Money saving tips

Drew_TNBD

So we looked at our financies... we can afford this house, but only just. Things wont be comfortable and I'll most likely have to give up the singing lessons I've been doing for half a year. They've been costing a fair bit - £200 a month if I do one hour lesson a week. Yikes...!!

I do enjoy them, but not 100% sure if I am getting the most benefit from them. I know I'm not doing enough off my own back, mainly due to shyness at home for going through practice routines and exercises, and also not wanting to disturbing my downstairs neighbour. It'll be better in the new flat once I have a purpose built room for my music (got some plans in the works there)

So I'm thinking I can cut back to maybe one every 2 weeks. Still £100 a month I need to find though. So I need to cut back on some other things. So ultimately... looking for tips on saving money. I guess it's probably obvious to some people, but I'm not used to having to look after my money. I'm used to just blowing it like an irresponsible teenager!!

After mortgage, bills, savings, transport, I'll have £480 a month to feed myself, pay for band and potentially singing lessons, and every other extra-curicular activities! So... it's not too bad, just needs properly thinking about and things prioritizing. But I'm pretty sure I cannot afford to keep up my current frequency of lessons.

I've killed my Netflix account. Keeping my Spotify account. Next April I will change my phone contract to a cheaper one. Trying to trim the fat basically.

(I really hate having to change my lifestyle... I hate change...)

digitalscream

It might come down to simple things - how much do you spend on coffee/lunch/etc while you're at work? Could you get a cheaper rehearsal venue? You may not even need to find as much as you think; do you know how much the utilities are going to cost in the new place?

Of course, there's another way to look at it; is there any way you can easily make more money without increasing the stress in your life? Perhaps a bit of mixing/mastering for bands on the side?

thomasross20

Where you buying?

jellyroll

If not already in place, get a water meter. Saving in London, especially for two of you can be huge. We're paying £200 p.a. now compared to £1,100 unmetered. Also, more cash flow than money saving, but pay standing orders to as many utility & similar suppliers as possible to avoid getting that nasty £500 gas bill in February. (Some providers give a discount for setting up direct debits which I don't do as the supplier then controls the payment. With standing orders, you can change it when you feel like).

monquixote

Your singing lessons are quite expensive. 

Mine are £22 for 45 mins.

digitalscream

monquixote said:

Your singing lessons are quite expensive. 

Mine are £22 for 45 mins.

His singing teacher lives in London

jellyroll

Insurance is a minefield where you can save or be overcharged if you don't shop around. Worth researching some savings.

thomasross20

London!? Don't do it right now... I still think prices are gonna fall. 

Where I am you can get a 4 bed detached with conservatory and the lot for £180k. 

dafuzz

Possible to walk to work? By walking to work instead of taking the bus I've saved a grand a year (and developed really nice thighs). It's 3 miles each way and takes about an hour which is funnily enough the same time it took the bus in rush hour traffic. I feel great for it too.

guitarfishbay

One lesson every 2 weeks will still see you progress if you put the work in. That is what our vocalist does.

Besides that, do an audit on how much you spend on stuff like coffee, lunch, drinking, meals out etc, like DS has suggested. It adds up silently in the background.

thomasross20

Yeah the lunches and coffees can add up! 

jd0272

Christmas and Birthday cullings are a good idea too. Used to spend fortunes, then woke up and realised fuck that.

Fretwired

Check these guys out .. no heavy sell .. City listed .. saved me a bomb .. https://www.utilitywarehouse.co.uk/

Danny1969

Use a push bike for transport make your own work lunches, get a £10 a month phone deal, take your own beer to gigs, print your own birth wedding birth cards, cancel any subs for music, it's all free on YouTube anyway

Take dep gigs to earn more money, mix bands to earn more money, offer hire on any nice gear you own, there's a lot of hussling you can do to make money in the music biz

stickyfiddle

Have you done all the stuff here (at v least the "pain free" bit)? Loads of stuff that's easy to do and saves lots if you're not already doing it.

http://www.moneysavingexpert.com/family/money-help?utm_source=MSE_Newsletter&utm_medium=hiya&utm_term=16-Sep-14-lt&utm_campaign=family&utm_content=1

Deadman

I use utility warehouse for tv, internet, mobile, gas and electric and shop at aldi and lidl. Just doing this saves me loads of dosh.

TTony

Don't really want to add to the money woes but ... interest rates are bound to rise through the next 12 months.  If you're on a variable rate mortgage, that might hurt.  If you're on a fixed-rate mortgage, the pain will be delayed (until the fix ends) but it'll hurt even more.

Sorry.

mellowsun

Ditch the phone contract completely and go PAYG. So long as I top up £10 each month I get unlimited texts and 300 free minutes + web, so pointless having a costly contract.

holnrew

Plan  your meals and shop for them once a week rather than going to the shops every other day

Get shopping delivered so you're not tempted by offers. 

Buy value brands.

No booze

Limit social life

Get an electric blanket instead of using the heating overnight

Take shorter showers

Avoid using the oven

Learn to love the taste of water over other drinks

Decide whether it's worth it compared to your current lifestyle

richardhomer

As a long-standing member of the 'property owning democracy' I have had two periods in my life when my mortgage was 'too' big. The first was when we moved to a fairly sizeable house after my ex-wife suffered a severe mental illness. The stress it put us - and our relationship - under, was immense.

The second was after we divorced and I felt I had to buy in the same area, to maintain consistency in our son's schooling. I spent much of the last six years in a job I hated, to enable me to over-pay, to give me the freedom to take a lower paid job, which I'm happier in. It has been emotionally and physically tough.

I really don't want to pour cold water on your plans @Drew_fx, but you are clearly one of life's free spirits. I'd urge you not to get trapped by a financial commitment that restricts you excessively. The 'freedom' of home ownership can become imprisoning....

spark240

If you use a credit card....check you have the best cash back rates....Barclays have an Amex link with 1% and a standard with 0.5%. I try and do my internet shipping through Quidco, more cash back. Water meter definitely,