CONSIGNMENT/RESALE SHOPS: If you have discovered that you like walking in fresh air or you stink at tennis, consider giving up your treadmill or tennis rackets in exchange for cash. Sell used sporting goods equipment to stores such as Play it Again; or put it on consignment at such stores. That means if item sells, store gets a cut. If it doesn't sell, you're still stuck with it and earn no money. Also, you probably have some clothing consignment stores in your community. Check phone book and look around, or ask around, to find them. Sometimes resale shops or consignment shops will advertise in those weekly freebie "tell and sell" or community newspapers too. Make some inquiries with these shops about what seasonal clothes they're looking for currently; then give them your good stash of clothes that you no longer wear to sell on consignment. Make sure you inquire about what happens to clothing if it doesn't sell (so you get it back and they don't cart it off to nearest charity clothing shop which some will if you want them to do so).

FRIENDS AND CO-WORKERS: Sure it's okay to give things away now and then to friends in need. But if you're planning to sell an item and you happen to know a friend, acquaintance or co-worker seeking just such an item, why not give them first purchase option? When I married, I ended up with a lot of duplicate items just taking up storage space. One day during a casual conversation with a co-worker I found a new home for my almost new, small microwave. My co-worker had just divorced, moved to this new state, owned almost no household items and lived in a very small apartment; my small microwave was a perfect match for her needs. I ended up with $25 I needed and she ended up with a must-have item for her new apartment. So keep your ears open for people seeking what you're getting rid of and don't be afraid to say an item is for sale (after all, if you could afford to give it away, you probably wouldn't be reading this article.).

Being an existing homeowner may help your situation

Even if you have strong income as a pensioner, a number of factors such as illness or hospitalisation may affect that income and lead to financial difficulty. If you are a homeowner, you may be able to access any funds or equity in your property to secure loan and convince lender that you can meet proposed repayments for term of loan.

Non-standard loan facilities may be difficult to obtain

Line of credit mortgages, some long-term fixed-rate mortgages and mortgages that offer payment breaks are all innovations that have appeared in mortgage market in recent years. Unfortunately, many of these mortgages may be unavailable to pensioners. Lines of credit, for example, which allow homeowner to take equity out of his or her home, present greater risk to a money lender because of their potential to extend loan period and create more opportunity for default. Because pensioners may already be considered high risk, it is unlikely that these financial products will be available.

You may be required to apply for loan insurance

Depending on your circumstances, you may wish to obtain loan insurance. This ensures that your loan repayments are met in event of involuntary unemployment, injury or death. Although premium may be higher than average due to your status as a pensioner, a lender may nevertheless require you to obtain loan insurance before approving your application.