Don’t Rely On Your Pension: How To Keep Making Money After Retirement

Retirement may start off as a well-earned rest, or an opportunity to catch up on your reading and spend more time with the family. Unfortunately, if your spending habits are the same as they were when you were working, you may soon realize that your pension is not enough to make ends meet.

Perhaps you were smart enough to make some sound investments before you reached retirement age, but it never hurts to make some extra money in case of an emergency. Who knows, maybe your money-making solution will add some excitement to your post-retirement life?

Take care of your current finances

The first step to making ends meet is to make sure you’re not wasting money where you could be saving it. Have you saved money on your bills by going green? You probably don’t need life insurance for seniors over 80 just yet, but are you satisfied with your current life insurance plan? Are your investments still sound? Regularly checking up on your existing finances will ensure you have a healthy nest egg before you embark on other money-making ventures.

Sell items on eBay

You’ve collected a lot of things over the years; some of it has great sentimental value, but the rest is probably just taking up space in your attic. Now is the time to clear out some valuable space and make money by selling your unwanted clutter on eBay. Make sure you get your items checked out first so you know exactly how much they’re worth.

Freelance writer

You don’t have to write your memoirs in order to make money from writing. There are a number of content sites that pay a few dollars for some short articles, or alternatively, you could try to make money by writing your own blog. Although this won’t be an instant success, it could be a long term project to keep you busy. Eventually, if you’re lucky, you could be making enough to finance your new lifestyle.


Whether you just have a lot of knowledge stored in your head, or you miss regular interaction, tutoring is a great way to impart wisdom and make some extra money. It doesn’t cost anything to reach out to your neighbors, or sign up to an online service, and share your knowledge with the next generation.

Become a guide

Is there a historical landmark in your area that you know a lot about? If you could practically write about about this local landmark, why not become a guide and get paid to tell people everything you know.

Use your hobby

Some retirees end up so bored and strapped for cash that they go out and get a job. You could go back to stocking shelves, or getting a temp job, but why not let your passions decide for you. If you consider yourself a connoisseur of wines or a food enthusiast, apply for a job at your local wine shop or delicatessen. Supplement your golf hobby by getting a job at the golf course.

Remaining Financially Afloat When Off Work

Taking time off work is stressful. Whilst a week or a few weeks off school would have been a dream as a child, you have financial responsibilities as an adult, and those responsibilities weigh heavily on your mind when you’re no longer in work. Perhaps you’ve fallen seriously ill, either physically or mentally; perhaps you’ve been injured in or out of work. Whatever the case, your focus now should involve getting better and keeping your finances as secure as possible during that time. If you’re worried about how to do that, then here are some pieces of advice which might help you.

Talk to your employer.

This should be the first thing you do when you realize that you’re injured or unwell and you won’t be able to work for a few days or a few weeks. This isn’t just for the sake of making arrangements with your employer but for your own peace of mind. You want to know where you stand with regards to your job so that you’re not worrying about what you’ll do when you’ve recovered and getting yourself in an even worse state whilst you’re trying to recover.

Of course, even if you’ve been injured on the business premises, not all employers will be understanding of your situation, and you might want to look into legal help for a compensation claim if your employer disputes the severity of your accident in the workplace. Whilst your main focus should be your personal health, you don’t want to be making yourself physically or mentally sick by leaving your employment or financial situation messy and unresolved whilst you’re off work.

Be smart about your available funds.

If you’re only going to be off work for a few days then you probably won’t feel the squeeze on your bank account during your recovery or downtime, but you most certainly will if you’re going to be unwell or recovering from an injury for a few weeks. It’s important that you start thinking about your available funds during this time and protect your finances. You need to reel in your expenditures and focus on the necessities rather than luxuries during this time. Utility bills and food shopping both need to come first; you should have enough money set aside for that, but if you’re planning in the event of some incident putting you out of work for a while, then you should really think about creating an emergency fund to cover the things you’ll need whilst you’re not earning.

See what’s available to you.

Of course, whilst off work, there’s always the chance that certain types of income are available to you to help cover your costs whilst you’re recovering. Even if your employer isn’t entitled to cover your pay for sick leave, there might be benefits or entitlements which apply to you under the government. You might even be able to contact your energy supplier to get a reduction on your bill with regards to your current state of health. This could cut a chunk out of your monthly bill, and it’s important that you save money wherever possible whilst you have no income.

Your Budget, Revisited

If you care enough about your personal finances, you’ll likely already have a budget which you try to stick to. However, the various factors that affect our personal finances never sit still, and you need to be revisiting and adjusting your budget if you want to ensure it’s really working for you. In this post, we’ll guide you through the process of re-evaluating your personal budget.

List Your Goals

If it’s been a while since you revisited your budget, start off by asking yourself what your current financial goals are. These can change dramatically over time. For example, when you first drafted your budget, your main priority may have been getting out of debt. If you’ve reached this goal, you may have a large surplus of money you’ll need to redistribute. If you’re getting married soon, or have a new child on the way, this can also change your priorities dramatically. Whatever life has on the horizon, try to set at least one specific goal which you’ll work towards before anything else. Then, start putting at least ten percent of your income towards this goal.

Ensure your Budget is Bringing You Closer to Those Goals

After establishing a clear idea of your goals, you need to evaluate your budget and judge how efficiently it’s helping you towards those goals. This is generally very straightforward, but if you’ve experienced a sudden, unexpected change, like having to pay for an injury lawyer, your budget will have to change accordingly. Once you finally make the last payment on an outstanding debt, for example, and you have some extra cash to throw around each month, it’s important to keep saving your money, even though you may be able to increase your spending on other areas.

Look for Ways to Improve

One great financial habit that everyone could benefit from is looking for little ways to improve their spending habits. Almost everyone is guilty of overspending in one area or another. It’s important to keep re-assessing your spending habits, particularly in recreational expenses. Identifying your weaknesses, and developing the self-discipline to stop spending in these areas, is essential if you want to assure your future financial security. If you know you dine out too much, set a day of the week when you’ll cook at home. If you download too many movies, consider switching to a more cost-effective subscription service. Whatever’s draining your finances, identify it and plug it up!

Check it Monthly

Finally, get into the habit of revisiting your personal budget on a monthly basis. This will help you keep on top of any bad spending habits, and show you how well the changes you’ve made are actually working for you. You may find that you need to tweak a few categories in your budget and move money between accounts, but this monthly re-assessment shouldn’t take too long to complete. Your income, goals and expenses can fluctuate from month to month, and if you’re not adjusting your budget accordingly, you could be running straight towards a disaster.