What amount do you think you could live on a day???

Nikkei

Hey Everyone:D

I've been reading "How I lived a year on just a pound a day" by Kath Kelly and it's really got me thinking. Now I don't know when Kath Kelly did this but I would assume that now prices have risen it would be more than difficult to live on just a pound day? I've decided that me, my partner and son are going to do something similar starting on the 1st January for a year so we can dent hugely the debts we have, however i'm not sure what is realistic. I had intended to set the amount at £5 per day total, but already some of the ideas of my friends is that it is completely unrealistic but is it?

Our family is 2 adults, 1 child (aged 5) 3 dogs, 1 guinea pig. In the summer we will have fruit and veg from the garden, I can alos bake and make meals from scratch.

The rules so far would be:

Mortgage/Water/Gas/Electric/Insurances/Taxes/TV Licence/Train fare/MOT/Service (I have to go to Liverpool for college and cannot get there any other way) would be taken by DD and not be part of the £? amount

Any items we sell during that time would not be added to our £? amount to top it up

Any extra money earned by clicks/surveys etc 50% could be used to top up £? and the other 50% to go to debts

Any extra money earned due to an increase in salary (i'll be qualified in my job so will be able to apply for higher paid jobs) will not be used to top up £?

Any money not spent on one day can be carried forward but only to the end of that month

Any money over spent on one day must be deducted from the amount allowed over that one month it cannot carry over any further.


So based on the rules above, what do you think you could live on per day based on your family (could you post your family stats ie number of adults/children/pets so it's relative) I'm hoping you guys can help me arrive at a £ amount per day. Also if there's anything that is screaming at you as missing from the rules or hasn't been thought of I'd love to hear it!!!

Many Thanks
Nikkei

Ames

Sounds like a good plan to me! I might think about joining you, although I'd have to spend the next month working out how much I need to spend to come up with a total.

Nikkei

Would love for you to join me, wouldn't be so scary knowing that there's someone else doing the same thing! Would be a good motivator too!!!!

cake21

Second that, it's a great idea. Sort of like the Live on £4,000 a year challenge, but on shorter timescales. I couldn't keep myself going for a whole year, but your month by month sounds much more doable.

Your rules sound good too, the only thing I would add is where there may be an opportunity to save on the DDs e.g. Gas/Electric/Insurances, maybe you could split those savings 50:50 topup/debt?

Helen105

I've been reading that book as well and I'd love to hear how you get on.

I'm a single parent with two teenage daughters & I reckon £7 a day is as low as I'd want to go although that does include £10 per week pocket money for each girl.

LittleMissSkint

Fab idea! I would totally do this, but I wouldn't have a clue what we live on a day - I couldn't even stab at a realistic figure

Our family consists of: 2 adults, 3 little girls aged 6, 3 and 2. 3 cats and 2 Chinchillas. :cool:

Tixy

Sounds like a good plan

I'm trying to think what sounds reasonable (as in do-able but not too easily!).
So this daily amount is going to cover:

Food and other groceries,
Clothes (including son's school clothes?)
Haircuts,
Entertainment - is son at any afterschool activities etc?
Presents for each other (are presents for other people included)
Son's toys/ treats/ pocket money?
Any childcare costs?
Mobiles
Landline/internet/sky?
Petrol
Medical/dentists/glasses etc
Any household repairs/purchases

Anything else specific you have thought of that you would need to pay out. £5 does sound low, presumably food will be the main bulk of the cost, what do you spend on food at the moment? how low can you get this - if you spend £120 a month on all 3 of you (which sounds low to me) that is effectively using up £4 of your budget each day. £1 does not sound enough for all other items to me!

Good luck though and do start a new challenge thread once you've decided how much you are going for.

Tixy

Oh and just to add - I live alone and honestly think I would struggle on £10 a day, although a substantial chunk of that is for fuel costs due to a long commute.
(I admit I am not hardcore at debt busting:o)

Ames

Phew, I'm glad I'm not the only one looking at that kind of figure Tixy!

JOANNESAPHINE

When I read that book it inspired me too. It really gets you thinking about how much we overspend and waste doesn't it? I couldn't do it myself, although I am cutting back a lot more since reading it, but good luck to you.

elfen

I'd struggle at £10 a day, as I also have prescription costs, and equpiment costs at uni (DV tapes, dvds, printer ink, paper). And gluten and lactose intolerances mean I have a hefty food bill