How I’m helping my Dad financially with his retirement

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Many people reading this may have a parent who is thinking about retiring, or who has already retired from the world of work. Retirement can sometimes be a bit of a puzzling time for our parents- and it is often necessary to take a step back and use our online tools to help them come up with a plan for how they are going to manage both the financial changes and all that extra free time.

My Dad wants to enjoy his retirement to the full- and so he should! He can now do everything that he wanted to do when working, but just didn’t have the time for. Whilst planning his retirement, he found this tool on SunLife really useful as it helped to give him some more ideas about what else he could do with his time. 

No longer having a regular salary can take some getting used to, especially if the pension pot is a little on the low side- that’s where you can come in to help your parent get the best money saving deals to make sure their pension pot more than adequately covers their cost of living. I’ve decided to use my money saving knowledge to help my Dad to ensure that he is getting the best deals out there so that he can make the most of his retirement. Here are some things I have helped my Dad with, that you could definitely do with your parent too to help save them some money.

Helping him to switch his bills

As you may have already heard, switching your energy provider is one of the easiest ways to save some money every year. There is the potential there to save hundreds of pounds on utility bills by making a switch to a cheaper offer. This is a really easy way to help a parent who is retiring save some money. My favourite energy service is Bulb, a provider which can save you money on your bills but also rewards you for signing others up to their service. If you refer someone else to their service, both of you will receive a £50 reward.

Many households stick with the same company year after year out of loyalty and because of the perceived effort of switching energy supplier. It really is so simple, so if your parent hasn’t already switched their energy provider recently, now is a great time to do so to save some cash. If you are already a Bulb customer, or you are thinking about switching yourself, it’s the perfect way to get a little extra money in the bank.

Haggling with Sky

Did you know that if you haggle with Sky, more often than not they will provide you with a discount? You don’t even need to pick up a phone to do this, and can haggle online to get some money off your bill. My Dad’s TV package alone was costing £60 a month- which is an awful lot for a retiree! After quite a bit of haggling with Sky via online chat, I managed to save him £461.60 over the course of 18 months which is well worth the time spent haggling. My Dad now saves £25 a month on his TV package, so he can continue to watch his favourite channels without compromising his pension pot.

Getting him shopping in the cheap shelf

That’s right, my Dad is now shopping in the cheap shelf! Whether it is reduced yellow sticker food or buying more own-brand items rather than top brands, there is a pretty penny to be saved when grocery shopping. The good part about being retired is that you can hit the supermarket whenever you like throughout the day so you get first dibs on the good stuff. You can also get your parent checking out the damaged goods section of the supermarket where they are selling off products with a slightly torn box, or perhaps a can of fizzy drink that has come astray from its multipack. There are again some huge savings to be made from this supermarket shelf- especially when you were planning to buy these items anyway.

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