I've just been reading an article in today's Daily Mail written by a freelance journalist named Liz Hoggard entitled, "I've become one of the new middle class poor: How one writer is keeping up the illusion of prosperity" and I must admit it makes for an interesting read.
In recent months, I've noticed through conversations I've had, quite a few people making cuts to their spending habits. This has been a sort of silent revolution as people don't tend to talk about it outwardly, rather it just happens to slip in the course of a chat. Lots of families it seems are curbing their spending habits and it's something I'm happy to state we're doing in our own family too. I must point out though that we've never been big spenders anyway, but it's actually an educating prospect realising you can't go spending money without thinking about whether or not you can afford to in the first place!
Like the writer of the article, I too am a self-employed writer (and former teacher) but I'm grateful that my husband works in the computer industry, one of the few flourishing places to be at the moment so we're lucky to have some semblance of security.
Despite the fact we're living through a recession, we're fortunately not suffering too much mainly because hubby has a permanent job and we're careful to keep a very tight watch on our finances every month. I am strict about regularly listing all our incomings and outgoings and using these figures to decide whether or not we can afford extras such as nights out, home decorating and so on. We intentionally don't holiday every year but instead try to go on a family holiday once every two or three years. We need the interior of our house painted but keep putting it off because, with four children, there are plenty of other expenses just waiting in the wings! Several of the hinges on our double glazed windows are past their best and urgently need replaced but thankfully we are in a position where we'll get that job completed in the next month or two and hopefully reduce our heating bills as a result!
Before tightening our own belts however, we didn't really check our bank balance every month and instead just hoped we had enough to cover it all. Now, we check it very often, sometimes daily, as it's surprising, not to mention frustrating, sometimes to see cheques you'd written but which hadn't been cashed suddenly showing up!
When shopping for gifts for Christmas, I have been careful to research the prices of almost every single item and in some cases have saved quite a bit by simply shopping around. It's the same with food bills - I do the main weekly grocery shop and try to only buy the necessities. It's actually quite liberating changing your established shopping patterns and trying new things. For example, I've started buying own brand biscuits for the children which are often a fraction of the price of the known brands. I'm aware many of them contain more sugar but I'm more careful now about restricting how many the children are allowed at a time instead of letting them keep helping themselves! In fact, one of the things I've started to buy is own brand Cream Crackers which cost around 40p and the kids love them even though they don't contain any sugar!
I'm also checking the prices of bread and milk regularly and have discovered I can buy bread and milk cheaper in a local shop than in the big supermarkets.
I try to buy enough chicken and fish to last for up to two weeks at each weekly shop and only go to the shops when necessary as I know I'll overspend if I head into town just for a browse!
I still treat myself and friends/ family to a coffee in town fairly regularly but don't do it as often as I used to as I'm not happy to fritter money needlessly and I've also cut out a rather expensive weekly lunch in a local cafe with my husband. Instead, we sit in our kitchen together with some lovely homemade soup and sandwiches which don't cost nearly as much as previously, are healthier and cost a fraction of what we spent beforehand. We actually enjoy it more these days as we don't have to rush our lunch so can spend more time chatting!
Since we have a young family, we don't go out much together as a couple - mostly because we're both too tired most weekends! We have noticed though that in the last year or two when we have gone out to places that once were popular, they were pretty empty and on one occasion, when we were the only couple in a fabulous Chinese restuarant nearby, we decided in future we'd stay in and maybe have a take away instead! This too has saved us from spending a lot of money unnecessarily and instead most Friday nights we simply have our usual homemade family meal and then, when the kids go to bed, I'll have couple of glasses of wine whilst hubby has a couple of pints of Guinness. We're happy, don't have to pay pub prices and don't have to pay for taxis home. This in turn means finances are definitely looking rosier.
It's quite a revelation now to read about people like the writer of the aforementioned article saying how much they once enjoyed treating themselves and friends to expensive meals or lamenting the fact they can't afford the only face cream they like but which costs an extortionate amount of money per bottle. I have very sensitive skin too but have never felt the need to buy overpriced makeup remover and, on the odd occasion my cream has irritated me, I've rinsed my face afterwards and that quickly stops any stinging. There are also plenty of cheap natural alternatives available and all one needs to do is shop around to find a cheap one that works!
My advice to anyone struggling to make ends meet is simple: take a long hard look at your income and outgoings. Work out what you need to get by and what you can live without. Start working with that and you will honestly be delighted with the difference it makes to your pocket. You might even find like we have that you have extra money left over at the end of the month! Try it, go on - I promise you it's a real eyeopener!
If you enjoyed this article, check out Budget Blues? Top Tips for Living More Frugally
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