Welcome to retirement! A time when you can sit back, relax and really enjoy life thanks to your superannuation nest egg. But don’t get to comfortable. Many retired Aussies can’t solely rely on their supper at the time of retirement and need to boost their budget with the pension and investments. But if you are smart about it, you can use a few simple tips to help your super go a little bit further. When you’re no longer working, the concept of saving can be quite daunting, but it’s far from impossible. Here are some tips to help you increase your bank account – without making an undignified re-entrance to the workforce!
Don’t Discount Those Discounts
There’s a plethora of places and situations where you can get a discount or concession fare for simply being a senior. Never let pride or forgetfulness stop you from claiming these. Sure, saving five bucks on a train trip or a session at the cinemas might not seem like much, but all these little costs can quickly add up when you don’t have a regular salary coming in. Accepting discounts wherever you find them means money worries won’t prevent you from catching up with friends or seeing the newest box office flick.
Deal with Your Debts
Saving becomes exponentially more difficult the more debts you have to contend with. Every dollar you owe translates into more interest you’re having to pay, so taking steps to alleviate your debts is an important part of managing your finances – even in your golden years. Unless you’ve retired from a successful career as an accountant or have experience in a similar profession, chances are you’d benefit from some assistance in this matter. Luckily, there are many financial agencies that specialise in debt management, such as Debt Rescue, so you shouldn’t have any trouble finding a friendly and skilled expert to help you tackle your debts and get on track with your saving goals.
Watch out for Extraneous Expenses
A core element of saving is not doing the opposite of saving: spending! Of course, you should never deprive yourself of the essentials and you should regularly treat yourself to certain luxuries; you’ve worked all your life and you deserve to enjoy your retirement. But, if you’re honest with yourself, there are probably some things you could get by without for the purpose of saving some extra dough. For example, grandparents are often notorious for spoiling their grandkids. If there are several youngsters in your family, you might want to consider looking for less expensive birthday presents that they’ll still love. At the end of the day, your attention and affection are more valuable than any material gifts anyway, regardless of the price tag. If you have a guilty pleasure that consumes more of your money than it should, consider cutting back on this, at least until your savings are under control.
It’s important in retirement to not get too caught up in your financial circumstances. This time of life is all about enjoying all the things you were too busy and tired to enjoy when you were working, so don’t let financial stress get in the way. Saving is still an important aspect of living the lifestyle you desire though, so don’t disregard your budget. If you have any tips you’ve picked up for saving while on a pension, don’t hesitate to share your insights with other readers in the comments below.