Anybody else finding it impossible to save money at the moment?

Rob5342

It's not impossible for us but it's certainly very difficult. Our daughter started university last year and we give her some money each month to go towards her costs, that's not cheap as her rent is almost as much as our mortgage is.

Keep things in perspective, you are paying your mortgage off which will give you a house when you retire, and it will get easier as you get payrise. That's a much better position than renting and funding someone elses retirement.

KajiKita

It is hard atm as wages growth has slowed and inflation, especially of food (which is not something that you can do without!), is still quite high.

As others have said, it does get easier as the years of the mortgage roll on. It might also be worth having a read of the how to boost your income page:

https://www.moneysavingexpert.com/make-money/

There are a lot of ideas there. I appreciate you are already working all the hours, but surveys are something that can be done on the sofa of an evening and I think you may be an attractive candidate as you have children (I find I get excluded from a lot of surveys because I don’t).

The other option is to upskill and look to earn more. Could either of you access further training or development through work? Or is it time for either of you to look for a new role to build on the experience you have gleaned from where you are now? It’s a lot easier to ask for a pay rise when moving companies than within where you are already … (it shouldn’t be, but that’s the reality of it.)

Wishing you luck and I hope this sense of frustration and ‘stuckness’ passes soon for you.

KK

horsewithnoname

https://forums.moneysavingexpert.com/discussion/comment/82081024#Comment_82081024

well I disagree. And I’m not sure the idea that someone else being miserable would cheer you up is a nice idea.

Vitor

We're being hammered by energy costs, directly on our homes, and indirectly on everything produced and transported in Britain.

In real-terms, electricity is up 50%, gas up 30%, eating out up 13% since 2008

elsien

At least you have an increase hitting your bank account. I don’t begrudge you it at all, just get a bit frustrated with the political and other presumptions that wages are rising for everyone and the focus on on “hard-working families” which always makes me want to shout what about the hard-working rest of us who don’t have someone else to split the bills with in the first place.

subjecttocontract

https://forums.moneysavingexpert.com/discussion/comment/82081790#Comment_82081790

Wouldn't you expect prices to rise over the past 18 years ?

subjecttocontract

https://forums.moneysavingexpert.com/discussion/comment/82081767#Comment_82081767

There is a long list of tax free opportunities (most of them often discussed on this forum) that is sometimes forgotten, overlooked or conveniently ignored when discussing income & taxes.

Vitor

https://forums.moneysavingexpert.com/discussion/comment/82082014#Comment_82082014

I said in real terms, those increases allow for inflation.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82082028#Comment_82082028

Yes and as we know, everybody wants better public services but they want someone else to pay more tax to pay for them !

KajiKita

https://forums.moneysavingexpert.com/discussion/comment/82082028#Comment_82082028

I suspect that these tax free opportunities don't help sonmeone like the OP when there is very little slack in the budget for saving in the first place?

KK