Guest Post: How to Save Money After You’ve Retired

Nick Saving Money guest post 2 Comments

Today I have a guest post for you from my friends at Suttons, a leading seeds, bulbs and horticultural products company.

There is a lot of discussion about saving money before you retire, but not nearly as much about saving afterwards.

But in reality the great majority of us have to survive on a lower income in retirement. While nobody wants to spend their golden years scrimping for every penny, saving money in retirement is important and helps us to afford things such as holidays that can enrich our lives.

So this guest post sets out some great ideas for painless ways of saving money in retirement. I hope you enjoy reading it.

For many of us, we dream of retirement. The ideal age for packing in work is 57, according to studies, with 32% of respondents planning to quit the working world at this age. However, for some, the thought of calling it a day before they’re eligible for their state pension isn’t feasible. It’s been estimated that the British public will need at least £260,000 to retire without money issues. Unfortunately, research has found that the average pot of money held by those aged between 45 and 54 is £71,240 — way off the final required total.

While this final figure sounds extremely high, there are ways to prevent overspending in your later years. Here, we take a look at some great ways to save money after you’ve retired.

Sell your clutter

We are a nation of hoarders. Whether it’s old equipment or new purchases, we don’t like to get rid. In fact, over half of the UK’s adults claim to have between one and 10 items hanging in their wardrobe which have never been worn. However, one man’s junk is another man’s treasure, right? Therefore, clear out any unnecessary clutter you may have acquired over the years.

Have a huge clear out and you’ll be surprised at how much stuff you don’t actually need if you’re ruthless. This can help to provide extra funds to go towards your retirement pot. It means that you’ll be increasing your income, and you won’t even have to make too many cuts from your lifestyle. You can sell your stuff via online auction houses such as eBay and local Facebook groups.

Grow crops

Growing produce at home has many benefits. We all know that eating fruit and vegetables is good for you due to them being full of vitamins, minerals and nutrients. However, have you ever stopped and thought about how much money you can save if you grow your own veg? If your garden is big enough, you should create a vegetable plot. This can include cabbages, lettuce, onions, sweetcorn, leeks and the likes.

You should also look into companion planting. For example, grow Swiss chard in the same space as onions, beetroot and cabbages and you’ll make the most of your space while also deterring pests. A patio garden can also grow smaller produce, including mange tout, radish and French beans.

Some of the most cost-effective vegetables you should look to grow in your garden include tomatoes. As they don’t require much space to grow, you can even place these on balconies. Usually, they take 12 weeks before they are ready for harvest and each plant can create fresh produce daily for up to six years. Based on a shopper buying one box of tomatoes per week, this can help you save £52 each year.

Potatoes are another money saver. The average Brit eats 429g of potatoes every week and the average four-pack costs £1 in a supermarket. However, for a pack of five seeds, you can grow up to 45 potatoes for as little as £1.50.

Of course, there are many other examples that can save you money, and it all tallies up when put together to make great savings.

Adjust the frequency of luxuries

You don’t have to stop enjoying yourself to save money in retirement. It’s no use retiring just to sit and be bored. However, it’s important that you plan properly and adjust your lifestyle to suit your budget. We all like the occasional blow out — whether that’s on a holiday, fine dining or on new items. However, it’s crucial to live within your means. If you were used to eating out every other night when you were in employment, chances are you won’t be able to once you’ve left the workplace. However, you shouldn’t cut it out altogether. Simply adjust the frequency you do so and you’ll still be able to have that luxury that you long for.

Set priorities

Having a budget doesn’t mean removing the items or adventures that are most important to you from your life. However, it is important to set yourself priorities. Decide what it is that you really want in your life and what are just added bonuses. Doing this can help you to prioritise your money, while ensuring you don’t miss out on what you really want in your life.

The above are all examples of how to save money once you’ve retired. Of course, there are many other opportunities for you to make the most of your retirement, but by focusing on these points, you’ll be well on your way to enjoying your relaxing time after finishing work for good.

Thank you to Suttons for an interesting and thought-provoking guest post.

I definitely agree with the advice to grow tomatoes. I have been doing this for a few years now, in growbags and/or hanging baskets. Despite my distinctly un-green fingers, they never fail to produce a bumper crop of tasty toms, and save me having to buy any from the shops for months on end. Suttons have lots of varieties of tomato seeds available. Or if you prefer you could visit a garden centre such as Dobbies and perhaps take advantage of their Over 60 Meal Deal as well!

As always, if you have any comments or questions about this article, please do post them below.

Cover image by Lukas Bieri from Pixabay