Smart Money Tips for Over-50s on a Fixed Budget
The UK’s cost of living crisis is hitting hard, especially for those of us over 50 living on pensions, savings, or fixed incomes. Inflation has pushed up the price of everything — from food and fuel to energy bills and insurance. While none of us can control the economy, we can take practical steps to stretch our money further, reduce waste, and even bring in a little extra income.
Here are some ideas to help ease financial pressures:
1. Make Every Pound Work Harder
- Shop Smart for Groceries:
- Try supermarket “downshifting” — swap premium brands for supermarket own-label. Many are just as good.
- Use comparison apps like Trolley to find the cheapest store for your basket: https://www.trolley.co.uk/
- Buy seasonal fruit and veg — it’s fresher and cheaper.
- Meal Planning: Writing out a weekly plan avoids impulse buys and reduces waste. A simple slow cooker can turn cheaper cuts of meat into hearty, filling meals.
2. Cut Energy Costs Without Feeling Cold
- Check if you’re eligible for schemes like the Winter Fuel Payment: https://www.gov.uk/winter-fuel-payment
- Or the Warm Home Discount: https://www.gov.uk/the-warm-home-discount-scheme
- Draft-proof doors and windows; inexpensive kits can save a surprising amount.
- Turn appliances fully off at the socket — “vampire” energy adds up.
- Layer up indoors before turning up the heating. Thermal tops, fleece throws, and hot water bottles are small changes that reduce big bills.
3. Check What You’re Entitled To
Many over-50s miss out on benefits and discounts because they assume they won’t qualify.
- Use Turn2Us: https://www.turn2us.org.uk/
- Or EntitledTo: https://www.entitledto.co.uk/
- Ask your energy provider about their hardship funds or priority service register.
4. Save on Everyday Spending
- Transport: If you’re over 60, apply for a free bus pass (varies by region). Details here: https://www.gov.uk/apply-for-elderly-person-bus-pass
- National Rail also offers the Senior Railcard (1/3 off fares): https://www.senior-railcard.co.uk/
- Prescriptions: If you need regular medication, a NHS Prescription Prepayment Certificate can save a fortune: https://www.nhsbsa.nhs.uk/help-nhs-prescription-costs/nhs-prescription-prepayment-certificate-ppc
- Phone & Broadband: Many providers offer social tariffs for lower incomes. Ofcom keeps an updated list: https://www.ofcom.org.uk/phones-telecoms-and-internet/advice-for-consumers/costs-and-billing/social-tariffs
5. Find Small Ways to Earn Extra
- If you have a spare room, consider the government’s Rent a Room Scheme (tax-free income up to £7,500 a year): https://www.gov.uk/rent-room-in-your-home
- Online platforms make it easy to sell unused items — try eBay: https://www.ebay.co.uk/ or Facebook Marketplace: https://www.facebook.com/marketplace/
- Paid surveys and small freelance tasks can add up. Try Prolific: https://www.prolific.com/ or Fiverr: https://www.fiverr.com/
6. Community and Support
- Food banks and community pantries can help when money is really tight — find your local Trussell Trust food bank: https://www.trusselltrust.org/get-help/find-a-foodbank/
- Local councils often run free or low-cost activities that provide social contact and keep you warm without running your own heating.
- Citizens Advice gives free, confidential help with debts, bills, and benefits: https://www.citizensadvice.org.uk/
Final Thought
Living on a fixed income during a cost of living crisis is tough, but every small step adds up. It’s about being resourceful, tapping into support systems, and remembering you’re not alone. The more we share ideas, the more we can help each other weather this storm.