8 Things To Stop Buying Now If You Want To Retire Years Earlier Than Everyone Else
Sorin Basangeac | CanvaRetiring 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. Most people don't realize how much their everyday spending habits are working against them.
The small, recurring purchases that feel harmless in the moment tend to add up to thousands of dollars a year that never make it into savings or investments. Financial planner Alvin Yam explains that before you can even plan for retirement, you need to understand where your money actually goes today, because your savings goal depends entirely on what you spend. Identifying and eliminating even a few of these habits can meaningfully accelerate your timeline to financial independence.
Here are 8 things to stop buying now if you want to retire years earlier than everyone else:
1. Overpriced diplomas
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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.
A 2023 report found that student loan debt affected the ability of 64% of borrowers to save for retirement, with nearly 1 in 5 pausing or reducing their 401(k) contributions entirely just to keep up with loan payments. Choosing a more affordable path to your degree can be one of the most consequential financial decisions you ever make.
2. Expensive gadgets
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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?
Your greatest retirement asset is not your income but time, and every dollar spent on a depreciating gadget today is a dollar that cannot grow for your future, says Yam. He uses the example of a 25-year-old saving just $100 a week until 65 at a 7% annual return, which ends up with over $1 million, but waiting until 30 drops that to $726,000.
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.’
3. Designer clothes
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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.
Around 74% of Americans describe themselves as having an overspending problem, a 2024 study found, and most end up with only a fraction of their income actually available for savings after everyday expenses have eaten through their budget. Classic, well-made pieces that hold up for years are a much smarter investment than labels that cost a fortune and go out of style by next season.
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.
4. Fancy coffee
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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.
5. Overpriced gym memberships
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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. Yam recommends tracking every expense to see exactly where your money goes and where you can cut back, because most people are genuinely surprised by how much they spend on things they barely use. A gym membership you visit twice a month is one of the clearest examples of a recurring charge that might look small on paper until you add it up across a decade.
6. High-end furniture
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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.
People who shop secondhand for furniture end up with higher-quality pieces at a fraction of the cost, because older furniture was built to last in ways that most modern flat-pack options simply are not. Trading the furniture showroom for thrift stores, estate sales, or Facebook Marketplace is one of the quietest ways people accelerate their savings without sacrificing comfort at home. Your future self will appreciate lounging on a couch bought with financial wisdom much more than lying on one that broke your bank.
7. Subscriptions you don't use
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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.
According to a Deloitte Digital Media Trends report, the average American household spends about $61 a month on streaming video services alone, and over a third of those surveyed said the content was not even worth what they were paying. Cutting even two or three unused services frees up over $500 a year that could be quietly working toward your retirement instead.
8. Luxury vacations
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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. Yam advises aiming to save around 15% of your pre-tax income for retirement and adjusting based on your situation. Every multi-trip travel year that chips away at that target is a trade: a vacation now in exchange for more years of working later.
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.
Also, 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.
Yam is direct about how credit card debt and other high-interest loans seriously eat into your ability to save, and paying them off quickly is what frees up money to invest in your future instead of servicing old expenses. Every month you carry a balance, you're essentially paying someone else to delay your own retirement.
Future you sipping a cocktail on a beach? Or are 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. By avoiding these major financial pitfalls, you’ll be on the fast track to retiring years earlier than everyone else.
Amob Rahman is an entrepreneur, marketer, and prolific writer. His passion lies in supporting individuals to deal with life's toughest challenges.
