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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

If you were about to be poor, what would you spend your money on now?

373 replies

TargetPractice11 · 03/08/2024 08:47

To make life easier when your income drops?

We have some savings that can be spent on things that will save money in the long run get term.

I've just bought a slow cooker, for example. And I'm thinking about getting our windows upgraded to save on bills.

OP posts:
RB68 · 03/08/2024 09:53

It really depends on the money available. Personally if you are staying in the house I would put some solar up - energy is only going to increase in cost going forward and you could easily cover day time useage with solars and if the money stretches maybe a battery for overnight tick over.

Windows I am not sure you get the same savings and return it kind of depends what you have now.

I would consider putting some within a pension fund as longer term you sound as if there will be a period of low or no income where pension wont be a priority but this could leave you in dire straights once retired so a boost now could really pay off longer term.

In terms of the house inside - what kind of heating do you have? This could make a difference - we have a log burner and LPG boiler but you could invest in a low costing system that could reduce energy costs even further e.g. if you have access to wood and space to dry it then this could potentially mean a log burner for the living room would reduce central heating use significantly.

Think about how and what you cook, Do you need a stove or is the slowcooker, a decent air fryer and microwave "going to do you". Consider what you eat and how changing that could help you reduce food costs - e.g. Would setting yourself up with a greenhouse and some beds be a good move (are you green fingered) things like salad are expensive and you can grow some more expensive veg that can be used to stretch your budgets. More use of good fillers like lentils and chickpeas etc in your recipes could help keep costs down - maybe some cooking lessons on this different way of eating would be a good investment if normally that is not your thing. Also reduce use of expensive things like meat and sugar/treats. Consider using click and collect shopping for more basics so you are not tempted to buy off list items (although you miss out on yellow stickers)

I would make sure my white goods were on a good footing e.g. 6 yr old washer I might consider replacing now same for a fridge freezer - maybe increase the freezer side to help with batch cooking of making use of yellow sticker bargains

I would review clothes and shoes for your new way of living - if more walking etc then good walking boots and waterproofs including trousers could help. Or maybe bikes would be a good investment.

Consider some training for a side hustle - so if retiring this could be something you do part time so that there is possibility of some income from somewhere if needed.

I would have an emergency fund for sure.

Cars - if you are keeping, get them looked over, consider new tires and any work now or possibly upgrade to newer models with potentially less maintenance. If have two can you make do with one and upgrade it to newest possible esp if this is retirement as you are unlikely to be able to upgrade again.

Could the money be used to add quality of life e.g. a Caravan site or similar that you rent out as well as use for breaks yourself. Do consider how far away it is though and what it would cost to get to etc.

A friend of mine in a small town over time bought 3 little shops freehold and now rents these out for passive income. They are local so he can keep an eye and they are on repairing lease so shopkeeper maintains etc (very different to residential rental) Just be careful to pick somewhere where they will be rented rather than sit empty.

TargetPractice11 · 03/08/2024 09:54

We spend an extraordinarily amount on power and I don't know how.

I've just bought a little gizmo from Aldi that tracks power usage at the socket so I can work out which appliances are the worst.

I think our dryer is really inefficient- but we do cloth nappies. Just overwhelmed I guess trying to work it all out.

OP posts:
Chikasan · 03/08/2024 09:54

There was a tv programme many years ago about this very situation, and I remember them saying buying and storing neutral coloured emulsion paint to keep for when your house needs a quick freshen up

EliflurtleAndTheInfiniteMadness · 03/08/2024 09:58

TargetPractice11 · 03/08/2024 09:14

I've just signed up for a second job and start next week.

I'm going to be exhausted, that's the other thing. We have small kids including a baby. I'll be full time at day job plus a night job.

If money wasn't so tight I could get a cleaner, meal service, shopping delivery. but I'll be doing more at home to save money while doing more at work to make it.

Surely if your DH has cut his hours and you're now working 2 jobs HE should be doing more at home to save money? Same amount of down time, he doesn't get unless you do too.

timenowplease · 03/08/2024 09:59

TargetPractice11 · 03/08/2024 09:54

We spend an extraordinarily amount on power and I don't know how.

I've just bought a little gizmo from Aldi that tracks power usage at the socket so I can work out which appliances are the worst.

I think our dryer is really inefficient- but we do cloth nappies. Just overwhelmed I guess trying to work it all out.

First thing you need to get then is a washing line and clothes horse - cheap ones.

Choochoo21 · 03/08/2024 09:59

Don’t spend it on anything.

Save it and then allow yourself to use it when the money is really low.

Have a set amount eg £100 a month, and tell yourself that you won’t go over that.

Having a chest freezer or slow cooker (that you can get anytime for free or cheap) are not going to be any use when you can’t afford food to go in them or electricity to use them.

Randomly spending money to save money is counterproductive.
It’s such a waste.

If you do need something down the line (like a chest freezer) then you will still have the money available in your savings account.

BMW6 · 03/08/2024 10:00

TargetPractice11 · 03/08/2024 09:36

We don't have a lot of storage space otherwise I'd be doing this.

Boxes that slide under beds are your pal here

ItsAlrightDarling · 03/08/2024 10:03

EliflurtleAndTheInfiniteMadness · 03/08/2024 09:58

Surely if your DH has cut his hours and you're now working 2 jobs HE should be doing more at home to save money? Same amount of down time, he doesn't get unless you do too.

Exactly this. Don’t run yourself ragged with 2 jobs and the bulk of the household chores while he’s dropped his hours and stress at work.

BMW6 · 03/08/2024 10:03

timenowplease · 03/08/2024 09:59

First thing you need to get then is a washing line and clothes horse - cheap ones.

100% this.

If its raining give clothes an extra spin before drying over an airer in a room with window open
(Bathroom perhaps) to avoid mould.

If you must use the TD put a clean dry hand towel in with the wet stuff as it will absorb moisture.

Choochoo21 · 03/08/2024 10:04

nameynamenamenamename · 03/08/2024 09:30

Why on earth would you be looking to spend money in your circumstances?!? Particularly on things like new windows.

Keep your savings. Ideally have 6 months worth of expenses available.

Slow cooker sounds good. Possibly chest freezer. But for goodness sake don’t go looking for things to spend money on when you’re about to have to get a second job. That’s madness.

I agree!
I can’t believe what I’m reading, it’s absolute madness!

You would stop spending as much as you can, not try and find random things to waste your money on.

Save it all and then use it when things get really tight.

If things like chest freezers are needed, look for second hand ones and only get them when they’re actually needed and not just in case.

guinnessguzzler · 03/08/2024 10:04

Agree with @Smigglewriggle When our kids were little we had passes to two local family day out places which meant we could always take them for a free day out. With two or three passes they won't get bored of the one place. We always took a packed lunch then bought an ice cream, making it feel like a proper treat day at a cost of around £5 in total.

I agree with most posters that you're probably best to save what you can but absolutely recognise there are opportunities for spend to save. Possible other things on that front for the kids could be bikes, roller skates, good quality outdoor gear (as I think has been mentioned) and possibly even tent and camping equipment. These are all things that if you can afford the initial outlay can then support you to have fantastic times with your kids very cheaply or for free.

TargetPractice11 · 03/08/2024 10:06

@Choochoo21

I was looking at second hand chest freezers online- but then I thought they might be inefficient and churn electricity- or break within months and end up costing me more than buying a good one under warranty.

OP posts:
OrwellianTimes · 03/08/2024 10:07

TargetPractice11 · 03/08/2024 09:16

Chest freezer has been on my mind- so I can batch cook.

Do people feel it's worth the initial cost plus the power needed to run it?

It is, but buy a new energy efficient freezer.

whats your car situation like? Living hand to mouth it’s been our biggest problem- only able to afford old cars = a lot of bits need fixing.

If I had a big cash lump and a tired car I’d replace that first.

Is there any reason you can’t put into savings though?

twomanyfrogsinabox · 03/08/2024 10:11

Save it and keep getting interest until you are poor, then spend it when you need to, no point putting in a new boiler if the old one is fine, you may need something more immediate. How poor are you going to be, not as wealthy or boracic?

NeverDropYourMooncup · 03/08/2024 10:11

Shit. I forgot THE MOST IMPORTANT THING OF ALL.

Go to the dentist.

Buy Prescription Prepayment Certificates (set up by direct debit, so there's never a lump sum needed).

You do not want to be skint at the same time as a cracked tooth or periapical abscess.

GeorgeCrabtreesAuntBegonia · 03/08/2024 10:12

TargetPractice11 · 03/08/2024 10:06

@Choochoo21

I was looking at second hand chest freezers online- but then I thought they might be inefficient and churn electricity- or break within months and end up costing me more than buying a good one under warranty.

I have had 2 chest freezers, both second hand. The first one lasted me 40 years, this second one I have had for 8 years. I don’t know but I really don’t think there’s much to break down on them. The first one I bought from a neighbour, the second from a charity shop. I think I paid £25 for it. I also bought a small table top freezer from the same charity shop. Works fine.

GoldenLegend · 03/08/2024 10:12

Repairs to my house, new boiler, redecorating.

Flexmybin · 03/08/2024 10:14

TargetPractice11 · 03/08/2024 10:06

@Choochoo21

I was looking at second hand chest freezers online- but then I thought they might be inefficient and churn electricity- or break within months and end up costing me more than buying a good one under warranty.

Chest freezers are a pain, hard to find stuff in them. One with drawers would make more sense.

Boxina · 03/08/2024 10:15

timenowplease · 03/08/2024 09:59

First thing you need to get then is a washing line and clothes horse - cheap ones.

Agree. I did cloth nappies and didn't have a tumble dryer. They went on the airer in the house or outside on the line. In fact I've only recently got a tumble dryer and that's only for sheets and towels as we just don't have the room and time to get everything dry now the kids are bigger and their clothes take up more space on the airer/line. If I can do the sheets and towels in a day that really helps.

BobbyBiscuits · 03/08/2024 10:15

I'm always about to be poor. If I had a load of money up front I'd get my basement made into a self contained flat, that I could either live in or rent out. Otherwise I'm undoubtedly going to have to sell the house as I can't afford to run it.

RappersNeedChapstick · 03/08/2024 10:15

In your situation I'd be looking at some decent therapy for DH so that he recovers. He doesn't have to go back to a similar job but you want him well and able to function Flowers

FusionChefGeoff · 03/08/2024 10:15

You can work out power consumption without a gizmo - look up the kWH of the item online. The higher it is, the more energy it will use. As a rule, anything that heats uses MASSES of energy. Oven / kettle (but ok as so short) and yes your dryer will be killing you.

Absolutely do not start wasting money on things that you don't need yet!!!

A 2nd hand / Facebook dehumidifier would be a lot cheaper to run than a dryer. As well as yes clothes horse and washing line.

Air fryers are much cheaper than an oven - surprisingly, a slow cooker doesn't work out that much cheaper for us as it has to be on for so long.

Analyse every single bill and switch to make savings.

Don't invest money, invest your time on making long term savings on expenses.

And yes, what is DH doing to help here??

wouldbeFTB · 03/08/2024 10:16

If all goes well, I'll be a homeowner in a few months. Paying a mortgage by myself will be a huge adjustment. I'm thinking of doing the following to reduce monthly outgoings:
pay service charge for the year ahead
pay council tax for the year ahead
pay annual gym membership
buy an electric blanket (I work from home most days)
download an anti food waste app
sign up to market research surveys for extra income
sell anything in good condition that I don't need

Mosaic123 · 03/08/2024 10:16

Yeah stop using the dryer if you can. Might be worth buying more cloth nappies, or buying disposable ones for the winter time.

CoffeeLover90 · 03/08/2024 10:17

TargetPractice11 · 03/08/2024 09:16

Chest freezer has been on my mind- so I can batch cook.

Do people feel it's worth the initial cost plus the power needed to run it?

I got an under bench freezer from Gumtree, £50 and still going 3 years later. Cut shopping bill in half by batch cooking and cooking from scratch at least 5 days a week. This does take some time though so if your DH has a dramatic drop in hours the house stuff should be divided to accommodate the hours each of you work. I'd prioritise that personally.
I'd also keep as much of the savings to cover cost of clothes, shoes, uniform, Christmas etc.
Sell on vinted. Buy on vinted, kids clothes and shoes especially you can find some absolute bargains. I've never had any problems.