Having two cars
According to specialized studies, transportation is the second biggest expense category for seniors, after housing. But ditching the second set of wheels is a good way to save money on gas, maintenance and insurance. And for retirees with a more flexible schedule, having one single car can actually be quite practical.
For ideas on what to do with your second car, check out 10 Brilliant Passive Income Ideas to Make Easy Money.
Saying yes to vices
Believe or not, seniors are the fastest-growing group of gambling addicts, with senior women as top gamblers, according to AARP. If you’re smoking a pack a day, you’re spending around $2,000 to $5,000 a year only to damage your health.
Chronic overeating, alcohol abuse and plenty of other vices affect seniors in more ways than one. To avoid wasting your money and affecting your health, forget about YOLO and just remember, moderation is key to everything.
