In order to provide you with the best online experience this website uses cookies.
By using our website, you agree to our use of cookies.

Tips for managing your money

The current economic climate means managing your money and knowing how to budget are important skills to have. Life may be very different now to 50 years ago but many older people have been there and done it. Here, mum of two Mary Gregory shares her top tips.

Mary’s budget know-how

Mary managing moneyMake a list of everything you’ve got to pay out. You have to know the cost of all your bills so that you know what’s left is yours. Work out your weekly budget and stick to it. Don’t spend more than is necessary. If we didn’t have the money we didn’t go out. We would make the most of our time at home together as a family.
Set up direct debits to pay your bills. It’s often a cheaper way to pay and it also means you know all your essentials are covered.

a list of expensesI wrote everything down, it really helped to plan out meals for the week so I only bought what I knew we needed. If you can see how much you spend on everything you can soon see if you’re spending too much.

Markets are great places to get cheap vegetables. In fact, markets are great places for all kinds of bargains. And you get to know local traders who can give you the best deals.
You don’t need to eat meat every day. We would only have meat two or three times a week and then it would be the cheaper cuts bulked out with lots of vegetables.

Young people probably can’t believe what we used to do. But a spreadsheet is the same as a notebook, and it will add the figures up for you, too!

Cherry’s advice

You must know exactly what you have in the bank. Every time you take something out, keep a record.

finding out if entitled to benefitsFind out if you’re entitled to benefits. I might need financial help to be able to stay in the area where I’m living, and I’m finding out if I’m entitled to housing benefit and if I am, I’ll claim it.
Start an ISA, a tax-free savings account, and save what you can.
If you are out of work for a while and you are not claiming, aim to keep paying your National Insurance contributions to make sure you get the best pension you can in the future.
Please exercise your common sense when considering these tips and whether to take any of the steps that may be suggested in them.

The tips have been provided by members of the public who have contributed to our Royal Voluntary Service Nationwise campaign so whilst we hope you will find them helpful, we cannot make any promises about their accuracy or completeness and we don’t accept any responsibility for the results of your reliance on them.

What's in your area

If you know a family member, friend or neighbour who is lonely or isolated, find out how your local Royal Voluntary Service can help.

What we do

Make a donation to Royal Voluntary Service 

Your regular gift will help us provide more services, recruit more volunteers and strengthen our communities.

Set up a Direct Debit