2015 Frugal Living Challenge

cw18

nicki wrote: »

My aim is to pay off my overdraft (ignoring the other debts other than monthly payments until 2016) and not use my credit cards for ANYTHING all year.

The important thing is to pay off whichever has the highest interest rate first. So unless the other debts are on 0% (I see you say your Arg0s account is) I'd check them all carefully. I assume future purchases on that account are unlikely to be 0%, so again check interest rates before deciding which card to use for the purchases (store cards are often a much higher APR than a 'normal' credit card).

Mrs_Cheshire

Welcome nicki, sounds like you have a good plan for the year!

nicki_2

cw18 wrote: »

The important thing is to pay off whichever has the highest interest rate first. So unless the other debts are on 0% (I see you say your Arg0s account is) I'd check them all carefully. I assume future purchases on that account are unlikely to be 0%, so again check interest rates before deciding which card to use for the purchases (store cards are often a much higher APR than a 'normal' credit card).

I have 2 credit cards, the Arg0s card & my overdraft. The overdraft is the smallest amount that needs to be paid off after the Arg0s card and is costing me on average £36 a month between interest and charges. I really need to get it cleared as I've been in it since 2008, then throw all my "spare" income at the credit cards. I'm budgeting to use the Arg0s card like a 0% offer credit card as I always make sure I have the money to pay bills, but if I try to save the money up for a big purchase I find other things (like school trips, the termly bus pass for school, replacement uniform/clothing) eats the money up instead as they seem to all happen at the same time wiping out my savings

My aim is to not use the credit cards (One I don't use at all as I don't even know the PIN for it, the other is my emergency "the washing machine has blown up" one which I've used 3 times in 2014 all on purchases over £100 and I've made additional payments to try and minimise the impact). If I can achieve this then I will be living within my means for the first time in years. Then I can hammer the credit card debt.

Mrs Cheshire - I do have a plan, but ATM I'm £550 short, so that's why I'm here! I'm already cutting my grocery bill by £10 a week (starting 9th January once my A$da delivery pass runs out), I'll be shopping more in A1di, and cooking more from scratch. The really fun part is going to be convincing my nearly 14 year old daughter to come on board. She's sort of thrifty, and she does like yellow sticker hunting, but the packed lunches and takeaways (once a month at the most usually, and I'm reducing it more!) are going to be struggles.

quidsy

My food and personals budget is 5k for the year, this covers 3 people and includes all toiletries, eating out, work lunches etc. My biggest issue is sticking to meal plan, I have best intentions, shop to a list then fail to follow through on the cooking. I just need to be less lazy and more organised. This works out at approx 96 quid a week over 52 weeks. I will take cash out and leave cards at home, that will encourage me to stick to plan, any left over cash at the end if week will go into a tin can to pay for Christmas food and drinks.

In the past 2 half years i have cleared over 20k of debt PLUS 21k in self employed tax bills for the past 3 years, I have another 10k to go and last years tax of approx 7k to pay by sept 15 so to say I am on a mission is an undertstament. By this time next year I will be 1) debt free 2) fully up to date on this years and next tax due.

nicki_2

Quidsy - I have the same problem with meal plans. I have food in, I can cook from scratch, but I am so disorganised that food ends up getting thrown away as its gone off (and I mean veg turning to liquid off :eek:) or stuff ends up languishing in the cupboard for months and months, never getting used. January is going to be a use it up month, to clear some of the items that have been hanging around since at least July! I want to scrap takeaways totally (except for Birthday treats) and live on good old fashioned home cooked from scratch food.

quidsy

We dont eat out in general but I do get my ds a mcds once a week after his tennis lesson. It's the only "take out" I buy. I am the worst for just popping in on the way home to sainsbury, £15 later and I have dinner for one night! That has to stop. I'll be yellow sticker hunting but only things that I know I can use, not just because it is cheap. Another negative thing I am in the habit if doing,

imapoet

Hi, I'd like to join in for 2015 please. Need to get to grips with household expenses particularly food bill.

Emmala

I'd like to join in too please! We have no budget at all to speak of, my DH has been out of work for nearly 17 months now and from now we have enough money coming in to cover the mortgage and bills (includes a loan) but that's it. There is no money to repay the debts which are now increasing as we need to use a CC to pay for food. My parents have been helping us out but we're on our own from here on in.

I've been stockpiling a bit so we have food in the freezer/cupboards and I have toiletries etc squirrelled away too. Our Christmas money will be our food money for jan, DS2 gets the infants free dinners but the other two have to take a packed lunch. I've got our weekly shop down to £50 for the five of us plus two cats but this has to drop to less than £40 a week now I think, somehow.

Anyway, I shall probably read more than I post but hopefully I'll learn a lot on the way!

Buffythedebtslayer

I am not sure how to do a budget really.


I need to pay off 2900
I need to pay towards a new bathroom
I want to save 8000.


So I suppose I focus on the first two and hope for the third?


My first frugal act is to reuse old noticeboards rather than buying all new ones.

lynnejk

Hiya and welcome to all the new peoples joining for 2015 :hello: and good luck with your challenges.

COOLTRIKERCHICK wrote: »

might go out tomorrow to buy some better plastic food cartons, so I can batch cook and put it in the freezer, the cheaper 'takeaway' cartons I have been getting ( £1 a pack) once you have used them once and 'pinged' them in the microwave they arnt any good then.

A few years ago I bought some plastic oblong boxes, a few of each that hold single and double portion sizes, from a £ shop.


Now I buy freezer bags with label space and when I cook and freeze I put the food in the bags (remember to label) and then put the bags in boxes in the freezer. You get nice 'blocks' of food for stacking.


When frozen, take out the bag(s) and store in a carrier in the freezer. You can then reuse the boxes for more freezing.


I have three micro-wave pots for defrosting when I want to eat them. Then use as normal HTH


As lots of you seem to be heading for control of the household budget you might find it helpful to seek out the monthly Grocery Challenge on MSE. It is great for like-minded souls and has a huge list of budget priced recipes


I also struggle to meal plan as often at the end of the week I don't fancy what I had planned. However, I find that if you always batch cook and keep some meals in the freezer it is easy to substitute something else, or move meals around in the week


I look forward to getting to know you all in the coming months
Lx