closing tag is in template navbar
timefactors watches



TZ-UK Fundraiser
Page 1 of 5 123 ... LastLast
Results 1 to 50 of 231

Thread: Anyone tightening up their finances?

  1. #1
    Master murkeywaters's Avatar
    Join Date
    May 2013
    Location
    Near the sea
    Posts
    6,731

    Anyone tightening up their finances?

    The headline news of late is either Russia/Ukraine or cost of living going through the roof with both closely connected.

    Looks like we might get more interest rate rises due to inflation, petrol/diesel will not come down a significant amount anytime soon and as we head into the Autumn the predictions for utility bills look horrendous, I only have a mortgage with nothing else borrowed but those who have all their wages going on the never never will surely struggle.

    Maybe this summer is a time to put some money away for the winter bills or make some financial changes ready for higher interest rates?

  2. #2
    Grand Master Mr Curta's Avatar
    Join Date
    May 2014
    Location
    Mainly UK
    Posts
    15,156
    I think that most of us are having to make some adjustments but I really don't know how those who already found it hard to make ends meet are going to cope.
    Inform - Educate - Entertain

  3. #3
    Grand Master Wallasey Runner's Avatar
    Join Date
    May 2015
    Location
    Merry Old England
    Posts
    13,844
    Everything seems to have gone up at the same time. I have locked my car and house and contents insurance into three year deals with SAGA so at least those will remain the same. I had a water meter put in last month and the direct debit dropped by £70 a month. I think itís wise to be as savvy as possible and be ready for the worst.

    My energy direct debit leaps by £105 in April, but on top of that Iím starting an energy slush fund to put additional money by in case the revised direct debit doesnít keep with usage, although we are heading into the summer season as such and on line accounts are great for keeping tabs on things.

    I suspect the High Street will feel the effect of all of this as people stop shopping for luxuries and just stick to essentials.

  4. #4
    Yes things like a holiday or eating out are dead to me now, i have a little spare for low end watches and some gaming but thats about it

  5. #5
    Master
    Join Date
    Aug 2010
    Location
    Kent
    Posts
    6,157
    Anyone not?

  6. #6
    1 degree off my house thermostat (never keep the house toasty anyway), 5mph off my cruising speed on my commute, haven't bought any of my usual beers for a couple of months and a few other minor things.

    To be honest it's made zero negative impact on my life so many of the adjustments may stay regardless.

  7. #7
    Master Alansmithee's Avatar
    Join Date
    Jul 2013
    Location
    Burscough, UK
    Posts
    8,887
    I have done a bit of tweaking but honestly going 100% remote for work has been the biggest saving - yes there are some increased energy costs but they are nowhere near the cost of going to work by training or having to own a car. Plus over time you spend money when you go to the office in one way or the other.

    A modern energy efficient home means if I have the heating on for an hour in the morning when we get up the office is warm enough all dasy.

  8. #8
    Craftsman
    Join Date
    Jun 2018
    Location
    London/Surrey
    Posts
    263
    It really hit home to me from 1st April when my smart meter showed my daily usage cost had doubled. Iím definitely going to think twice about making any frivolous purchases.


    Sent from my iPhone using Tapatalk

  9. #9
    Grand Master Mr Curta's Avatar
    Join Date
    May 2014
    Location
    Mainly UK
    Posts
    15,156
    I've been intending to go to zero emission motoring for ages, and the increase in daily driving distances due to taking eldest to and from college coupled with rocketing fuel costs and frequent availability issues have tipped me over the brink. We currently have free charging at work and a couple of nearby supermarkets, so it is going to make a big difference financially and my better half won't have to think twice about hopping into the car to visit her family over in north Wales.
    Inform - Educate - Entertain

  10. #10
    Grand Master Neil.C's Avatar
    Join Date
    Sep 2003
    Location
    SE England
    Posts
    26,043
    Quote Originally Posted by lewie View Post
    Anyone not?
    I'm not.

    I'm retired and don't use the car much.

    My heating bills have always been pretty high because I like a warm house.

    I don't think inflation and price rises will have much of an effect on me TBH.
    Cheers,
    Neil.

    My Speedmaster website:

    http://www.freewebs.com/neil271052

  11. #11
    Grand Master
    Join Date
    Jul 2007
    Location
    Wakefield, West Yorkshire
    Posts
    20,944
    I advise everyone to revisit their budget and be aware of the impact the recent increases will have on their finances. Look for areas of spending that can be tightened up without having significant impact on quality of life and be realistic about how much you really spend.

    Some folks are more extravagant than others, those who are careful with spending will have less scope for savings whilst others will have far more. Iím definitely at the Ďcarefulí end of the scale so I canít see much scope for savings without radical changes.

    As regards heating costs thereís little I can do, top of my list is to sort out the loft insulation which all needs re- laying following major work.

    Cutting down unnecessary short car journeys is one way to save, but thatís not always easy when time is at a premium.

  12. #12
    Master
    Join Date
    Oct 2019
    Location
    Norfolk
    Posts
    1,233
    Blog Entries
    2
    Iím rethinking solar panels,the payback is most likely shorter than it used to be.I was offered eight panels late last year by my provider ,thatís now gone down to six for the same money.

  13. #13
    I have just been to Spain to see relatives, itís was a shock to see how much cheaper things are compared to here, fruit and vegetables are literally half the price, there is about to be a filling station strike to get the government to reduce fuel by 20 cents per litre

  14. #14
    Master
    Join Date
    Aug 2013
    Location
    London
    Posts
    1,741
    Blog Entries
    1
    I think it all depends how people have been planning financially. Thankfully myself and my wife both got decent pay rises, donít have to drive/commute to work a lot etc. I have run a spreadsheet with income and expenditure for over 8 years now. The only thing that does concern me is base rate and mortgage impacts. If it suddenly jumps double digits I will be concerned. I canít see that happening though.

    I feel sorry for the many who are struggling now and will struggle more if the situation doesnít get any easier. Itís a troubling time for sure. During the dark times of the last two years my wife had to go back to work, I lost and got my job back twice (Iím self employed) and we consolidated our debt to reduce outgoings. Thankfully all of this means we are now more stable than we have been for some time but it was very tough at times.

  15. #15
    Grand Master Mr Curta's Avatar
    Join Date
    May 2014
    Location
    Mainly UK
    Posts
    15,156
    Quote Originally Posted by Bonzodog View Post
    Iím rethinking solar panels,the payback is most likely shorter than it used to be.I was offered eight panels late last year by my provider ,thatís now gone down to six for the same money.
    I reckon it has dropped into single figure years for us.
    Inform - Educate - Entertain

  16. #16
    Master Alansmithee's Avatar
    Join Date
    Jul 2013
    Location
    Burscough, UK
    Posts
    8,887
    Quote Originally Posted by Stuno1 View Post
    I think it all depends how people have been planning financially. Thankfully myself and my wife both got decent pay rises, donít have to drive/commute to work a lot etc. I have run a spreadsheet with income and expenditure for over 8 years now. The only thing that does concern me is base rate and mortgage impacts. If it suddenly jumps double digits I will be concerned. I canít see that happening though.

    I feel sorry for the many who are struggling now and will struggle more if the situation doesnít get any easier. Itís a troubling time for sure. During the dark times of the last two years my wife had to go back to work, I lost and got my job back twice (Iím self employed) and we consolidated our debt to reduce outgoings. Thankfully all of this means we are now more stable than we have been for some time but it was very tough at times.
    I know all the logic about other investments but I am glad I paid off my mortgage purely because of the additional headroom it gives you in your budget.

  17. #17
    Master
    Join Date
    Aug 2013
    Location
    London
    Posts
    1,741
    Blog Entries
    1
    Quote Originally Posted by Alansmithee View Post
    I know all the logic about other investments but I am glad I paid off my mortgage purely because of the additional headroom it gives you in your budget.
    Sadly we are many moons away from that! We only bought our first house 3 years ago.

  18. #18
    Grand Master
    Join Date
    Feb 2011
    Location
    UK
    Posts
    15,801
    This Matthew. It's going to be horrendous for lots of people. I'll certainly be looking to squeeze a few quid from where I can.

    Quote Originally Posted by Mr Curta View Post
    I think that most of us are having to make some adjustments but I really don't know how those who already found it hard to make ends meet are going to cope.

  19. #19
    Grand Master number2's Avatar
    Join Date
    Jul 2011
    Location
    North and South.
    Posts
    27,050
    I do wonder how deaths due to hypothermia will be recorded?
    "Once is happenstance. Twice is coincidence. The third time it's enemy action."

  20. #20
    Master Rod's Avatar
    Join Date
    Jun 2003
    Location
    Co. Durham
    Posts
    9,672
    Fortunately, Liz & I are mortgage free now so that's not a concern but what we spend on our fuel and bills has swallowed that saving, however I did earn 7p in interest in my bank account😐
    I've set my boiler heat flow to 60įC and reduced the water temperature too.
    Reset also room temperature down to 19įC
    That'll save some money.
    We only eat fresh fruit and veg and make our own soups... no E numbers. You can save quite a bit by eating sensibly.

  21. #21
    Master
    Join Date
    Aug 2014
    Location
    Mountsorrel uk
    Posts
    1,578
    Quote Originally Posted by Alansmithee View Post
    I know all the logic about other investments but I am glad I paid off my mortgage purely because of the additional headroom it gives you in your budget.
    I have just paid off our mortgage but with everything going up £200 of the money we have saved has already been swallowed up

  22. #22
    Master
    Join Date
    Nov 2011
    Location
    Berkshire
    Posts
    5,564
    I am not only in the office once a week, so there is still the £100 saving there (scary time think what was normal). I tend to not put heating on in the day unless required or my hand aches, I don’t enjoy heat.

    Half my commute saving goes on buying food for food banks. Personally though I wish I could fund heating for elderly instead as that really worries me.

    If my smart meter ever worked, I’d see the direct changes. Previously I was 4p/hr electricity from memory for just running the house; freezer, fridge etc. so would assume from news & comments it will be 7k or so.

    We are very lucky, we own everything outright aside from a mortgage we can clear after the fixed rate. I just wish I could help some of my friends who won’t accept support but I know are going to really struggle in the coming months. They have already stripped things back before all this started.
    Last edited by Mj2k; 3rd April 2022 at 15:27.

  23. #23
    Master
    Join Date
    Oct 2018
    Location
    Hertfordshire
    Posts
    1,642
    My timing is a bit off as we are moving to a new house this week. I am quite concerned as I have no idea of how much it is going to cost to run. Already the new mortgage is another £800 a month. Fortunately I've fixed it for two years so it won't be going up for a bit. First thing I'll do will be stuffing more insulation in the attic and under the floorboards.

    And the wife wants to buy one of those American style fridge freezers which are about the least energy efficient you can get. She was still adamant even after I showed her it was going to cost £70 a year more than an equivalent sized standard one. Couple that with a sudden desire for £2ks worth of garden furniture. Interesting discussions to have over the next few weeks.

  24. #24
    Master
    Join Date
    Oct 2018
    Location
    Hertfordshire
    Posts
    1,642
    Quote Originally Posted by number2 View Post
    I do wonder how deaths due to hypothermia will be recorded?
    No doubt there'll be interminable discussions over the importance "with" or "of".

  25. #25
    Master
    Join Date
    Jan 2018
    Location
    England
    Posts
    2,274
    Really should be tightening up but have not done so yet. Still on a fixed energy tariff until May so a couple of months before we feel it.

    Mortgage due for renewal also this Summer so letís see how that plays out.

    Literally everything is going up. Including childcare fees, essential shopping, activities for the kids and of course energy and fuel.

  26. #26
    Master
    Join Date
    Aug 2006
    Location
    lancashire
    Posts
    1,085
    This opened my eyes!

    https://www.thisismoney.co.uk/money/...k-account.html

    We started thinking about times like these a few years ago,

    The only debt we have is our mortgage. We have enough in savings to clear 75% of it.

    We have two rentals that are mortgage free. The money from these gives us a comfortable life.


    Some of our friends I genuinely fear for, their monthly out goingís are almost their monthly income now.

    Hard times are coming for some.

  27. #27
    Quote Originally Posted by Wallasey Runner View Post
    Everything seems to have gone up at the same time. I have locked my car and house and contents insurance into three year deals with SAGA so at least those will remain the same. I had a water meter put in last month and the direct debit dropped by £70 a month. I think itís wise to be as savvy as possible and be ready for the worst.
    Thinking of getting a water meter - anyone else any experience of the savings as donít think itís reversible? Just the 2 of us now though Mrs K does like her showers.

  28. #28
    Master
    Join Date
    Aug 2006
    Location
    lancashire
    Posts
    1,085
    You can buy your own meter and monitor your usage, very easy to fit
    From memory cost about £40 for a decent one.

    Quote Originally Posted by Kingstepper View Post
    Thinking of getting a water meter - anyone else any experience of the savings as donít think itís reversible? Just the 2 of us now though Mrs K does like her showers.

  29. #29
    Grand Master Wallasey Runner's Avatar
    Join Date
    May 2015
    Location
    Merry Old England
    Posts
    13,844
    Quote Originally Posted by Kingstepper View Post
    Thinking of getting a water meter - anyone else any experience of the savings as donít think itís reversible? Just the 2 of us now though Mrs K does like her showers.
    We did it because both kids have left home and our dog passed last September. A lot of our usage was hosing down outside after the dog had done his duties. The drop in the direct debit was big, but as the cost is based on usage probably wise to stash a bit of cash just in case.

  30. #30
    Master
    Join Date
    Oct 2012
    Location
    Hertfordshire
    Posts
    2,546
    Blog Entries
    1
    Quote Originally Posted by Kingstepper View Post
    Thinking of getting a water meter - anyone else any experience of the savings as donít think itís reversible? Just the 2 of us now though Mrs K does like her showers.

    I think it usually works out cheaper with a meter if there's just two of you (unless you like watering large lawns etc). When we had a meter installed at our (then) home 30 years ago, it cut the bill in half. Just the two of us and no garden watering then. You are right, once installed, there's no going back.

  31. #31
    Grand Master ryanb741's Avatar
    Join Date
    Jun 2008
    Location
    London
    Posts
    14,809
    I'd remortgaged on a 5 year fixed rate in Jan so no increases for a while. I'd been paying off a 6 figure medical bill that still had some £70k left with half of that on high interest credit cards and that's being remortgaged and paid off slowly over 25 years but it will save a huge amount per month.

    I keep a strict food budget so it's just a case of adjusting what we eat ti that but thankfully neither myself or the missus drink alcohol at home. Virtually free motoring (£7 for 500 miles in my Tesla) and I live in a small flat so the electricity and heating bills won't be much.

    Inflation is also a retrospective thing - we are in it now so to see how we would suffer ask yourself how you are suffering now as it won't get much worse than that. Economy still booming and demand for talent so that's an opportunity to increase salary etc. Basically make adjustments to what goes out and adjustments to what goes in etc and all should be OK.

  32. #32
    Master
    Join Date
    Dec 2014
    Location
    Unknown
    Posts
    3,982
    Blog Entries
    1
    Weíve made a number of small adjustments. Seems the right thing to do.

    I really feel for the people who wonít be able to balance their books with already tight household budgets.

    I fear this will push some people into some really dark corners.

  33. #33
    Master
    Join Date
    Jun 2008
    Location
    Herts
    Posts
    1,870
    Tbh I think the real issues will be next winter. At least we are coming into spring/summer now so actual heating is not such an issue. If your monthly bill was £100 over the last 6 months this 50% increase makes it £150 but they expect another 25% in October which makes it £187.50. The general costs of everything will also go up due to energy costs as well so I really pity anyone on low incomes.

  34. #34
    Quote Originally Posted by golf View Post
    You can buy your own meter and monitor your usage, very easy to fit
    From memory cost about £40 for a decent one.
    Never thought of that TBH but just looked online and I was mistaken, have 2 years to change mind, so nothing to lose might as well go ahead.

    Quote Originally Posted by Wallasey Runner View Post
    We did it because both kids have left home and our dog passed last September. A lot of our usage was hosing down outside after the dog had done his duties. The drop in the direct debit was big, but as the cost is based on usage probably wise to stash a bit of cash just in case.
    Looking at my figures, only pay £75/month surprised that you could save £70!

  35. #35
    Grand Master Chris_in_the_UK's Avatar
    Join Date
    Nov 2004
    Location
    Norf Yorks
    Posts
    40,284
    Quote Originally Posted by Neil.C View Post
    I'm not.

    I'm retired and don't use the car much.

    My heating bills have always been pretty high because I like a warm house.

    I don't think inflation and price rises will have much of an effect on me TBH.
    Similar Neil - will just keep an eye on things for now.
    When you look long into an abyss, the abyss looks long into you.........

  36. #36
    Grand Master snowman's Avatar
    Join Date
    Nov 2012
    Location
    Hampshire
    Posts
    13,328
    Quote Originally Posted by walkerwek1958 View Post
    As regards heating costs thereís little I can do, top of my list is to sort out the loft insulation which all needs re- laying following major work.

    Cutting down unnecessary short car journeys is one way to save, but thatís not always easy when time is at a premium.
    You could always wear warmer clothes or two jumpers or a coat indoors.

    Short car journies are something to avoid if possible anyway, even if you don't subscribe to Global Warming, the exercise is good for your heart.

    M
    Breitling Cosmonaute 809 - What's not to like?

  37. #37
    Master
    Join Date
    Sep 2018
    Location
    Isle of Ynys Mon, Wales
    Posts
    2,354
    Blog Entries
    1
    Quote Originally Posted by Kingstepper View Post
    Thinking of getting a water meter - anyone else any experience of the savings as don’t think it’s reversible? Just the 2 of us now though Mrs K does like her showers.
    As far as I’m aware the original installer has (used to have) the option of 12 months trial with a water meter

  38. #38
    Grand Master Wallasey Runner's Avatar
    Join Date
    May 2015
    Location
    Merry Old England
    Posts
    13,844
    Quote Originally Posted by Kingstepper View Post

    Looking at my figures, only pay £75/month surprised that you could save £70!
    My water rates previously were just under a grand a year. The new charge for the year is £335. I suppose the sting in the tail is that if you use a lot of water there would be additional costs.

  39. #39
    Master
    Join Date
    Nov 2006
    Location
    UK
    Posts
    2,306
    Itís not going to cause us any issues other than a bit less disposable income, but both the kids are now renting, and they may need some help.

    Pete

  40. #40
    Master murkeywaters's Avatar
    Join Date
    May 2013
    Location
    Near the sea
    Posts
    6,731
    Quote Originally Posted by reecie View Post
    Tbh I think the real issues will be next winter. At least we are coming into spring/summer now so actual heating is not such an issue. If your monthly bill was £100 over the last 6 months this 50% increase makes it £150 but they expect another 25% in October which makes it £187.50. The general costs of everything will also go up due to energy costs as well so I really pity anyone on low incomes.
    Yes that what I was thinking about next winter, people will be lured into a false security if we get a decent spring/summer/autumn in terms of warmth, once the thermostat has to go up then reality will kick in.

    We've had years of prosper even under covid, free money was being handed out, lots of people moved and took bigger mortgages during the SDLT holiday, lots of cars purchased on the tick, it all adds up to the majority of a monthly wage goes on paying debt for many.

    I do think we are in for a prolonged period of change, my house has more than doubled in price since 2010 when we moved in and there is no way I could afford to buy my own house now, its been on a steady climb since and at some point there has to be a correction in the market, I thought Covid would hit the property market but no - war with Russia and ever increasing costs must surely bring property back to reality??

  41. #41
    Craftsman eletos's Avatar
    Join Date
    Oct 2015
    Location
    Nottingham
    Posts
    587
    Trying to convince the rest of the household we need to stop wasting energy. Been trying for years, but they are all collectively useless at turning lights off and keeping the heating down. Iím ramping up the pressure, but itís hard work.

    Saved a few quid already this year having to cancel holidays due to injury, Iíd rather be away, but itís extra cash in the bank I guess!


    Sent from my iPhone using Tapatalk

  42. #42
    Master Alansmithee's Avatar
    Join Date
    Jul 2013
    Location
    Burscough, UK
    Posts
    8,887
    Quote Originally Posted by murkeywaters View Post

    I do think we are in for a prolonged period of change, my house has more than doubled in price since 2010 when we moved in
    Based on prices here (and the fact that houses sell before the signs go up) - my house has increased in value by about £1500 a month since I bought it in 2014 - now that's great for me but absolute madness for the economy.

    My first house back in the 1990s was not great but I bought as a student while having a part-time job in a factory!

  43. #43
    Ive just become very aware of the energy we use and to use that wisely. We have solar and so I'm trying to utilise that as much as possible and use energy hungry appliances whilst the sun is shining. Iím having an iboost installed this week by my mate so hopefully all the excess i send back to the grid for free will heat the immersion. Iím sure if we all do our bit and become aware of how we use energy that hopefully mitigate the increases as much as possible

  44. #44
    Master Ruggertech's Avatar
    Join Date
    Jun 2019
    Location
    Deepest darkest South Wales.
    Posts
    4,257
    I remember as I'm sure as many of you do, paying around 15% mortgage interest in the late 80's. That was hard obviously, but it was when a mortgage was a maximum of 3x the main breadwinners wage, and did not include overtime, bonus, shift allowance etc. Just basic salary.
    I'd be amazed to see interest rates getting remotely near those dizzying heights again, but even a few percent would cripple many people now with mortgages based on both wages (6x?) plus bonuses etc.

  45. #45
    Grand Master wileeeeeey's Avatar
    Join Date
    Jan 2017
    Location
    N/A
    Posts
    14,063
    Quote Originally Posted by ryanb741 View Post
    Virtually free motoring (£7 for 500 miles in my Tesla)
    How are you doing this? Charging for free in supermarkets or at work?

  46. #46
    Master
    Join Date
    Jul 2009
    Location
    Brum
    Posts
    2,105
    Quote Originally Posted by reecie View Post
    Tbh I think the real issues will be next winter. At least we are coming into spring/summer now so actual heating is not such an issue. If your monthly bill was £100 over the last 6 months this 50% increase makes it £150 but they expect another 25% in October which makes it £187.50. The general costs of everything will also go up due to energy costs as well so I really pity anyone on low incomes.
    At the tail end of last year I couldnít understand why Martin Lewis was advising people not to fix their gas and and electric. I fixed mine until October 2023 as long as Eon donít go bust.

  47. #47
    Master
    Join Date
    Jul 2016
    Location
    West Yorks
    Posts
    1,034
    No, spent my life being measured with my monies to afford the headroom i will enjoy later, missus is of a like mind.

  48. #48
    Master
    Join Date
    Jul 2019
    Location
    Kent UK
    Posts
    1,855
    Quote Originally Posted by wileeeeeey View Post
    How are you doing this? Charging for free in supermarkets or at work?
    Plus the cost if the vehicle and insurance. I's really like an EV, but I'm struggling with the maths.

    On the plus side have remortgaged to a very good two year fixed. I'm on a variable energy tariff, but we are going into summer. My bet, based on a conversation with a few people in the energy markets is that oil prices will normalise before the year is out or we wi have something much bigger to worry about. I'm considering solar, but not sure how long we'll stay put. We have a tendency to move. Job market is definitely up and employers will pay to keep you. Less household income, due to a new arrival, but also less travel so net net in the short term. Food prices definitely up, really noticed shrinkflation for the first time today. No unsecured debt so don't feel very exposed, but planning for a somewhat simpler year.

  49. #49
    Grand Master Mr Curta's Avatar
    Join Date
    May 2014
    Location
    Mainly UK
    Posts
    15,156
    Quote Originally Posted by gerrudd View Post
    Plus the cost of the vehicle and insurance. I'd really like an EV, but I'm struggling with the maths.
    It depends very much on circumstances. In our case we saw it as converting an ISA that was earning bugger all into something that will save us in the region of £250 a month and was better for the planet than burning unsustainable fossil fuels. Insurance is similar to our previous family motors, it's a fairly modest car by electric standards but ticks all the boxes for us including decent range. Many offices have free charging, mine included.
    Inform - Educate - Entertain

  50. #50
    Grand Master wileeeeeey's Avatar
    Join Date
    Jan 2017
    Location
    N/A
    Posts
    14,063
    Quote Originally Posted by Mr Curta View Post
    Many offices have free charging, mine included.
    Mine does too but I can't get it to work. Charger definitely works, car and cable work, but not all three together. Tesla think it's an authentication issue but want £90 to come out and see it with their own eyes.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Do Not Sell My Personal Information