12 Money Saving Tips for Retirees
Retirement is something we all dream about, but it costs far more today than it did 20 years ago. It can be a bit nerve-racking to leave your career and depend on your savings as well as your investments, including self managed super funds, so here are some great money saving tips:
1. Senior’s Discount
Don’t be embarrassed to take advantage of the senior’s discount. This is a very simple and easy way to save money. All the major retailers offer “senior days” or even daily senior discounts. This may seem like a small way to save but every cent counts.
2. Accounting
Vigilant accounting routines can help you see where each and every dollar is going. By writing out your revenue and expenses each month you can see where you are wasting money and where that money could be put to better use.
3. Utilities
Learning how to save on your utilities can make a big difference on that electricity bill. During the summer you want to keep your blinds down to minimize the amount of sun coming into your home. To prepare for winter it is important to scan your home for drafts so you can minimize the amount of heat leaving your house.
4. Interest Rates
You may want to speak with your financial advisor about minimising your interest rates. This includes the interest you are paying on car loans, mortgages and credit cards. Money spent on interest is money wasted and there may be a way to consolidate these payments.
5. Reduce Debt
Debt analysis is essential at this stage in your life. You want to minimise your debt so make as many additional payments as you can to get that debt down to a manageable size.
6. Speak to a Financial Advisor
Speak to your financial advisor regarding your SMSF to ensure you are managing it as efficiently as possible. Getting the most out of your investments has never been more important.
7. Eliminate Luxuries
Examine the luxuries in your life and see if there are any areas where you can trim back. For example, extra channels on your pay television that you never watch, or call waiting on your telephone that you never use. These features can be easily eliminated.
8. Home Meals
It can be quite expensive to eat out on a regular basis, so get into the habit of cooking meals from home. You may even find that cooking develops into a hobby.
9. Online Finance
Learn how to check your investments online so you are always in the loop. Waiting for monthly statements to arrive in the mail could put you in the dark. You want to know what your investments are doing in real time to prevent disaster.
10. Tax Benefits
Once you become a senior, you may be eligible for some tax benefits. Speak with your accountant to ensure you are utilising everything you are eligible for.
11. Online Shopping
Shopping online can actually save you a great deal of money. Not only are there unique deals to be found online but often if you buy in bulk you can save a lot of money.
12. Clothes Line
Lastly, to save on energy, why not consider a clothes line? This can greatly reduce your utility bill.
This information is intended to provide background information only and does not purport to make any recommendation upon which you may reasonably rely without taking specific advice. In particular it should not be considered financial product advice for the purposes of the Corporations Act 2001.
