant visits are a leading cause of credit card debt.
“I went on ‘The Oprah Winfrey Show’ in 2010 and suggested that if you want to save money, try not eating out for six months,” she recalled. “The restaurant industry was not happy, but the number of people who wrote to me saying, ‘Oh my god, Suze, we’ve saved so much money,’ was astounding.”
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Even though Orman herself is very wealthy, she practices what she preaches.
“I am a very, very wealthy woman,” she said, “and the very last thing I would think about doing is going out to eat.”
By cutting back on dining out, living below one’s means, and finding the joy in saving, retirees can significantly boost their reserves and enjoy a more financially stable retirement, just as Orman recommends.
Cover Photo: Depositphotos
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