21 ways to save money
You be the judge. Use the tips and see how money you can save.
1. Review your pension
Taking benefits from your pension, since April 2006, has never been easier. As long as you're over 50 (increasing to 55 years in April 2010) you can draw benefits. This could be tax free cash or a full blown Retirement Benefits Package tailored to suit you. However, you should think carefully before deciding on a particular course of action. By seeking professional advice you could save or potentially make a lot more from your allocated pension.
Pensionlite specialise in pension and retirement planning. Their pension experts provide free, complimentary, no obligation, pension review and recommendations. For assistance contact Pensionlite on 01952 614272 or email Pensionlite - quoting reference: PLSD1.
Potential Saving: £1000's
2. Check you mortgage repayments
For many mortgage repayments are the biggest financial commitment they will face. However, through convenience, most people maintain their mortgage with the original lender - costing you thousands of pounds in extra repayments. These days there are thousands of mortgage deals to choose from. This can be done simply by using a mortgage comparison website or using a specialised mortgage broker like Western Mortgages who will provide free, unbiased, independent mortgage advice.
Potential Saving: £1000's
3. Cut your energy bills
Start by reducing the amount of energy you use. Make sure you home is well insulated and free of draughts. Also turning off lights and standby appliances can make a huge difference. To get a headstart read - save money save the planet.
Electricity and gas have come down recently. But that doesn't mean you're paying the best price. According to Energy Helpline you could save over £250+ if you have never switched energy suppliers. You can also pocket a further £20 if you refer a friend!
Potential Saving: £100+
4. Pay off your credit cards
Credit card debt is expensive. On average the interest is 15%. Lets say you had £1000 owing on your card. By wiping this debt you could save £150 over the course of a year.
If you don't have the means of paying outstanding credit card debt back immediately be on the look out for 0% balance transfer credit cards. These cards give you the option to transfer your existing debt to a new credit card without having to pay the interest for a honeymoon period.
PLEASE NOTE: Only sign up for a cash back credit card if you can guarantee you will meet your monthly repayments.
Potential Saving: £100+
5. Slash your phone bill
Are you still with BT? They have their benefits but you will more than likely you will be paying a premium for your current service. A cheaper option is to consider packaging your phone with your broadband and television services. Package deals are offered through Sky, Homechoice, NTL.
If you really want to save money consider using an internet telephony company such as Vonage. Internet phone companies use a technology called VOIP, which allows you to make calls by using your broadband internet connection. With Vonage you pay £7.99 per month for the service and calls to 01 and 02 UK numbers are free. Also, they have introduced new world plans which allow you to call landlines in other countries for free.
Potential Saving: £50+
6. Change insurers
By renewing your insurance policy with the same insurer each year you will more than likely be paying above the odds. Most of us renew with our existing insurer out of convenience. Don't fall into this trap, it's costing you money. The internet has made it easy to find cheaper deals with equivalent cover. Plus, insurers will fight for your business by offering you an introductory or new customer discount - but you need to know where to look. Seniors Discounts has compiled all the best new customer insurance discounts in one place.
Potential Saving: £150+
7. Don't pay full price at restaurants
One of the benefits of being a so called "senior" is the ability to take advantage of senior discounts. Restaurants offer Seniors Discounts to increase their clientele and patronage, they want you're business. So don't let indignation or pride stand in the way of you saving money! If you visit a restaurant once a month you could save over £100 each year. Find restaurants with seniors discounts in your county.
Potential Saving: £100+
8. Pump up your tyres
Keeping your tyres inflated at the correct pressure is a simple way of saving money. If you're tyres are under inflated your car will burn more fuel to travel the same distance. You will also need to replace your tyres more often. To keep the car costs down remember to get your car maintained regularly, drive away and pull up at the lights smoothly. Also keep an eye out for cheaper petrol.
Potential Saving: £50+
9. Drop the monthly mobile bill
The average mobile plan costs £35 a month - £420 a year. By changing on to a pay as you go plan with Orange you may be able to slash the cost by as much as 50%. With pay-as-you go you only need to top up your credit when needed.
Potential Saving: £200+
10. Reduce the cost of prescriptions
Being over 60 allows you to get free prescriptions through the NHS. For those under 60 who require prescriptions regulary it may be worthwhile purchasing a Prescription Pre-payment Certificate. Any person paying for more than 5 prescriptions in 4 months, or 14 presecriptions in 12 months will save money by purchasing a PPC.
Potential saving: £100+
11. Stop paying monthly gym membership
And go for a walk. Rather than being surround by four walls, get outside and enjoy your surroundings while staying healthy. If you prefer using a fitness centre for health and safety reasons avoid paying full price membership. LivingWell offers a plusSixty membership at a discounted rate for people who can exercise between 9am - 5pm.
12. Save on DIY
B & Q, Focus DIY and Wyvale Garden Centres offer 10%+ discounts nationawide to people over 60. So next time you need something for the house or garden make sure you take advantage of the discount.
Potential Saving: £100+
13. Stick to the shopping list
Supermarkets know how to trigger our impulsive nature. To avoid being caught out plan your meals before you visit the grocery store and make sure you only purchase the items on your list. By reducing your shopping bill by £5 a week you will save £260 over the year.
Buying your groceries online can be a great money saver. Relatively new website, mySupermarket, compares your shopping basket with the 4 leading supermarket chains so you can decide which is the cheapest.
Potential Saving: £250+
14. Fly mid-week
Senior discounts on flights have somewhat disappeared. But you can still benefit from super cheap flights. The benefit many seniors have is flexibility of time. For domestic and European flights try to avoid the peak times - flying out Friday nights and returning Sunday nights. By flying out mid-week at times outside executive business travel you will find tickets will be much cheaper. Check Ryan Air, Easy Jet and BMI Baby.
For international flights booking early or last minute can bring down the cost of a fare, but it can be a bit of a gamble. The ideal place to start is by using a flight price checker.
Potential Saving: £100+
15. Seek tax advice
Taxation is a complicated area and is usually best left to the experts. This poses a problem as advice can be expensive. Fear not, if your household income is less than £15,000 per year and you're a pensioner you qualify for free tax advice from TaxHelp for Older People (TOP). A similar service is available through Tax Aid, a UK based charity providing free tax advice to people who cannot affort to pay a professional adviser.
Potential Saving: £100+
16. Shop online
Many business provide discounts online which may not be available in stores. To make sure you're getting the best price look out for online sales. Each month Seniors Discounts shares some of the best available internet discounts to its newsletter members. If you haven't already subscribed do so now - subscribe to Seniors Discounts free montly newsletter.
Potential Saving: £300+
17. Keep an eye out
Once you turn 60 the NHS allows you to have a free sight test every year. You will also find high street retailers offering free sight tests. They are worthwhile taking advantage of, but make you don't have to purchase your glasses directly through the retailer. There may be much cheaper options available to you. Spec Savers offers 20% off to people over 60. An even cheaper option is get your prescription glasses through an online retailer such as Glasses Direct - prescription glasses start from as low as £15.
Potential Saving: £50+
18. Save on theatre tickets
Enjoy a night out at half price. London Theatre Direct offers tickets at heavily reduced prices. At the time of writing here are a few of the deals available - Chicago £22.50 (
If travelling to London or theatre is not your thing try browsing attractions in England. All attractions display the discounted price for seniors.
20. Getting Around
Some of you may resist being called a senior. Understandably so. But when it comes to local travel you would be silly not to take advantage of the discounts available. The saving can add up to hundreds of pounds every year.
Freedom Pass
Seniors Railcard
Eurostar - Offers discounts for seniors
National Express Coaches - Up to 50% off for over 60's
Free bus travel Scotland
From April 2008 people over 60 will be entitled to free off-peak bus travel across England. To get your bus pass apply through your local council.
Potential Saving: £100+
21. Save Save Save
Do you any spare cash laying around in a bank account earning very little interest? If so, switch the money into a high interest account. The average high street account pays a megre 3% interest. Switch and you could be earning as much as 6.4%. Review the highest paying savings accounts.
Potential Saving: £100+
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