Getting older brings many changes, including how we see things. When I was younger, I always felt a thrill when I had a new sofa – or perhaps some garden furniture – arriving. Now I think to myself, Would I rather buy something new (which may well outlive me!), or buy something for a fraction of the price and spend the money on something I enjoy doing? Turns out, I mostly opt for the second :).
Thrift
As well as saving money, thrifting also has many benefits. For me, the most enjoyable is sourcing a bargain. I visit auctions, country house sales, charity shops. It is so much fun! I have bought some incredible pieces for just a fraction of the price and am able to use the money I save for restaurants, theatre tickets, concerts, and even holidays. It is like a reward for doing something I really enjoy, so is a win/win situation.
Downsize
I downsized several years ago and couldn’t be happier. My little cottage has everything I need, and I love it! Before, I was trying to upkeep a house, with bedrooms that were never used and space that made me feel a little lonely. Now I am comfy and cosy, and have money in the bank for holidays, emergencies or just to pay my bills without worry.
I know sometimes it can be difficult to move, especially if you’re leaving behind ‘the family home’. But it is your home too, make the decision that is right for you; everyone else is getting on with their lives. The memories you have will be with you wherever you are, and the money you save may help pay for many more.
As well as saving money by moving somewhere smaller, there will also be less maintenance, lower costs and less cleaning! Leaving you more time to enjoy spending all the money you have saved :).
Declutter
This is one of my favourite ways to make additional money. I love that I can make extra cash, get rid of things I no longer need or want, provide something that someone else wants at a realistic price, and reduce landfill. That sounds like a massive win to me!
Online selling platforms make selling secondhand goods really easy. Why keep that foot massager you no longer use in the cupboard, when someone else would love to buy one at an affordable price, and give you money to do something you really want?
It’s the same with car boots. I have often made £100-£200 selling stuff that has been lying around for years and cluttering up my home. My house becomes clutter-free and my bank balance becomes fuller :).
Prioritise
Often, when we have done things for a long time, we just continue without asking ourselves if they still meet our needs. Do you really need to upgrade your car every few years? Is your healthcare the best package for you? Are you still paying for subscriptions you no longer use? Is that expensive face cream really doing what you hoped?
Writing down a list of things you pay for each month/year can really help you see where your money is going and, more importantly, where you can make savings. For example, if you are paying for a £50 per month gym membership and you don’t go, that’s £600 a year you could be saving. Look at things like memberships (especially automatic renewals), insurance, car breakdown coverage, etc. to see if your money could be better spent doing things you enjoy :).
Create
By the time we have reached our 60s, most of us have accumulated a huge range of skills. Just imagine the ‘occupations’ you’ve had… storyteller, driver, writer, chef, hostess, artist, mediator, counsellor, dress maker, nurse, designer, project manager, gardener, poet… the list is endless.
Somewhere within this, there should be something you really enjoy. How about turning your skills and passion into a way of making money? For example, set designing at your local theatre, acting, voice over, dinner party cooking, virtual P.A., caring for others, interior design, parcel delivery, writing a book. There are so many opportunities out for people who have spare time, a few skills, a little passion… and a desire to earn more money.
Before you think the chance has passed you by, think again. You are never too old. Colonel Sanders, established Kentucky Fried Chicken at 65, and Laura Ingalls Wilder began writing The Little House on the Prairie in her mid-60s. And let’s not forget the incredible Barbara Cartland, who was still writing in her 90s!
I am not saying you will become a millionaire overnight, but I do believe that you can seriously increase your income just by changing a few things. If nothing else, it could be an adventure! :) What have you got to lose?
You may also enjoy 60 Creative Ways to Make Money in Retirement.
Let’s Have a Conversation:
Do you like to thrift-shop? Have you downsized your home? Are you creative in making extra money? How do you live the champagne life on lemonade money?
