Need to economise…

You will need a list of essential outgoings such as rent/mortgage etc. Add those up and keep that money to one side. Then look carefully at what the remainder of your income is being spent on, a small notebook helps and that can be an eye opener.

As always it is about making do ie no buying clothes for now, batch cooking from scratch etc. Definitely no impulse buying of anything. You will have a much clearer picture once written down and you see it in black and white.

It also depends on how long you will be in this situation but a number one priority, when you can, is to accumulate a financial safety net for any future blips

Thanks Karmalady, that’s really sensible advice. I think writing everything down will be a really good step, as normally if I want or need something I don’t have to worry too much. It is definitely easy to spend money without giving it too much thought if you’re in the fortunate position of both working full time. I also agree about having a financial safety net, that’s the only reason we’re not in trouble as we both put aside savings and I have been on reduced pay for a while. Batch cooking is definitely a good way to go, and will also make life easier whilst I am recovering anyway. Thanks 💐

My daughter-in-law of 31 years was diagnosed with breast cancer in May last year, it is inoperable and has caused lymphedema in her right arm and hand. She has been unable to return to work as she cannot yet drive, write or use a computer. I persuaded her to ask McMillan if she is entitled to any benefits, she was resistant at first as she has worked since she was 16 but after her chemotherapy she did enquire and she found she could claim PIP which isn’t means tested; her claim was approved and she began receiving payments just before Christmas. I suggest you look into this as it could make a difference to your financial situation.

I m a bit confused when you say MY savings have reduced dramatically and you don't want to put pressure on your husband. Do you mean that you and your husband have seperate bank accounts.

I honestly find that awful, my late husband and I had joint accounts from the day we became engaged until the day he died. He was ill for eight years before he died and had to take early retirement, 5 years before his state pension was due and we were not allowed Attendance Allowance as they said my husband was not ill enough (but when we finally got it, my husband died three months later).

We used our joint savings to pay for everything, wheelchairs, urinals, walking sticks and frames, stair lifts and nebulisers because the NHS provided them at first but then wanted them back and because we had money in the bank we could not claim benefits.

Why can't your husband help you out, surely you are a partnership and should be supporting each other.

My mind boggles when I read about married couples having their own accounts.

I just realized I have assumed you live in the UK, if you don’t my comment won’t apply of course. I hope you return to full health soon.

I found that what helped methe most financially was gettingmy mortgage paid off.. then I had the knowledge that if I got into financial difficulty I always had the possibility of taking out equity release.. although I am widowed I also find it perplexing that you don't feel this is a joint and equal responsibility with your husband..

WonderfulLife, what is so strange about having separate bank accounts ? I was married for 54 years and we always had our own accounts.

WonderfulLife, not everyone thinks like you - this post along with your previous ones are very opinionated.

Mamma was simply asking for advice following a serious illness, she was not want you to be judgemental!

I have married friends with separate bank accounts. They've been happily married for decades.

Mamma66. Also, the energy bills are rocketing, so watch how you can economise there too. Don’t forget the charity shops, should you need to buy clothes, as they generally only sell goods of good quality these days. Incidentally, we have separate accounts, plus a joint account for household expenses. Maybe you’re in the minority WonderfulLife?
I hope your health continues to improve Mamma66. 💐

Jane43

My daughter-in-law of 31 years was diagnosed with breast cancer in May last year, it is inoperable and has caused lymphedema in her right arm and hand. She has been unable to return to work as she cannot yet drive, write or use a computer. I persuaded her to ask McMillan if she is entitled to any benefits, she was resistant at first as she has worked since she was 16 but after her chemotherapy she did enquire and she found she could claim PIP which isn’t means tested; her claim was approved and she began receiving payments just before Christmas. I suggest you look into this as it could make a difference to your financial situation.

I did think of PIP, but fortunately I should make a full recovery and it takes so long for PIP applications to go through that I should be back to full mobility before the application was processed. I know that cancer related PIP applications are processed more quickly. Wishing the best for your daughter-in-law.

WonderfulLife

I m a bit confused when you say MY savings have reduced dramatically and you don't want to put pressure on your husband. Do you mean that you and your husband have seperate bank accounts.

I honestly find that awful, my late husband and I had joint accounts from the day we became engaged until the day he died. He was ill for eight years before he died and had to take early retirement, 5 years before his state pension was due and we were not allowed Attendance Allowance as they said my husband was not ill enough (but when we finally got it, my husband died three months later).

We used our joint savings to pay for everything, wheelchairs, urinals, walking sticks and frames, stair lifts and nebulisers because the NHS provided them at first but then wanted them back and because we had money in the bank we could not claim benefits.

Why can't your husband help you out, surely you are a partnership and should be supporting each other.

My mind boggles when I read about married couples having their own accounts.

We do have a joint bank account but to be honest we don’t use it. My DH is incredibly supportive and would give me anything, we both work full-time, he pays for some things, I pay for others. It seems pretty fair, we’re both happy with the arrangement and it works for us. He is better with money than I am and keeping things separate actually makes it easier for me to manage my finances, so no big deal as far as I am concerned.

Check your bank account for standing orders or direct debits that aren’t for essentials.

pascal30

I found that what helped methe most financially was gettingmy mortgage paid off.. then I had the knowledge that if I got into financial difficulty I always had the possibility of taking out equity release.. although I am widowed I also find it perplexing that you don't feel this is a joint and equal responsibility with your husband..

We are 3 years off paying the mortgage and that should make a big difference. It’s not that I don’t see it as a joint responsibility, the opposite is the issue. DH would take on extra work to make up any shortfall in my earnings and I don’t want him to do that. He would give me the shirt off his back, bless him.

Jaxjacky

Check your bank account for standing orders or direct debits that aren’t for essentials.

This is a really good idea, I definitely have a couple of DDs for things I am not currently using such as the gym.

I am with harrigran.We have been married for nearly 52 years and have always had separate accounts . It works well for us and needless to say we would always help each other out if necessary. What a strange thing for your mind to boggle about WonderfulLife

I have altered our food shopping somewhat. Sadly Sunday roasts are a rarity these days, we both love lamb, but haven’t bought it for a year I’ll bet. I have also tried swapping down on branded / own brand products. Some make little difference, some do… every little bit helps I suppose.

I’m another one with separate bank accounts. We have a joint account to pay for bills , mortgage, when we had one , food and house stuff . Both of us are self employed, so need our own accounts. We also have separate savings accounts and isas , as well as a joint one . We’ve been married for 35 years and it works for us. I’ve always worked and like having my own accounts. And I’m better at dealing with money and finances than my DH .

Yes definitely keep a note of what you are spending and where possible stick to essentials. If for example you have gym membership which you are not currently using, subscriptions to Sky, Netflix or anything else that you think is not relevant at the moment then cancel them for the time being. All good wishes for your return to better health.

Perhaps they are opinionated but those are my opinions on the subject.

Do you pay your streaming services monthly or yearly. If it’s monthly, cancel.
There are lots of other streaming services where you can get a month for free.
To save electricity cut down on the amount of times you use the m/c. Cut down on the temperature and washing time.
Water isn’t cheap. Save your run off for tea/coffee, cooking.

I don`t have any recurring payments but did check auto renew and did indeed have two that I cancelled this year

You are doing well in thinking this through Mamma66 and I hope the health improvement continues

Roast lamb doesn’t have to mean a joint. Lamb chops or steaks will be just as tasty with the usual accompaniments. Same with pork. Swap a whole chicken for two breasts. You can still have a lovely roast for a fraction of the cost.