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Original poster

Is the 'credit crunch' affecting your life?

197 replies

LyraSilvertongue · 18/06/2008 09:50

There's been so much in the news about the credit crunch, rising food, petrol and utility costs etc over the last few months.
But is it really affecting your life?
Personally I haven't seen much of a difference. I don't use the car that much and I buy lots of special offers in Sainsbury's the keep costs down.
Who's really been affected by the current state of the economy?

OP posts:
Blondilocks · 18/06/2008 20:13

Petrol. I used to pay about £25 for a weeks petrol when I started working at my current place 2yrs 8 months ago. Now it's nearer £40.

AttilaTheAntiHun · 18/06/2008 20:15

Yes- dh is a self-employed property developer. he has several half-million pound properties at the moment which no one wants to buy.
So - I have gone back to work before we wanted to, more hours than we would have chosen. we now shop at lidl and menu plan carefully. Dh has just returned from a 12 week stint working in Ireland cos there is work for him there (employed by someone else).
We are lucky cos we are both employable and can potentially earn good salaries. We recognise this. But there is no denying that things are TIGHT at the moment, with no prospect of them improving.
Ho hum.

Original poster
LyraSilvertongue · 18/06/2008 22:23

I suppose another upside will be that we're all wasting far less fuel, which has to be good for the environment.
ad also first time buyers may be able to afford to buy a property.
We've failed to sell ours but that could be a good thing, as we'll hang on to it till prices rise again, renting it out, and using some of our equity as a deposit on something bigger.

OP posts:
StripeyKnickersSpottySocks · 18/06/2008 22:54

We're just about to come off a 5 year fixed mortgage rate. We've got 10k lump sum that we're going to put towards paying off the mortgage but even after reducing the mortgage from 54k to 44k our monthly payments will remain the same as interest rates have shot up. I guess we're lucky we had that money saved, otherwise payments would have gone up. Its still annoying though, almost feels like the 10k has just disappeared with no benefit.

I won't go for day trips out with dd at the weekend as can't afford the petrol.

Don't buy such nice food anymore. Worried about rising heating costs.

Original poster
LyraSilvertongue · 19/06/2008 08:39

.

OP posts:
fiodyl · 19/06/2008 09:12

tbhim hoping that rental prices wont go up too much.

Alot of people unable to sell atm will choose to rent out their properties instead, so there wil be a flood of properties available keeping rents low,eventhough there maybe a slight increase in people choosing to rent.

Also if you cant sell your house, and have to rent it out then wouldnt you rather get something towards your mortgage rather than price it too high and risk no getting anything

lilyloo · 19/06/2008 09:48

Can't beleieve they are now saying fuel bills to rise by 40% by xmas

Original poster
LyraSilvertongue · 19/06/2008 09:54

I know, it's shocking. I'll be using my tumble dryer a lot less.

OP posts:
Flamesparrow · 19/06/2008 10:02

I'm worrying that the landlord will try and up the rent some insane amount to cope with his rising costs.

I'm not being as sensible as I should be but at lot of that has been depression can't be arsedness... I am getting out of that now so things should be easier to keep a grip on. I need to increase our gas payments as of next month.

Buying a job paper today, but the chances of me getting anything that will pay enough to cover nursery is unlikely

Hoping the world realises they can save more money buying cloth nappies

Flamesparrow · 19/06/2008 10:02

Oh, changed my gas & electric to a different tariff last night

noddyholder · 19/06/2008 10:07

I personally think rentals will come down too as people who can't/won't sell decide to let their houses and the rentql market is flooded.

Original poster
LyraSilvertongue · 19/06/2008 10:09

Not sure Noddyholder. A lot more people will be renting instead of buying so I don't think rental prices will come down.

OP posts:
noddyholder · 19/06/2008 11:25

We'll see as the year goes on.Have been watching this closely since last summer when we sold to rent and things have panned out as expected so far.

pavlovthecat · 19/06/2008 12:36

Thankfully my tumble dryer broke, so I hand my washing up on the line. I used to only do it if it was going to be sunny for a while. but now I am great at being able to spot a break for an hour or two, enough time for the clothes to dry - they are high up in the air so seem to get a good breeze. If only an hour is not enough, I bring them back in, put them back on later. Mostly this is working, and going to save me a fortune, AND I feel pleased with myself, and all grown up!

pavlovthecat · 19/06/2008 12:45

DH and i Spoke last night about how much we waste - food wise etc. And realised that by being more efficient, planning food more carefully, using car less, buying less rubbish that gets thrown, we can still eat well, and enjoy it, can still go out with DD at weekends and do things, even in the tight financial market right now. Its a shame we did not realise it sooner as we would have had much more expendable cash (well, more for us, probably loose change for some!)

scattyspice · 19/06/2008 12:46

I need to do this pavlov. When we got our TD (2 yrs ago) we immediately noticed a big increase in bills .

daftpunk · 19/06/2008 12:55

our fixed rate mortage runs out in august. from september our payments will go up to £1236pm.....oh well, always wanted to live like the amish.

pavlovthecat · 19/06/2008 13:00

scatty - we used to use our car for the most stupid things. To go into town, when a bus takes us there. Its a 5 min drive, and costs £2.20 to park minimum to park. For two of us it costs under £2.00 on the bus, or we can walk for free! When DH gets dropped of at work, there is a coffee shop, so we would get a coffee each before he went to work. £5.00, twice a week. We would buy packets of veg, and throw half of it out.

We sort of knew we were wasters, but it was easier to just to get that one coffee that time, its only one isnt it? We realised yesterday after the crunch being discussed again, that we can save a fortune but cutting out unecessary things, get a coffee every now and then, not every time we are near a coffee shop!

And, I went shopping yesterday, spent £5 and a bit, and got two meals, two lunches

Sidge · 19/06/2008 13:17

We have started to tighten our belts quite a bit. Our income is fixed (no chance of overtime with DHs job) and our outgoings just keep going up and up.

Our fixed rate ended last year and our mortgage payments went up by £160 a month. At least we've got another fixed rate for a few more years so we know the mortgage won't change yet.

Food, fuel and other bills have risen, luckily (?!) DH is away a lot so food bills are reduced, but I am very conscious to combine visits to the shop, Post Office etc when I am out anyway so no extra car journeys. Our car costs £80 to fill up now

I have a job interview in 10 days but might have to turn it down even if they offer it to me as it would be a 30 mile a day round trip, and the fuel alone would cost me £100 a month. What with nursery fees and the fact I would lose my Carers Allowance it probably wouldn't be worth doing. Now isn't it sad when you have to think about accepting a job based on the cost of getting to work?

fizzbuzz · 19/06/2008 13:17

Our fixed rate runs out in Septembr. We are looking at £150 more per month.

Food bills have gone up £8.00 week (there are 6 of us)

Power/gas has been raised a further £40.00 per month

Car used to cost £35.00 to fill up, now coast £28.00.

So yes I have noticed the credit cruch, by about £224 per month [angry[.

And the government are doing nothing (and this comes from a life long labour voter!)

fizzbuzz · 19/06/2008 13:19

We were also going to move to reduc mortgage, but of course houses aren't selling...

I don't know how anyone can not have noticed it tbh unless they are leading a charmed life

CristinaTheAstonishing · 19/06/2008 15:03

I don't know what's to be done, Fizzbuzz. I don't think the UK are big players in OPEC...

fizzbuzz · 19/06/2008 15:33

No I guess not but I think they could take stronger action with power companies, who seem to make huge profits as we are paying a third more than Europe.

I read in the paper, that British companies are going to the wall, as rising fuel prices in UK, means they can't compete with Europen companies where bill are much lower

Tinker · 19/06/2008 19:13

There have been fuel protests all over Europe - this is a global issue

MrsGuyOfGisbourne · 19/06/2008 19:39

Thank Mumsnet I'm not the only one! Have just (over the last few days) realised how much I WASTE - endless food chucked away, computer left on when I go out, buying rubbish in Primark, buying crappy magazines.
Today I found myself actually READING a Morrisons ad in the enwspaper and noticing new potatoes @ 74p a bag. Later weh I was in Asda, saw they were 98p and felt thoroughly ripped off.. A week ago I had no idea how much potatoes cost. The storm is coming, without a doubt.