Preparing for reduced earnings

[Diversion]

For various reasons I have requested to work less hours on a permanent basis. We dont have a huge savings pot and nor will we have huge pensions. DH will continue to work full time, we can do it but there will be less money going into savings. We no longer have a mortgage. I am a reasonably good cook and rustle up a decent meal from not much and I can also bake. We rarely eat out and have takeaways once maybe twice a month. I have been prepping for a few years now and have at least 6 months worth of cleaning, household and laundry products plus a pretty good store of tinned and dried foods including herbs and spices and all of our freezers are well stocked and we also grow some fruit and veg. I have also just ordered a load of wood for winter as our free supply has dried up. Is there anything else I can do to make the transition from a full time to part time wage easier?

I did the same with the household products and food when i decided to retire early almost 3 yrs ago now. Like you we didnt have rent or mortgage and have fairly comfortable savings. My only other advice would be meal plan using items that are on sale or in season and use up everything so there is no waste. I also only buy (most) items when they go on offer and buy enough to last until they go on offer again. I have saved a small fortune doing this. Enjoy your extra free time.

Review your outgoing bills, everything from electricity to phone bills and see whether you can get a cheaper deal by transferring any of these.

Consider getting income protection etc for your partner if they don’t have it already in case anything happens so that you are covered financially.

Look into the most tax efficient way to contribute more to your pension if you can afford it. I’d say depending on your age, this is the key thing you need to focus on if moving to part time.

It is fantastic that you have paid off your mortgage already btw, well done!

You could check out

I think you’re in a good position to make the move to part-time; a mortgage is by far the biggest expense so as you’re free of that it gives you much more breathing room.

I’m presuming you’ve done a budget, accounting for all outgoings, plus budgeting for annual costs like insurances/MOT/Christmas/Birthdays (read up on sinking funds, they really helped me!)

Next, as PP said, look at your bills and make sure you’re getting the absolute best deal you can - the MSE website is great for this.

I also have a specific savings pot that is my Emergency Fund. This is separate to other savings/investments and will absolutely not get touched unless there is a dire need. I’ve got 6 months of expenses in there; so I know if the worst happened I could cover basic bills and food until I got back on my feet (and, like you, I keep my cupboards well stocked so I could stretch things a bit further if necessary).

Grow your own herbs and salad as they are expensive in bags. (Check compost,seed and pot costs first)

Learn to sew to mend things. Take up or alter charity shop stuff.

Get a compost bin to make your own compost.

If you don’t already, make your own compost. Many people on local social media sites here give compost bins away for free. Then all peelings, raw fruit/veg, some brown material/leaves etc will soon produce free compost, I have 3 bins now. I have a herb bed of herbs I use the most and this year am growing all my salad, green beans etc. Freezing herbs is great for when they are out of season.

We have an allotment now and are aiming to grow more what we need. Takes time though, so most of my crops this year are fruit bushes or things that don’t need too much attention.

Does anyone have any more tips please? I'll be on a reduced wage for at least a few months (external circumstances, not by choice), which will be manageable in the short term with some belt tightening. Luckily I've got decent store cupboard & non food supplies, but any other tips would be helpful as I've slipped out of my frugal habits a bit recently and really need them now!