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You and your money
As we get older and our lifestyle changes, it becomes even more important to manage our money carefully.
Things like a lower income, more leisure time, higher heating costs, reduced mobility or the loss of a partner may all affect our finances.
When your situation changes, prepare a personal budget so that you know how much money you have coming in and going out each week or month.
Put down all your sources of household income - like pensions, benefits, and income from savings, not forgetting contributions from other family members living at home.
Then list everything you spend money on.
Now see if your budget balances.
If you have less than you need, here are some ideas to increase your income:
Review your savings – savings plans offering a regular monthly income may be more helpful than those where you have to wait years to get a return.
See if you are entitled to higher tax allowances (most over 65s are), or benefits, to top up a low income or help with your personal care.
You may want to spread your bill payments over the year so that they better match your income.
So check how you can pay your TV Licence, Council Tax, gas, electricity, water and telephone bills this way.
And keep a "rainy day" savings account for those unexpected big bills like replacing domestic appliances.
Consider insulating your home to help reduce your heating bills.
You may be eligible for a Government grant to insulate and draughtproof your home, or even to install central heating.
Help the Aged offer a free advice leaflet "Thinking about money" for older people – call them on 0808 800 6565.
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