Help Please- Income Cut, need to make savings?

tq16

Hi hoping you can all help. My husband is starting new job in september-which in the long term will be fantastic decision and equals a happier husband but it involves a large salary cut. We have 2 small children so although I have found work for eves starting september, we are still going to be approx £400 a month down. Really need to find ways of making reductions- but not sure where to start? Be very grateful of any help.

Primrose

Sit down and work out exactly what your monthly expenditure is.
Check your household and car insurance dates and a month before they expire check around for cheaper quotes.
Similarly, check your gas & electricity consumption and visit the utility comparison websites to see if another supplier can provide you with cheaper supplies.
Your weekly food supplies - are you buying ready prepared meals? Cut these out and cook from scratch using the contents of your store cupboard.
Can you get a cheaper mortgage deal?
Are your savings getting the best interest rate? Are you making use of your ISA allowances.
Are you buying your childrens' clothes from charity shops/jumble sales, rather than buying new?

tq16

Thank you Primrose, Have just switched elec supplier so hoping that should have changed by sept :-) Have economy 7 and have just purchased timers so that washing machine etc all run during cheaper time.
We no longer have any savings as have used to pay off small chunk of mortgage :-)- will have a look to see if mortgage still the best deal though.
I do cook from scratch, but haven't worried too much about how much I spend- spend approx £200-250 a month on groceries- this is my biggest worry as don't want to reduce quality of my childrens diet?
Majority of childrens clothes are hand me downs from family and friends and as I have 2 girls anything my eldest has is stored for youngest.
Going to try and have another detailed look at monthly expenditure, there must be more I can cut out - can you recommend any threads that may help? Thank you again :-)

rosieben

The OS starter pack thread would be a useful thread for you to read through, lots of tips - thread was started in 2005 but lots of recent posts on it too.

Maybe worth looking in on the Grocery Challenge too, even if you don't join you will find inspiration and ideas

There's such a lot of information here it can be overwhelming so take it a step at a time.

WASHER

May I suggest you post an SOA (statement of affairs, a list incomings and outgoings) on the debt free board ( you don't have to be in debt to post on that board!) or here and the lovely peeps will see where you can cut back without affecting the quality of your life hopefully, things like mobile phones, SKY TV are luxuries and they can go immediately.

tq16

Thank you all so much. Have a night on own tonight so will start SOA and get it posted on debt free board and also check out grocery challenge :-)

slowandsteady_2

Double check with tax credits you are getting all you are entitled to, perhaps you may be entitled to working tax credits?

tq16

Not had chance to post SOA yet as got far to carried away looking at the OS starter pack- not feeling as terrified now- but quite excited about the challenge ahead- is that strange? Just need to get my husband on board :-) Have spoken to tax credit people-have to call them in Sept when my husbands wages have actually changed. Thank you all for encouragement and advice x