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MNHQ

What small things make a big difference when life changes? Tell Money Advice Service for a chance to win a £300 Love2Shop voucher NOW CLOSED

273 replies

AngelieMumsnet · 11/09/2015 13:42

Money Advice Service would like to find out what small things make a big difference to Mumsnetters when they go through big changes in life.

Money Advice Service Say "Life is full of unexpected changes, but sometimes we're not prepared for how they might impact our money. More than one in six working families would receive little or no help from the state and see their income drop by a third, if the main earner became unable to work."
"Here at Money Advice Service, we help people manage their money by providing free and impartial advice. We're really interested to know what Mumsnetters find helpful when going through changes in their lives."

So, what have you found helpful when going through significant changes in your life? Maybe you've found having savings particularly helpful when going through career changes? Or perhaps you find it reassuring to know that you have protection insurance? Maybe it's as simple as knowing you have someone in your life who can support you if you're going through a difficult time?

Whatever small things that make a difference to you when life changes, Money Advice Service would love to hear about it.

For more information on securing your financial future, check out this Money Advice Service guide.

Everyone who adds a comment will be entered in to a prize draw where one Mumsnetter will win a £300 Love2Shop voucher*.

Thanks,
MNHQ

*Provided by MNHQ

OP posts:
Ellisisland · 14/09/2015 17:45

Have had to rely on family in the past for help and now since getting in better financial situation we have 3 months outgoings saved away.

I also make sure I have enough store cupboard food in the house so if things get tight again I know I can cut right down on the food bill.

The other thing that has always helped is keeping fixed costs to a minimum so no gym memberships or sky subscriptions.

Roseformeplease · 14/09/2015 19:06

We had a flexible mortgage (offset) which left some room for emergencies and gave us a lot of peace off mind.????Also, friends are an enormous support (not financially) in tough times. It is amazing what a night of wine and laughter can cure!

quietbatperson · 14/09/2015 19:42

This reply has been deleted

Message withdrawn at poster's request.

Maiyakat · 14/09/2015 19:52

I think the most important thing is to live within your means, and so if your income changes adjust your lifestyle accordingly. Obviously this is not always possible (illness, redundancy etc) and that's when the support of family and friends is invaluable.

sealight123 · 14/09/2015 20:41

I'm lucky that me and my partner-

  1. Have made up some savings, just by putting away £10 a week
  2. My daughter has just start school, which will cut my childcare cost dramatically
  3. We have supporting family
  4. We are good t hunting out bargains :)

My partner has just been made redundant from his job and his workplace are refusing to pay him redundancy pay because of a loophole (He has worked their for 9 years- 7 as a contractor and just under 2 on the books...you have to work there for 2 years to get redundancy gaaaarrrrggg) If it wasn't for these 4 points we would be absolutely pooped!

We're also lucky that he is very good at his job and found a new one within a week :)

hermancakedestroyer · 14/09/2015 21:02

I would find a savings scheme of putting away a tiny amount each month really helpful. I find it incredibly hard to save with food costing so much and I think this would help.

throwingpebbles · 14/09/2015 23:36

ExHhas just slashed my maintenance so I am having to do some serious belt tightening.

For me the things that have helped:

  • working ridiculously hard and earning a promotion at work, and a little extra money as a result
  • stockpiling tesco vouchers. Just discovered I have quite a lot and I am going to use these t get us some treats like days out
AGrinWithoutACat · 15/09/2015 08:21

Savings and insurance help me feel secure, the pet insurance was invaluable when both cats were clipped by cars (a year apart) and both needed treatment in excess of £1000. At the moment our savings have almost all been spent as they allowed us to put down a deposit for our house and move while I am on maternity and I do worry that something might happen and I will need to go back to work sooner.????Little things that help, the kids pitching in and learning the value of money and that the best treats don't involved spending £££. Knowing how to cook/bake and make sweet treats so that we can still have nice things on a budget. Lidls current promotions (Scotland) of money off the weekly shop and there free toys that the kids love as rewards for helping out. Having a garden that I can work/play/sit in and relax. The habits taught to me by my parents of looking after the pennies that have enabled me to be in a very fortunate situation where although we cannot afford to go on expensive holidays/splurge on the latest must haves, we have a home which we will slowly renovate and decorate with lots of love.

SleepyForest · 15/09/2015 08:34

When I became suddenly disabled and dh gave up work to care for me I had no clue how to go about claiming benefits or what if anything the state would pay for. I was in shock and confused and far from my usual capable self.

Having help from CAB and the Macmillan benefits advice service meant that we survived that difficult time. They filled in the forms for me and helped me with the jargon and red tape when I was not able to cope.

Family and friends and neighbours have also been wonderful.

lottietiger · 15/09/2015 10:06

We were very glad we had savings when I found I was pregnant totally unexpectedly at 42. We were then in a position to take 6 months off unpaid as I got a minimum maternity pay.
We are pretty careful with money and treats are always second hand or free such as a walk on the beach looking for shells.
If we were desperate we could rely on OH parents for help but I hope that day never comes as we always keep money back just in case.

Twitterqueen · 15/09/2015 14:26

Some practical tips:
Never buy food for more than 2 or 3 days at the most. I find I can often stretch another meal out of something with pastry or jacket potato or eggs.

3 or 4 bank/savings accounts. I have standing orders into a savings account and another into an 'emergency' account. This really helps me save and keep money back for essentials like car tax, insurance etc because I just work to my 'normal' account'.

Anj123 · 15/09/2015 16:27

Always shop around for best prices, and if an organisation that provides a service puts their prices up it it always worth contacting them and saying you'll go elsewhere. More often than not they will drop their prices!

Lelivre · 15/09/2015 16:40

seagrass have you taken advice on this? In my line of work - IT service management (now I'm a SAHM) we were under pressure to employ our contractors after 2 years of service due to IR (35?) rules, I am just wondering if he should have been offered employment well before he was.

Kathderoet · 15/09/2015 16:57

Our only source of loans during hard times has been family support which we have been very lucky with. We found out our insurance was rubbish recently when our ceiling fell in and my family have been great not only replacing objects we needed but lending us money to redecorate.

TheWildRumpyPumpus · 15/09/2015 17:47

I had to stop working due to illness and am lucky to work for an employer who keep paying a proportion of my salary until retirement or until I'm recovered.

Knowing I might not always be so lucky made us very careful about building up savings as and when we can.

colley · 15/09/2015 18:00

CAB or another advice service. My DP has a genetic illness and so would not get insurance for not being able to work ever again.

BettyBlueToo · 15/09/2015 22:50

When I had cancer and my friends and family pulled together and kept things running with the kids. Invaluable. One friend helping with a job I was unable to finish and insisting on giving us the money.

inspiron42 · 16/09/2015 05:59

Having savings and avoiding debt is the best peace of mind.

pockledigg · 16/09/2015 06:27

Due to ill health I had to reduce my work hours from full to part time. I found that being content with the simple things in life helped us stay afloat. Having 'treats' like homemade 'takeaway' nights & trips out picking blackberries, then jam-making rather than spending money on expensive activities really cut down on our spending. I think we actually enjoyed the cheaper activities more.

mave · 16/09/2015 06:58

My mum has saved us hundreds in childcare, it makes such a difference to our life as we can afford a holiday. We do have savings just in case as you never know what's round the corner. I shop at the cheapest supermarkets and buy some stuff at charity shops. My husband and I are very honest about money and agree on most things, we never argue about money fortunately and have a joint account for bills and food which helps so much.

bunny7B · 16/09/2015 06:59

a family meeting

barbsbarbs · 16/09/2015 07:06

when my two eldest went to university made a huge difference in finances, less to cook for and I had control of the remote.

shawbarbara · 16/09/2015 07:11

Although I've never asked them, my family would help as much as they could, either financially or as someone to talk to.
It is good to know they are around to support me and me them - even if it is small things

Chopstheduck · 16/09/2015 07:40

having family support

ThemisA · 16/09/2015 07:48

I have been tremendously lucky to have parents who have always been happy to lend during tough times. I am also good at living frugally when necessary and cutting back on non-essentials. I have always tried to have some savings but when living on a low income this is not always possible. I have always known we could move into my parents if everything went belly up and this emotional security is so important. I have always told family and friends that all the time I have a roof over my head so do they.