Frugal Living 2010 -The Cost of Living Challenge, INTRO

jazzyjustlaw

Good luck everyone I wont join as although I like saving money I could not live on 4k a year - anyway I wanted to reply to subscribe as I am worried it will move seeing as it appears this thread is in the wrong place!!:A

the_cat

jazzy
I think since the most recent changes, you have to manually add threads to your subscription list. Well I have to at least!!

PS. I couldn't live on £4k either and that goes for many of us on the challenger list. Pick a budget to suit you and your circumstances if you fancy joining the madne.... err fun.

bails

Oh YES, we broke her - Aril the Super Lovely Top Cheerleader is joining our ranks :T I am so happy! :j

Welcome to everyone else who's joined since my last post too, too many names to mention but great to have you with us (wherever that is ). I genuinely don't get how we're not OS It seems we are so multi-talented there just is no board for us How about a new Frugaldom board is created in Nyk's honour? :rotfl:

bay-tree-cottage

Hi Nykmedia
Please can I join bay-tree-cottage I have followed your thread all this year and want to join in too.
Thanks

Frugaldom

bails wrote: »

Oh YES, we broke her - Aril the Super Lovely Top Cheerleader is joining our ranks :T I am so happy! :j

Welcome to everyone else who's joined since my last post too, too many names to mention but great to have you with us (wherever that is ). I genuinely don't get how we're not OS It seems we are so multi-talented there just is no board for us How about a new Frugaldom board is created in Nyk's honour? :rotfl:

Bails, please noooooooooooooo.............. :eek::o there cannot be a frugaldom board because it's already the name of a website and we run the risk of being kicked off here completely if anyone tries to promote anything that doesn't carry the stamp of approval from MSE towers. :rotfl:Bad enough being shipped off OS without being shipped off MSE completely! :rotfl: But I do agree with you about Aril - and a few others, I might add - it's great to see them joining us for the 2010 fru-party! :T

Just polished off a bowl of rice and a "use it up" curry followed by the remains of last night's plum sponge. Who coined the phrase, 'cheap as chips'? I don't think so... this was much too cheap t be chips! :rotfl:I love my lose weight challenge too. 9lbs down, 31 still to go. :eek:

skint_chick

skint_chick is in again for 2010 please. My posts keep disappearing which is really annoying when I'd just written tons:mad: still under budget for 2009 and next year's budget almost finished. Will update again Tues once I've finalised my outgoings

Hardup_Hester

Hi Looby, I've pm'd you with my job details
Hester

slscarborough

Could do with help setting myself a realistic budget for a family of five.

Frugaldom

slscarborough wrote: »

Could do with help setting myself a realistic budget for a family of five.

Hello

The budget is based on what you have as disposable income after paying the absolute essentials like keeping the roof over your head, servicing your debts (if any) and covering the expenses related with keeping jobs. Just take your entire annual income from ALL sources and then deduct all of the above to find out how much you have to spend on running your household. Once you have established the true figure, then it's easier to begin breaking it down into how much can be allocated where. Hope this helps.

Edited in - perhaps this will help you understand how I arrived at the original budget, it's post number 3, I think.

cw18

My 2009 budget was calculated a couple of ways.

First I looked at my outgoings (and checked they were less than my incomings!), then worked out where I could potentially trim back in order to make this a challenge rather than just a book-keeping exercise :rolleyes2

Then I looked at the Income Support rates that were due to kick in from April 2009.

As a single parent with one child, they said our 'requirements' were

1. lone parent aged 18 or over = £64.30/week
2. dependant child = £56.11/week
3. child benefit = £20.00/week

This gives an annual income of £7301.32

However (and this is one I don't understand) the payment for dependant children now comes through Tax Credits, and the maximum they pay appears to be £53.41/week

So, if I re-do the benefits calculation using that figure, I arrive at £7160.92

Had I been in receipt of those benefits, then I'd also have had my Council Tax paid (a further £977.14 in the 2009 calendar year) - so a total of £8278.46 (or £8138.06 using the CTC figure)

This lead to my acceptance of the £8k I'd come up with using method 1, and as such was the figure I used as I'm running 'all-in' including Council Tax.

The only regular payment I've ignored in my calculations (and budget) is the small amount I left on the mortgage - I chose to leave some on as having some form of 'debt' somewhere can make life much easier at times But were I on the above benefits then I'd also be entitled to the interest on that, so this justified ignoring it completely in my eyes - especially as I could pay it off should I need to.

ETA: Nyk, and many others, also exclude any work related expenses. This didn't apply to me at the time of setting my 2009 budget, but if it had then I'd also have allowed (or excluded completely) the costs of commuting (be that by public transport or additional car expenses), clothes for work, and any related child-care expenses.

Edited again : the other categories I'd feel justified excluding if setting my budget by the IS rates calculation would be prescriptions, opticians and dentists - 'cos you'd get a Tax Credit Exemption so you wouldn't have to pay for these. I didn't have to debate this one as I knew I was due the Exemption come 6th April anyway due to circumstances, and was lucky enough not to need the services of any of these before then