Start thinking about retirement
Many people are interested in saving money, especially people who are either retired or about to retire. The harsh reality hits you that your superannuation or savings are now required to actually live by – and should you over spend, you do not get another chance to earn money unless you want to continue working with part time retirement work.
So what is the first step to thinking about retirement and making sure you do not have to go back to work? This article will look at some different things you should be thinking about.
Spending Habits
The first thing we often suggest here at Savings Guide is to evaluate your spending habits, especially on food – as we must eat, and will continue to eat until our last days.
Things to think about are:
- Do you eat out a lot?
- Do you eat most of your meals at home?
Come retirement, you will have to make sure you are saving money on food by pre buying your meals from Woolworth’s or Cole’s, as it can drastically cut your food costs in half.Food bought pre made or on the run tends to have a much higher inflated price, making you spend a lot more money on a lot less food.
Food will be your biggest expense in retirement, so treat it that way. Be smart and plan ahead, it also plays a large role in your health – so eat well and you will feel well.
Your vices
Something you should also consider is that of your vices, the bad habits you have under your belt that really can be a drain on the old wallet.
Smoking we know is not good for us, so it is upto you what you do with this one, but remember – you can save upwards of $4000 a year by not smoking.
Drinking is fine also – in moderation of course, so ensure that you limit your intake of alcohol as it is rather expensive. Maybe even visit a discount bottle shop and buy some wine or beer that you like in bulk, cutting out the often high mark up prices you find in a supermarket bottleshop or local.
Buying Groceries
Does shopping for groceries really annoy you? Most people list it as a top 10 thing they do not like doing.
Consider shopping online at Coles Online or equivalent. You can save lots of money by buying directly and choose very flexible delivery times. The online Coles website also has a section directly targeted to items that are reduced and on special should you wish to find some bargains.
Online shopping for groceries also helps you because you do not have to walk around the entire store and be tempted to purchase things on an impulse. You can go right to what you need without being exposed to the rest of the store. You can also go quickly from your computer to your kitchen to see exactly what you need, so there are no extra trips back to the store because you forgot something, which means no wasted petrol money.
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One Response for Start thinking about retirement
I started thinking about retirement at the age of 40, gave me 10years of hard saving to look forward to!
