Freedom At 50!

sweetdaisy

southerndave wrote: »

This is pretty similar to what we have set up too SD. ALl our bills and major payments come out of the bank DD and my wages generally cover this. My wife is paid weekly and we live off her money which covers food, fuel, and we have a £10 each for 'spend' on things like I take a paper three times a week, odd cans of pop at work etc. Surplus money saved from shopping goes over to the next week until the end of the month, when it gets paid in or used to get replacement clothes, and odd things like that.

What we want to do is make sure that we spend nothing else other than the necessary, so doing the above with no ifs or buts and making sure that we buy nothing else outside of this allowance.

Sounds like a good plan .

southerndave

It will be if it works!:D

This month has seen the usual expenses plus a few extras, DIY bits for the house as well as seasonal stuff. I also decided that all work and no play makes Jack (or Dave) a dull boy, so decided to re-invest in a hobby, fishing, so I can have some cheap and cheerful 'me time' without additional expense.

Some of the above and a sizeable chunk of debt have been paid off as well due to a re-distributed inheritance received recently, tax paid of course. This money has gone straight into reducing our debt so our progress looks fantastic, but I cannot claim credit, only good luck and thanks and remembrance to a deceased relative.

Looking forward to the New Year as we have plans to really start attacking our financial position from January to April to see if we can make a real impact. If these plans pay off, then the rest of the year will follow, but it is going to be tough, very tough, I think to maintain the momentum. Still, we'll try!

southerndave

Forgot to add:

HAPPY CHRISTMAS
TO EVERYONE AND HAVE A GREAT NEW YEAR!

:snow_laug:xmastree::santa2:

southerndave

Final update of the year and first of the new year. As can been seen we had a windfall from an inheritance and although not massive in the scheme of things, it has made a bit of a dent in our debt and we are grateful for it. This couple with a grip on spending over Xmas, we have ended the first three months of our 8-year quest proving the theory and ready to start 2013 in earnest!

We have made plans to lock down our spending. We asked for edibles for Xmas gifts and have cupboards full to bursting, so hopefully weekly shopping can just consist of the basics and fresh stuff for a while yet. I return to work tomorrow and we are both looking for extra bits to add to the money in column as well as reducing the money out side. I have already started re-listing stuff on eBay after the xmas break so fingers crossed we get some sales.

Anyway, enough rambling. Here's to everyone on this board, may you all achieve your goals, and may we all spend 2013 kicking out mortgages in the backside!

Happy New Year!:beer:

edinburgher

Best of luck for 2013 southerndave - I hope you had a relaxing Christmas?

southerndave

Yes, very nice thanks. Shame to go back to work really....

sweetdaisy

All the best for 2013 and hope that you have a prosperous New Year . Looking forward to reading about how you will cut your spending.

southerndave

Just quick update. First week of our marathon no spend challenge and done well. OH has not worked as school holidays, so income down BUT as cupboards still loaded with food from christmas, we managed a weekly shop for just over £30 which was good.

I have clocked up some overtime as I am now back at work (boo) and may have some other extra work coming up soon. eBay sales were suspended over the holidays for posting is a nightmare, and have re-started these and have managed to shift some more clutter.

So week one down, no spending other than groceries, £30 banked saved from the grocery budget and a bit more will go in at month end from eBay sales. So far, so good!

southerndave

Week two draws to a close and doing alright. Another sub £45 food shop for three of us, very pleased with that. Also banked some overtime at work and sold a bit on eBay. Hoping to keep that balance going down.

southerndave

Better week. Shopping came in at tad over £50 but had to top up cleaning products etc. The OH managed a bit extra this week and so we can bank another £70 plus some eBay sales, so good effort. Managed to line up some extra work (TBC) for February so hopefully can make another dent in the deficit, although working two jobs will be hard for a week.