Mortgage Rate Hike - Money Saving Tips Required!
 

Our fixed rate 5 years are up so we are about to have to swallow a bitter pill of about £120 per month increase in our mortgage.

It's not like we are flush in any case, so the additional money is really going to hurt.

So my questions are as follow:

Does anyone have any tips for saving money?

Also any ideas for making a bit of extra cash which doesn't affect my normal work? 9-5 (ish) is normal.

We already shop around for energy, so that is (i think) as cheap as it can be.

Have just got an allotment (£20 per annum for 250m sq)to grow our own veg.

We own a car and I have the bike, both of which are used for commuting. The car is a 98 BMW 525TDS which is a beast to run around town, which is mainly where it is used. I have toyed with sticking Veg Oil in it, but can't really work out if SVO can be used in it or not and what the consequences might be. It only has about 90k on the clock.

Anything at all would be appreciated. Even if it only cancels out the additional money.

JUST CAN'T SEE WHERE THE SAVINGS WOULD COME FROM.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

beer is expencive.. dont buy any! (well buy some once a month and then get really drunk!)

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Longer term saving tip here.

20 odd years ago, the mortgage rate hurt like hell. it went to something like 14%. Obviously my monthly payments went up. But as the rate fell I was used to paying the higher amount and continued with that amount. Result was mortgage paid off 7 years early.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

go to a financial advisor & see about swapping your mortgage.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Only good thing about the allotment is home brew!!!

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Do you take your own lunch to work or do you buy in or go out to get it ? If so try making your own sandwiches, if you can do it, you do save money each week.

Also I'd get rid of your car, you dont need a 5 series BMW for getting around town do you, downsize it.

How far do you live from work ? Can you walk to work or maybe cycle to work instead ?

Buy supermarket own brand stuff rather than brand label foods.

Sell a kidney ;)

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Done that, actually two and the best they could come up with would still see an increase in mortgage, although cheaper life & critical illness insurance would save us £20 per month.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

home brews already saving money! less than 30p a pint it works out at i belive...

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Buy stuff for work from supermarket so apart from the very occasional one off I do take lunch.

Cycling is something I used to do, actually did it last week 13 miles each way.

My costs are only about £13 per week on the bike. The BM is really expensive to run, but not really worth anything much because who really wants to run it, could perhaps get 3.5k for it. If the journeys were motorway the BM would come into its own.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Kev - get out £100 in cash each week and make that do. Cards are an easy way to spend what you haven't got. If you have any of the £100 left over then reduce the amount for the following week.

Don't enter races!! Entry fees are ridiculous money. And you don't really need to replace running shoes after 500 miles, mine 'go round land' as my MIL would say.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Ed - Don't tell Mrs.H, but somehow I have managed to accumilate 5 pairs of running shoes. 3 Kayano's, 1 2120GT and a pair of Adidas. So my running costs should be limited over the coming year.

I only have one race I am thinking of doing (New Forest Marathon), then I'm going to try and enjoy my running again.

I was thinking that if I run twice per week and cycle once then if I can actually sustain that I will be running reasonable mileage and save some money.

On the cards front, we are both good and only have debit cards. Although I did notice that little trips to the tesco express add up. Only noticed it once I started running a spreadsheet on my spending.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

www.moneysavingexpert.com

Try the forums in particular. If you're really keen to save money it's pretty easy if you're strict.

I started a lift share for my 35mile (each way) commute. Yes it takes 10 mins longer but it saves me ?20 a week.
I don't bring cash in to work (vending machine temptation) & bring sarnies
Walk to the shops; you can carry less back and it saves fuel
I take cash in to the shops. With Planning I've managed a weekly budget of ?10 ( but not every week ;)).
Stick to 65/70 mph on the motorways, drive smoothly and you'll get 100-150miles extra per tank
use www.petrolprices.co.uk to find the cheapest station

There's loads you can do to make a difference. Just don't ruin it by having a 'night off' after mising for so long ;)

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

the cushoning in them is knackered after 500 miles of running though! and if you're a more 'heavy set' gent then even quicker!

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Jobs?

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

I had a job at weekends at a local petrol station a couple of years ago (as well as my Mon - Fri 9to5 job). The work was dead easy and in a sad way quite enjoyable (chatting to bikers etc when they came in to fuel up), but I would seriously try to avoid getting a 2nd job if you can, I was knackered doing 7 days a week.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

dont be over insured, my work pension was also life insurance so i cancelled the life insurance against my mortgage, i also cancelled my critical illness insurance and gambled on the chance that i wouldnt get ill, most insurances wont pay anyhow even if you do have them they will find ways to claw there way out, i'm not saying dont have insurance but DONT BE OVER INSURED.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Just been through that and managed to claw back almost £30 per month, which will help.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Without knowing your monthly expenditure breakdown its a bit like playing 'battle ships' giving ideas of how to save cash. ;)

As for ways of making money 'on the side' ... renting a room is an option (presuming you have a spare room).

Do you have kids? Send them out on paperounds and get them to give you half the money as 'keep' ... it'll teach them responsibility and bring in some extra cash. :money:

Apart from that, take on a shelf stacking type job in the evenings or at the weekends. Taking on a low-paid job, it's critical that the place you work is walking distance from your house. ... no point spending a fiver on fuel for a £20/day job!! ;)

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Record what you are spending money on first, that will help identify where you can trim.

Tips that generally work are things like using the energy - OK you've got the cheapest now, but the best way to save is to use less. E.g. I have the heating off now, since it's summer. If you have a variable hot water temp, can you keep it at a lower temperature?

You could make extra money from Ebay if you can find the right market. I too am thinking about this - just to see how much I could make really - but for example, tyre paste (which I bought recently). I bought a 250ml tub that someone had obviously whipped up themselves from a big tub. Just find something you can buy in bulk and sell cheaper in smaller amounts.

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Mods on the bike have now officially stopped!

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

sell it and get a CG125 (or a CB250N or summin cheap and cheerful) ... you will save a bunch on insurance and fuel, you have what looks like a nice shiny pointy, so even after paying for the new bike, you will pocket enough to pay that £120/month for at least a full year, perhaps 2 ... ...

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Have you got Sky TV? Switch it down to the cheapest package?

What about Internet? I am with Sky for phone, TV and Internet. Phone linerental is £1 cheaper than BT. Internet is only £5 / month for 40 gb allowance (more than ebnough), and TV is about £18.

If you just have freeview that is prob best though!!

Re: Mortgage Rate Hike - Money Saving Tips Required!
 

Am with sky and have just switched from the £5 per month 8Mb to free 2mb - difference is negligable.