Illustrative storyRetirementMoney Stories

How I manage my moneyThe cost of staying in the home where everyone used to gather

Moira, a 73-year-old widow in Edinburgh, lives in a mortgage-free home that holds the memories of a lifetime. As she manages a £22,600 annual income, she faces the practical decisions of home maintenance and downsizing, weighing the comfort of her surroundings against the reality of rising costs.

An elderly adult wearing glasses in profile beside a window
Photo by Minh Pham.
  • NameMoira
  • Age73
  • LocationEdinburgh
  • OccupationRetired
  • Annual Income£22,600
  • AccommodationOwn home no mortgage
  • Relationship statusWidow

Preserving the family space

The dining table is massive, a heavy piece of oak that once seated a full house. Now, it is mostly just me, but I have not been able to part with it. At 73, my life in Edinburgh is quiet, and I am grateful to have no mortgage hanging over me. My annual income is £22,600, which keeps me steady, though I have to be mindful of how I manage the house. I keep £165 monthly specifically for heating and another £900 in a repair reserve for when the unexpected happens.

The weight of upkeep

I have been thinking about downsizing, but the thought of leaving is overwhelming. My neighbours are wonderful, and the support we provide for each other is something a spreadsheet cannot capture. I have looked into an independent assessment of what my home is worth, but the emotional cost of moving feels much higher than the financial gain. I have started using only a few rooms in the winter to try and keep the heating costs down, but it feels like a small bandage on a bigger issue.

Sometimes staying in a home that no longer fits the numbers is a rational choice if it keeps you connected to the life you have built.

— Moira

Navigating transport and costs

Getting around the city is becoming a chore, and the costs of taxis and public transport add up quickly. I have to be very careful with my notebook, where I track every single outgoing. It is not about poverty; it is about the reality of living on a fixed income when you are used to having more. I often look at the house and wonder how many more years I can realistically handle the maintenance. It is a decision that hangs in the air, never quite resolved.

Staying put as a choice

I could move to a smaller flat, and the numbers might look better on paper. But staying here, even with the costs, allows me to be close to the people I have known for decades. I am learning that rationality is not always about the bank balance. Sometimes, the value of a home is tied up in things that do not have a price tag. For now, I will stay, repair what needs fixing, and take it one season at a time.

These stories are illustrative scenarios and general information. They are not personalised financial advice.

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