Save money

[MBE2017]

So I think everyone on the forum accepts a recession/downturn is a certainty for the next year or two. As such many people are suffering already with the cost of living currently increasing at 10/15% per year, few incomes are keeping up.

I thought it would be useful for people to share insights into how people can save money, or make more money from what they have, to help ride out the recession. Many of the tips might be know, a few might not.

So I will start, my main tip, which probably applies to 50/75% of people, take advantage of renting your spare room out if you would like to earn up to an extra £7500 pa for renting out a furnished room in your main home whilst you also are living there.

Full details can be found at https://www.gov.uk/government/publi...sment-helpsheet/hs223-rent-a-room-scheme-2021

Whilst you might suffer a little inconvenience you do get a reasonable reward from an existing asset. Check your mortgage provider, insurance co etc have no objections.

 

[Mark T Jones]

Agree re spare room.

A few more

Dump the car. For shorter journeys, walk or cycle. Look at car share and public transport.

If you don't need it (or if it's bigger/ more expensive than you need) sell it.

Buy and cook from raw/ base ingredients. Plan and batch cook.

Stop smoking.

Be a savvy shopper

Stick anything you don't need on ebay/gumtree

 

[simon field]

. Look at car share

This.

I cycle to work & It never ceases to amaze me why we need a two ton metal box to transport (usually) one human who in effect is sat next to an empty armchair, with an empty three-seater sofa in the back and a large empty cupboard behind that!

(And then moan about cyclists taking up too much space on the roads ?)

Madness.

 

[fisicx]

Grow your own food.

Stop spending money on takeaways and food deliveries.

Don't buy more food than you need. Plan ahead (can save you loads). Don't waste food.

Turn off the heating in bedrooms and other rooms you aren't in. If you are chilly put on more clothes.

Short showers and not everyday. Only wash up when there is enough to fill the bowl.

Don't wash clothes so often. You can wear things more than once.

Bin the expensive streaming services (can save you hundreds each month).

Swap the gas guzzler for something frugal and then buy a bike.

Saving money is easy, you just need to stop spending money of junk you don't need.

 

[DontAsk]

Shop at Aldi instead of the other big ones.

 

[MBE2017]

Pay less tax on what you earn. Many people could run their business through a Ltd of PPL, all have their own tax advantages, talk to a decent accountant and see how you might run a car through your company, pay your spouse or children for working in your company, splitting your earnings to help reduce tax by claiming all tax breaks. Dividends, SASS pension contributions, the list goes on.

Get decent advice, it should pay for itself.

I check all major outgoings annually, just reduced my fibre broadband from £58 to £19 month, doubling its speed to 200 mb. Car insurance, should be cheaper this year, gas electric you are probably stuck. Turn off Now, Netflix, Sky BBC and read a few books instead.

Look at fixing your mortgage if you like certainty, rates are still historically very low, you can even get 3/4% 10 year fixes if you want.

 

[IanSuth]

Shop at Aldi instead of the other big ones.

Even more than this

Don't buy the same XYZ each week, choose a different one of Lidl, Aldi, Asda, Morrisons each week on a monthly cycle and buy what is in season/on deal. If it is something you always use, get enough to last a while when it is on deal rather than living JIT

If you are poor with less space but more time change week for day and just scour the knock downs, I can usually knock up a meal from scratch with just knock downs and store cupboard items

 

[Eric Bruce]

Get smart plugs for all your electrical sockets and smart bulbs. Add hive or similar. I use it all in conjunction with a Alexa to create routines.

We know kids never turn anything off - they now don’t have a choice in my house.

 

[Nico Albrecht]

Get smart plugs for all your electrical sockets and smart bulbs. Add hive or similar. I use it all in conjunction with a Alexa to create routines.

We know kids never turn anything off - they now don’t have a choice in my house.

Why buying all this expensive tech that needs more power than just turning the lights off. A normal LED bulb cost about £2 / year running 24/7 so you might be able to shave off a couple cents a year but spend more money on the gadgets and invest in a parenting book how to teach children to do things. I had no idea kids leaving lights on is an actual issue.

 

[fisicx]

Get smart plugs for all your electrical sockets and smart bulbs. Add hive or similar. I use it all in conjunction with a Alexa to create routines.

We know kids never turn anything off - they now don’t have a choice in my house.

Or better still, teach your offspring to turn things off. Each time a light is left on the wifi is disabled for an hour. Doesn't take a lot for them to learn. You can then get rid of the Alexa spymaster.

 

[MBE2017]

I taught my daughter to shorten her shower time very easyily, I turned off the hot water supply. It’s very effective, but can result in some unusual comments.

She never dares me to do anything anymore.

 

[simon field]

Each time a light is left on the wifi is disabled for an hour.

I’d get your electrics checked if I were you! ?

 

[fisicx]

I’d get your electrics checked if I were you! ?

The hamster get annoyed if the WiFi goes off and he can’t watch the gerbil channel.

 

[Mark T Jones]

Or better still, teach your offspring to turn things off. Each time a light is left on the wifi is disabled for an hour. Doesn't take a lot for them to learn. You can then get rid of the Alexa spymaster.

Break their fingers?

 

[Fagin2021]

Die. Might as well since all of life's little pleasures seem to be on the hit list.

 

[MOIC]

What he said ^^^

Or Die Tryin!

We’ll all save a few pounds, but the economy will die and the country will end up bankrupt.

Maybe It’s already bankrupt.

 

[Mark T Jones]

Die. Might as well since all of life's little pleasures seem to be on the hit list.

I'd steadfastly avoid hitting life's little pleasures. Just be economical with the every day stuff

 

[MBE2017]

Die. Might as well since all of life's little pleasures seem to be on the hit list.

Alternatively earn more, hows that?

I’m planning on doing both approaches.

 

[Fagin2021]

Alternatively earn more, hows that?

Love to - but Mrs D can't manage two bar jobs as well as her day job.

 

[STDFR33]

A bottle of wine currently costs less than a tub of Lurpak.

Use you favourite wine to make your sandwich edible.

 

[JEREMY HAWKE]

Dont rent a Bentley
Rent an E class its a bit cheaper

 

[simon field]

Replace your pan-fried seabass fillets with a roach sandwich.

Plentiful in the uk, easy to catch, and if you’re unsuccessful it doesn’t matter because crispy minnows or tadpoles will do just fine in an omelette.

 

[MikeJ]

Or better still, teach your offspring to turn things off. Each time a light is left on the wifi is disabled for an hour. Doesn't take a lot for them to learn. You can then get rid of the Alexa spymaster.

Even better, don't have kids!

 

[OMGVape]

I’ve decided to start smoking, then I can quit and save a fortune ?