2013 Frugal Living Challenge

Frugaldom

LolaLemon wrote: »

I think I actually have my proper Light Bulb moment! I have only really realised that even paying £5 more a month on my mortgage will reduce my time by 5 months.
I don't have any interest debt other than mortgage, so I'm thinking i may as well pay just over the minimums just now and pay a bit more to mortgage as well as some to savings.
Seriously, why is this only just now going 'bing' in my head?

I will look into what to pay and when more, when I have more time.

Hope all is well

That's brilliant, LolaLemon, so pleased for you! Congratulations on achieving the next level in the moneysaving, penny pinching, frugal living game of kicking debt.

LolaLemon

Frugaldom wrote: »

That's brilliant, LolaLemon, so pleased for you! Congratulations on achieving the next level in the moneysaving, penny pinching, frugal living game of kicking debt.

Thank you. It has always been there, in the background, get rid of the mortgage as quickly as possible, but I always thought it best to get rid of any other debt first.
Not until yesterday did it click, that my other debt does not incure interest but the biggest debt of all does, and at a great big whopping amount too!
I've done not bad as had mortgage for 9 years, took out over 25, only got around 13 years left. Shaved 3 off already. Not bad for not making it my main priority, but it is not enough! haha

evuka

Hello, I'm not part of this challenge this year but thinking joining for 2014.
How do you set your goal budget for the year?
I'm single, living in Glasgow and not really an outgoing type of person... but I'd like to date and socialise a bit more next year. So I suppose my budget has to reflect this. But I also want it to be challenging so I think just adding up my expenses is not the best way to do?
So I just wonder how you set it out for yourself? (I'm already reading the OS threads to get ideas how to manage to live on the budget - so many good ideas!)

Kerry_Woman

evuka - For this year's budget, I included things like mortgage payments, property maintenance, travel fares, money put aside to cover bills - mainline phone, electric and water, money set aside for Christmas, social, toiletries. This suits me and am always looking at ways to reduce my outgoings.

Kerry_Woman

LolaLemon - Wishing you all the best in overpaying your mortgage. Every little bit helps.

evuka

Kerry Woman, thanks a lot! I'm going to review my spendings and try to come up with a goal for next year. Have a month to figure it out! x

dizzy_lizzie

Hi evuka
My continuing aim is to be just more mindful of what I'm spending and keeping a tighter hold of my purse strings.
For example I used to buy lots of craft magazines, flick through them mainly for the lovely projects in them but hardly ever made anything from them. Now I just google craft projects and also use the library more. That has saved me a small fortune. Each little thing you do starts to make a big difference.
I had been getting DD a few wedding magazines now and again as she's just got engaged and at almost £5 a time it was adding up but at a car boot on Sunday I bought her 7 wedding and bride magazines, all quite recent, in new condition and at 20p each! She was thrilled to bits and so was I! Would have cost around £30 new and cost me £1.40. Bargain
Good luck in your new journey
Lola well done for researching getting your mortgage down more quickly, £5 a month more for 5 months off your mortgage sounds good to me!
Kerry I'm still debating what to do with my stash of decluttered items...oh what to do?
Hope everyone is ok and keeping warm.
x

[Deleted User]

LolaLemon wrote: »

Thank you. It has always been there, in the background, get rid of the mortgage as quickly as possible, but I always thought it best to get rid of any other debt first.
Not until yesterday did it click, that my other debt does not incure interest but the biggest debt of all does, and at a great big whopping amount too!
I've done not bad as had mortgage for 9 years, took out over 25, only got around 13 years left. Shaved 3 off already. Not bad for not making it my main priority, but it is not enough! haha

That's brilliant Lola, best of luck paying off your mortgage. Shaving 3 years off is a great start.


My LBM was when I first heard about MSE - Martin must have been on TV or something. He was talking about home insurance. At that time I was paying £35 per month to the bank I had my mortgage with as I had been 'encouraged' by them to do this when taking out the mortgage. At the time I didn't know any better. When I followed Martin's advice I got the shock of my life when I saw how much I had been paying over and above what I could be paying. And that was me hooked on MSE!

[Deleted User]

evuka wrote: »

Hello, I'm not part of this challenge this year but thinking joining for 2014.
How do you set your goal budget for the year?
I'm single, living in Glasgow and not really an outgoing type of person... but I'd like to date and socialise a bit more next year. So I suppose my budget has to reflect this. But I also want it to be challenging so I think just adding up my expenses is not the best way to do?
So I just wonder how you set it out for yourself? (I'm already reading the OS threads to get ideas how to manage to live on the budget - so many good ideas!)

Hi evuka, welcome to the thread. You are sure to pick up loads of ideas here on how to reduce your outgoings. Good luck.

Frugaldom

evuka wrote: »

Hello, I'm not part of this challenge this year but thinking joining for 2014.
How do you set your goal budget for the year?
I'm single, living in Glasgow and not really an outgoing type of person... but I'd like to date and socialise a bit more next year. So I suppose my budget has to reflect this. But I also want it to be challenging so I think just adding up my expenses is not the best way to do?
So I just wonder how you set it out for yourself? (I'm already reading the OS threads to get ideas how to manage to live on the budget - so many good ideas!)

Hi Evuka, welcome to Frugaldom and the frugal living challenge. Perhaps these links might help:


http://frugaldom.myfreeforum.org/about907.html (What is a budget and how to calculate one)


http://frugaldom.blogspot.co.uk/2013/08/the-frugal-route-out-of-debt-part-2_28.html also lists the things most of us budget for and splits it between the needs and the wants.


Good luck with your own challenge and with all your future plans.