🟨 Wednesday Finance Conversation #2: How to Audit Your Spending After 60 and Fund Adventure
Now moving into the seventh month of Ropho, last week’s conversation about the lifestyle gap – the difference between the retirement we imagined and the one our pension alone may provide – reminded me why I started this website in the first place.
It was never meant to be a place where I simply handed out advice. There are already plenty of excellent websites that explain pensions, investments and tax planning.
My ambition was slightly different.
I wanted to create a platform where people over 60 could talk openly about the subjects that really matter.
To debate ideas, share experiences and sometimes even disagree respectfully.
Conversations that aren’t always easy to have, but become much easier when people realise they aren’t facing them alone.
Last week’s finance conversation, together with our earlier discussion about blended families, wills and trusts, generated some of the most thoughtful comments we’ve ever received.
Reading through them taught me something.
Although our circumstances are all different, most of us want exactly the same thing. We want to enjoy our sixties and seventies while we’re healthy enough to do so. Some of us dream of travelling. Others want to help grandchildren through university. Some simply want the reassurance of knowing they have enough money to sleep well at night.
There isn’t a right answer, there are simply different priorities.
One thing did become obvious, though.
Many of you weren’t worried about running out of money.
You simply wanted to make smarter decisions with the money you already have.
As many of you know, when I write my Monday Business Conversations, I can speak with absolute confidence. After more than forty years working with businesses, I’ve seen what works – and perhaps more importantly – what doesn’t.
These Wednesday and Weekend conversations are a little different.
Here, I’m simply sharing my own experiences and opinions, hoping they resonate with you. In fact, researching these finance conversations has made me look at my own finances differently.
More than once I’ve caught myself thinking, “I tell my business clients to review this every year, when was the last time I reviewed my own?”
Which brings us neatly to this week’s conversation.
The Adventure Fund Audit
When most people hear the words “budget” or “review your spending,” they immediately think about giving things up.
No more restaurant meals.
No more spontaneous weekends away.
Swap the coffee shop for instant coffee.
If that’s what you think this conversation is about, let me put your mind at rest.
We’re not doing that here.
By the time we reach our sixties, most of us have worked far too hard to spend the next twenty or thirty years counting pennies.
You deserve to enjoy your favourite restaurants, travel when the opportunity arises and enjoy the rewards of everything you’ve spent a lifetime building.
But there is a huge difference between spending money on things that genuinely improve your life and allowing money to quietly disappear every month without even noticing.
This week’s challenge is something I call The Adventure Fund Audit.
The aim isn’t to spend less.
It’s to spend more intentionally.
1. The Low-Hanging Fruit – Finding the Silent Leaks
Before looking for extra income, let’s stop the unnecessary leaks.
These are usually the easiest wins.
The Lazy Cash Trap
One question worth asking is this.
Is your savings account actually working for you?
Many people still have money sitting in current accounts or older savings accounts earning very little interest.
In business we’d probably describe this as idle capital.
At home it’s simply money that could be working harder.
Moving accessible savings into a competitive Cash ISA or higher-interest savings account could generate hundreds of pounds each year without taking any additional risk.
That’s a weekend away simply from moving your money to a better home.
Subscription Creep
Take a look through your bank statements over the last three months.
Streaming services.
Apps.
Magazine subscriptions.
Gym memberships.
How many are you genuinely using?
Cancelling just two £15 monthly subscriptions releases £360 every year.
That’s money you probably won’t even miss.
The Loyalty Tax
Insurance companies, broadband providers and utility suppliers know that many of us simply allow policies to renew automatically.
An hour comparing prices could save several hundred pounds annually.
Loyalty is admirable.
Paying more than necessary isn’t.
2. The Pension Treasure Hunt
This could be the most rewarding part of today’s audit.
Most of us have changed employers several times throughout our working lives.
Every move often meant joining another workplace pension scheme.
Then life happened.
We moved house.
Companies changed names.
Paperwork disappeared.
Those pension pots were forgotten.
Today, billions of pounds remain sitting in lost or unclaimed pension accounts across the UK.
Some may only contain a few thousand pounds.
Others considerably more.
Why Small Pension Pots Matter
Finding a forgotten £5,000 pension won’t transform your retirement overnight.
But it could pay for the holiday you’ve always promised yourselves.
Help a grandchild.
Provide an emergency fund.
Or simply give you more financial confidence.
Sometimes it’s the unexpected discoveries that make the biggest difference.
Where Do You Start?
The Government’s free Pension Tracing Service helps people locate workplace pension schemes linked to previous employers.
You don’t need account numbers.
Often just remembering where you’ve worked is enough to begin the search.
Once you’ve found them, you can decide whether consolidating those pensions or discussing your options with Pension Wise or an independent financial adviser is appropriate for your circumstances.
3. The Joy Versus Cost Test
Once you’ve stopped the leaks, it’s time to look at your everyday spending.
Rather than asking,
“Can I afford this?”
Try asking,
“Does this genuinely improve my life?”
If Friday night at your favourite Italian restaurant brings happiness every week…
Keep doing it.
That’s money well spent.
On the other hand, I know from experience how easy it is to spend money on takeaway coffees and convenience food when I’m travelling to see business clients.
Those little purchases don’t feel expensive individually.
Over twelve months they soon add up.
It’s not about restricting yourself.
It’s about making sure your money reflects what’s actually important to you.
Your Adventure Fund Challenge
This week I’d encourage you to spend one evening doing three simple things.
✅ Review your last three months of bank statements and highlight recurring payments you no longer value.
✅ Write down every employer you’ve worked for and check whether you’ve left behind any forgotten pension pots.
✅ Add together everything you’ve saved or discovered.
That figure becomes your personal Adventure Fund.
You might be amazed how much money has been quietly hiding in plain sight.
Ropho Reflection
One thing this series has taught me is that financial planning isn’t really about money.
It’s about choices.
Every pound we save from waste is another pound we can spend on experiences, family, travel or simply enjoying life with fewer worries.
For me, that’s what retirement planning should always be about.
Coffee Break Question ☕
Have you ever discovered money you didn’t realise you had?
Perhaps an old savings account, Premium Bonds, a forgotten pension or simply money you’d been wasting every month without noticing.
I’d genuinely love to hear your stories because, as Ropho continues to grow, it’s becoming increasingly clear that we learn just as much from each other as we do from any expert.
Next Wednesday…
The Waiting Game: Could Delaying Your Pension Actually Leave You Better Off?
We’ll look at when waiting can make financial sense, when it doesn’t, and I’ll also share some of the excellent suggestions many of you have already contributed.
Read More – How to Make the Most of Your Pension After 60
