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

[NotEnoughTime]

...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 of 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.

I suppose it depends what you want to do with all the time. When I worked I went bananas when I had leisure time....eating out, drinking out, cinema, going to a pricey gym, expensive holidays......lots of stuff really to escape from and justify and compensate me for all the hours of hard work.

Now I'm retired I do much less of that. I volunteer in a brilliant vintage clothes charity shop, have inexpensive hobbies, use the library, do courses (which are often cheaper for retired people), walk my dog, do park run, meet friends for walks/picnics/in our homes, am a member of several clubs locally e.g. book club, WI. I live in a nice city where there are lots of free exhibitions, galleries, festivals and museums. There's lots you can do with little money, but I guess you have to weigh up if those things will make you happy. If you want cruises and The Ivy then you might need more money.

We have made an effort to reduce some of our outgoings as well as needing less fuel for commute. We have changed our gym subscription to off peak which saves a bit every month and also got rid of our window cleaner. I am trialling cheaper contacts and will get some new varifocals so I don’t wear my contacts every day. All these little things add up over the months. Heating is a concern but we don’t have ours on during the day, lots of blankets and warm jumpers instead.

@Bigweekend
Weather permitting, we spend much more time in our garden.
When we worked we only really saw the garden at the weekend and so much needed doing during those weekends as things cropped up.

Now we're more on top of it and get to enjoy it during the day although not as much during this time of year.

Dog walking, leisurely cooking , NT and some cracking telly ... so enjoyable.

My spending has gone down. I'm driving less, what I eat at home in the daytime is less expensive than the portable food I'd have at work, and the things I wanted to retire to do - walk all day, read, get involved in local activities - are free. And I'm not buying frivolous things just because I work hard, earn the money, and "deserve a treat". The extra time and lack of pressure are beyond price.

My DH is still working and I expect that when he retires our expenditure will go up as we'll go off on trips together and eat out more, although if the money won't stretch that far it's not a problem, he's got immense tolerance for watching sport on a screen at home.

DH doesn’t spend much because I’m always on at him not too😜🤣

I’m still working full time and don’t spend much because we’ve 2 dc to fund through university and dh’s pension does not match his previous income. It grates a little sometimes but I always knew dh would retire before me so I deal with it.

Not sure. Possibly a bit more as OH (now also retired) loves to go out for a coffee and cake. Possibly less (RN) as an unwell pet means we're not going on holiday.

When I was retired and lockdown was full on, I didn't spend very much at all though, as all my amusements (going for walks / cycles / gardening / reading etc) were more or less free.

NECESSARY expenses are much the same as I was WFH before I retired.

We spend much less. More time to plan meals and cook and (daft as this sounds) the sheer luxury of having the time to walk to the shops/chemist/library rather than dashing around in the car, cramming every errand into half a day means we use much less fuel.

I spend a lot less and like others, was pleasantly surprised by how much less my outgoings were, car fuel, lunches, etc.
I agree about all of those expensive activities and purchases to compensate for working. I don't feel the need for them any longer.

You can't put a price on a pleasant leisurely awakening and not having to rush out of the house in all weathers, returning when it's dark, cramming in leisure and housework in the all too short weekends.
Being able actually to spend some time in my house and enjoy the efforts I put into furnishing and decorating it is nice, not to mention reading some of my books and listening to some of my music collection.
I get to see all the Snooker on TV, which is fabulous!

i economise on fuel by wearing layers and fingerless gloves when it's bloody freezing, as well as using my heated throw, the world's Best Buy. Or stay late in bed and read or listen to radio 4.
We now have a productive garden, which saves a lot of cash on things like asparagus, garlic, salad crops and fruit.
I go mostly to the daytime pensioners' cinema, which is dead cheap.
We eat twice a day now, mostly cooked from scratch, much more economical, especially with slow cooker and air fryer.
Occasional meals out, trips, etc still happen, but life in general feels a bit like a holiday at the moment.

It sounds like you are living the dream Giggorata.

Maybe because your a couple those things are easier/more enjoyable. I'm a widow and find company costs, even if it's only going out for coffee.

I think if possible try to give up running a car. Order food online. Use buses and get a bike.

Spend less on the actual commute, buying on the go coffees /snacks

Spend more on lunches out with friends etc

Definitely less but differently. I left work just before the first lockdown so the first couple of years have been a bit odd, but this year I have spent more on clothes thats because I have changed my wardrobe completely from working lifestyle to the life I live now ( I really must stop this though now!) .
We bought a campervan and electric bikes, club and NT fees , insurance etc but those had been budgeted for.. but overall less on more holidays ,
Probably have spent more on gardening and hobby stuff..

Less on car petrol and tyres etc , we only have one car and wont replace that for some time.
We do need to do stuff to the house, but then will sell and get something more suited to our ongoing life plans ( this one has a massive garden and we want to be away traveling a lot more )

We dont eat lunch either usually ( I think lunch for me was a break from the tedium of work ) just later breakfast and earlier dinners.. Also no lunch break , means no daily mooching around shops .

Food wise we haven't really cut back but cook more

Gas and electricity we use pretty much the same except for deep winter when we are in more .. obviously thats costing more ..

I am still paying class 3 NI contributions ( about £880 a year) to make up my state pension as I was 'contracted out' . Lots of people who were in public sector pensions were before the changes , so its really important to check this to make sure that you get your full state pension , you can on the gov.uk website) . But that will end for me after April .

The very best advice I had a few years ago ( and I am so glad that I took it ) was if your company pension and finances allow it you could do what I did and pay additional voluntary contributions .. it really makes a huge difference (and you also get used to living on less.). I ended up paying almost half of my wages as AVCs , it worked out really well because you also get taxed less on your salary as pension . I did this over the last 10 years of my working life.. so took home much less and got used to it .. because AVC but contributions come out pre tax you effectively get 20% more as the remaining salary is taxed less. By doing this I managed to save enough so that my income is the same as my old take home pay was ( and ill actually be better off once state pension kicks in than I was working)

its not huge as I only had a mid level public sector job but its enough to live pretty well.

Go for it !

Like @Giggorata & @Laska2Meryls I also eat twice a day, move more and went down a couple of sizes since stopping work in 1st lockdown.

I do seasonal clearouts of my former working wardrobe and other stuff and get reduction in my tax by donating to a couple of charity shops through give-aid.

I prefer to picnic on food brought from home when out walking than queuing for mediocre fast food. I am making up for lost time doing things I have always loved doing but never had enough time like long walks and some travel using Railcard and buses although still use the car.

Overall spend maybe a bit less or about the same just differently - less on clothes and food and more on travel and energy at the moment.

I spend less as there is no commute and no expenditure on work clothes. Much of my social life was related to work eg end of term dos, birthday and leaving parties etc so that’s all gone. Covid lockdowns also contributed to less of a social life and there are some people I have not seen for three years as things never quite picked back up!

I do spend more on food as I am around the house more. I used to get a free sandwich for lunch and instant coffee at work so I have never spent on lunches.

I downsized when I retired and that really helped financially.

My lifestyle is quite simple really. I love clothes and fashion but there’s no point buying a designer handbag for example as my lifestyle has changed so much I wouldn’t use one.

Also I am single and don’t do holidays as I have caring commitments so no expense there just an occasional lunch out with friends.

PS. I wish I had stopped working earlier as time goes faster when doing things I enjoy more so go for it!

Yes absolutely.. days whip by... I often see people in offices now looking bored and tired (especially notice those like insurance companies estate agents etc with shop windows ) and think how fortunate I am not to have to be chained to my desk any longer..

Me and DH both gave up last year. We have quite a healthy pot in the bank/building society and calculated we could live off that for a couple of years before we needed to touch pensions. DH gets the full state pension.

Obviously we don't have commuting costs and the inherent costs of working in London. However, we have spent more since we gave up because of the novelty of not having to work, so it's been pub lunches, coffee when we're out shopping, still going up the bar with friends, etc. I have told DH that I want to sit down in the next week or so, look at bank statements, budgeting etc. It helps that we're in that mucky weather time of year so we don't feel inclined to go out much. I still do my weekly ballet and Zumba classes.

I need to get someone to look at my pension. I'm 9 years younger than DH and I admit I've been very 'head in the sand' regarding it. I did think of going to Pension Wise - would anyone know if they are any good, or could point me in the direction of a reputable adviser?

DH is 70 this year and is thankfully in good health, as am I (touch wood) and he has said that he wants to continue with our holidays, breaks in this country while we can so we are looking at that, and we have allowed a sum for this in our pot. I

we still run a car. This is a necessity as we live in a village with a limited bus service and I need to be able to get to my elderly mum who lives 45 mins away. DH shops around for the best insurance deal, together with the best deals for utilities, home insurance etc.

Thanks everybody.

Good shout regarding the car. My DH and I have one each at the moment (we work in opposite directions) but we will go down to one when DH retires. He is due to retire in the next five years and all being well I will retire five years after him.

What a nice retirement you are having! ♥️

I'm planning ton getting a nice upright Miss Marple bike with a wicker basket on the front and where I don't have to lean over to cycle which my back hates

I think Halfords do a ladies bike with a basket at a reasonable price (less than £200).

Thanks Abracadabra12345, I do appreciate every day very much.

I rarely use the car as I either walk or use my bike...which is a 'Miss Marple' type with a basket and panniers. I even bought that second hand at a local charity which employs ex prisoners and trains them how to repair things. When you don't work you have much more time to look around for cheap/ethical/charity/local stuff which I really enjoy. I'm also part of a local litter picking group which is very sociable and helps keep the area tidy.

Having time to garden, grow, cook, sew and generally fettle stuff saves money too.