News Update

10 January 2023

Top five tips for managing the rising cost of living

The rising cost of living is affecting people across the country. With goods and services costing more, we have all had to reconsider our financial priorities and spending habits. But the helpful news is there are plenty of ways to spend wisely and make your savings last longer.

If you haven’t already done so, now’s a good time to take a closer look at your spending habits and see where you can save. Here are our top five tips:

  • Ask for help if you need it

    It’s important to us that our members have access to the best services and support. The Fund has partnered with the Bank Workers Charity to support current and former bank employees and their families by providing information, advice, expert support and in some cases financial help. Services are free, confidential and independent of the bank. Visit or call 0800 0234 834 for more information.

    Additionally, if you are already receiving your pension, you may also qualify for help from the NatWest Group Pensioners Benevolent Fund, which is a registered charity providing grants for those who need financial help. Financial grants cover a wide range of needs such as replacing a broken set of glasses, providing a mobility device or paying for repairs to central heating boilers. You can apply for a grant by completing the application form on or by emailing

  • Swap where you shop

    A good way to save on your grocery bill is to compare branded food products across supermarkets. You may find some products are cheaper in other shops for example, at your local greengrocers. You can also sometimes save by buying non-food items such as bin liners online or in a discount store, rather than in the supermarket.

    Find out more ways to save on your weekly shop at Which?

  • Review your energy bills

    Even though energy bills are being discounted by the government's Energy Price Guarantee, the new rates are still higher than ever before. This means the majority of households in the country are now facing larger energy bills than they're used to.

    However, there are ways you can be more energy efficient and save money:

    • Ask your energy supplier to install a smart meter to help you work out what’s soaking up lots of energy in your home.
    • When you need a new appliance, opt for an energy-efficient model to reduce your energy consumption.

    Read more about how you can reduce your energy bills at MoneyHelper.

    Did you know?

    The UK government has put together a £15 billion support package to help millions of households struggling to meet the rising cost of living. Households will receive £400 towards their energy bills and there’s extra help for pensioners and those on disability benefits too.

    These payments will only be made by energy providers and government agencies, direct to those who qualify. So watch out for scams!

  • Work out a budget

    Creating a budget can help you feel more in control of your finances and make it easier for you to save money for your long-term goals. Budgeting also helps you to assess the things you really need for example, saving to buy a house or for a special holiday, compared to those you could do without.

    You can use Citizens Advice budgeting tool to plan your finances.

  • Don’t miss out on benefits

    According to Age UK, around “2.4 billion pounds of Pension Credit and Housing Benefit is unclaimed every year”. If you’re struggling with the rising cost of living, it’s worth checking you’re claiming any, and all, payments you might be entitled to.

    The benefits calculators page on the government website GOV.UK is an excellent source of information when it comes to finding out what you might be entitled to.

    Did you know?

    The government is stepping in to provide pensioners with £300 per household, on top of regular Winter Fuel Payments.

    If you’re eligible, you can get a number of cost of living payments. For example, if you get Pension Credit, Attendance Allowance and Winter Fuel Payments, you’ll get 3 cost of living payments. You won't have to pay tax on them, and they won't count as income when calculating your benefits.

    Find out more and check if you are eligible for this payment on GOV.UK

    If you have any worries about your pension, please get in touch with the Fund administrator.