You Don't Have to Be Poor on a Pension
posted on 31 July 2011 | posted in
Business and Finance
I realise that personal finance and investing has become ever-more important in these unstable times, but there are other things you can do to help protect your future too. Since taking early retirement 18 months ago my income has dropped by over 70%, but my standard of living has got better. How? By simplifying my life. I no longer have the 40 minute drive to and from the office and the gallon of fuel cost every day. Along with the reduction of stress my coffee consumption has dropped and so has my weight. I live from my pension but I have not had to go without the pleasures of life. My village store prices are not always as cheap as my supermarket in town but with fuel prices at an all time high I have calculated that that it is cheaper, not to mention healthier, to walk a mile and buy my groceries than to drive the 5 miles to town. That way too I am not distracted by the special offers for the things I didn't really need anyway. So now I shop for what I need when I need it. Beware also of the 2 for 1 offer. I used to be tempted by these all the time but when you check the deal it isn't always a good one. Now that I have time to stop and work out the price I have noticed that when on offer the package is often smaller than usual, the expiry date is short lived or the store's own brand, tucked away on a bottom shelf is still cheaper. The Bottom Shelf - I highlight this because this is where stores often put their cheaper own brand products, with the glossy branded goods taking pride of place and begging to be bought, so practice touching your toes before you go shopping as you'll want to be able to get those deals. Don't forget the discounter. Shops that don't have the glamorous layout have lower overheads and lower prices. I have the time to shop around and don't buy everything in the same store, who needs a gym subscription when you are darting from one place to another? I have reduced my food bills by a third since I left work. My household bills are another area where I save and earn money. I have changed my home buildings and contents insurance twice, in each occasion being paid cashback from an internet site. I have used the same sites to change my life insurance and my electricity and gas suppliers. As well as reducing my monthly payments I have earned over £300 from one site alone. So if you are considering retiring and are worried about reducing your income, look at all the plus points, you don't have to be poor on a pension.
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