Super Savers: Thrifty Couple’s “Big Dream” To Retire At 50 // Powered By EDF Energy

Updated : Sep 11, 2019 in Articles

Super Savers: Thrifty Couple’s “Big Dream” To Retire At 50 // Powered By EDF Energy


NICOLA RICHARDSON: I’m 29 and Dave is 33. One of the big dreams is we would like to
retire early, when we’re 50. Which basically means we’re gonna have to save over £270,000 to make that work. COMM: In Durham, England, Nicola and her husband, Dave have embraced a strict lifestyle devoted
to saving money for their early retirement. NICOLA RICHARDSON: What we’re aiming for is to save enough money so we can bridge the
gap between retiring early and when our pensions will kick in. So we’ve kind of estimated
we’ll need between £18 – 20,000 per year to live on. Which basically means we’re
going to have to save over £270,000 and we’ve got just under 20 years to do so. COMM: As experienced super savers, Nicola and Dave know that it’s all about cutting
costs across all aspects of their life – from shopping to even grooming. DAVE RICHARDSON: Nicola cuts my hair once a month and there’s £10 a month saved just like that. COMM: But how exactly do the couple do it? For Nicola, she breaks it down into four steps.
Step 1: Be organised and keep track of your spending. DAVE RICHARDSON: Creating lists and knowing, knowing what you’ve got makes it so much
easier to save. NICOLA RICHARDSON: With technology as well it makes it really easy, because there are
lots of apps that you can use that help you track your budget or make big savings, and
it doesn’t take up hardly any time at all, but it pays off massively. COMM: Step 2: Shopping. NICOLA RICHARDSON: I write a menu as a starting point and then I look in the cupboards to
see if there is anything that needs using up that I can incorporate into that. I then
write a shopping list, go to the supermarket and then I only buy what’s on my list so
that I don’t get caught up with all those special offers. COMM: Step 3: Look for bargains. NICOLA RICHARDSON: This is the nursery in the house that we’ve kitted out for under
£100. So, this cot was £60 from an online auction site, but they kind of retail for
around £300. The two chests of drawers for £10 each as was the rocking chair. The trike
was 50p from a baby sale, but I’ve seen them online for £50, so that’s an insane
saving! These books over here were all from a nearly new baby sale as well and the retail
price for these is 6.99 but I paid 20p for this. COMM: For Nicola, the fourth and final step is all about keeping an eye on the energy
you use around the house. NICOLA RICHARDSON: So, we are quite conscious about checking to see if we’ve got the best
deal on energy bills, ‘cause apparently if you leave your TV on standby rather than
turning it off the wall, that will cost you an extra £80 a year. Just by leaving a plug
on. Using the EDF app, I input information and it’s told me that I could save £112
this year, which is obviously massive! It was really easy to do, I scanned the QR code
and then it came up with information, no waiting and hold for people on the phone and yeah,
saving money, which is always a bonus! COMM: But despite being so thrifty, Nicola and Dave know that it’s important to be
rich in life as well as in pocket. DAVE RICHARDSON: It’s not all about not spending, we still spend when we go on holiday.
But it’s just finding little, little things to, to save money. To me it’s just all about
spending time together, you can’t put a price on time and that’s the most important
thing.

46 Comments

  • It costs £80 just to leave the tv on standby, yes a big huge energy consuming CRT screen maybe but surely with the more modern ones, it can't cost that much.

    Could it ?!

  • im glad they plan for the future, idk why everyone thinks they need to shower a kid with toys, thats how you get a spoiled brat and then the kid grows up with a sence of entitlement.

  • Not everyone wants to invest. Not everyone can just learn how to invest properly AND be successful. Same with starting their own business. Not everyone has to be some master economist with their money, maybe they simply want a bank deposit and savings account. They've got the plan and they've got the goal, to save isn't stupid. You can call it that, but they're really just not doing it the way you would. To have money sitting still somewhere may not be everyone's idea of smart monetary planning, but it's secure, and maybe that's all they need.

  • Fun fact they died in a house fire never able to enjoy all their saved money.

    "Can't take it with you when you die"

  • Am i the only one who doesn't like the thought of retiring? i mean… stop working and then do what? just wander around the house all day? i dunno, maybe i just feel this way cuz i like my job.

  • They don't seem quite as 'extreme' as described. They're just a normal family that's a bit more money conscious than normal. This just seemed like a long-winded advert for EDF Energy.

  • I really, really don't see what's so crazy about what they're doing. The four "steps" outlined are part of a healthy life, anyways. Being organized? That's great! Shopping by reducing waste and only buying what you need? That's common sense, no? Further, buying secondhand is the way of the future, really. We consume products and resources at an unsustainable rate. Good on this family for living responsibly. I think we could all learn a thing or two by following this example.

  • Seriously, I wish 'em all the best. Most people don't realize quite how much money they throw away on everyday things. I have saved nearly 5k since January on rarely eating out and spending so much money on drinking, coffees and snacks. I earn just over that a month. I do do things, (I live in Italy) and I visit cities, take trains and use hotels. It's about being savvy.

  • Why do they want to retire early? Why don't they enjoy the everyday? I don't see why anyone would want to retire early. The price always goes up. They need to continue to earn if they want to provide for their child. These days, it's hard for young adults to completely provide for themselves even at age 21.

  • The only thing I saw is that she has a laptop and tablet and car and a huge home, and so on, and she bought the cheaper book for her kid who lives in a 2 m3 room… Idk what to say…

  • Whats the use of an early retirement, if you r gonna live all the years up to that being so stingy (and the poor kid)
    Thats my personal opinion

  • These people are going to be introduced to hyperinflation before retirement. Hope they have invested in commodities, and have them stored where they can access them.

    Live it up now and enjoy the inevitable decline.

  • build portfolio of three buy to let should be enough for you to retire. remember money that you are saving will get inflated esp. after brexit

  • With all the negative commenters about how they shouldn't live this way, i wonder who will be retiring at retirement age and who will be forced to work until they drop dead because they failed to save enough?

  • Life should be lived to its fullest. Buy an ice cream on a cold day, take your kids to Disney land for God sake – be happy. Make extra money, take on a second income – www.ProfitSquirrel.co.uk can help, earn £50 cash with a free account 🙂

  • If you really are determined to retire early, get rid of the car and get a second hand bike, that'll cut your costs a lot and keep/get you fit.

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