With the cost of living on the rise, many older people are feeling the financial strain. Thankfully, there are several ways you can cut back on expenses and save a little extra every month.
Claim Free Government Benefits
The UK government offers a range of benefits for over 60s, so don’t miss out on pension credits that top up your income, Winter Fuel Payments and Cold Weather Payments that help with heating costs, and the Fuel Direct Scheme.
Access Free Health Services
If you’re over 60, you’re entitled to free NHS eye tests or an optical voucher to reduce the cost of contact lenses or glasses.
Take Advantage of Discounts
Discounts, loyalty programs, and own-brand product promotions all offer plenty of ways to save. Look out for supermarkets, retailers, and other businesses that offer better deals, especially for those in this age group.
Use Cut-Price Public Transport
The UK’s public transport system is excellent, and you can enjoy reduced prices or free travel on buses and trains. A Senior Railcard gives you a third off all train fares, and if you get a 60+ Oyster photocard, you can enjoy free travel on TfL services.
Additionally, England and Wales offer free bus travel for those over the current state pension age of 66.
Set-up UK Power of Attorney
Setting up a UK power of attorney is a smart way to protect your finances in the long run, as it ensures someone you trust manages your money and bills if you’re unable to do so yourself. Firms such as //powerofattorneyonline.co.uk can help you draw up this document to prevent missed payments, costly mistakes, or financial abuse.
Join a Local Library
Many libraries offer access to free internet, books, and audiobooks. You can also often attend workshops and other events for free or at a very low cost.
Look for Leisure Discounts
From Odeon’s Silver Cinema for over 60s to cheaper theatre tickets and 25% discounts on National Trust membership, these senior discounts are a great way to save money on entertainment.
