• A
  • A
  • A

You are here: MHA Home > Information & Advice > Managing Your Finances > Help with Budgeting

Help with Budgeting

The increasing cost of living means more older people are experiencing financial worries. We've put together some helpful tips and information about budgeting and how this can help. 

If you've received any court papers or facing eviction, please contact Citizens Advice as soon as possible.

  • Adviceline (England) available Monday - Friday 10am-4pm: 0800 144 8848 
  • Advicelink (Wales) available Monday - Friday 9am-5pm: 0800 702 2020

Before you start

It's helpful to have an idea of your spending and outgoings. Try to be as accurate as possible. Find your most recent paperwork:

  • bank statements
  • debit and credit card statements
  • bills
  • receipts for things you usually pay for in cash
  • payslips

You could also try using a service like MoneyHelper's Midlife MOT. This is a tool to help you assess your current financial situation and plan for the future. Your personalised report will tell you what to prioritise and link to guidance on how to improve your financial wellbeing from midlife through to retirement.

Working out your budget

Budgeting will help you understand:

  • what you’re earning and spending
  • where you might be able to cut costs

Citizens Advice have a budget tool you might find useful - note, this takes around 30 minutes to complete. 

MoneyHelper also have a budget planner which you can save and come back to. 

Where can you save money?

We've compiled some more advice and tips on saving money:

Need help with debt? Organisations that can help you

  • Independent Age have an informative guide on managing debt

  • MoneyHelper (formerly known as Money Advice Service) have several helpful articles on ways to control your debt payments
  • National Debt Line – have lots of advice on their website available for people in England, Wales and Scotland. They also give free and independent debt advice over the phone and online via a webchat function.
    Call 0808 808 4000 (Monday to Friday 9am - 8pm and Saturday 9:30am - 1pm).
  • Debt Advice Foundation offer free, confidential debt advice. They have debt calculators and other useful information on their website. Or call 0800 043 40 50 (Monday to Friday 8 - 6pm)
  • Turn2Us provide advice on what benefits, grants and debt advice services are available to you.
  • Financial Wellness Group provides free advice and solutions for people struggling with money, debt and budgeting. Call 0161 518 8285 (Monday to Thursday 9am – 8pm, Friday 9:00am – 4:30pm).

Webpage last updated September 2023. 

MHA in your community

Find the care home, retirement community, or support group that’s right for you

Visit our later life hub

Visit our later life hub

Our hub is full of advice and useful links tailored to help older people plan for the future and tackle everyday matters.

Find out more