2014 Frugal Living Challenge

cw18

Picklepot wrote: »

Now onto emotional stuff - DH is going to sell a much loved item. It will clear majority of debt but i have tremendous guilt over it. He very much says health and quality of life more important but it doesnt stop me feeling bad.How do you deal with it??

Tough one. Whilst I have to agree with your DH, I can understand where you're coming from as there are some things I would hate to sell - especially if I felt guilt-tripped into doing so. For me I guess it would all boil down to

1. are any of the debts from buying said item? if so (and especially if it can be sold for more than it was bought for), then I'd say it has to go
2. how bad are things financially without that money?
3. is it something that could be replaced later in life if you came into some money?
4. whose idea was it to sell the item? (I'm assuming his as you say you feel guilty)
5. assuming his idea, did it come about because he feels guilty he can't help out enough any other way? (if he's already helping out and we could scrape by while keeping it, then I think I'd try and delay selling)
6. whose debts will it clear? if they were ones I'd brought into the relationship then I'd definitely feel guilty. ones he brought it, than not such a problem. ones we'd run up together by joint decisions then I'd be back to point 2 in a vicious circle.

Shortie

So frugality for me - I've only just managed to stop - my boss came and had an impromptu meeting at my desk *just* as I say down with my warm lunch. siiigghhh

Brought in my lunch and had my usual porridge for breakfast. Tomorrow is my 'late evening' shift so I have the daytime at home - if I can find the previously frozen bag of chicken bones in the chest freezer (I swear I saw them on Sunday but Mr Shortie couldn't see them today when he looked) then I'll have a go at making some chicken and sweetcorn soup. Mmmmmm

Got a refund on my recent travel cards this morning as the ticket office was shut yesterday and Friday, and I needed to renew my monthly pass on Friday morning. That'll give my bank account a nice bit of relief back when that comes back in (phew)

Picklepot

cw18 wrote: »

Tough one. Whilst I have to agree with your DH, I can understand where you're coming from as there are some things I would hate to sell - especially if I felt guilt-tripped into doing so. For me I guess it would all boil down to

1. are any of the debts from buying said item? if so (and especially if it can be sold for more than it was bought for), then I'd say it has to go
2. how bad are things financially without that money?
3. is it something that could be replaced later in life if you came into some money?
4. whose idea was it to sell the item? (I'm assuming his as you say you feel guilty)
5. assuming his idea, did it come about because he feels guilty he can't help out enough any other way? (if he's already helping out and we could scrape by while keeping it, then I think I'd try and delay selling)
6. whose debts will it clear? if they were ones I'd brought into the relationship then I'd definitely feel guilty. ones he brought it, than not such a problem. ones we'd run up together by joint decisions then I'd be back to point 2 in a vicious circle.

Thank you shortie and CW18 the questions gave me some perspective to look at the whole picture:

Its a classic vehicle that DH has lovingly restored. There is no outstanding loan on it as it didnt cost a huge amount but has now gained so much value that we were keeping instead of an ISA!! Hubs says of course he will be sad to see it go but its value in itself is making it a liability. every year the insurance value on it has to be readjusted because its gaining value so quicky, but with that comes the security of it and DH frets about taking it out in case it gets knocked or damaged.So in anwser to your questions CW
1. no outstanding loan on it.
2. Financially things are improving but debt will clear within a year with the sale of this
3. No it couldnt be replaced its a classic hence the value increasing
4 His idea to sell because he can see money worries have made me ill
5.I think we both work flat out, loads of commuting and mad hours often cant sleep at night with work stress but we cant afford the odd weekend or occasional treat at the spa to compensate.
6. Both as guilty as each other in not managing our money . Now we have had a LBM and can talk about it its grasping the beast and tackling it head on.

The good news is that because we have had our major LBM then if someone offers us a silly price we can afford to ignore it until a serious price comes along as we are 'pulling back' on everything and can make quick wins in other places short term.

Picklepot

SHORTIE But it still stung - it's only natural. But given the choice again I'd sell it ll over again as being financially more stable was far more important xx[/QUOTE]


Thats what im thinking. However it seems so unfair because many years ago(1990's) when we were in our first house and in negative equity again he sold something similar and it was heartbreaking (not for for me but to see him sell something he loved for us )

cw18

Picklepot wrote: »

every year the insurance value on it has to be readjusted because its gaining value so quicky, but with that comes the security of it and DH frets about taking it out in case it gets knocked or damaged.

I did wonder how insurance would come in against said item. Shame he can't enjoy it properly, but I think I'd rather it were owned by someone who could

The good news is that because we have had our major LBM then if someone offers us a silly price we can afford to ignore it until a serious price comes along as we are 'pulling back' on everything and can make quick wins in other places short term.

Nice that you can do this, as it means he'll see a real return on the time he invested in the project :T

Nargleblast

Picklepot[/B

Sounds like your OH did the right thing. He couldn't get full enjoyment from it for fear of it getting damaged so you might as well sell it and use the money to ease your situation. Why not take a nice photo of it, maybe with you dressed up in costume of the period next to it, and put it on display in a lovely frame? Then one day, when things are easier, he might do another restoration job.

skintygerlinky

Evening Frugalites xxx

Just a quickie from me - NSD as housebound doing major Uni work today! Hopefully NSD tomorrow too. Lets try and rack 'em up!!

Dad brought chips in at dinner woohoo!!! Then had curry out of the freezer for tea.

Making way for pancakes now!!! Are we getting pancaked up tonight, Frugalites??

Here's what's happening with mine!
http://www.youtube.com/watch?v=GvEfUf1Ux20
http://www.youtube.com/watch?v=h9nE2spOw_o

Shortie

Picklepot, okay so mine was also a classic car but mine was in need or restoration instead if having been restored

So, not to throw the cat amoung the pigeons, and purely from experience... I wouldn't keep a car as an investment. Completely understand regarding sentiment, I'd wanted one of what I had since before I was old enough to drive and it wa heart wrenching to see it go... but.... classic cars are a very niche market and what you may have invsted in the car and what you think it's now worth may not be what you can sell it for. You may in years to cone do fantastically well selling it, but I wouldn't personally see them as an investment (ie instead of an ISA)

Personally, I think you need to work through the emotions if the car sale and not think of it as a future investment. I learnt this the very hard way when I came to sell my pride and joy

Hope that doesn't sound cold, it's a just a practical spin on an emotional sale xx

Goldiegirl

Good evening everyone.

Bit of a mixed day.

Started off very well, did a big batch cook, so I now have a well stocked freezer.

I renewed my Dobbies Gardening Club subscription. Had a bit of a debate about this - it costs £10 per annum. I've had this subscription for 2 years, and so far have earned benefits in excess of £10 each year, so it's just about worth having. Also, you get two free cups of coffee a month in their cafe. We don't always use this benefit, but when we retire I think we would appreciate this - so I decided to renew.

I then met my friend for coffee and a cake after she finished work. She gave me some more stuff to eBay on her behalf, so I'll make a bit of money there. Of course, I had to pay for my coffee and cake, then I got a couple of Easi Yo sachets from Holland and Barrett, buy one, get one half price - worked out slightly cheaper than where I get them online. Then did a bit of mindless spending. £1.99 for M&S pancakes!

It's that sort of ad hoc spending that, if done everyday, can really blow a hole in the budgets. Fortunately I don't do it everyday. I've written it all done on my general spending spreadsheet, as long as I'm within budget by the month end, a little treat doesn't go amiss.

All being well, shouldn't have to spend much for the next few days.

abby1234519

I use YNAB to track our money, yes it does cost to buy it but because OH wage is 4 weekly and mine is monthly we struggle with other ways of tracking spending ie spreadsheets. I like the fact that I can plot out our earnings 2 years in advance. I put in our monthly income for the next two years, then put what our budget is and then it tells me if I'll have a shortfall one month. Technically we do as depending on when we get tax credits (ie do we get 4 lots in one month or 5) or when the council tax goes out (biweekly) it can mean our income varies each month. It also then shows me whether overpaying on debt one month will lead to us not having enough money in 6 months. Its really really helpful. I've been able to plot the debt overpayments for each month over the next year. For instance I will pay the normal £420 a month towards debt but I can pay.... £100 extra in May,£200 in June, £100 in July, £200 in August, £300 in September, £800 in October, £500 extra in November, £200 in December, £50 in January etc etc

I have set us up with a really really strict budget but if we are able to stick to it we can be debt free by March 2016. I suspect it will actually be two months after this as we need to replace our two front tyres and also have a service and MOT to pay for. But I plan to pay off our credit card with the overpayment and then I will have to put the MOT back on the credit card two months later. But I justify this because we will pay lower interest for the two months in between. I am swagbucking like crazy to pay for gifts. I've redeemed a £25 amazon gift voucher so far which didn't take me long at all. I just need to dedicate hours to it! Not sure if surveys etc will be of any use to me as I know they take a lot of time to accrue anything.