A recent poll from pension advice specialist Portafina found that most British people dream of retiring at age 57.
While this might not be a possibility for many, it never hurts to be prepared. That’s why we’re bringing you some top tips on how to save money when you no longer have that regular wage coming in.
Don’t worry if you’re already enjoying a well-earned retirement — taking up some of the below advice could help you stay stress-free.
Sell Your Clutter
We are a nation of hoarders. 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.
But one man’s junk is another man’s treasure. Clearing out any unnecessary clutter can help to provide extra funds to go towards your retirement pot.
Grow Crops
We all know that eating fruit and vegetables is good for you. But have you ever thought about how much money you can save by growing your own?
If your garden is big enough, you should create a vegetable plot. Some of the most cost-effective vegetables to grow include tomatoes (based on a shopper buying one box of tomatoes per week, this can help you save as much as £52 each year) and potatoes (the average Brit eats 429g of potatoes every week, and the average four-pack costs £1 in a supermarket. For a pack of five seeds, you can grow up to 45 potatoes for as little as £1.50).
Adjust The Frequency Of Luxuries
You don’t have to stop enjoying yourself to save money in retirement. But it’s important that you plan properly, and adjust your lifestyle to suit your budget.
If you were used to eating out every other night when you were in employment, for example, the chances are you won’t be able to do so once you’ve left the workplace.
You shouldn’t cut it out altogether, however. Simply adjust the frequency you indulge, and you’ll be able to enjoy yourself and worry less about how much it all costs
Set Priorities
Having a budget doesn’t mean dropping the items or adventures that are most important to you.
Deciding what it is that you really want in your life — and what are just added bonuses — can help you to prioritise your money, while ensuring you don’t miss out on the good things.
For more advice, hints and tips, see our Finance section.
Iain McDonald I am the Digital Content Editor at the “Friend”, making me responsible for managing the flow of interesting and entertaining content on the magazine’s website and social media channels.
