Top Retirement Saving Advice


Posted on: 10 October 2016 by Dennis Star

Following the latest news that many retirees are suffering from crippling debts, I look at where, what and how you can save yourself money.

Retirement should be a time to relax after a lifetime of hard work and stress. However, with fresh figures from Property Specialists, the Open Property Group highlighting that many retirees are having to sell their homes in retirement to pay off debts, it is not as plain sailing as some would hope.

House prices have been steadily increasing year by year, with a 5.2% increase by July this year, making the average house price in the UK £205,715. Therefore it is becoming a necessity for parents to help their children get on to the property ladder, and many retirees are having to deal with the consequences of this.

As the basic state pension of £119.30 per week does not cover all of ones expenses, let alone help contribute towards a mortgage, it is imperative you save where you can. Below are my top saving tips:

Claim what is rightfully yours

First of all, make sure you find out which benefits you are entitled to, as many people don’t claim the full amount that they are eligible for. For example, you could be entitled to a Pension Credit, which aims to help you gain a manageable minimum income. There is also an Attendance Allowance which you have the option of claiming if you have an illness or if you have a medical condition. You could also claim help with Council Tax and heating costs, so it is worth reading about what options are applicable to you. You can read more about these options with the Money Advice Service.

Stick to lists and tight spending

Aside from benefits, you can also plan how you spend your money, so that you have security in knowing how far you can stretch your income. A main thing to consider when cutting costs is what food you are buying. Make a list of things you ordinarily buy, and see if you can find them cheaper through a different brand or a different shop. How much do you save per month by making this small change?

Also, shopping online is a good way of comparing prices within a supermarket as you can arrange the list according to price order and then you can seek these things out in the store instead of picking up the first thing you see. Furthermore, keep an eye out for special offers, vouchers and don’t bulk buy food that will end up going off.

This method of planning is also applicable to general spending. If you detail what you buy, how much it costs and how often you get it, you might find out that something as innocent as a £2 coffee, or a £5 trip to the cinema is costing you hundreds of pounds a year. These costs can be effectively analysed by using a Quick Cash Finder. Think about ways of saving money on these things without sacrificing them. For example, make your coffee at home in a cafetiere or get a Netflix account for £5.99 a month instead of spending money on multiple trips to the cinema. 

Spending less does not mean living less fully, it can even have advantages other than money saving. For example, instead of buying books you can go to the library, which is a more social environment to explore books in. And, instead of driving everywhere, look into public transport routes, as bus journeys are another social bonus, and by reducing car emissions they are also a plus for the environment.

You can eat more vegetables instead of meat which is also cheaper, but can be a healthier option too. Additionally, being more energy efficient by turning off lights when you leave the room and keeping an eye on heating levels is also not only cost effective, but is better for the planet. There are countless ways of reducing your spending, with an extensive list of Money Saving Tips, and planning these methods will help you to stretch your pennies far and wide.  

So, although there are inevitable financial stresses that come with retirement, there are also ways for you to plan and manage your income, so that you can feel financially secure and fully enjoy the fruits of your labour.

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Dennis Star


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