If you are financially comfortable, have you started cutting back on non-essentials?

[LabraDabraDoo]

I realise that we are very fortunate to have the financial headroom to choose to cut back and at the moment we spend quite a bit on non-essentials. We did a budget last night to look at likely price increases (especially fuel) and it looks like, while our jobs are secure ( although our investments are in the doldrums) we will be cutting back on quite a few non-essentials. Anyone else also making this choice yet?

Our list includes:
Back to buying decent quality supermarket meat and reining in trips to the farm shop.
I’m not buying clothes this Spring, I have enough to clothe a hundred middle aged women. We aren’t heating unused rooms in the house. Horse riding lessons are being suspended ( kids didn’t seem too bothered so that’s an easy £200 saved). We’ve cancelled our plan to refloor downstairs (wooden floors, so that’s a big saving). I planned to raise the children to a cottage in Norfolk for a couple of weeks in summer and we’ve arranged a house swap with a friend instead. We are not going out to eat for the foreseeable, and outings will be free swimming at the gym, dog walks etc. All other home improvement plans and big spends ( I considered renewing my car) are on hold. There are some things I hope we don’t have to cut, like cancelling holidays, music lessons and our lovely cleaner. We are still saving money into pensions and investments.

Anyone else making cutbacks? Do you think it’s going to start having an impact on people who provide non-essential services or are they still enjoying a post-Covid boom?

We have cancelled:
membership to a private library - £133
Amazon Prime - think it was £79 or 80
my gym membership (didn't use it) £264
a history magazine DH wasn't reading - £96

We are having another woodburner - in the back sitting room and although that's not cheap, it won't be about using gas or electricity and we'll be able to use it if there are power cuts.

I have started buying stuff that keeps that they say will increase in price- have spent £350 this week on coffee, tea bags, sugar, dried fruit, tinned stuff, large sacks of a particular cat food, cat litter, cleaning/washing stuff and toiletries. Not really because of prices but just because I am worried about being able to get them.

I am growing potatoes, carrots, sweetcorn, tomatoes and we have a plum and an apple tree.

Might sound daft but

I am also going back to work full time when my eldest starts school sept 2023 - currently work 28 hours - so that will help (well, assuming I still have a job obviously).

We just reduced our sky package today which had just come out of contract and due to be 70 a month, back down to 31 by cancelling Sports.

I do have to stop sticking treats in the basket however (didn't do a good job today but we have covid so feeling sorry for ourselves) as that is one area where things really add up.

Could do with cutting down alcohol anyway so will try to do that in conjunction with starting running (free using app)

We are fairly comfortable but conscious all of our bills rising will coincide with another maternity leave so making considerable cutbacks. Our phones are both due for renewal in May and we will be switching to sim only deals. We are on the verge of selling our second car because we don't use it enough to justify the expense. We've stopped buying lunch when we're out multiple times a week and save this for a payday treat. Ditto takeaway coffee.

I'm hesitant to stop the car valeter, dog groomer, cleaner or kids activities but these are all areas we COULD cut if needed, likely in that order.

If I have to cut back I will cut back, but I think it's important to still spend on "nice" things if it's affordable for you. I really can't see the point in cutting everything back to the bone if you don't have to. Lots of small businesses would collapse if people with some speding power stop spending.

No no yet
In fact just planning and booking up lots of lovely restaurants for our holiday in two weeks

But…obviously there will come a point and I don’t envisage it’s way in the future when I may have to

Until then… no

I'm not looking at massively cutting back from my current position because I cut back a few months ago when I took a lower paid role compatible with my studies.

I will be looking into whether I can increase my side income stream, and keeping an eye on whether this remains viable during a recession (it did during the last one), and ensuring that my qualifications and business plan are suitable for my planned business launch in two year's time.

@knittingaddict

If I have to cut back I will cut back, but I think it's important to still spend on "nice" things if it's affordable for you. I really can't see the point in cutting everything back to the bone if you don't have to. Lots of small businesses would collapse if people with some speding power stop spending.

Exactly

I don’t believe that anyone is especially financially comfortable if they are having to cut back at this point

Choosing to us something rather different t

that's fine to say but energy WILL go up. My energy supplier has just advised me that i will need to double my monthly direct debit to cover my usage which is not excessive.

Exactly. I worry about basic costs going up, and if they're up far enough that means a reduction in what I can spend on things like treats that pay wages at small businesses etc.

I should add that we are not rolling in money by any stretch. I'm talking about the ocassional takeaway or meal out, spending on our very geeky, inexpensive hobbies and buying books. That sort of thing. Definitely not sunning ourselves in the Maldives or buying designer brands.

I’m totally ignoring it until I actually have to deal with a rise in my bills. Currently mortgage and energy is fixed until October. We are getting new carpets and a kitchen but have saved for 5 years, not due to being super wealthy. We chose to do that rather than move so I guess our “cutting back” decision a year ago was not to stretch ourselves mortgage wise and be happy where we are. A slightly bigger house with more parking would be nice and is affordable but then they always seem to have other compromises so we are staying put which allows flex in our spending.

@LuluBlakey1

* membership to a private library - £133*

Never heard of this! What is it? Is that annual cost?

I’m older than many on here, so our mortgage is paid off and pensions accrued. OH took early retirement 2 years ago though so although we are technically financially independent, earning potential has shrunk (yes, he could go back to work but he’d rather defer some spends as a first option) and we are living off savings for extras. That early retirement was planned for with inflation in mind, but not at the mind boggling 50% on some essentials like fuel and the resultant knock on effects that it will bring
As such, spending those savings on frivolous stuff whilst there is so much uncertainty would cause more anxiousness than joy. Plus our grown up children may also run into trouble and I’d rather not fritter hard earned and saved cash away on the previously planned new furniture/landscaping of garden/holiday just yet.

On paper, we are more than comfortable but a lifetime of careful saving is a hard habit to break in the good times, let alone the bad.

@Landedonfeet

I don’t believe that anyone is especially financially comfortable if they are having to cut back at this point

Choosing to us something rather different t

But it depends what people mean by financially comfortable. OP discussed pensions, savings and investments. Having those might indicate “comfortable” to one person but “wealthy” to another. Ie, are they an essential or a luxury that you can cut back on?

Comfortable I would see a pension and savings as otherwise you’re on something of a tightrope

But i can see how others may see differently

@Kadge3042

I think people will struggle to have sympathy when you talk about cutting back horse riding lessons and meat from the food shop to buy form the supermarket when some people can't even food to buy food from the supermarket and relying on food banks.

We are all feeling the pinch. We are an awkward middle. Not really struggling but not well off either. We don't get help with anything but money is a struggle at the minute - and we have no luxuries. It's just the costs of bills, car. running a house and feeding 2 kids!

I don't think that the folk who are posting on here are seeking sympathy.....just sharing information.

We're pretty comfortable - but a big reason for that is because neither of us are big spenders. We haven't yet had to make any cut backs but we could easily save money if we had to.

* No one thinks they are wealthy, though, in general. Everyone thinks they are average. It’s a well documented fact.*

I certainly don’t feel I’m average
I know that I’m financially fortunate and surely a quick google of average income will reveal the facts of where you are in terms of average?

@fairylightsandwaxmelts

We're pretty comfortable - but a big reason for that is because neither of us are big spenders. We haven't yet had to make any cut backs but we could easily save money if we had to.

I find these posts intriguing

If you’re not big spenders at al
But could “easily cut back”
On what?
Genuine question

We now shop at Sainsbury's instead of Waitrose.

@Abridget7

We now shop at Sainsbury's instead of Waitrose.

I find blend between two reaps best value

We’ve been planning and saving to move to a bigger house this year but have decided against it, can’t imagine it ever happening now with house prices rising as well

@Landedonfeet

Comfortable I would see a pension and savings as otherwise you’re on something of a tightrope

But i can see how others may see differently

Yes, exactly. If you have savings - and how much savings - you won’t need to cut back - because you have savings; that’s what they are for - for managing hard times. I would expect people to use their savings before they even start to feel financially uncomfortable. Nothing wrong in getting rid of unnecessary expenses though.

I was finally able to be confortable enough to have a cleaner....immediate change of plan before even starting it. "Cleaner" money will go into saving pot. I know it sounds stupid but I was really looking forward to having a cleaner coming once every 2 weeks because I am honestly exausted. I guess it will be for another life.

I disagree

Eating into my savings for basic things that I previously had not needed to draw on savings for would certainly make me feel very financially uncomfortable