Minimum outlay year 2007

Topher

Last year, I made plans to pay off my mortgage in two years. This did not work out, as I never got around to changing the Endowment mortgage for a repayment one.

What I did manage however was to start accumulating money intended to be towards paying off a chunk of the mortgage when I finally got around to changing it.

Without a great deal of effort (because I've had frugal lifestyle habits for years) I accumulated a reasonable sum.

My current thinking is this; if I make a greater effort, I should be able to accumulate more of my earnings (than spend them) and maybe able to get back on track for repaying the mortgage quickly.

I am using up all the food in the house before buying any more.
One look at my mother's store cupboard which she had built especially for all her stocks of food, much of which is now out of date... shows me where hoarding might get me. She's single and lives in a five bedroomed house, much of which is given over to storage in case of a seige.

I am cooking up extra portions to freeze so that when we're tired from work, we don't resort to bought ready meals or take-aways.

I am going to halve my petrol use from a tankful per week to one per fortnight.

I have bought all my "family and friend" gifts for Christmas and Birthdays for 2007 (except for hubby & two children) in the January sales, & I have allocated all of the acumulated store of birthday cards and Christmas cards for the coming year.

I have salvaged Christmas labels & cards and sorted wrapping paper for a year ahead.

I have noted which Christmas practices can definitely be dropped, and which give us the most pleasure
e.g. Family had one single gift each, not stockings this year.
e.g. #2 Home made mince pies and (Nigella's) mulled cider together in front of the coal fire was a happier experience than the £28 staff Christmas dinner.

We already have an annual budget updated to account for all of the direct debit payments.

So, I feel reasonably ready to launch into 2007.

I've read a few threads about resolutions to spend less/nothing this year. I wish all of those ventures the best of luck and planning, and hope that I am successful in my own version of the plan.

Topher

Icemaiden

WOW, well done:T

Looking at what you've already achieved I can see no reason why your plan won't be successful. Good luck & keep us updated.

dumpy

I so agree about the mince pies and mulled wine being better than the office do. I managed to get out of all my work meals and it was liberating (and money effective) experience.

Topher

As you can see from my original post, my main focus over the last few days has been the "Christmas experience", working out how to do it effectively next year. I agree with dumpy about being liberated by being strong enough to opt out of things. Especially as I've been a homemaker for the last 24 years, I find there are expectations, not least my own, that turn Christmas into an expensive, hard labour event. Letting go of things has somehow led to those I retained being of a "deeper" quality. Apart from having been quite uneasy in anticipation of disappointment, I've found this to have been my best Christmas in a long time.

As far as my original "Minimum outlay" intentions, I want to make sure I live & eat well, but by my own rules and standards. The main aim is to resist buying in to externally imposed ways of conducting things..... and of course to put the money back into our lives, not using it to pay mortgage interest rates.
I earned it!
T

Topher

To start the day on Valentine's day, bought Buck's fizz & chocolate package from M&S sale £1 need ideas for a home made card.
Bought a dundee cake (with two tins) £5 M&S sale that's my birthday cake, (Feb)
Found the phone number for the local college restaurant to check cost of meals served in evenings for either birthday or V. Day.
Nephew's Birthday also Feb, found book bought long ago after reviewing it for school then finding hardback copy in "The Works" - (forgotten price, approx £1.50 3 years ago)
Gardening tomorrow to prepare garden for veggies to grow through year.

Gathered together all freebie shampoos, conditioners, & freebie lotions & potions I demanded from lady at Guerlain counter. (She even gave me a cosmetics bag)
Don't know what to do with them yet, they may make travel sized things for holidays this year.

My Birthday so far £5
Valentine's day so far £1
Petrol (yesterday 2nd Jan) £34.90
Groceries since 1st Jan £1.64 milk

Store cupboard breakfasts lunches & evening meals so far since Jan 1st £0.00

T

the_optimist

I just heard that Royal Mail are putting up the prices again in April. So maybe we should buy some 1st and 2nd class stamps now and keep them for the Christmas post?

Flymouse

well done Topher - I think planning ahead like you are is the key to achieving your goal. I know not everyone has the space or time to grow veg but we have an allotment & for us it has made a HUGE difference to our pockets & health, I reckon it's the single most important MSE thing we've done, so get that spade out and good luck!

Topher

I haven't particularly got the space, but was thinking of putting fruit bushes/canes dotted around the beds that get some sun, likewise other veg.
T.

catznine

:T Well done Topher! Have you read Not buying it" by Judith Levine? She did much the same kind of thing and cleared $8000 of debt. I am also going to have a go at cutting back the spending big time, same prob need to clear a large chunk of the mortgage!

Best of luck

Catz x

apple_mint

Thank you for this Topher! We are also trying something like this - but to clear our loans early and to start putting money away for the future. OH has spent several days working on spreadsheets so that we can track our outgoings down to every penny - including our prescription, dental and opticians costs. We saved a big chunk of money last year by going OS and now we want to see where we can refine and save further.

We list in a note book each day what we have spent. Each night we sit down and put into the the speadsheets exactly what we have spent. I know a lot of people do this all the time but we haven't really focussed on this yet.

In addition we are trying not to pay full price for replacement articles. We spend time researching for a discount or we put it on the list to be 'looked for' when the car boot season starts. This week we finally got around to getting a replacement telephone - just a standard corded one. We got an 'ex display' one which also included an answer machine for half the cost price elsewhere. It will do us fine.

pink_fairy_7

Hi topher
This sounds like exactly what I'm doing this year. No unbudgeted spending and no consumerism. Hopefully I should then be able to get rid of loads of debt.:T

Catz I read that book, my last purchase of last year and the last for the next 12 months (now resold on amazon!!).

Good luck

pink fairy x