@gellybean90 I know, but OP is struggling with money so it’s a suggestion. £240 per year sales could be the difference between getting an unexpected repair done or getting into the abyss of high interest credit card debt.
I live perfectly happily with freeview, iPlayer etc and radio (I’m in sick pay), and if you need to save money it’s the sensible thing to do.
@oddexperience That seems awfully high we spend £100 a month on food for 2 adults which I realise is the extreme end of frugal but you can definitely cut it. Everything safety related and everything your baby sleeps in or on should be brand new but everything else can be 2nd hand. Cloth nappies will save a fortune.
@oddexperience Don't agree with the other person saying £100 a month as thats madness lol
If it includes fuel that makes perfect sense, I'd assumed it was just food and household as in pet food, toilet roll, cleaning stuff etc which would be high end
Editing the op with a full budget would help people help you though
@oddexperience If you're happy with the size of your emergency fund, then you overpay unless you have a savings account that pays more than 5.9% interest.
Otherwise you should build up your emergency fund until you are happy with it.
@roger1234 I guess what I'm really asking is if it's worth just putting that £50 into a savings account or if there's anything smarter we can do for the long term. Sounds like overpayment might be the best option as we have our emergency fund sorted and no other debt.
@oddexperience If the Apr on your mortgage and savings are similar I'd rather save, that way you still have access to it in an emergency, without the Need of getting a 10-15% interest loan. You sound like you have the self control to save instead of blowing money on things you dont need, which is a great skill these days.
@oddexperience Are you able to remortgage onto a lower rate for a fix? It might feel uncomfortable but even BoE is saying these will likely stick around for a year or more. So locking lower even if it’s a little gives you certainty and consistency.
@rjr1209 This is for a 2 year tracker. Fixed rate would be 6.6% so would be worse for us than the tracker (hopefully)
Kinda taking a gamble that interest rates will start going down in the next 2 years.
@oddexperience If a tracker is at 5.9 and you can fix at 6.6 that says that the banks, and all the people whose job it is to make educated guesses at what interest rates are going to do over the next few years think it’s going to go up further.
Appreciate that doesn’t really help you, and they might be wrong, but it’s probably worth thinking about.
@mhrova Or to put it another way, if you didn't correctly predict the current rates two years ago (which I'm guessing you didn't, otherwise you'd be on a 10 year fix), then you shouldn't be trying to guess what they'll be in another two years.
