Below are a few tips for saving money when retired …
Having a peaceful retirement is the dream for many of us. The ideal age for packing in work is 57, according to studies, with 32% of respondents planning to quit the working world at this age. However, for some, the thought of calling it a day before they’re eligible for their state pension isn’t feasible. It’s been estimated that the British public will need at least £260,000 to retire without money issues. Unfortunately, research has found that the average pot of money held by those aged between 45 and 54 is £71,240 — way off the final required total.
There are some practical ways to curb any overspending in your later years, meaning that you can enjoy retirement comfortably.
Here, we take a look at some great ways to save money after you’ve retired.
Sell Your Clutter
We are a nation of hoarders in the UK. Whether it’s old equipment or new purchases, we don’t like to get rid. In fact, over half of the UK’s adults claim to have between one and 10 items hanging in their wardrobe which have never been worn. However, one man’s junk is another man’s treasure, right? Therefore, clear out any unnecessary clutter you may have acquired over the years.
When you begin the clearing out process, make sure you are definitely only keeping the essentials. This can help to provide extra funds to go towards your retirement pot. It means that you’ll be increasing your income, and you won’t even have to make too many cuts from your lifestyle.
Grow Your Own Fruit And Veg
Take up a green fingered hobby and you could make some substantial savings in the long run. We all know that eating fruit and vegetables is good for you due to them being full of vitamins, minerals and nutrients. However, have you ever stopped and thought about how much money you can save if you grow your own veg? If your garden is big enough, you should create a vegetable plot. This can include cabbages, lettuce, onions, sweetcorn, leeks and the likes.
Companion planting is a smart tactic to employ. For example, grow swiss chard in the same space as onions, beetroot and cabbages and you’ll make the most of your space while also deterring pests. A patio garden can also grow smaller produce, including mange tout, radish and French beans.
Tomatoes are some of the most cost-effective vegetable seeds that you could choose to grow in your garden. They don’t require much space to grow, and you can even place these on balconies. Usually, they take 12 weeks before they are ready for harvest and each plant can create fresh produce daily for up to six years. Based on a shopper buying one box of tomatoes per week, this can help you save £52 each year.
Looking for another budget-savvy plant? Introduce the humble potato into your outdoor space. The average Brit eats 429g of potatoes every week and the average four-pack costs £1 in a supermarket. However, for a pack of five seeds, you can grow up to 45 potatoes for as little as £1.50.
If you commit to making your garden a haven for fruit and vegetables, you will reap the benefits eventually.
Adjust the Frequency of Luxuries
Of course, you’ll want to enjoy your retirement years! It’s no use retiring just to sit and be bored. However, it’s important that you plan properly and adjust your lifestyle to suit your budget. We all like the occasional blow out — whether that’s on a holiday, fine dining or on new items. However, it’s crucial to live within your means. If you were used to eating out every other night when you were in employment, chances are you won’t be able to once you’ve left the workplace. However, you shouldn’t cut it out altogether. Simply adjust the frequency you do so and you’ll still be able to have that luxury that you long for.
By having a budget, you don’t need to restrict yourself and you should certainly still be doing all of the things that you enjoy when you’re retired. However, it is important to set yourself priorities. Decide what it is that you really want in your life and what are just added bonuses. Doing this can help you to prioritise your money, while ensuring you don’t miss out on what you really want in your life.
Consider HouseSitting too. That’s a great way to get free holidays and earn a bit of cash too!
Also remember to review your gas and electric bills frequently as changing your energy supplier can save you an awful lot of money! Make sure you read reviews of energy suppliers before switching however, as the cheapest isn’t always the best.
Take some of these useful tips on board and incorporate them into your lifestyle if you are looking to manage your retirement budget — but remember to treat yourself from time to time as well! Of course, there are many other opportunities for you to make the most of your retirement, but by focusing on these points, you’ll be well on your way to enjoying your relaxing time after finishing work for good.