Over 50? What’s one small money saving habit that’s made a real difference?

bertnotbob

De lurk. First time post I’m turning 50
this year and focused on making my money go further. I’d love to hear from others in the same boat. 

What’s one money saving habit you’ve picked up after 50 that’s made a difference?

Robin9

I was given the opportunity to take voluntary redundancy at 53 - I had to sit down and work out in detail what the effect might be.

Not one specific but generally keep control of income and expenditure -  know when expenses (car tax etc) occur; when investments mature.  

 

louby40

I've done a few things 
* began tracking everything I spend on a spreadsheet - I'm about to start my third year of doing this
* stopped buying rubbish and really thinking whether I need something 
* if I buy an item of clothing I have to sell something 

gambleruk

I think it is a lot easier to manage your money once you are retired, The one thing I always do now is if I am after something I stick it in my amazon basket or ebay watchlist etc and leave it there for at least 24 hours usually longer until I am certain we need it, the amount of stuff I have deleted instead of buying over the past few years must have saved us a fortune.

Baldeagle095

It is a hard habit to break but I like recording all transactions on MoneyPoint and on spreadsheet.
I know exactly when any direct debits, standing orders and regular savers leave my current account. In addition any income from pensions/salaries etc automatically get transferred into an Easy Access ISA account which is essentially a holding account before transfer out to my current a/c for DD's, SO's & Reg Savers.
Currently I earn 5.64% interest across my current a/cs, regular savers,fixed term deposits and ISA's
This is likely to decrease towards end of year but at least I am in control of my own destiny.
Only takes 5 minutes a day.

Organgrinder

Be open to change. It can save or make a fair bit of money and it really only takes a few minutes a month if that.

Eg. Switch banks. Use Quidco or topcashback. Change mobile phone provider. Change utility company. Etc

It never ceases to amaze me that so many don't do these things. 

Here's ones I can remember over the past 7 years or so since we moved house.

Bank switches.
NatWest.
Halifax.
Santander.
Coop.
RBS.
NatWest again.
Nationwide.
TSB.
The above have made in total about £1,500, about £2,000 if I add in compensation when things went wrong!

Broadband.
I use Three and have yet to find a cheaper deal after 5 years. £16.50 a month for about 50-70Gbps.

Mobile phone. 
I now use ID mobile. Net cost after cashback £5/month.

Utilities.
I've managed to find good fixed rates every time mine comes to an end. I've moved several times over the past 7 years. I reckon I've saved well over £1,000 by doing so.

Quidco/topcashback.
Total over £500.

Credit cards
Apart from stoozing cashback on Amex earned over £100.

If I add everything up I've easily saved/made a few thousand. If I add my stoozing to the list I'm at least £6,000 up, and quite possibly much more.

I know it's not everyone's cup of tea, but it's paid for things I'd otherwise not have been able to afford.

sonny55

Savings £2 coins!!
Go me !!😁

singhini

When i turned 50 i gave up alcohol and high street takeaways along with reducing my intake of processed foods (my thinking was i've had 50 years of that stuff and are they going to improve my health moving into my 60's and 70's   ----> No  ----> so i stopped).

I still go to the pub (but order soda water and line) and buy things like the odd pizza or packet of biscuits from the supermarket (but no more than one "processed" item for the week). ive also reduced my driving right down (i now try to walk to the local supermarket, when i would previously always drive). 

Im now living off roughly £900 a month which covers everything (food, utilities, transport, insurance, pets etc..)

jennystarpepper

Buy in bulk when supermarkets have offers and freeze. Sainsburys have big gammon joints on offer and beef, meat gets sliced (with an electric slicer) and frozen for lunches.
Have I 'tin' which I put unexpected money in, sold a few Ebay items and on collection gave the buyer a discount for cash when buying extra of what I'm selling. 
Amex for Airmiles, not everyone's cup of tea, but free lounge (if business) so no food or drink to pay, and a companion pass for a long haul.
Buy good quality clothing / shoes and Nike trainers on sale, £8 for a £35 M&S robe and £65.00 for a £129.99 pair of Nike air, clothes are line dried or buy the burner, tumble dryer used a couple of times a year.
Mr Pepper is also learning, supermarket special, 25p birthday card for a relative who is not very nice (I'm being very diplomatic when I say that), early retirement is a motivator for him.
Throw all spare money / round down bank balance to throw at last of mortgage, hate paying interest, GRRR.
Don't buy take away food, annoys me to spend £20.00 for late / cold / bad food.
One car house, again buy a quality brand and have a friendly garage who I tip for Christmas, the have saved me £££ over the years, have changed me bulbs when I've called in and not charged me. 22-year-old car is due to retire this year

Lord_Mattenly

singhini said:

When i turned 50 i gave up alcohol and high street takeaways along with reducing my intake of processed foods (my thinking was i've had 50 years of that stuff and are they going to improve my health moving into my 60's and 70's   ----> No  ----> so i stopped).

I still go to the pub (but order soda water and line) and buy things like the odd pizza or packet of biscuits from the supermarket (but no more than one "processed" item for the week). ive also reduced my driving right down (i now try to walk to the local supermarket, when i would previously always drive). 

Im now living off roughly £900 a month which covers everything (food, utilities, transport, insurance, pets etc..)

£900 a month for everything is quite something. My monthly bills come to at least £700 a month before food, personal spending and putting money by for annual spends. My absolute minimum income would need to be at least £1500 a month( includes putting money by for annual expenses)to live reasonably comfortably. However that would exclude travel and some other extras.

Fortunately my retirement income is sufficient to also pay for travel, the extras and save some money too.

I have great respect for those who have happy fulfilling retirements on relatively lower levels of income.

I do tend  to buy more clothes in sales and check prices when buying things, but I  am not that frugal. I also do not understand why some people go on being frugal when there is no need for them to do so. One is a long-time dead! But that is my personal view.

I do have a savings target this year to replace money I used to buy a newer car last year. This is going quite well and should be achieved by December.

I will change car and home insurance providers should premiums become too high. However,  I am not one to change utility providers or chase bank switches. I am quite happy with who I am with and will continue with this view. Again others differ on this approach.

For me retirement is about managing on what I have to live happily and healthily. There is no longer the need nor desire to look at ways of increasing income.

singhini

I think ive got an illness about saving money to be honest (it actually put a smile on my face knowing i didn't spend any money yesterday). 
I also don't get things like door keys cut in this country but abroad as its usually cheaper.
i could/should relax a little but i really struggle.

Here's my lawnmower - yes its held together with cardboard.
Oh dear!!!