Time Richer but Cash Poorer... advice?

Rebelle

Hello folks

I’m looking for the benefit of your collective wisdom & hope you can help!

I am very excited that from January, I will be cutting down my hours in my tedious office job from 37.5 a week to 25 hrs.

I have a sideline/hobby that is starting to take off professionally & I need more time to devote to it, so when I was given this chance to reduce my hours I took it.

What I need advice on, is how best I can save money now that I will be essentially richer in time but poorer in cash.

I am a 30 year old single woman with a cat & part time custody of a dog (long story), I rent a small flat for the cheap rent & bills, am on a water meter & recently switched to cheapest gas & electric deal for me, I don’t have a TV/internet/landline package at all, I have Freeview & a truly unlimited data allowance on my mobile phone which I can tether to my laptop/tablet to, so that saves me quite a bit.

I don’t drive either so no expense there, I walk to work & for everything else use public transport or get a lift with friends.

I have £1500 of debt in the shape of an overdraft & £500 balance which is interest free for the next 12 months with Very catalogue – my debts are manageable even on my new reduced income, so this area of my finances is in control too… not before time!

What I’m looking for ideas on is how to cut my living expenses outside of bills & just generally be more frugal all round… I used to cook from scratch a lot but got out of the habit over the past year for various reasons, am looking to get back into that & knock expensive takeaways & ready meals on the head.

I’m hoping now I will have more time to spend on things like cooking from scratch it will help me to save money too… I just need to get into a different mindset than the hectic, 9-5 & everything for convenience one I have got into!

I think you Old Stylers are the people to help me… I did try searching for a similar thread before I created this but couldn’t find one, though I have been avidly following the Not Buying It! thread on here & the wealth of knowledge displayed there inspired me to write this post.

Thank you all in advance

bexster1975

Hello

Fantastic news about reducing hours, and the development of the hobby! You are certainly in the right place here. Lots of cooking from scratch advice to be found. The freezer is your friend, as is meal planning. I enjoy spending a bit of time doing online surveys which brings in a bit of cash. I also enjoy making gifts/cards which saves cash but is also more personal. You should have more time for yellow sticker shopping which can go in the freezer for another day. Meal planning is also an excellent way forward. I bought a breadmaker second hand last year and it has more than paid for itself. Not only is it cheaper to make a loaf, I find it lasts longer and I don't pop into the SM for a loaf and spend £20! I am actually in a similar position to you as I intend to reduce my hours shortly to pursue working for myself so I shall follow with interest. I wish you the best of luck. I think you have done the hard part reducing your outgoings!

Bexster

Lynplatinum

Hiya

Difficult because you already have plans for that 'extra' 'free' time! :rotfl:

Having reduced my working time because of increasing immobility due to arthritis - other than doing the Martin's :money: 'Once a year spend a day going over all your bills and checking that you ve got the most value deals' (which you have already done) these would be my top tips:

1) Only take your purse with your weekly amount of cash in shopping! (less temptation)
2) try to have as many NSD (No Spending Days) in a month as possible
3) Find out what is the usual times of YSing (supermarkets marking down things using yellow stickers) in your local store and visit then
4) make a list of whom you need to buy presents for and take it out with you - along with a separate purse - when you go shopping - so you can buy value presents for folks when you happen to see them
5) Write down - what you buy; how many NSDs; what you Tilly tidy each week (Tilly Tidies are: on a specific day each week you take all the remaining cash out of your purse and put it into a jar or saver. Then you put your fresh allowance of money into your purse! Its how I save for Christmas and summer hols) - you can then look back and reflect on what worked for you and what didn't!!

Remember what works well for some folk doesn't for others. It depends on individual circumstances; what you value (I pay for very good chocolates for example but eat a lot of vegetarian food - others might spend it on meat!). Do what you feel is right for you!

Find lots of things to do with your time for free - going for walks in the park - craft activities from the stash I guess you are bound to have - reading library books - being in bed listening to the radio! Etc etc - so its not all work and no play but a cheap/free play!
Keep chatting on here - so much support!

Hope this helps!
Nite all

clickerty-click

Having just reduced my own working hours I will be follwing this thread with great interest.

suki1964

Welcome to my world

It's a great place to be, if at first a tad scary

I found the Not Buying it and the Make do and mend threads very inspirational

For me it's about making sure I don't waste anything, don't buy anything that's not needed and when I do buy, I get the best price I can

Actually having extra time can save loads as you have the time to research the best price for everything. Also when it comes to wanting a holiday or break, it's so much easier to get the cheaper deals as you have the flexibility

I scratch cook, yellow sticker shop, and get 90% of my groceries from lidl - saves me a fortune. If I do have to go to one of the big four, I go only to the reduced section,and then directly to the aisle I want ( usually strong flour and yeast as lidl don't sell it). I don't walk up and down aisles browsing as that's how a £2 shop becomes a £20 shop

What ever I cook I plan ahead to make another meal. Sundays roast chicken is tonight's pie which I put together at the same time I was making lasagne and a bolognaise and a pot of soup. This means I'm in the kitchen and using the oven just once but have a few meals ready for quick reheating during the week

One thing you might find increases are bills if you are home more - lecky and heating. I have a huge house which I refuse to heat all day with just me in, so I heat just the room I'm in ( I have a stove, if I didn't I'd use an electric heater) and dress warmly

I also now charity shop. Can be hit or miss, but I trawl them all at least once a week. I find it more fun then trawling HOF and the like as you never know what you may find

We live frugally but well. We do like nice cars and holidays and a drink out at weekends and the odd meal out. When we eat out we do lunch time or early bird, everywhere here does two courses and a glass of wine for £10 at those times We go to the cinema on Tuesdays as it's only £3.50 in instead of £7. - £9 it usually is. We go to all the local free events for a day out, to meet other people and enjoy new experiences


You may want to look at getting one of those boxes for the TV that have iplayer and the like, and ditch the TV licence. We rarely watch TV,mostly on catchup so if I had to pay a licence that's one saving more I would make ( mum is over 75 so we are exempt )

Also remember that as you have cut your hours, your tax and NI contributions will also be reduced so you won't loose as much money as you think you might and it's also worth looking to see if your income is reduced enough to get help with rent and council tax

happilymarried2013

Congratulations on being able to take the opportunity to pursue a hobby as more than that. Good luck with it.

School holidays used to be my time richer cash poorer time (supply teacher) and now I've returned to supplying I'm going to be in the same boat.

I'm planning on saving some of my wages to cover the school holidays and stock piling the freezer while I can. I've found that cook from frozen meat from that well known frozen goods store is the easiest and least wasteful way of cooking for me and hubby.

I'm hoping to have an emergency fund by then too for when times get tricky and I NEED a night out lol.

Rebelle

Hello!

Thanks everyone for your responses & good wishes! You are such a lovely bunch on this forum. Very glad too that there are others in this position too, hopefully we can track our journeys together on this thread?

Sorry I haven’t been back sooner to reply to you all – I have found out this week that my place of work will be moving & it makes more sense for me to move too, than to commute every day or look for another job.

So needless to say it’s going to be a very busy December for me, I’m hoping to be in my new place by the first or second week of Jan – got a viewing for another flat next Wed which looks brilliant for me & equally as cheap as where I am now… so fingers crossed I will get it!

Bexter1975 – Yes, yellow sticker shopping, cooking from scratch, meal planning & batch cooking for the freezer are all definitely going to make a comeback! Not sure about getting a breadmaker, as I don’t each much bread & just tend to keep a loaf in the freezer for toast, which lasts me about a month. I know what you mean about popping to the shop for milk though & ending up spending a lot more! I do need to curb this & cultivate more discipline all round when it comes to spending.

Online surveys is a great idea for a bit of extra cash – I am signed up to a few sites & made about £100 in cash & vouchers when I had a foray into it earlier this year – sure it will come in handy again when I have more time to do them. Anyone interested in this, I got all my info from http://www.moneysavingexpert.com/family/make-money-surveys & there are some brilliant threads on this too on the Up Your Income boards.

I’ve been accepted as a writer on Textbroker too & that is supposed to pay quite well as far as online working from home goes, but I haven’t had much chance to look at it yet – it took a few months from when I applied to when I was contacted to say I’d been approved.

Are you doing any prep ready for when you reduce your hours?? I’ve done more than I thought with reducing outgoings etc… be interested to hear of others’ plans.

Lynplatinum – I appreciate I am something of a challenge to help, as I am already quite MSE… it’s all the time I’ve spent lurking on here that has taught me so well! There’s always more to learn though & I really appreciate your tips, as they get to the heart of what I really need to do, which is cut down my spending by not spending at all where I can!

So NSDs are going to be in along with batch cooking & yellow stickers… the idea of a separate purse & a list for present-buying throughout the year is a brilliant idea, I am going to write a list & try that one for sure… the Tilly Tidy thing is intriguing, think I need to look at doing something like this or having an envelope system of ‘allowances’ for things, to help me stop overspending & stick within a budget.

You are right about me having a craft stash, haha… & I know plenty of ways to occupy myself cheaply or for free! Am hoping to pick up a few frugal habits here that might take a little time but save money in the long run… meal planning/batch cooking seems to be one of the main ones I need to get back into, hoping to acquire others!

Clickerty-click – Great to have another member of the part time crew on board!! How have things changed for you with reducing your hours, what are you doing differently??

Suki1964 –I recognise you from your posts on the NBI thread! Must have a look at the Make Do & Mend, sure it will be equally inspirational! I may well take your advice & ditch the TV license, as I rarely watch it & what I do watch could be viewed online… you are right that it will cost more in heating if I am at home more, I noticed this when I was off work sick for a while recently! In my current flat I have turned off the rads in all but the rooms I use, will do the same in the new place once I move. I have checked out if I qualify for any help with council tax etc on my new wage & unfortunately I won’t, but good shout!

Happilymarried – Oooh another part timer (sort of!) – do you have any other tips to share?? Almost everyone I know works full time, so I would love to know how other part-timers spend the time they aren’t working & how they make it work for them.

Thanks again everyone for your contributions, I will keep posting how I am getting on with everything… including the now imminent move! Eeeek! At least it’s a good excuse for a clear out though…!

Will pop back on over the weekend – happy Friday everyone! xxx

bexster1975

Hello!

Well, I am mortgage neutral ( and will be mortgage free by the time I change job) so that's the major worry gone! In terms of utilities and other essentials only my broadband is ridiculously priced. The problem is as much of my business work is online it's not an area I can risk cutting back much due to speed and reliability. My provider is a rip off for good reason! I am considering no TV ( not live anyway) but the monthly cost is really small in reality. Gas, electric and water are less than £60 a month in total I won't need to pay my Union ffes when I change job and I will also cancel mortgage life insurance. I shop at Lidl and have done for a couple of years which has made a huge difference to the shopping bill. It's been part of the plan to cut outgoings so mortgage and EF can take priority. It means that whilst I build up the business my essential spends will be minimal, taking the pressure off financially.

Frankly, I would rather work in McDonald's than spend much longer working where I am so all good!!

Best of luck, I will follow with interest.

Bexster

meritaten

If you are really serious about the hobby turning into a profitable business you will NOT be 'time richer'! Time runs away with you with 'hobbies' if you are developing them into a business!
I would go for 'shortcuts' when cooking - ie Nigella Express! or Jamie Oliver 15 minutes meals. or Slow Cooker meals.
and it might be worth paying someone for a couple of hours now and then to be the 'cleaning lady'. they are professionals and will deep clean where you will only give a lick and a promise!
Good luck - can you tell us more? I am intrigued about your 'hobby'?

Rebelle

Hi guys

Had quite an MSE weekend so far!

Friday night for drinks & a meal with a colleague who's leaving work & her husband generously gave her £50 for the kitty which paid for everything! :beer:

Saturday night I was supposed to be going on a night out with friends, but the weather was so filthy we decided to stay in - my only spend of the weekend so far was on takeaway for us, but they provided the drinks :beer: & it was much cheaper than going out to town, so another win for my wallet!

Today has been another NSD, as I have stayed in & got on with some packing & decluttering ready for the move. Ooh & I've made £15 on selling a few DVDs to https://www.webuybooks.co.uk - tried a few of the sites who buy second hand & they offered the best cash for what I had, so I just need to take the box to the shop tomorrow for Hermes collection.

Had a friend round for a quick coffee before & she left with a pile of stuff that was destined for the charity shop - am glad to be getting rid of my useless stuff & finding good homes for things I don't need. I quite fancy living in one of those tiny houses one day, so I'm telling myself that streamlining my stuff now is good preparation for that! :rotfl:

Bexter - seems like we have a similar attitude, in that I want to reduce my outgoing as much as possible too, so financial stress is greatly reduced as I try to set up on my own... & in the long term, preparation for quitting my day job altogether, God willing! I can relate about not wanting to stay where you are work-wise much longer... if I keep working where I am FT then I'm sure I will go mad soon!

Meritaten - Of course, you are right, I will be very busy turning my hobby into making a living! My new schedule should allow more flexibility though, so I will be able to devote more time than I do currently to MSE endeavours!

As to what my hobby is... I do numerology charts, & through some contacts of mine have managed to get some paid work for readings, doing them at fairs & also for people who contact me privately. I am booked to do quite a big fair at the end of January & if this goes well, I hope to do these more regularly.

I am also starting training in holistic therapies in January, as I was offered the chance to train at very minimal cost & it is part of a longer term plan to eventually set up a sort of sanctuary offering this kind of thing with a friend of mine... but this is a much longer term thing, & I want to concentrate on establishing my numerology first & getting a website etc set up. I am very excited about it all & feeling very motivated to make a success of it.

Hope everyone's had a great weekend! Keep the tips & chat etc coming!

bexster1975

Hi

Your hobby sounds very interesting. How exciting that you might be able to make it a long term earning passion! Great news about training too. Speaking as someone who has trained for other things whilst working myself, it saves your sanity to some extent to have a more interesting sideline that could eventually pace the way to freedom!

Some good MSE this weekend at your end - keep up the good work.

Bexster