Expert Response
The retired couple.

Jean and Tony are a timely reminder of a situation that many retired people find themselves in. They rely on pensions and know that prices over time have risen faster than the income they receive.

What is really important in these circumstances is to have a really good knowledge of income and expenditure. It's very easy to miss the little things when living from day to day, but they can add up to a significant amount over time. A clear budgeting plan for all of the regular outgoings is vital to make sure any money that is being spent is being maximised.

For people of retirement age and above, household bills such as gas and electricity represent a major part of their regular expenditure. Making sure you are getting the best deal is very important and there are many ways to do this. The most popular is online on comparison websites such as
Lloyds TSB Compare. Many people don't realise the amount of money that can be saved on their regular bills and what a difference this can make to their finances.

There are also things to consider such as checking that any benefits entitlements are being claimed. This is especially important for retired people who could benefit most from the extra income.

If at any time Jean and Tony are really feeling the pinch then they should talk to their bank and mortgage provider to discuss the situation. It's far better to get the situation sorted up front and a plan in place. Financial companies have a range of solutions and methods to help people who find themselves in trouble and they are there to be used.