If you’re approaching 50, you might want to start this new chapter of your life by restructuring your finances. Whether you’re still working or thinking about taking early retirement, you can increase your disposable income by reducing your outgoings.
For ideas and inspiration, take a look at these savvy ways you can save money as you hit the big 50.
1. Vacation in Term-Time
Instead of taking your vacations during peak travel times, plans to go away when schools and colleges are in session. Airlines, hotels and resorts typically charge a lot more during the school holidays, but you can save hundreds of dollars by vacationing at different times of the year. If you don’t have kids in school, this is a great way to minimize your vacation cost and you’ll get to enjoy your favorite places without extra crowds.
2. Switch Your Car Insurance
When you turn 50, you can save tons of money by switching to a car insurer that offers age-based premiums. With AARP auto insurance discounts, you can access an impressive level of cover for a surprisingly low price. At The Hartford, eligible customers don’t just get AARP auto insurance discounts. They can also benefit from extras like first accident forgiveness, after accident support and disappearing deductibles.
3. Install a Smart Meter
If you seem to be spending a lot on utility bills, a smart meter can help you keep track of how much fuel or electricity you’re using. Often, people spend more than they need to because they’re on old tariffs. A quick call to your utility company could enable you to access a new tax that slashes your bills. What’s more – many utility firms also offer discounts and incentives to people aged 50 or over, so be sure to ask if you’re eligible for any extra offers.
4. Stop Paying Double
Paying twice for a service seems crazy, right? But you’d be amazed at how many people inadvertently pay for things they don’t need or already have. For example, if you need to access legal advice, check your insurance policies before you consult a lawyer. Credit card insurance, car insurance, and home insurance policies often include access to a confidential legal advice line.
Similarly, your car insurance policy may include roadside recovery assistance, which means you don’t need to buy a separate membership. Before signing up for new services, double-check that you don’t already have access via another subscription you already have.
Plan Ahead to Save Money
It’s always important to manage your finances separately, but it becomes even more important to control your finances as you get older. By reducing your outgoings in your fifties, you can ensure that you have the funds and income you need to enjoy your retirement when the time comes.
Furthermore, saving money now will give you more disposable income to enjoy. If you want to plan a big vacation, treat yourself to a new car or reduce your hours at work, these savvy tips will give you the financial freedom you’re looking for.