How do I save/cut back �400 per month??

[PinkFizz]

Morning all.when I get back from holiday ,due to loads of price increases in a lot of our regular payments,we will have to either find an extra �400 per month,or cut back by �400 per month,and apart from being a bit more sensible with the food shopping,I just cant see where I can cut back that much.Any ideas would be most appreciated.

[Loosehead]

It's give up luxuries time! Smokers? thats a big saving. 2 car family ditto, Booze ditto, you get the picture!

[PinkFizz]

Hiya - we don't smoke,we have to have 2 cars as we live in the middle of nowhere,and he needs one to get to work and I need one to get kids to school,go shopping etc.We have no bus route whatsoever.Can cut down on alcohol yes.

[loobie]

Have a shop around for gas, electricity companies etc - see if you can get a better deal anywhere that will help save the pounds!!
Dunno if any of these will help you at all hun!!! Good luck!!!

http://www.bbc.co.uk/insideout/southeast/serie s3/money_saving_financial_health_accounts_mort gages_spending.shtml

http://www.moneysavingexpert.com/

http://www.thisismoney.co.uk/50ways

[Lil H]

Have you looked at the money saving expert website? The forums are particularly good:

www.moneysavingexpert.com

It will also give you advice on changing suppliers, the debt free wanabee forum gives good advice to those wanting to cut back (you don't have to be in debt!)

[PinkFizz]

Thanks you lot! Still gona be a very tall order but I might be able to do some of them.I dont have credit cards so cant cut down in that dept.

[Buenchico]

Do you own both of those cars outright or are there finance agreements in place? Changing to cheaper cars might make sense. (I'd never pay more than about �300 for a car. They might not be particularly stylish but they get me from A to B).

What do you mean by 'a bit more sensible with the food shopping'? Try fixing a definite budget and sticking to it. (I reckon that �10 per week per person is 'tight but feasible'. �15 per week per person is 'reasonable'. �20 per person per week is 'generous'. Despite that, I still know people who seem to spend �70 to �100 per person per week and who don't seem to eating any better than those who spend far less).

If you really can't find the necessary savings, and you've got a mortgage, youmight have to consider asking the lender to extend the period of the loan, thus reducing the monthly payments. (That's quite a big step because, in the long term you'll pay far more. However, it would still be better to do this now than to be hounded, by the lender, for non-payment of your mortgage later).

Chris

[PinkFizz]

Hi Chris,what I meant about food shopping was that I haven't had to worry what I bought -if I fancied something then I bought it,which doesn't mean takeaways or fast food - just if I like something in the supermarket I buy it.But yes,probably my biggest saving could be there.

[oldhenry]

Grow your own stuff, save hundreds in a year!
DIY- cut out expensive crap 'professionls'. Cheap holidays, mend your own cars,never get hyped, never pay interest, never impulse buy, make shewed investments.
my wife and I are worth hundreds of �000s from being careful. But that git Chancellor will get a packet now!

[sense4all]

PinkFizz I am not sure how old you are.However if you are paying old life insurance rates and have not changed policies from when you got a house in the eighties or nineties - you may be able to cash in -get a lump sum - and then take out a drastically cost reduced new life policy. It's well worth checking out.

[WendyS]

Any chance of the children sharing a life to school with friends and joining a shared school run scheme?
Do you live anywhere near a CostCo bulk shopping facility? If so it's worth taking out a membership so you can get the cost benefit of buying food in bulk.
Don't buy any more new clothes unless they're from charity shops.
When the weather gets cooler, turn your central heating thermostat down one degree and wear an extra sweater.
If your're on a water meter, get a free "Hippo" from your water authority to put in your toilet cistern to reduce water use when flushing the loo - or use a brick.
Don't buy ready made meals. Cooking at home is cheaper. Make lots of soups. Bulk cook double portions and freeze one to save gas or electricity.
Don't buy newspapers. Read the news online.
Download free SKYPE software for your computer & encourage friends to do the same then you can all speak to each other free of charge simply by plugging a microphone into your computer.
Visit your library and borrow some good cookery books which concentrate on budget cooking
Consider getting an allotment - growing your own food will save money and you will eat better too.
Don't keep any electrical appliances on stand-by. Fit economy low energy electric light bulbs everywhere.

[EverClean]

The biggest potential area for saving has got to be your mortgage. Check out the best rates on www.moneysupermarket.com and take it from there.