Readers response: What has been your approach to reducing or managing debt in retirement?
We asked our readers for their holy grail tips for easing financial strain during retirement years, and the response was overwhelming. Here's what they said.
Elaine Ralph - Don’t accumulate debt, live very lightly, and don’t go to see specialists as they cost a fortune.
Karen Howson - Pay off every debt and stop spending.
John Fowler - We have always budgeted and try to plan for contingencies by allocating for them. We live on our credit card and pay it off when due. My wife has FND so I do all the cooking and keep it simple and cost effective and rarely dine out or eat take away. Our budget has always included allocated "pocket money" for personal spending.
Patricia Bennett - Try to be debt free (particularly mortgages) and stick to a budget.
Steve Smith - Don't have any, and make sure that you can pay your own way 100%. It's called "cut your coat according to your cloth". If you don't know how to budget then learn - it's never ever too late.
Barbara Everall - Stop going out as much as possible avoid the shops.
Marie Chong - Make sure you own your own home, before you retire.
Angela Chapman - Stop spending on unnecessary things.
Naomi Jeffrey - Hope for the best?
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