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Original poster

If you have retired in the last year or two...

48 replies

NotEnoughTime · 18/01/2023 19:11

...could I ask if you spend more money on average a week now or when you were working?

I know going to work costs money ie commuting, clothes and contributing to office collections for people I have never even heard ofGrin etc but week to week do you spend less and if so, is that a conscious effort?

I doubt I will be retiring for another ten years but trying to get my ducks in a row now. I have a very small pension to not? look forward to.

OP posts:
TheOtherHotstepper · 18/01/2023 19:15

Definitely spend less, partly because I don't walk through the Town Centre every day

LavenderLewis · 18/01/2023 19:18

I spend less especially with food because I have more time, energy and interest to plan and cook rather than shopping on the way home and buying random things.

Shunkleisshiny · 18/01/2023 19:23

I spend less, mainly because the M&S Food Hall is not 5 minutes away like it was in the hospital where worked.😄

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Retirement & pensions
CriticalAlert · 18/01/2023 19:25

I spend a ton less as I don't have any money. If I'd known this cost of living crisis was coming I would never have retired. I have to count every penny. Be very careful about your retirement especially if you have a small pension coming.

Oakbeam · 18/01/2023 19:27

About the same. No conscious effort.

CaptainMyCaptain · 18/01/2023 19:28

I spend less because I don't use my car everyday. I'm not paying out pension contributions every month. I still pay tax but not NI. I have a lot less money than before so I'm just careful about what I buy but I'm not struggling.

CaptainMyCaptain · 18/01/2023 19:29

I also have a bus pass which I use.

Original poster
NotEnoughTime · 18/01/2023 19:40

Thanks everyone so bar Oakbeam everyone is spending less which bodes well.

OP posts:
Oakbeam · 18/01/2023 19:42

Thanks everyone so bar Oakbeam everyone is spending less which bodes well.

If it helps, I could spend less. I just have things that I want to do while I’m retired.

Original poster
NotEnoughTime · 18/01/2023 19:53

Thanks Oakbeam. That's good to know. I guess I will just have to cut my cloth accordingly.

As I said it's a while away yet (and retirement age may well rise again) but I need to start thinking about it now.

OP posts:
Pocketfullofdogtreats · 18/01/2023 19:54

I'm not retired but I wfh pt. I spend less. I have more time to plan meals and buy stuff in bulk, rather than dashing into Tesco on the way home, and I rarely go for drinks/meals/coffee - I'm more likely to have friends here for coffee or go for walks with them.

Happygirl79 · 18/01/2023 19:55

I have less money so spend less

I have more time which is priceless

Original poster
NotEnoughTime · 18/01/2023 19:57

Thanks both.

I agree Happygirl79-you can't put a price on time.

OP posts:
LadyMacbethssweetArabianhand · 18/01/2023 20:07

I paid off my mortgage when I retired and downsized to help with the reduced income. I am fairly careful and spend less on a weekly basis now.

Original poster
NotEnoughTime · 18/01/2023 20:14

That's what I'm hoping to do as well LadyMacbeth.

OP posts:
Defiantlynot41 · 18/01/2023 20:27

Overall I'd say less ...

Less on:
Petrol/train fares/parking
Lunches & breakfasts at work
Coffees
Lunchtime purchases
Clothes & shoes, tights, handbags etc
Magazines & books for commute
Office whip-rounds & gifts, treats for team

More on:
Weekly shop (5 extra breakfasts & lunches a week, extra cost slightly offset by less ready meals/quick meals and more "ingredients ")
Exercise classes (I have time and energy to go now)
Exercise clothes

Bluevelvetsofa · 18/01/2023 20:32

We have much less income, so we have reduced our spending by getting rid of one car, shopping in cheaper supermarkets, not eating out, rare takeaways, rare holidays. We haven’t been to the pub for three years. I need fewer clothes, fewer travel costs and I’ve given up my exercise classes.

We have RHS and NT membership, so those are days out.

ladymacbeth · 18/01/2023 20:34

CriticalAlert · 18/01/2023 19:25

I spend a ton less as I don't have any money. If I'd known this cost of living crisis was coming I would never have retired. I have to count every penny. Be very careful about your retirement especially if you have a small pension coming.

Why not go back to work?

AgeingDoc · 18/01/2023 20:37

I think I am spending quite a bit less.
Food spending is down, mainly because I don't buy stupidly expensive sandwiches, a bar of chocolate and a can of pop for lunch every single day any more, but also because I don't come home knackered, feeling that I need a treat, so we are eating far less takeaways etc. Also as I have more time I am less reliant on food that is quick to prepare so cooking more from first principles and making more veggie meals. I've also lost weight!
I spend less on fuel, my car insurance has gone down a bit and general car costs are down as I am driving a great deal less - tyres last longer and so on. I'm cycling short journeys more often too as I have more time.
I had a cleaner when I was working but, much as I miss her, I didn't really feel I could justify that expense any more.
I'm also spending less on clothes because I don't need smart clothes very often these days. I never realised how many pairs of tights I used to get through until I stopped buying them!
The only thing I would say i am spending more on is heating/electricity, and since DH is now working from home most of the time, it's not all down to me. But obviously pre covid when our house was empty for big chunks of most days, the bills were less than now.
Fortunately I don't have particularly expensive hobbies, so whilst I am spending more time on them, I am not spending a lot more money. Since DH is still working we don't have any more holidays or days out than when I was working, though I can imagine that's something that might become an issue when DH retires!

Original poster
NotEnoughTime · 18/01/2023 20:42

This is all very helpful-thank you Smile

OP posts:
Bigweekend · 18/01/2023 20:47

This bothers me too. In theory I could retire now, but what's the point if I can't do stuff?

I can see that my basic cost of living would decrease but the cost of leisure would increase if I had more leisure time?

Original poster
NotEnoughTime · 18/01/2023 20:48

That's what I'm worrying about Bigweekend.

OP posts:
GlassBunion · 18/01/2023 20:52

We don't spend anywhere near as much as we used to.

I buy hardly any clothes now as I no longer need to look respectable.
Lunches are just cobbled from what we have in and there are no more travel costs.
I don't bother with make up etc...

What has cost more is energy. As we're home so much we have the heating on more and use more electricity for eg kettle, tv, gadgets and lighting on darker days.

We really worried about being on a reduced income but it's actually fine.

Bigweekend · 18/01/2023 20:55

GlassBunion · 18/01/2023 20:52

We don't spend anywhere near as much as we used to.

I buy hardly any clothes now as I no longer need to look respectable.
Lunches are just cobbled from what we have in and there are no more travel costs.
I don't bother with make up etc...

What has cost more is energy. As we're home so much we have the heating on more and use more electricity for eg kettle, tv, gadgets and lighting on darker days.

We really worried about being on a reduced income but it's actually fine.

But what do you do with all that lovely time.

I can see savings on commuting and work clothes but I spend most of my money meeting people and doing things at weekends currently. If all week was a weekend...

Speedywallpaper · 18/01/2023 21:08

Quite a bit more. We have more time to enjoy life and spend more on holidays and leisure activities. And of course inflation means food, fuel and utilities are more expensive.

I'd advise tracking your spending from now on so you can work out when you can afford to retire - and put as much as you can into pensions in the meantime.

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