Link: How to Manage Your Money in Older Age
A quickie today to let you know about a useful article titled “How to Manage Your Money in Older Age” on the Age UK Mobility and Handicare website.
The article includes advice on managing your money in later life from a number of UK money bloggers, including yours truly. As a matter of interest, here are the tips I provided, both of which are quoted in the article.
What would your main advice be for an older person wanting to manage their money well?
Don’t bury your head in the sand where money matters are concerned. Keep a close eye on your income and expenditure, and always be on the lookout for ways you can maximize the former and minimize the latter.
Just one example – use a comparison service such as Uswitch.com to see if you could save money on your energy and other utility bills. By switching to cheaper suppliers you could save hundreds of pounds a year for just an hour or two spent on the computer.
What financial mistakes do you think are most common for older people and what can be done to avoid them?
Sometimes with older people pride gets in the way of asking for help and support. That’s understandable, and in its way admirable. But for older people (especially those on low incomes) there are various welfare benefits they may be able to apply for – from Pension Credit and Council Tax Reduction to Attendance Allowance and Warm Home Discount. Nobody will come knocking on your door offering them, though! You need to be proactive about researching what you may be eligible for, perhaps using an online service such as www.entitledto.co.uk. Don’t then let misguided pride prevent you from applying. This is money set aside by the state for people in your situation and can potentially make later life a lot more comfortable for you.
I hope you enjoy reading the article – here’s the link again – and find the tips (including mine!) helpful. As always, if you have any comments or questions, please do post them below.