Prepping for cost of living crisis/worsening economic situation.

[BooksAndChooks]

Is there anything you are doing to prepare for how the economy is going?

We have got a 10 yr fixed rate mortgage deal and are putting everything towards paying down debts asap. We did get solar panels, although that was a stretch for us and is part of the debt we are now paying off.

I feel like I'm mulling over the economy and how things will impact us quite a lot. What else are you doing to ensure stability/cushion yourself?

I am honestly not sure what we can do. We’re down to one car but realistically might need another car in the near future. Fixed our mortgage rate for the next 5 years and are overpaying slightly each month.

kids clubs are cut out and I’ve moved the kids from nursery to wrap around care which has saved about £100 a week.

with all the costs soaring dramatically I really don’t want to have to cut the food budget because we eat really good nutritious foods but it’s likely I’ll have to look at a few beans on toast nights.

not really a prep but no holidays for the foreseeable, which makes me rather sad.

on another note, I changed careers last year and took a pay cut so I was at home
more so that was great timing!!

• Cut my days in the office from 2 to 1 day per week (fuel cost)
• Moved Dc3 from private afterschool nursery to school ASC (saving £16 per week)
• Gone through finances with a fine toothcombe - cancelled Now TV, reduced Netflix, moved to a cheaper broadband deal, switched our insurance etc.
• Given the house a good going over for energy efficiency - DH has just finished replacing all the external seals on windows and doors and we've installed a new washing line which will stop tumble dryer use.

And saving every spare penny we can.

I recommend cutting back gradually so it is not such a shock, if you have the time to do that. (especially food) step down levels on your shop until you are at the cheapest level you like. (Eg here:Kellogg's cornflakes, but smart price wheat bisks)

Different supermarket cheapest level taste different so you may like Aldi value beans but not Asda's

Switched pretty much all shopping to Aldi and Lidl. Switched energy/utilities where we can. No holidays apart from going abroad to see family. Not really sure what more we can do.

Thank you. I think I've done or am doing most of those things already. I just want to be sure there's nothing else I haven't thought of. I think we are in for a bumpy ride.

How are your solar panels working out @BooksAndChooks ?
we’re in a conservation area so are quite restricted in where they can go but it’s something that I’d consider doing.

We WFH so got heated throws so we can use them over winter rather than heat the whole house all day.

We are toying with getting rid of the car and replacing with electric bikes but it might leave us vulnerable to theft and the security of knowing we can just hop in a car and get to hospital etc. Or the tip!

Solar panels working out well. I think our electric bills are down by about 3/4. We have a solar water heater so excess electricity goes to heating our water. It means we have been able to totally turn off our oil, previously we would have had it on for an hour a day even in the summer so we can shower.

It will be interesting to see how they perform in the autumn and winter.

I would like solar panels, but while I have a loft, I do not own the roof... (top floor flat)

Three quarters saving?

We downsized last year, new build more efficient but only electricity. Almost all laundry on cold water, 20 degrees. Only towels, sheets and underwear washed with hot water. Everything dried on the line apart from winter. I’ll use the dryer then because wet towels made the house humid and bloody freezing despite efficient heating. We’re using grass cuttings to compost rather than paying for a garden waste bin/service. Thermostat at 18 or less I’m the winter. We have under floor heating downstairs and radiators upstairs. Last winter we didn’t need to use the radiators.

Food/cooking, batch cook and reheat in the microwave. Try not to waste any food. Going out for coffee much less often. I used to do it daily but that was because the last house made me depressed, now I don’t feel the need to go out every day.

Yes, our usage is reduced by 75%. We don't have a battery so we still use some electric from the grid to run appliances overnight and when it's very overcast. We try to run our dishwasher, washing machine etc when it is sunny. We have only had them a few months, so are still getting used to them.

Sounds great books.

Did you get a particular make of panel?

I am not sure what make ours are. They are newer all black ones.

I have chronic ill health so we have always prepped in this way by living well below our means so if the shit hits the fan, we will be ok. It can be hard though watching friends with bigger cars/houses/holidays than us but the peace of mind it brings is well worth it. Still worried by the rises though but hopefully have a cushion although cutting where we can to increase it. I’m trying to have no spend days and really check to see if we have something already before buying new.

So far:
Started shopping in aldi
About to do a monthly budget
Trying to only half fill kettle
Free or cheap days out with the kids - i.e Park, beach...
No holiday this year.
I am still very skint though and am going to look at cutting back more on Netflix etc.

Cheaper dog food
Also going to start bulk buying cans of tuna and beans.
I feel we have a massive economic crash coming.

I've added some cheaper dog food along with the good stuff, halving my dog food costs a month.

Also got an electric throw which I love. In the winter wfh I am planning to use it along with the woodburner and only use minimal heating mainly in the mornings for when we get up. I have a lot of wood as last year I was too scared to light it (anxiety! But better now ).

I have solar panels and do try and use appliances when they're working but it's not always possible. I get money back through the FIT scheme and barely any in the winter so I think they're mainly a summer saving.

I got my water bill yesterday congratulating me for having cut my usage by 20percent! That was because I got a shocker of a bill this time last year and I'm still paying off the balance .

I've not really cut down on food yet, we don't eat much meat , well only dd does and she generally has mince , then whatever I'm having (veggie). I get Ocado which is expensive but I can't give that up, I'd rather eat beans on toast several nights a week than go to the supermarket !

We were talking about this,, on farming today they are talking about how meat costs are going to rise by autumn. I am planning to spend less over the summer by using up what we have in the freezer, getting them to almost empty and then go and bulk buy at Costco so we have some in reserve

Can I ask how did you reduce Netflix?

I stopped doing a weekly online food shop, and started visiting our community food cupboard several days a week, then just topping up from the supermarket.
I'm a really fussy eater, so eating what there is, rather than what I fancy, has been hard, but I've got used to it. It has helped me save money, so it's been quite satisfying.

I also bought an air fryer on the recommendations of Mumsnet to save putting the oven on every night.
I've only had it a week though, so am yet to see how much it's saving me.

I decided to work out how much I can save on shopping so last night I went onto Sainsbury's and did a shop but didn't go through to booking delivery. Printed out what I was going to buy with prices and then went to Lidl, bought everything I could off the list that was cheaper than Sainsburys, then went to Food Warehouse and got some more, finally ended up at Sainsburys.

I've got to sit down and work out the exact saving but on a roughly £60 the the shop would be at Sainsbury's I saved over £10. It is amazing how all the 30p off this and 40p off that adds up. A couple of big savings made a difference but even the little bits were useful savings. I will do it again next week as £10 or £12 is worth it to me.

I am lucky in that the three shops are virtually nextdoor to each other with Sainsbury's being furthest away so I wasn't running up petrol costs to do it.

We aren't having a holiday this year and I'm really cutting back on gas and electric, I've banned the tumble dryer and I've turned down the temperature of the water on the boiler and no one has noticed.

Forgot I also cancelled Sky, husband was devestated as we've had it for years but he agreed that £50 a month was too much. They've come back offering cheaper and cheaper deals and I've now got it for £16 a month so happy husband and £34 a month in savings.

Thank you.