Living & Lifestyle

Thursday, 20 October 2011

Money saving tips for over 50s

With inflation causing the cost of everything from food to petrol to rise, and the poor returns we can expect on any savings thanks to historically low interest rates, it is little wonder that many over 50s are feeling financially squeezed. But by doing simple things such as comparing house insurance and motor insurance, it is possible to save. Follow these top money saving tips for the over 50s.
Woman with pink piggy bank
Review your gas and electricity bills: During the winter months all of us will be using more gas and electricity. Prices have gone up considerably over the last few months, so compare energy tariffs to find a better deal.

Buy travel insurance: It can be tempting to skip on insurance products when money is tight, but if you do travel, even just once a year, don’t skimp on travel insurance. Why? If you do happen to fall ill while abroad you may have to pay all of your medical costs and repatriation flights yourself – something that is extremely expensive and could land you a lifetime’s worth of debt.

Make a list: Inflation has had a huge impact on the cost of a weekly food shop, one of the biggest areas of expenditure for the over 50s. If you are looking to save money make a list before you go shopping – and stick to it.

Review your motor insurance: Still on a standard motor insurance policy? If you are over 50 you can benefit from cheaper motor insurance premiums.

Use your ISA allowance: The returns may not be as good as they were when interest rates were higher, but ISAs still offer tax free savings. Failure to use your ISA allowance each year means you are missing out.

Review your house insurance: It’s a worrying, but true, statistic: during times of economic hardship burglaries and thefts increase. With this in mind house insurance has never been more necessary. Check to see you are paying the right amount for the right level of protection and compare prices online to save.

Become a deal hunter: Money off vouchers and 2-4-1 offers are increasingly popular with consumers and retailers. During an economic downturn they genuinely offer great money saving options, particularly for supermarket shopping, eating out and petrol. Keep an eye out online to find the best deals.

Go own brand: An obvious tip for saving money when it comes to food shopping is to ditch the big brand names and instead opt for supermarket own brands. They are typically cheaper and more often than not taste the same.

Buy a flask: It is only in recent years that everyone started buying skinny-frappes and mochachinnos at expensive coffee shops on the way to work. Sure, they might taste nice, but think about the small savings you could make each day if you bought a flask and filled it with tea, coffee or hot chocolate each morning.

 

Thursday, 03 May 2012

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