Posted on: 1 November, 2019

The best ways to save money this year

For most people, retirement comes with a pension – but it often doesn’t suffice to offer the feeling of full financial security that’s needed. When the ability to receive a regular income is halted, it can often leave those entering retirement feeling unsure of their future, and worried that their pension won’t stretch to make ends meet – but it certainly shouldn’t be this way.


There are small lifestyle changes that, as a retired person, you can make to help take away the pressures of living without the regular income that a full-time job provides.

Determine short-term and long-term goals

If you’re thinking about re-assessing your finances, it’s a good idea to take some time to sit down and set yourself some saving goals – both short and long-term. Having goals will help you to visualise the end result, giving you something to work towards and creating a solid purpose. Your short-term goals could be, for example, setting enough money aside for an emergency fund that will last you 6 months if you need it, or saving for a holiday you’ve booked for the following year. If you’re thinking more long term, you could look to save money for your children.


Whatever your goals are, you’re much more likely to spend your money wisely if you have something to work towards – and you can then work to break down a monthly saving goal that will gradually accumulate over time.

Could you save on your energy and utility bills?

Energy and utility bills can take a fairly large chunk of our monthly expenses – and many people are spending much more than they need to. It’s highly likely that you could find a cheaper provider, particularly if you haven’t already spent time researching price comparisons.


It’s most definitely worth comparing energy companies if you haven’t already, to see if you’re getting the best deals you can. Compare The Market and are just a couple you can try, and it’s also a good idea to have a look on the Citizen’s Advice Bureau website if you need some help with understanding your energy bills.

Explore senior discounts

If you haven’t already, take some time to explore discounts that you may be eligible for once you’re retired. Travel discounts are most definitely worth discovering, since you’ll likely be able to save a considerable amount of money on public transport costs.

Shop more mindfully

It’s a good idea to think about how much of your purchased items are used for convenience. Buying take-out food and eating out frequently can, over time, take a large chunk out of your monthly budget. Think about where you can really start to save money; for example, you could start eating out once per month, and prepare your meals by hand, rather than buying them ready-made.


Although the above may initially seem like significant life changes, when achieved gradually over time, they only require small lifestyle adjustments on a daily basis that, in the long term, will lead to feelings of increased financial security.

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