Retiring
Saving money for retirement can be challenging when you’ve got so many other expenses to think about, but once you’ve reached retirement age it’s important to hold on to the money you’ve worked so hard to save over the years and spend it wisely. Although it may not seem easy, there are lots of ways that you can stretch your cash as far as possible to make sure that you’re a savvy silver saver.
Top Tips
- Try setting your thermostat a little lower – 1 degree lower will save you £5 a month and you probably won’t even feel the difference.
- Make full use of discounted travel. If you are of state pension age you may be entitled to a free bus pass and anyone over the age of 60 can buy a senior railcard which entitles you to up to a third off train travel.
- Try using the internet to save money. Set up internet banking to monitor your accounts and surf the web to look for online deals. It’s also a good idea to use price comparison websites before buying anything – you will be surprised how often you can find it cheaper or how often there is a discount voucher code available that shops won’t tell you about. If you’re not feeling that confident about your ‘surfing’ abilities, why not ask a grandchild or a neighbour for some tips.
- Try doing your food and household shopping online and get it delivered in advance – by creating a virtual shopping list you are less likely to spend money on impulse purchases and you can also take advantage of special offers and online discounts, as well as redeeming money off vouchers. It’s easy to do and will save time and money.
- Check what financial support you are entitled to. For instance, if you’ve reached state pension age, you may be entitled to a winter fuel payment to help with the cost of heating your home.
- Treat savings as a monthly commitment, in the same way you would a bill. Rather than just saving ‘whatever is left’, put part of your weekly budget towards your savings – that way you will always be prepared for the unexpected.
- Use the ‘envelope’ system for your cash or an on-line equivalent, to ensure all bills have funds allocated to them and you’re in control of your budget.
- Don’t be misled by special offers – 3 for the price of 2 is not a good deal if you don’t use everything you buy! Whilst it’s great to stock up on items you need regularly when they are going cheap, don’t fall into the trap of buying more than you need, especially with perishable items.
- Allocate a financial ‘holiday’ a couple of times a year to look over your finances. Are you on the best energy tariff? Can you switch to a different internet provider and get free calls?
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