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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:
ninjaturtlesmum · 19/09/2015 17:30

When we went through a hard financial time a few years ago when I was a SAHM and my OH was made redundant we sat down together and worked out a budget. We split what little money we had up between different account assigned for different things - we had a good account, a fun account, even a present account for savings for the kids Christmas. That was three years ago and we are still budgeting. Every month in pay day we sit down and assign our amounts to those different account! Works really well for us!

zatuns · 19/09/2015 22:25

My parents always instilled in me the values of saving.Just saving.Not saving for anything in particular.I was always told if you can't afford it then you can't have it.Credit was a bad word in our household and I'm glad I've grown up with these values as now I don't have any debts and live within my means

chrin · 19/09/2015 22:38

I have a great family and we all help each other as and when needed

barker99 · 19/09/2015 22:54

We didn't maximise our mortgage nor do we buy things on credit. This is such a relief now as my job is at risk and we will be able to cope on one wage

SuburbanRhonda · 19/09/2015 23:21

Savings, definitely.

I've got money from an inheritance and an endowment from my first ever house. I pay into it every month and the money will be for a house deposit for my DC, should they need it.

I know that makes them over-privileged, but I don't need the money myself and life is tough enough for today's young people.

mclarkie · 20/09/2015 09:09

I have never gone to my parents for money, but I know if I had to they would help me out.

Ilikefrogs · 20/09/2015 09:27

I used my savings up completely when I needed to leave my previous relationship. I had to start again completely but it was worth it. If I hadn't saved then I'd probably still be there!
One thing I've learnt from my job is that there are many, many people out there who are struggling unecessarily because they don't know what they're entitled to or don't know who to speak to about things.
Asking for help when you need it is crucial!

cheryl100 · 20/09/2015 10:46

We have some savings and insurance products just in case but luckily we could ask family for help if needed, although this would only be short term. I do wish I had enough savings to cover 6 months wages but I can't ever see that happening!

Spencer1234 · 20/09/2015 10:58

My dad was an amazing help to me when I bought my first house. I wasn't a high earner and had just started a new job so a mortgage on my own wasn't possible. He was kind enough to lend me money for the deposit and get a joint mortgage with me. Without him I would have never had my house and I will always be grateful. I hope that when my son grows up I am able to help him as much as I can

keshimonster · 20/09/2015 13:26

We have had various circustances over the last 10 years where our financial situation has changed dramatically. No matter how much we tried to save something else kept going wrong and draining our money. We have had amazing friends and family who have supported us emotionally and financially through these times. Particularly, a year ago we moved back in with my mum and this has allowed us to pay off the majority of our debt. We are planning on staying a little longer to pay everything off and to get a good amount in savings before moving out.

andy07 · 20/09/2015 18:18

Overpaying your mortgage in the early days really does help later in life as your payments go down and if you hit tight spots especially when children come along it means having lower payments help you get through

AnimalAddict · 20/09/2015 18:30

Definitely savings. They make a huge difference when life is changing, also a great network of family & friends. :)

kierie · 20/09/2015 19:57

I've had nothing before, no home, money, family etc, so I really value the cash I have and make it work for me. I look out for the best savings on the everyday things I buy, use price comparisons for the utilities and save a little each week for us and the kids accounts. Any extra goes in to mortgage over payments. Even £50 a month can make a massive difference to the cost of the mortgage and if I ever need it, it can be drawn down again or used towards payment holidays.

MisForMumNotMaid · 20/09/2015 20:10

Savings offer the biggest protection against change.

When money is tight these can't always be pounds and pence but an extra can of beans, pack of pasta, tin of sweetcorn to keep a few extras in the cupboard for those rainy days certainly helps.

Helping out others and having a network of people around you who will help you through the tough times is worth a lot. You always get the odd person who takes more than their share but then you get those who offer more whether its emotional support or physical help.

Fantasyland · 20/09/2015 22:26

When my husband walked out on my son and I and I had to claim benefits for the first time joining a single parents forum saved me.
The help and support from other single parents who know what it's like to live on a low income stopped me from being isolated and going under from the pressure of doing it on my own.

wooohooo · 20/09/2015 22:54

Knowing that If I need help my In laws are only a call away,not financially but If I'm needed to work late or overtime Is available

jonicomelately · 21/09/2015 10:56

Spend what money you have on eating well and always try to get a good nights sleep. These two simple things will get you through the tough days.

mrspremise · 21/09/2015 11:04

A good cup of tea is the start of solving most problems in this house!

sofieellis · 21/09/2015 11:07

DH is the only earner in our house and has just started a new job, so if he became unemployed, we would really struggle. We don't have family that could help out, so our only safety net is insurance on the mortgage, that would help for a few months.

We have a small amount of savings, but they are used up regularly, supporting our two oldest at university. Hopefully, we will be able to start saving for ourselves once they graduate! Well, until DS3 goes to uni anyway!

Shiraznowplease · 22/09/2015 05:58

When dh was made redundant, I switched to lidl (13 years ago when it wasn't hugely known) that was a huge help. I used up everything I had before buying more, thus has kind of stuck with me and I can't help stockpiling things on offer (I have 132 loo rolls under my stairs !!!)
I froze every bit of leftovers so nothing went to waste. I found being honest with people helped and my dh got a job via someone we knew as I had told them our situation also it helped me pick up some freelance work which helped keep a roof over our head.

Emrob86 · 22/09/2015 10:33

A supportive family and friends network.

Lulabellx1 · 22/09/2015 14:47

Make a shopping list and plan your meals for the week. Stick to it and don't be tempted to buy anything that is not on your list.

Alternatively, book a free delivery slot (Tesco do 4 hour free slots) and do your shopping online. That way you will only be buying what you need!

Lu x

jodiecrossley1 · 22/09/2015 14:59

As I am a stay at home mum, we rely on my husband's income which means we are extra careful with money and save as much as possible

nemno · 22/09/2015 19:31

As a family we help each other out. But my DH and I both see the need to be fully insured (life, mortgage, disabilty etc) aswell as to acrrue savings.

We save money in all the usual ways eg packed lunches, thermos coffee, special offer/sale purchases.

Maniacalparrot · 22/09/2015 21:35

Cutting out the coffees from coffee shops on the way to work and at work an buying a nice coffee powder instead. Also organising kids snacks so we can save money and not incur expenses buying snacks on the hoof.