Time to tighten the purse strings?

[chief barker]

What do you all think?

http://www.dailymail.co.uk/pages/liv...n_page_id=1770

[Uridium]

Easy solution is to just spend less than you earn each month. Simple.

[chief barker]

Originally Posted by Uridium

Easy solution is to just spend less than you earn each month. Simple.

What if you can't i.e fixed rate mortgage coming to an end.

[Pezerinno]

"...dire consequences for house prices..."

[mjn]

Been tightening the purse string since i was made redundant in Jan this year, although i started a new job in July, we've continued on with the restricted budget, at least until this year has finished. Maybe early next year, when the mortgage fixed rate expires and we re-mortgage, our budget will change. I'd also like a decent holiday, but that will not happen for a few years yet, round about 2009 i reckon on current savings.

[Dony]

Originally Posted by chief barker

What if you can't i.e fixed rate mortgage coming to an end.

Mine needs to be renewed by the end of this month. Phoned my bank last week for quotes, then got some others. Went back to the bank yesterday to sign up and all their rates had went up by .2%


Anyone know of any not to be missed deals?????

[wombar]

It's been coming for a while to be honest, I've heard a lot of rumblings in the mortgage industry (have friends who work in various companies) about budgets drying up over night etc. This basically means that from now on, mortgages are going to be given to people who can realistically afford them instead of every man and his dog who tend to rely on equity increases instead of actually paying back the mortgage.

There's just been too much irresponsible lending (and borrowing) throughout every financial sector with many people who would never traditionally have been approved basically being given a blank cheque by the banks/lenders.

I don't wish hardship on any single individual but it's going to take a miracle for some people to keep their houses which they should never have been approved for in the first place. Last year all I heard was "house prices will always go up so I'll never be out of pocket", well now they're slowing down and the drop IS coming by the middle of next year which is going to be a bad time for everyone.

So to answer your question, yep, it's time to start hoarding the pennies

[Uridium]

Originally Posted by chief barker

What if you can't i.e fixed rate mortgage coming to an end.

spend less on something else.

Sorry to sound blunt but think back to the days when Credit wasn't so easily available. If my parents didn't have the cash to pay for something then we didn't have it. simple as.

[kingfats]

Originally Posted by Uridium

spend less on something else.

Sorry to sound blunt but think back to the days when Credit wasn't so easily available. If my parents didn't have the cash to pay for something then we didn't have it. simple as.

That's what i was also taught when young and it's a rule i follow today.
If i can't save up for something and buy it outright,i don't have it.

[Duncan G]

Originally Posted by chief barker

What do you all think?

http://www.dailymail.co.uk/pages/liv...n_page_id=1770

I think the Mail story on the photo shoot David Baileys wife did for Agent Provocateur more interesting, so I put it on the forum. Dont all rush to thank me

[Ed Selley]

Originally Posted by chief barker

What if you can't i.e fixed rate mortgage coming to an end.

If your outgoings exceed your income for anything more than a freak blip then it is game over. You would geniunely be better selling up now than going down gracelessly over a period of time with all the consequences it entails.

[Setenza]

Oh I know a thing or to about the income/outgoing ratio

Now, I keep the mathmatics simple. If you can afford it, buy it. If not, save for it.

Only spend money on essentials. Beer, food and toliletries.

If you can't afford luxury goods, find a compromise. I can't afford to own a lot of DVD releases and the new formats are right out. But people can "lend" you material

The internet is also a wonderful resource

Libraries often have the latest popular titles and books. Some even have a good magazine selection.

Shop around. There's always bargains to be had. I recently discovered the benefits of Primarks.

Life is getting to materialistic anyway. If you don't need it then why by it.

Consumer electronics is a circle jerk. There's always gonna be something new and better on the horizon. Therefore purchase using your head and not your "gadget boy" ego.

[Moosh]

Originally Posted by Xusia Of Delos

Oh I know a thing or to about the income/outgoing ratio

Now, I keep the mathmatics simple. If you can afford it, buy it. If not, save for it.

Only spend money on essentials. Beer, food and toliletries.

If you can't afford luxury goods, find a compromise. I can't afford to own a lot of DVD releases and the new formats are right out. But people can "lend" you material

The internet is also a wonderful resource

Libraries often have the latest popular titles and books. Some even have a good magazine selection.

Shop around. There's always bargains to be had. I recently discovered the benefits of Primarks.

Life is getting to materialistic anyway. If you don't need it then why by it.

Consumer electronics is a circle jerk. There's always gonna be something new and better on the horizon. Therefore purchase using your head and not your "gadget boy" ego.

If only more people heeded your advice.

Cheers
Moosh

[geomuss]

Originally Posted by Xusia Of Delos

Only spend money on essentials. Beer, food and toliletries.

essentials

[gavan]

Originally Posted by chief barker

What do you all think?

http://www.dailymail.co.uk/pages/liv...n_page_id=1770

People are only just realising this stuff now that it makes the front page?

The end of the boom has been on the cards for quite a while - the unwinding started during the first half of the year.

The problem for most people is simple - too many people living beyond their means and relying on credit (ie personal debt) to get them through.

The credit will be drying up and if a recession sets in, as is likely, many won't be able to service their debts for even a month or two without a salary. Then it should get really interesting. All too many people who have entered their adult lives in the last decade or so have known nothing but economic prosperity and easy credit. They are in for one heck of a shock.