Being able to save money is an essential life skill, especially when it comes to saving for retirement as you will no longer have an income from employment. Sometimes the usual saving methods aren’t quite enough, and you need to think outside the box in order to make your money stretch that little bit further. Here are some unusual saving solutions for you to consider.
Most of us spend the majority of our money on our homes, and gradually move to bigger and bigger properties throughout our lives as a sign of our success. However, taking the brave decision to downsize can help to free up a lot of cash which you can then spend on living. It is highly likely that any children will have all moved out by the time you retire, leaving many rooms unused. Others might assume that downsizing reflects a decline in your financial stability, however it’s important to consider whether it’s more important to you to have a status symbol or whether having the money to spend on other pursuits in your retirement could bring you more joy.
Furthermore, as you get older you can start to consider the benefits of releasing equity from your home. Essentially, releasing equity means taking a lump sum out of the value of your home to spend now, and when it comes to selling it, you’ll make less. It’s an ideal solution if you’re in your final home.
Not many people realise that it is possible to re-negotiate the agreements you have with providers of things like utilities and mobile phones. This is a great way to save money every month as bills like these are one of the biggest drains on your finances. If you do not manage to lower the prices, carry out thorough research into other providers and swap plans to make sure you’re always getting the most for your money.
Cutting down your monthly bills is part of creating and sticking to a budget, which is a crucial thing to have in retirement as your income will be limited. Take a look at this Free budget planning worksheet for more ideas on how to make the most of your money during retirement.
This may seem like a strange one to help you with your retirement, but many of us spend the majority of our disposable income on food and drinks while we’re out and about. One way to avoid this is by always carrying a bottle of water with you, as this will not only stop you buying drinks, but will also get rid of what can appear to be hunger but is really just thirst. Water is also great for your general health so drinking plenty of it can help you to avoid future dental and medical bills. This is something which you don’t want to worry about in your retirement. When you think outside the box, you can come up with money saving ideas which can transform your lifestyle. Turning your back on your social status by downsizing your home in order to free up more disposable income for you to enjoy is a great idea, as is releasing equity from your home. Negotiating with or switching providers can help you to save a lot of money on your monthly bills, and carrying water with you wherever you go not only stops you from buying food and drink when you’re on the go, but can also help you to avoid medical bills. Corporatedad.co.uk has some more great ideas on how to fund your retirement if you’re looking for more inspiration.