With the cost of living still high and increases in everything from food to energy, people are still concerned about household finances. You need to keep warm and fed, but with ongoing inflation and price rises it isn’t easy. In this blog, we look at tips for keeping costs down.

Cost of living crisis likely to last until second half of 2023

2022 will be remembered for the sharpest drop in household incomes on record, thanks to a dramatic surge in inflation. According to the Office for National Statistics, UK inflation hit a 40-year high in October. This higher level of inflation has continued into 2023 with food and non-alcoholic beverages continuing to be a large contributing factor. So, what help is there?

Increase to the State Pension

The ‘triple lock’ has been reinstated, coming into effect in the new tax year – starting on 6 April 2023. It means that the State Pension will rise in line with September’s inflation rate – 10.1% - which is the biggest ever increase to the State Pension. 

This applies to people eligible for the new flat-rate State Pension, which was introduced in April 2016, or the older basic State Pension.

Practical Money-Saving Tips

So, what else can you do to keep your finances in check?

• Review your monthly expenses: Look at your regular monthly expenses and see where you can cut back. Look for subscriptions or services you no longer need and cancel them.
• Use discounts and vouchers: Look for discounts and vouchers when shopping. This can help you save money on groceries, household items, and other essentials.
• Create a budget plan: Writing everything down can help you to manage your money more effectively. It can help you identify areas where you can save money and make it easier to manage your spending.
• Consider downsizing: If you are living in the family home, but the family has flown the nest, consider downsizing to a smaller property or retirement living. This will reduce maintenance bills and make it easier to manage your finances.
• Seek financial advice: If you are struggling to manage your finances, seek advice. Age UK offers money advice and guidance on managing your money effectively.

Save with Abbeyfield Sheltered Housing

As the cost of living remains high, downsizing to an Abbeyfield studio flat could also help you to save money and minimise additional bills.

You could benefit from no unexpected bills and simpler budgeting: the rent for our studio rooms includes homecooked food, council tax, utilities, TV licence, property maintenance, 24hr community alarm service, weekly room cleaning, laundry facilities, and daily contact from the house staff. The only additional cost is your private telephone line.

Reduce living costs at Holdenhurst, Heathfield

If you chose an apartment in our Holdenhurst scheme, you could also benefit. The monthly rent includes a service charge element for the upkeep and maintenance of the building, our onsite staff, and a delicious two-course meal cooked every day. Plus, as a brand-new development, you can count on:

• Improved energy efficiency – with well-insulated rooms and modern appliances.
• No worries about unexpected bills when maintaining your own property.
• Central location, helping to minimise car usage.
• Downsizing can also lower your council tax bill.

Also, the Chancellor announced in the Spring Budget that the energy price guarantee has been extended by a further 3 months; until the end of June 2023 (BBC). Holdenhurst tenants hold their own individual energy accounts, so this will help.

Housing benefit

We welcome people claiming Housing Benefit at all our properties. Housing benefit may pay all or part of your rent, depending on your financial circumstances. Speak to the House Manager of the property you are interested in for details.

Take care of your financial health

Remember, it's important to take care of your financial well-being during a cost-of-living crisis. Taking steps to save and manage your money effectively can help you feel more in control and reduce stress.

Read more money-saving tips in our previous blog, Spring Clean Your Finances: Simple Money-Saving Hints and Tips