It’s not always easy to know how to manage your expenses with only a small pension. Once retired, income can decrease significantly, and it can be difficult to save money without having an additional income. Luckily, many solutions exist to compensate. This is why in this article we have compiled 10 of the best and most effective ways to save money! 1. Write Down your Expenses Writing down expenses - no matter how big or small - is a good way to find out how much money one has in their pocket every month. The first step is to establish a monthly budget and how much money will be …
Plan Ahead – Power of Attorney
At some point in life, your loved one may not be able to make their own decisions. They may require you to make decisions for them and although it's a difficult situation to think about, it can be made easier through planning ahead. If your loved one can no longer make decisions regarding health or financial matters, it may be time to put a power of attorney in place. Power of attorney is a legal document which gives a person the authority to take care of the finances of someone who no longer can. It could be that they have become incapacitated or are in hospital temporarily and …
Pensions For Divorced and Widowed Women
In 2016, the age required to receive a state pension in the UK soared from 60 to 65 for women and the entire system was revamped with new qualifying factors. While the changes had been planned since the 1990s, the sudden change had devastating effects for women born after 1953. The government claimed it was a stride forward for gender quality as the male age qualification was already 65. Yet, it was women planning to retire at 60, that suddenly had to source another 5 years of income. The changes affected divorced, and widowed women more than anyone. Under the current system, to …
Plan Ahead – Making Your Will
If your loved one doesn't have a will, then there's a chance their possessions may not be distributed correctly when they've passed away. We all know discussing death is never a pleasant experience, but when it comes to a will it's a necessary conversation to have to ensure that you're loved ones wishes are carried out. Have you been thinking about organising a will for your loved one but you're not sure where to start? We've outlined some tips and helpful information to assist you in your will planning. What is a Will? A will is a legal document which outlines what will happen to …
Costs of Elderly Care – News Update
According to reports, "the number of over-65s needing care is set to leap by a quarter in a decade." The NHS is predicted to struggle. The predictions have come from Liverpool University. They have expressed that the nation needs to think about their later years earlier on to help ease the burden. The University has called for more focus on diet improvement, drinking responsibly, heart disease awareness and increasing physical activity to reduce the costs of elderly care. These are just a few of the biggest health conditions for which the NHS has to deal with every year. Lead …
Finance Tips for you and your Elderly Loved Ones
Talking to your ageing parents about money isn't always easy. Many people feel uncomfortable discussing their finances, especially with their children. They might see it as a reversal of roles and they may not want to open up about their specific financial situation. However, it's important to have honest conversations about money as your parents get older. Today we're sharing our top finance tips for older people. Financial security is something we all aspire to have and to see our loved ones enjoy. However, according to a study by the Financial Conduct Authority, about 15 …
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