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?

We are starting for a privileged position so I’m a little worried about posting this but

• cancelling private health insurance


• shopping in Lidl with more careful meal planning


• Cleaner is leaving soon and won’t be replaced


• reducing childcare hours


• taking packed lunches on days out


• thinking more carefully and generally spending less


• not using the tumble drier


• more stove top rather than oven meal


• turned down the thermostat a while ago


• Using less electricity, careful about switching off light, stand by, only boiling the amount of water needed, turned down temp on the water boiler

They are so cheeky with this.
I was in Costco today and in the same store there cheeky undercuts!

Crikey. One rather assumes if you are on an income to afford private health care then you would ride the downturn out. Sobering to read how far up the income chain this is going. And worrying for cleaners etc who might lose work. (Yeah, I know yours is leaving, but others)

We all know that it is really awful for those at the bottom end of income. And has been for a while. I think it has become normalised. Hearing stories of teachers needing food banks is also worrying but reports in the third person do not have the same impact.

It is also harder to adjust to a lower level of living psychologically than to live at a lower level permanently. Though not at the very lowest level of income. That would be shit all the time.

Like a previous poster I also have a chronic condition, I struggled to get permanent work and saved really hard. Being brought up with limited income also caused me to be excessively careful and in good times have maintained a similar level of expenditure just in case.

I have savings but they are what I will need to live on soon. Unless I apply for pip.

I think it’s naive to think this won’t impact at all levels. We have a good income (six figures). However we are still cutting back and being careful because people live to their means. It’s all about whether income and expenditure are matched at the end of the day.

We are thinking twice about the amount we spend on things such as eating out and takeaways etc. I’m watching our energy usage more closely, I’m shopping more carefully for food products and clothes, I’m leaving longer gaps between hair appointments, we are getting up early for long trips rather than travelling the night before and staying in a hotel, I’m taking cuttings and growing from seed for the garden rather than buying lots of plants this year. This all then trickles down.

Can I ask how did you reduce Netflix?

We were paying £15.99 for Premium, which allows 4 screens. Oldest two dc have a firestick each in their room so it was handy for the odd ocassion when both dc1 and 2 wanted Netflix and we were trying to watch in living room at the same time (had a couple of clashes prior to this where we were all trying to watch and it blocks you!)

We've now gone back to standard so 2 screens but £5 a month cheaper...no clashes yet so shows it was mainly money wasted. It's only a fiver a month but every little helps I suppose.

I'm sorry to hear this, @BlackeyedSusan

You should definitely consider applying for PIP if your needs mean you are eligible.

It's a protracted process that you need to throughly complete to meet their assessment criteria, but it's worth it to give you that additional income you're eligible for.

We have two supermarkets within a 10 minute walk - I'm now doing all my food shopping on foot (ie not using car). Only used car for work and one trip to my Mum's in last three weeks.

It's something I've done over time, but it helps having a rough idea which is the cheapest place to go for items I want. For us Lidl is definitely cheaper for cheese, yogurts, eggs, crisps, some freezer, cans, cereals are cheaper but I prefer Tescos. Also, Lidl fish is good so I buy when reduced - I bought 10 pieces of salmon for £10 the other week.

We're eating mainly veggie, which is cheaper if using pulses, eggs, cheese.

Also, I set myself a weekly budget and stick to it - I count up roughly what's in my basket, trolley - if I think I'm going to tip over, I look for other options, ie biscuits cheaper than cake, Tescos malt wheats cereal cheaper than their fruit and fibre.

We've been going out for a walk and taking a sandwich and fruit or crisps - might only be local but nice to eat lunch with a different view.

We installed solar power and a home battery in May. That's was something we were always going to do but we made it the priority for this year. I have an old Leaf so it is keeping the house and my car going over summer.

I reduced the flow on the combi boiler last winter and that worked out great so we'll keep that the same. I bought an electric throw in the summer sale and the winter coats for the kids too.

I saved money by shopping at Lidl but ended up back at Tesco because it turns out I'd rather pay more than have to double the amount of time hitting to shops to fill in basic items that keep disappearing off the shelf.

I have worked out how to use the pressure cooker to make cooked chicken without any texture and barely any flavour, just like the kids like it 😁 and that is saving me a fortune on the shop bought packed stuff.

We're focussing on energy use. Driving less, using less gas and electricity. I've cleared a space in a sunny position to dry clothes, and have rearranged the washing regime so that instead of having to dry everything at once at the weekend, I'm spreading out the washing during the week.

I'm also spending more time on line to find the best prices for shopping, and am buying ahead for things we buy a lot - washing powder, fabric conditioner, pet food, deodorant - as the prices are rising so fast.

Moved from solely Ocado to a mix of Ocado and Lidl

leaving laundry out on windy days even if there’s a bit of rain - dries eventually - instead of using heated airer. Never had a tumble dryer.

we barely use our car anyway

stopped monthly manicures

keeping the cleaner as she’s an investment in my own mental health!

DH is now making us pizza each week instead of takeaway pizza. Instead of 4 pizzas at £12 each plus delivery of £2 so £50 per week. It now cost about £6 for whole family including the electricity pizza oven uses.

I found a cheaper entertainment deal with Virgin and we get a faster internet speed too.

Cheaper house insurance by moving to a different ok one.

Changed utility supplier to Octopus as they guarantee £50 under price cap. Only utilities I know to do this. I shared link with my son and we both got a free £50 electric added to our account once he makes first payment. share.octopus.energy/beige-kudu-668 use this link to switch to Octopus and we both gain £50 free electricity after you make first monthly payment.

Thank you.
This is helpful

Fixed mortgage for 5 years at 1.29% but going to try to overpay before term ends (2027).

No longer getting takeaways and rarely eat out - find we can cook better at home anyway

more conscious about utility use and been cutting down there.

going to buy a heated throw to WFH in winter (have fingerless gloves already) and use thermals we already have

growing an abundance of fruit and veg (we are lucky we have a large garden) like squashes, onions and potatoes - should help over winter for hearty pastas and soups

definitely driving car less - walk to work on the days am in office if weather ok

attached water butts to the house to capture rain so we can use to water garden and save on water bill

def been buying less in the supermarket and if things we normally buy are on offer cheap have been stocking up

Yeah, we

Had to get additional work to help boost income!

are sitting ducks for the interest rates. We move onto the variable tariff in April next year, although I think we can shift three months early if we stay with out current provider, but I dread to think where the base rate will be by then.

What do you think could happen @FourTeaFallOut ? It’s scary isn’t it!

The base rate is going to keep going up until it can contain inflation but that's not in sight yet. The base rate could be as high as 3% by the end of the year, so I expect the mortgage rates available to us will be much higher than our current one.

I was ridiculously happy to get a £5 off a £20 shop from Lidl this morning.

Another fairly fortunate household here, but we are cutting back to try and peddle as much into mortgage overpayment as we can before our fixed rate expires.

We were considering upsizing to a bigger house, not anymore.

No more lunches taken to work, less spent at the hairdressers, one car replaced to a fuel efficient small run around, no more clothes shopping out of boredom, a big using up session of all the cleaning products, beauty products, make up etc. An absolute ban on random amazon purchases. Less booze. Vegetables planted. No more Saturday lunches at pizza hut or wagamama. Better fridge discipline and less food waste.

A sad one but when the current older aged pets pass away, I won't be replacing them.

I know our cuts are pretty painless compared to some, but am adding it because if enough families like mine do the same then you can see how non essential retail, restaurants, beauty salons, even couriers, are going to be affected.

I was ridiculously happy to get a £5 off a £20 shop from Lidl this morning.

How did you get it

I think the postman left it, it was a book advertising Lidl products and the coupon was in there.

I was supposed to fully retire this year, as I didn't want to still be working at 70 but I'm reluctant to do it now. It is very part time so not alot of money and with my pension it means I am taxed on it but an extra £300 a month is useful.