Over the years, as the retirement age has crept up, many seniors are now having to settle for a smaller pension pot and dip into savings after they have stopped work. Consequently, knowing how to make your money go further before reaching retirement age can prove incredibly beneficial as by the time you get there, not only will you know how to make the most of your cash but you may have also saved those left-over pennies, which will contribute to a more comfortable retirement. So, whether you’ve accepted that you’re in it for the long haul or are more hopefully thinking ‘how much money do I need to retire at 55’, here are some simple saving tips for over 50s:
Check the Interest Rate on your Savings
If you’ve been stashing your money away over the years, you’ll have no doubt earned some interest on it. However, with some banks paying as low as 0.5% on their client’s savings, many people miss out on extra money due to having an account with a poor interest rate. Consequently, it’s worth checking how much your money is earning while it's sitting in the bank. If you find you could be receiving more elsewhere, simply switch to the bank offering you the best deal.
Shop Around for Travel Insurance
It’s well known that travel insurance premiums begin to rocket for travellers over 40 or with a pre-existing medical condition. To ensure you don’t get stung, take the time to shop around and consider a number of different insurance policies as not only are you likely to find a cheaper premium, but you may also find a policy that’s better tailored to you, e.g. that covers certain health issues. Similarly, if you’re travelling in a group, be sure to check individual policies as well as group policies as these can often be higher if one of your party is a considerably older or has a high-risk medical condition.
Get a Diamond Club Card
Specially created for over 50s, Diamond club cards can save you money when eating out. Having one of these cards will permit you and a companion (providing they are also over 50) to eat out at a number of selected restaurants and eateries across the UK for a discounted price. Additionally, every time you use your Diamond club card, you will receive points; once you have earned 500 points, you will then get a further £5 off your food via a voucher. Card owners will also receive a free drink if they chose to eat out a selected restaurant on their birthday!
Take a Discounted Cinema Trip
A number of UK cinema chains including Cineworld, Odeon and Vue offer discounted prices on senior cinema tickets. For example, guests over 55 can take advantage of Odeon’s Silver Cinema experience every week; tickets are available from £3 and include free tea, coffee and biscuits to be enjoyed before the film. Similarly, Vue’s senior cinema tickets can be purchased from £3.29 and also include a hot beverage and biscuits.
Do you have any other tips for becoming moneywise over 50? Let us know by getting in touch on social media channels! Alternatively, to find out more about how to make savings, visit our dedicated money page.