David Gray says that having enough savings to see us through retirement is important for our peace of mind with not saving enough being the number one financial regret among Australians aged 55+1.
With the right approach to budgeting for your expenses – big and small – you can make the most of your money, now and for years to come.
Look for bargains on big-ticket items
When you’ve got more time on your hands in retirement, you may find yourself dedicating a bigger chunk of your budget to travel and leisure.
That’s why it’s important to get the best value from spending on holidays, hobbies and enjoying time with family and friends.
The travel industry has become fiercely competitive, with more and more agents and operators looking to secure business from a growing market2.
So, there are some pretty amazing discounts available, particularly if you’re flexible with dates, prepared to travel off-peak and book early.
If you’re limited to school holidays so you can travel with the whole family, look out for caravan and holiday parks that cater to larger groups as a budget-friendly alternative to multiple hotel rooms.
Time with family is its own reward
With 34 per cent of retirees3 rating shared experiences with kids and grandchildren as their favourite past-time, quality time with loved ones is a high priority in later life.
Making family encounters memorable and enjoyable doesn’t have to cost much.
It’s often the simple, familiar rituals that stand the test of time in your mind, and for younger family members too.
Enjoying a favourite picnic spot together or a regular family lunch or dinner can feel just as special as dining out, particularly when everyone does their bit to help with food and entertainment.
Saving on essentials
Although spending less on the special things in life can do wonders for your budget, savings on day-to-day household expenses can add up and make a difference too.
Online comparison sites can help you get a better deal on essential products and services like:
* insurance premiums
* credit card fees
* personal loans
* energy bills
* mobile phone plans
Or ask your friends and family where they found the best deals.
Topping up your income
As well as tightening the purse strings to make your money go further, it’s also worth looking at ways to bring a little extra money in by selling unwanted items online or through social media.
While going back to work in a 9-5 or part-time job may not be appealing or practical, offering help with pet-sitting, dog walking or babysitting can be a great way to add a little to your budget and enjoy making new friends in your community.
Take the next step
With the right help, planning for your retirement is easier than you think. For more expert tips, visit the StatePlus website at this PS News link.
* David Gray is a registered financial adviser with StatePlus and can be contacted at [email protected].
References
1 Research Backgrounder and Topline findings prepared by BlueChip Communication 7th September, 2017.
2 “Today, the number of people on the move is unprecedented, with international tourist arrivals increasing from just 25 million in the 1950s” to 1.2 billion in 2016.” Link here:
3 Research Backgrounder and Topline findings prepared by BlueChip Communication 7th September, 2017.
StatePlus, formerly State Super Financial Services, is one of Australia’s leading providers of financial planning. Since 1990, our retirement experts have provided life changing financial advice to public sector employees and their families. With a StatePlus planner by your side, you can feel confident about reaching your financial goals to live the retirement you really want.
This article was published in August 2018. The information in this article is current at the time of writing the article. This is general information only and does not take into account your personal objectives, financial situation or needs. It is important to seek financial and taxation advice that takes into account your personal objectives, financial situation and needs before making any decisions based on this information.
