Retirement, for many, is a time of life when you can pull yourself away from the working world and begin spending your valuable time doing what you love. This new chapter in the lives of many seniors, however, also comes with the knowledge that a steady income is no longer an option – and this can be a worrying thought. However, with a mindful approach to dealing with finances, people entering retirement can do what they love stress-free.
Drawing up a budget is the first step to take when saving money. Begin by listing things that are the most important to you – in addition to the things that are least important. Whilst keeping hold of the things that are most useful to you, consider letting go of what you don’t use. If you’re paying for an expensive TV subscription but rarely watch live TV, this could be wasting valuable money – and you could opt for a much cheaper alternative. By cutting out expenses that you don’t make good use of, you’ll be saving a lot of money in the long term.
A great way to cut your expenses is to start adjusting how you spend on the things you love. For example, if you love to read, consider getting a library card rather than visiting a book shop. Alternatively, if you enjoy embarking on days out, have a look around and see if there are any local clubs you can join – you’ll save on travel costs and you’ll make friends along the way.
When you’re out and about, ensure that you make good use of senior discounts. Take some time to look online, and discover what you’re entitled to. From clothing shops and train rides to restaurants, you’ll find many discounts for seniors that will help you to cut your spending, whilst still having fun. If doing what you love comes at an expensive cost, such as eating out frequently, try doing it less often – it doesn’t have to be a permanent change, but if you find that it works for you, then you’ll cut your expenses further.
If you find cutting down your expenses difficult, try having a look around your home to see if you’re holding a lot of items that you don’t need. Whilst some items may be suitable for charity shops, you might find that others would be better sold. Whilst not providing a long term solution, selling items that you don’t use can provide you with some income that you can put away into savings.
There are several online selling platforms that you can use to help you during the process. Websites such as eBay and Gumtree are perfect for selling items you no longer need – whether that’s items of clothing or technology. You’ll also be able to ensure that you’re receiving a reasonable price, since you’ll have control over the offers you accept. These sites also enable you to purchase other second-hand items, meaning you’ll save money in the long term by receiving items at a fraction of the retail price. Additionally, websites such as Groupon allow its users to purchase discounted vouchers on restaurants, weekend breaks, gifts – and even basic household items. By helping you to cut back on your expenses, this is also a great way to save money.
Executing small lifestyle changes will, eventually, put you in a better financial position in the long term. Whether that’s dedicating one week per month to buying reduced food and cooking in bulk, or putting away every £1 coin you collect, you’ll soon be on your way to feeling financially stable.