Reducing expenditure

Find out how you could save money on your outgoings.

Your retirement brings with it a change in lifestyle and the perfect opportunity to review your outgoings and make some savings if you need to.

Your retirement might mean a reduced level of income, so how about taking stock of your finances to see what your outgoings are and where you can make some changes?

For instance, if you're not travelling to work every day your travel costs will reduce. Also, review your financial and utility providers - could you be getting a better deal elsewhere?

Here are some tips on how to get a bit of additional income to sustain a lifestyle you're used to:

Check your bank statements - make sure you're not making any regular payments for services or subscriptions you no longer want or thought you had.

Review your savings and investments - when did you last check the rates you were getting were competitive? And could your money be working harder for you if you were to invest it?

Start a new business - if you've always dreamt of being your own boss, your Police service retirement could give you the opportunity you've been waiting for. Find out more in our handy guide to starting a business.

Start a second career - one of the good things about retiring from the Police service is that you may still be young enough to go on to do more great things. Read the information we've put together to help you in our guide to starting a second career.

Make sure you're getting all the benefits you're entitled to - you can find out more in the information we've provided about other pensions and benefits.

Enter competitions - if you find you have some time on your hands and a flair for putting together tiebreakers, perhaps the 'comping' life is for you. There are websites and forums dedicated to informing you of how to enter hundreds of competitions. Get it right and the prizes could be massive - good luck.

Rent out a room or parking space - if you live in an area where space is at a premium you could choose to make the most of it and cash in. Do an online search to see what help and services there are in your area to help you with this.

If you're struggling to pay the money you owe, perhaps we can help. We've teamed up with Payplan to offer free advice and support tailored specifically for Police Mutual members on:

• Dealing with your creditors on your behalf.
• Negotiating frozen or reduced interest changes.
• Distributing money to creditors, so you just have to make one affordable payment each month.
• Providing you with an online account, so you can track your payments and contact your case officer directly.

Click here to find out more about our Debt Advice Service

Once you've got a clear picture of your outgoings you can then sit down and see where you can make some savings.

There may be some lifestyle cutbacks you could choose to make, like where you do your shopping and which brands you buy, ditching expensive lattes, cigarettes and big nights out, but we've also provided some tips below on how to reduce your general household expenditure.

General banking - Do you pay a monthly fee for your bank account or credit card? If so, what benefits does this get you and are you using them?

Check your Mortgage Rate - if you're not using your Commutation to pay off your mortgage and any special discounts or deals you were on have expired, now could be the perfect time to review your options. 

Compare your insurance policies - Are you getting the best deal for you? Could you be paying for more cover than you need? Don't put it off until renewal, you can do it any time and you'll be surprised at how much you can save on your insurance.

Cut down your utility bills - Review your energy suppliers regularly, as you might easily find a better tariff. If you live in a family sized home and there's only one or two of you there most of the time, you might save money by having a free water meter installed. Contact your water company to find out more.