Help me save as much money as possible

[dottymac]

Without going into too much detail, my husband may be out of a job in 3 months. He is the sole earner and we have a large eye watering mortgage. I can potentially get a job in September but will be restricted to school hours. No family help at all. I'm wracking my brain on how to raise/save as much as possible in the next 3 months but I'd appreciate any and all ideas. 🙏

@dottymac

Without going into too much detail, my husband may be out of a job in 3 months. He is the sole earner and we have a large eye watering mortgage. I can potentially get a job in September but will be restricted to school hours. No family help at all. I'm wracking my brain on how to raise/save as much as possible in the next 3 months but I'd appreciate any and all ideas. 🙏

I have an idea!

https://www.mumsnet.com/Talk/legalmoneyy_matters

Any streaming services or extras you can cut back on?

Could you work evenings / weekends over the next few months? He also needs to start job hunting although if he wasn't working I don't understand why you can only work school hours?

Money saving expert website is your friend.

Ask for a mortgage holiday.

If DH is not employed why would you be restricted to school hours.

You have DC, any clothes or toys you can sell? I make abit selling things at car boot sales and on Ebay.

Why will you be restricted to school hours if your DH will no longer be working? If i was in your shoes I'd prioritise getting a full time job with the understanding DH would deal with school pick ups etc, then if he finds another job, arrange childcare.

Other than that, what is your expenditure? Can you renegotiate your mortgage over a longer period or something? Then check your bank statements to identify recurring costs thay could be reduced...eg cancel memberships, switch electric suppliers, change phone contracts etc. But it will be tricky if your mortgage payments after really that large...

What's the position on the mortgage? Could you drop down to interest only?

Is he worried about finding work again ...i.e. do you need a temporary fix or radical change ?

Do you have a clear understanding of the size of the problem?
Eg what are your essential fixed outgoings every month? So things you can't change - mortgage, insurance etc

What are your variable expenses? Eg food, spending money?

What could you do without (I know people always say Netflix etc but if you're not going out, you need some entertainment) but if you have multiple subscriptions you might be able to drop some.

Do you have things you could sell - clothes/toys/books etc?

I'm seriously hoping he'll get something lined up, my earning potential is very low as ive been out the workforce for a long time and probably need to retrain and start from scratch. I'm hoping he'll get something although the nature of his work is quite erratic involving last minute trips away and long hours so no reliability really and I'd ideally need something meaning I can always be there round the kids - the gold dust of jobs! There's a few streaming services and memberships we can give up but it'd be a drop in the ocean. 😬 Thank you for the links to the other pages and sites, I'm a bit of a novice at this but I will definitely look.

Ebay/Facebook sales

I'm not very money savvy and need to sit down tonight and look at finances etc. I already do sell books/toys/clothes on Facebook etc but it doesn't generate a huge amount. Thank you for the advice so far, it's giving me some good points to get started on.

@dottymac

I'm not very money savvy and need to sit down tonight and look at finances etc. I already do sell books/toys/clothes on Facebook etc but it doesn't generate a huge amount. Thank you for the advice so far, it's giving me some good points to get started on.

This is absolutely key, you need to have a clear view. Otherwise you won't know how much you need to tide you over.

Baked potatos for dinner if you don't have them already.

Can you set up a spreadsheet or write out your budget and then your income.

Even the little things build up so don’t dismiss them completely.

Look at your non-essential outgoings. Does your DH always buy lunch for example? Could your DC switch to packed lunches instead of school dinners (unless they’re entitled to free school meals)? Do you have things you could sell? Any unused gym memberships or magazine subscriptions?

Save so much money making your own lunch if you usually buy. And also look at your shopping. Are there cheaper alternatives for any products you usually buy.

Thank you, these are great tips. I'm hoping if I can start today, making small changes, it will build up to a large amount saved in a few months and allow us some breathing space -look after the pennies and all that....

We don't have any subs except (cheap) phones but non essential things we spend most of our money on are:

Food (yes it's essential but we could buy cheaper things)
Days out and activities for DC
Buying "stuff" we strictly could live without, eg new clothes, new things for the house, toys for kids etc

If you can identify where you think you could save money but not sure how to, open separate threads in the relevant topic eg 'Help me reduce grocery shop from £150 to £75' or whatever.

Firstly get a spreadsheet of all your income and outgoings now.

Secondly you both need to be fully signed up to saving money, no good you busting your gut if he's still spending.

Getting a term time / school hours job is ok but why not look for full time that pays better and use childcare?

Look at your bank statements and credit cards. Cancel subscriptions that can be. Switch to a cheaper supermarket and switch to own brand products eg I buy mostly lidl own brand toiletries, Aldi moisturiser etc. Reduce take aways etc

Sell outgrown kids clothes and toys.

As soon as your dh is out of work he should line up temporary work eg driving jobs, it pays better than job seekers. Take a mortgage holiday if you have to

I'm terrible for nipping into the charity shops and picking up non essentials - bought a few cushions earlier I liked but don't strictly need - only £4 but I'm kicking myself now. I need to cut out the non essential shops and Costas. That will definitely help. Does anyone work from home in any casual jobs that can be easily picked up? Do roles like that even exist?!

Car Boot Fairs. Sort through all your things and sell anything you no longer need, use or that doesn’t fit. Also Money Saving Expert to help with an audit of all your bills as well as lots of good advice.

Have a look on the £10 a day thread.

Ditch the Costa. Buy yourself a jar of fancy instant and work your way down to the cheap supermarket own brand until you find the cheapest coffee you feel you can drink. Do this with all food etc. Do it slowly, don't make a massive leap down.

Try using something like Look After My Bills as well. Might be able to cut down without changing anything.

Also, speak to an independent mortgage advisor to get your payments more affordable. We’re renewing our mortgage at the moment and consolidating our credit card debt and paying less overall each month. Our mortgage advisor is amazing.