Retiring? Learn How to Manage Your Money (and Save More)
As the retirement age keeps getting pushed further back, the concept of giving up work and pursuing a leisurely lifestyle becomes more of a distant dream for many of us.
And when the time finally comes, too often the stresses of money make us unable to truly enjoy it.
However, Allan Esler Smith, editor of The Good Retirement Guide and member of the Institute of Chartered Accountants, has some good advice for managing your money during retirement.
Managing Your Money: Analyzing Outgoings
Do you regularly keep track of your finances? If not, chances are you're being overcharged for your utilities.
It's easy to keep common bills including electricity, insurance and phone contracts automatically rolling over each month, without questioning any increases in price.
Quite often, suppliers rely on lethargy, as there just never seems to be enough time to sit back and review your main financial transactions. For most people, the automatic renewal comes through and we pay it without hesitation.
Smith has decided that enough is enough. In his book, he recommends that everyone should make the time to thoroughly go through their finances, in what he’s calling a ‘Super Saturday’ money saving day.
“There’s always that oops-I-forgot-about-that-direct-debit-moment”, Smith says. “How many people actually go through their bank and credit statements and go through those direct debits that have built up over the years?”
Comparison websites have become a popular way to check whether or not we’re overpaying for some services. These days, changing suppliers is quick and painless, with the potential to save you a small fortune.
Listen to Smith himself as he discusses how to avoid scams and save more money.
“Good, honest people don’t fall victim to scammers, do they? Wrong. Many victims are just like us, encountering very professional scammers who’ve employed all their tricks. Before you know it, a payment has been made. If it’s a few pounds you might write it off to bad luck and experience, but what if it’s a few hundred pounds? A few thousand? Or even more?” - Allan Elser Smith