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Tips for managing on less

Hi just wondering if anyone here that is already retired or soon to be retired has any tips on managing on less money than you had when working...

Do you need to work part-time ? What did you cut back on? Did you have to get rid of a car or cut back on maintainence or AA or RAC cover?

I am looking at early retirement due to ill health and will have to manage on much less than half my salary for the next 2 yrs till my old age pension kicks in.

My hubby will still be working and his money is more or less committed already as we still have a mortgage running.. we also have a personal loan, which I propose to pay off with some of the lump sum I will get from my pension.. No other debts to speak of ..

I will be capable of working if I can find something that my health condition will allow and someone is willing to take me on.... the thing that really worries me is if I have use up most of my lump sum to supplement me in the next 2 yrs and of course once its gone its gone..... I will be left with nothing to fall back on when I cannot work any longer.......

Any tips gratefully received

#6 of the SKI-ers Club :j

"All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke


  • kenshazkenshaz Forumite
    3.2K Posts
    Part of the Furniture Combo Breaker
    My advice would be to just gleam informatuion from this site,the situation is flux and if you constantly monitor all aspects daily and adjust gradually,a list of tips might not fit your situation,but if you change slowly,be positive and realistic,and do not have to many expectations
    [FONT=Arial, Helvetica, sans-serif]To be happy you need to make someone happy.[/FONT]
  • Hello Tanith

    May I direct you to...or rather recommend....the Old Style board. The advice on there is magical in helping to cut down on daily expenses, especially household expenditure. There are some "Challenges" - purely voluntary of course, eg the Storecupboard Challenge where you actually get to use up the contents of your cupboards, fridge & freezer...or the grocery challenge which encourages you to get smart when planning meals and what to buy. Then there is "rubber chicken", using a slow cooker, cleaning with vinegar....lots of people have decimated their household budgets using the tips and advice on Old Style. It's fun, why not have a browse...

    Hope to see you there soon...
  • Hi Tanith icon7.gif

    Have you had a read of Martin's book? Old or new one the advice is good icon7.gif

    He suggests tackling one area at a time, click here for the Utilities Board
    You may not want to switch suppliers but by dealing with your account online it can makes for cheaper rates.

    The Mortgages Board may suggest a remortgage at cheaper interest rates or perhaps you can make a claim on any endowments?

    The Insurance Board for that car insurance and other insurances.

    Of course there is my favourite the Telephone Boards where many users have managed to reduce their telephony bills icon7.gif

    As already mentioned look at the Moneysaving Old Style for recipes etc and as kenshaz says, one size won't fit all but utilise what you can.

    Take care

  • al_yrpalal_yrpal Forumite
    339 Posts
    Thats a real tricky one. I have been retired for just over a year and I would advise the following:-

    1. First and foremost, do a budget, you can base your food and household bills on supermarket bills by collecting them in a jar for 3 months. By analysing your bills you can see where you will be able to curtail down your expenditure to keep it to an appropriate level. I have seen where one couple keep these bills to £50 a month, but perhaps thats a bit extreme.
    2. Consider paying off anything that is costing you interest (including the mortgage), interest is money down the drain.
    3. More time at home could mean the time to get an allotment, depending on your medical condition. Home made soups, meals cooked in bulk and frozen, bulk buying from cheaper sources are things you can do when you are time richer.

    As others say, these boards, particularly this thread are a fund of useful information -

    Cutting down on car maintenance could be dangerous. We dumped the AA for AutoAID per Martin's recommendations and just had our first experience with them, they are brilliant for £29 a year.

    All the very best to you

    Survivor of debt, redundancy, endowment scams, share crashes, sky-high inflation, lousy financial advice, and multiple house price booms. Comfortably retired after learning to back my own judgement.
    This is not advice - hopefully it's common sense..
  • tanithtanith Forumite
    8.1K Posts
    Part of the Furniture Combo Breaker
    I'd just like to post a communal thanks to all of you for the tips .... I had intended to peruse some of the posts tipped here , its just a question of time... once I start reading stuff on this site I end up spending hours browsing.. which in the long run can only be a good thing if it ends up with lots of savings.....

    Thanks again
    #6 of the SKI-ers Club :j

    "All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke
  • You could find your heating bill will go up if you're home all day, but perhaps you can offset it by growing your own veg and fruit.
  • Ken68Ken68 Forumite
    6.8K Posts
    Part of the Furniture 1,000 Posts Energy Saving Champion Home Insurance Hacker!
    Hi Tanith...implementing Martins suggestions have saved me £1000 quid so far, plus all the tips on the board makes keeping on track a pleasure and a challenge.
    Don't think I have started CUTTING BACK yet, tho the car is on the list, more because of cheap rail and free buses and of course age and eyesight.It'll be a wrench tho.
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