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.