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The squeeze family panel The squeeze family panel
(1 day later)
Meet our panel of families charting how the squeeze on family incomes is affecting them.Meet our panel of families charting how the squeeze on family incomes is affecting them.
We will be checking back with the families every month to see what they are doing to make the most of their money and if they are making any changes to their spending habits.We will be checking back with the families every month to see what they are doing to make the most of their money and if they are making any changes to their spending habits.
Stuart KidmanMarried, 27, expecting child. Sold car to help with mortgageColin McCormickSelf-employed. Concerned the business may suffer Karen NorrisHousewife from Scotland. Worried about food and fuel costsBarrie LesterLives with partner, watching financial safety net disappearing Mary Ann DayRetired. Dipping in to her savings to make ends meetBen WilliamsMarried, four children. Everything has gone up except his payAndrew SmythGraduate, lives with partner. Now shops at discount supermarketsStuart KidmanMarried, 27, expecting child. Sold car to help with mortgageColin McCormickSelf-employed. Concerned the business may suffer Karen NorrisHousewife from Scotland. Worried about food and fuel costsBarrie LesterLives with partner, watching financial safety net disappearing Mary Ann DayRetired. Dipping in to her savings to make ends meetBen WilliamsMarried, four children. Everything has gone up except his payAndrew SmythGraduate, lives with partner. Now shops at discount supermarkets
STUART KIDMAN, BANBURY Age: 27Job: Sub-editor for a regional newspaperSalary: £20,000 per annumStuart is married to Holly (above), and a baby is expected in October Latest update from the family STUART KIDMAN, BANBURY Age: 27Job: Sub-editor for a regional newspaperSalary: £20,000 per annumStuart is married to Holly (above), and a baby is expected in October Latest update from the family
Having recently moved house, our budgets are still balancing themselves out. The major difference is that we have sold one of our cars and make far fewer car journeys, obviously resulting in us spending less on fuel.Having recently moved house, our budgets are still balancing themselves out. The major difference is that we have sold one of our cars and make far fewer car journeys, obviously resulting in us spending less on fuel.
The car sale was made largely to offset the increase in our mortgage payments, which are now up by about £200 a month.The car sale was made largely to offset the increase in our mortgage payments, which are now up by about £200 a month.
Despite switching to cheaper providers for our utilities, the increases in their costs have wiped out any money we would have saved.Despite switching to cheaper providers for our utilities, the increases in their costs have wiped out any money we would have saved.
The cost of food has also affected our spending, and we often try to buy a brand lower when in the supermarkets or, even better, shop online to make sure we get exactly what we need and no more.The cost of food has also affected our spending, and we often try to buy a brand lower when in the supermarkets or, even better, shop online to make sure we get exactly what we need and no more.
All our spending is very strictly budgeted and includes trying to save as much as possible, though we take certain large 'one-off' costs from our savings and don't include them in the month-by-month budget.All our spending is very strictly budgeted and includes trying to save as much as possible, though we take certain large 'one-off' costs from our savings and don't include them in the month-by-month budget.
We are expecting our first child in October and expect to have to drastically revise our spending to include all the related costs of looking after a baby. This is bound to have a massive impact on what we consider to be the 'bare essentials'.We are expecting our first child in October and expect to have to drastically revise our spending to include all the related costs of looking after a baby. This is bound to have a massive impact on what we consider to be the 'bare essentials'.
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COLIN MCCORMICK, PLYMOUTH Age: 43Job: Self-employed with video transfer business Salary bracket: £30-35,000 per annumMarried to Jane and they have a two-year-old son Latest update from the family I run my own business, a video transfer service, for both private customers and commercial contracts.COLIN MCCORMICK, PLYMOUTH Age: 43Job: Self-employed with video transfer business Salary bracket: £30-35,000 per annumMarried to Jane and they have a two-year-old son Latest update from the family I run my own business, a video transfer service, for both private customers and commercial contracts.
The business has been running for almost a year and the work is carried out from the family home. Jane works two days per week, and has a fairly short drive to work.The business has been running for almost a year and the work is carried out from the family home. Jane works two days per week, and has a fairly short drive to work.
We paid off our mortgage recently, and are trying to save towards a larger house with more room for the business, in the next few years. We are lucky because we don't do much mileage, so the high fuel costs have not impacted us much directly.We paid off our mortgage recently, and are trying to save towards a larger house with more room for the business, in the next few years. We are lucky because we don't do much mileage, so the high fuel costs have not impacted us much directly.
We are seeing an increase in food costs, but food isn't usually a very high bill.We are seeing an increase in food costs, but food isn't usually a very high bill.
Poor interest rates are a concern, in that our savings may not be keeping up with inflation, let alone making any real gains.Poor interest rates are a concern, in that our savings may not be keeping up with inflation, let alone making any real gains.
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KAREN NORRIS, PETERHEAD Age: 42Job: HousewifeIncome: £15-20,000 per annum Married to Clive and they have two young daughters Latest update from the familyKAREN NORRIS, PETERHEAD Age: 42Job: HousewifeIncome: £15-20,000 per annum Married to Clive and they have two young daughters Latest update from the family
The biggest impact is fuel and food prices. We run two diesel cars. Clive drives 64 miles a day to work in Aberdeen; we mostly use his car as it averages 60 mpg.The biggest impact is fuel and food prices. We run two diesel cars. Clive drives 64 miles a day to work in Aberdeen; we mostly use his car as it averages 60 mpg.
It used to cost about £40 to fill up, now it is over £50.It used to cost about £40 to fill up, now it is over £50.
Domestic oil prices have nearly doubled.Domestic oil prices have nearly doubled.
Last year we paid 33 pence per litre, this year was 63 pence per litre.Last year we paid 33 pence per litre, this year was 63 pence per litre.
We used 1000 litres this year, and try to heat the house mainly using the wood-burning stove in the lounge which is very effective, and hope for a mild winter again.We used 1000 litres this year, and try to heat the house mainly using the wood-burning stove in the lounge which is very effective, and hope for a mild winter again.
Food shopping has always been done carefully. We rarely pay full price for fresh meat, as Clive tends to pick up reduced meat and bread on his way home from work.Food shopping has always been done carefully. We rarely pay full price for fresh meat, as Clive tends to pick up reduced meat and bread on his way home from work.
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BARRIE LESTER, BOURNEMOUTH Age:27Job: Electronics engineerIncome: £27,000 per annumRecently bought his first home with a 100% mortgage Latest update from the familyBARRIE LESTER, BOURNEMOUTH Age:27Job: Electronics engineerIncome: £27,000 per annumRecently bought his first home with a 100% mortgage Latest update from the family
Natalie and I bought our first home in November 2007 with a 100% mortgage.Natalie and I bought our first home in November 2007 with a 100% mortgage.
At the beginning of this term we opened a joint account and we agreed that we should always try and have at least £1000 'safety net'.At the beginning of this term we opened a joint account and we agreed that we should always try and have at least £1000 'safety net'.
We collectively put £1500 into the joint account per month and subtracting the bills (approx £1150 per month), we're left with £350 for food per month and any other items.We collectively put £1500 into the joint account per month and subtracting the bills (approx £1150 per month), we're left with £350 for food per month and any other items.
Food of course is becoming increasingly expensive and due to us redecorating our new home and unexpected charges (new carpet in block of flats) we have slowly 'eaten' into our £1000 'safety net', which no longer exists.Food of course is becoming increasingly expensive and due to us redecorating our new home and unexpected charges (new carpet in block of flats) we have slowly 'eaten' into our £1000 'safety net', which no longer exists.
I have recently changed jobs and my commute is now further which explains my large petrol bill per month. I'm looking to buy a smaller car in the coming months with the aim to reduce my petrol bill in half.I have recently changed jobs and my commute is now further which explains my large petrol bill per month. I'm looking to buy a smaller car in the coming months with the aim to reduce my petrol bill in half.
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MARY ANN DAY, LEEDS Age: 61Job: Pensioner Income: State pensionHas drastically reduced the price of the house she is trying to sell Latest update from the familyMARY ANN DAY, LEEDS Age: 61Job: Pensioner Income: State pensionHas drastically reduced the price of the house she is trying to sell Latest update from the family
I am divorced and have lived on my own for 25 years, but because I was working full time I seemed to manage in spite of being on a low salary.I am divorced and have lived on my own for 25 years, but because I was working full time I seemed to manage in spite of being on a low salary.
I retired on January 31st this year as I was planning to sell my house in Leeds and move to be near my son, who lives in Southport.I retired on January 31st this year as I was planning to sell my house in Leeds and move to be near my son, who lives in Southport.
Originally, I wanted to downsize from the three bed semi I have now, to a one bed flat which would effectively reduce my bills and leave me with a little nest egg for holidays, etc.Originally, I wanted to downsize from the three bed semi I have now, to a one bed flat which would effectively reduce my bills and leave me with a little nest egg for holidays, etc.
Unfortunately, that did not materialise and I have had to reduce my house price so much that I will have little left when I actually do sell it.Unfortunately, that did not materialise and I have had to reduce my house price so much that I will have little left when I actually do sell it.
The food bills do vary from week to week but I have noticed a marked jump in my food shop.The food bills do vary from week to week but I have noticed a marked jump in my food shop.
Petrol prices are the most worrying and I do try and find the cheapest. There is more money going out than coming in, so I have to supplement this with savings, which are rapidly going down.Petrol prices are the most worrying and I do try and find the cheapest. There is more money going out than coming in, so I have to supplement this with savings, which are rapidly going down.
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BEN WILLIAMS, PORT TALBOT Age: 33Job: Building contracts managerIncome: £30,000 - £35,000 per annumMarried with four children Latest update from the family In the past few months I am finding it increasingly hard to balance my budget and do the things that a family should.BEN WILLIAMS, PORT TALBOT Age: 33Job: Building contracts managerIncome: £30,000 - £35,000 per annumMarried with four children Latest update from the family In the past few months I am finding it increasingly hard to balance my budget and do the things that a family should.
I take the kids regularly to places like the Eden project, various castles, the Brecon Beacons. I'm trying to make them appreciate their heritage, and what can be done with a bit of willpower. This has become virtually impossible because of the rising costs of just about everything.I take the kids regularly to places like the Eden project, various castles, the Brecon Beacons. I'm trying to make them appreciate their heritage, and what can be done with a bit of willpower. This has become virtually impossible because of the rising costs of just about everything.
I am not a rich man. I earn less than 25k per annum for doing a demanding job. My partner doesn't work.I am not a rich man. I earn less than 25k per annum for doing a demanding job. My partner doesn't work.
The cost of food, fuel, cigarettes and the mortgage have all gone up. Petrol prices in my area have gone up roughly 20p per litre in the past 3 months, and are still rising.The cost of food, fuel, cigarettes and the mortgage have all gone up. Petrol prices in my area have gone up roughly 20p per litre in the past 3 months, and are still rising.
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ANDREW SMYTH, BELFAST Age:25Job: Project officer, BelfastIncome: Joint income: £40-50,000 per annumLives with his partner Simon (shown on the right) Latest update from the family Having graduated three years ago, I've finally got myself to the stage where I've managed to clear all the student debt which is considered the 'norm' since Labour introduced tuition fees.ANDREW SMYTH, BELFAST Age:25Job: Project officer, BelfastIncome: Joint income: £40-50,000 per annumLives with his partner Simon (shown on the right) Latest update from the family Having graduated three years ago, I've finally got myself to the stage where I've managed to clear all the student debt which is considered the 'norm' since Labour introduced tuition fees.
I have now achieved this and gotten myself to the stage where I should be able to enjoy a slightly better standard of life I actually find myself pinching the pennies even more than I did while I was at university.I have now achieved this and gotten myself to the stage where I should be able to enjoy a slightly better standard of life I actually find myself pinching the pennies even more than I did while I was at university.
Once I have for paid food, fuel and housing I'm lucky if I have anything left, never mind luxury items. We recently bought a house taking advantage of the fall in property prices. It was initially difficult to get a mortgage, but we finally managed it.Once I have for paid food, fuel and housing I'm lucky if I have anything left, never mind luxury items. We recently bought a house taking advantage of the fall in property prices. It was initially difficult to get a mortgage, but we finally managed it.
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