Tips On Managing Your Money In Retirement

Once you retire, your income is likely to fall and you may have to change your spending patterns as you get older. This is even more certain with the current economic realities in Nigeria. Here are tips on how to manage your money in retirement:

Identify possible cuts in your spending: With reduced monthly earnings, you have to cut your spendings. Your budget of income and spending may identify areas where you are spending more than you might have expected, and where you think you could easily spend less.

Adopt smarter shopping skills: Void big supermarkets and shop in local stores around you. Don’t just buy; beat down the price.

Review your savings and investments: Consider whether your home might be a source of income. Housing is a major challenge for most Nigerians. If you have a spare accommodation in your home, consider renting it to make extra income.

Relocate away from the city: If you are living in a rented apartment in the city, it will be a wise decision for you to relocate to a cheaper and more serene place away from the city. You will save costs from utility bills and live a healthier life.

Work during your retirement: There is nothing that requires you to stop working just because you’ve begun taking a pension. It may not be your first option if you’ve been looking forward to retirement as a time to relax, but continuing to work – perhaps part-time – is one of the most effective ways to boost your income.

Culled from Daily Trust