aibu to spend money now trying to prepare for increases in everything?

[nononin]

So everything is rising.

Me and DH did the math and when our fix is over, even if we overpay on our mortgage by everything we can (dream world, there's always something else that needs paying first that cuts this down) Even if rates rise by a few percent which they seem to be, well we would be looking at an increase we can't realistically afford.

We still have a couple of years left on the fix BUT Everything is going up so its safe to say our mortgage probably will too.

(also relevant) We are a single income family of 6, and although my partner now earns a good wage, we have been hit with illness and he has had to stop working for an extended period, a few times this has happened.
So we have been in the position of worrying about money and job security. It wasn't good and makes a bad situation worse.

So here is my Aibu

I want to spend a couple of hundred pounds now, in the next few weeks, buying extras of what we would already buy (pasta, sauces, canned goods, dried food. Long shelf life stuff) so that we have enough food in the house to subsidise our shopping in a significant way should we need to.

I also think this would be a good idea for the rising costs (everything is going up weekly so we'd be saving money straight away)

We can afford it. And we do have space to store it.

It would give me peace of mind.

I can't really see a down side. Our savings are losing value all the time but we will be buying the food anyway. Surely this would count as just another form of saving.

Am i sounding like an idiot here? DH thinks its mad and akin to panic buying in covid. I don't think it is as there doesn't seem to be a shortage around here for anything and it would be over a few weeks, just buying extra long life stuff.

It seems the most logical thing to do?

What do you think?

Also am i right about increase in interest rates means our mortgage rate will go up too?
We are paying 600 pm and our absolute highest would be 750 but an increase of only 2% sent our payments up to 8-900 on the mortgage calculator.
And we factored in the increased equity.

@nononin Yes, we eat pasta at least twice a month so im definitely going to get at least another 12! That was only an example though as i try to do this with whatever is on offer that stores well. For example i keep a years worth of washing up liquid, washing capsules and hand soap too.

You could declutter and sell the junks/old toys etc out of your cupboards in a car booty or facebook market place etc. Then use that money to buy extra groceries and household items. I think you should hold onto your savings in case of an emergency.

You should consider a remote job wfh to increase your household income because one wage isn't going to be sufficient for a family of 6. You need to increase the money coming into the household pot so sell your junk & get a job.

We buy in bulk usually as it often works out cheaper. We do plan to overpay the mortgage but our fixed rate is now lower than savings so we plan to build savings until the end of the fix and pay off as much as we can.

If you can afford it and have room then why not? But as you use it up you either need to replace it or put the money it cost aside and not use it for other stuff.

@KvotheTheBloodless any overpayment I have made within the year can be used to offset any mortgage payment in the future.

Gives piece of mind that you can always access the cash again (by reducing the mortgage payment for a particular month or months) if needs be.

Sounds good to me. As long as you leave some (if a lot there) for other people then I think fine.

I do this by buying things we always use in bulk when they are on special offer. I have a large collection of tea coffee and loo rolls.
I used to have an offset mortgage so that my savings were offset against the capital and we sacrificed the interest. This meant I could get the savings if I needed to spend them and it enabled us to pay off the mortgage early

It’s not a bad idea, and I effectively bulk buy already when I:go to Costco. I had a similar thought on my last visit and slipped a pack of bathroom cleaner in my basket even though we’re not totally out.

I've been doing this. Bulk buying all non perishables. Also buying Xmas food and presents now before Xmas prices.

Exactly! I swallow the lack of savings by salivating over my ever so slightly shorter mortgage. Though last month, I made an overpayment slightly larger than the others and instead of reducing the term, asked to lower my monthly payment this time which gives me £40 more disposable income a month (blatantly to be sucked up by energy bills but whatever). I’ll go back to shortening the term again now.

I aim to have all Christmas presents bought by end of October too.

We've spent a chunk of our savings last month on solar panels-that's a biggie but will help long term, (was a big wait to get them due to shortage of roof clips). Our washing machine is 13 years old & I've been considering whether we should replace now.

Always keep a supply of extra longer life foods in. I've been a mini prepper for a few years & was great in the shortages. Need to research & work out best prices & brands & also what isn't worth the money. Ds loves pot noodles & corner yogurts & things that are probably inflated prices). It's easy to end up with an imbalance or too much stock though so I need to hone my skills in this area & use the freezer to maximum efficiency. Also gets annoying having stuff crammed in everywhere so we need to plan & allow value to keeping some space.

I also need to diet & that often ends up being more expensive.

It’s good to take back some control. Like PP I’m also hoping to have most of Christmas sorted by October. Perhaps even more controversially I’ve started uni prepping even though DD isn’t due to go until next year! I made a list of the non-perishables and checked vs the WIWIKAU mega list and there’s a fair bit that can be bought ahead, and then can just reabsorb into the household if she decides not to go or anything. I’m not buying tonnes, but it’s surprising how much it adds up, so it feels good to tag eg an extra tube of toothpaste onto the weekly shop and then stash away and tick off my list (obvs that’s the best bit 😂)

This. Any extra income would make a big difference. And you can't sell the food for money if you need it in an emergency.

If childcare is an issue then there are plenty of remote jobs available now than previously. I work from home as this fits in with my family life and I earn a salary at the same time. Have a look at charity jobs UK website for remote jobs in all skill sets.

Local colleges have free professional skills courses which you can do to help you update your CV & find work. You need to be earning a salary now because the cost of living is going to hit most people.

Bulk buying food when it's cheap that you can store is always a good idea. It will insulate you against run away price rises. Just make bloody sure you store it correctly or it will cost you. The merest hint of damp can destroy a lot of food

Ask on prepping forums for advice.