2015 Frugal Living Challenge

Frugaldom

Hi fruguys and gals, glad to see progress being made in the frugal and moneysaving departments. I'm now downsized to mobile home just a short walk from Frugaldom, so Internet is reliant on site's WiFi.


Got the first of the garden rhubarb made into crumble, garlic and herbs are growing nicely, first of the veg seeds have sprouted, tomato seedlings repotted and the strawberries are all beginning to flower, so here's to a drastic improvement in the weather to help things grow faster!


Budget as always - kept in strict check - and first of the Frugalforum visitors have enjoyed their short break here, which was fun despite the wet weather. It's warmed up a little bit, so we now have free access to heated swimming pool, which is fabulous for the frugal fitness challenge. Now planning the first of this year's frugal boot camps for members!

lynnejk

Wombatchops wrote: »

Hi Bambywamby, welcome back. I too have gone off the radar. I am finding that things are getting on top of me. I am really trying to be frugal, but I seem to have lost my way. I need to get back onto the frugal wagon. I have decided that my new money buzzword is discipline. But, out of curiosity, what does everyone else do to kick start their efforts when they have lost their frugal way? Because I feel like I am floundering at the moment.

You could try using the 'Money Makeover' tool on this site.

Maybe you just need to sit down and work out what you have to spend each year on things like mortgage/rent, council tax etc. and put this is first list.

Then same with things you spend each year that could be varied eg tv package/car insurance etc and put in second list.

Then make a third list of what you spend on things like food/petrol and make third list. Make sure you have included everything you spend on such as travel insurance.

Now add them all together and divide by 12. Take away from your standard monthly income and write down the balance.

You now can see how much is 'free' money and plan to save a bit and spend a bit according to what you feel.

However it also means that you can see that list two and three could, with a bit of work and effort, perhaps be whittled down. Don't forget every £ you can take off these lists is another £ in your 'free' money.

Don't buy anything on impulse. Plan and research what you want, ask yourself 'do I really need this' but build in a little reward here and there - even if it's only a new lippie once a month.

Hope you all have a marvellous Monday
Lx

Wombatchops

Thanks lynnejk, I think I will need to do that. We are off to Bournemouth this Bank Holiday Monday until Friday, so will have to crack on after we come back.

I did have some success when out shopping earlier. Went to B00ts to buy some clothes for my 4mo, and I had £30 in gift vouchers for her, plus a £5 off £30 spend on their clothing line. Their clothes were also buy one, get one half price. I bought multi pack items which came to £35, and with my £35 in vouchers I didn't have to spend a penny. Even better was that I earned points on the purchase, plus I had a points booster voucher.

I then undid my good work by popping into my favourite book store and spending £6.40 on books. What's worse is that I have over 100 unread books as it is. Some people have a weakness for shoes, others for bags, some for ties or cufflinks. My downfall is books. And only less than 24 hours ago I was spouting on about discipline. I must be stopped.

Frugaldom

Can I just jump in here and make a comment about working out your budgets, as it's a topic I have been dealing with for the past 20+ years. In my opinion, work out your net minimum annual income (after all income tax, National Insurance, Pension Contributions etc.) but do NOT divide it by 12 months, as recommended by so many sites. Yes, there are 12 calendar months in the year but not all months are equal when you are paying daily expenses. 2016 is a leap year, so I suggest using the following formula:


Divide your guaranteed annual net income by 366 and then multiply it by 7 to get your average weekly amount. Most people do a rough calculation based on a 4 week month but then wonder why they have overspent during a 5-week month, so I have always found it best to work it out down to days rather than months.


Overall, my annual budget is £4,000, which should equal £333.33 per month regardless of the number of days in a month but this month, for instance, has 31 days, so my actual monthly amount is £339.73


The differences may not seem like much but the likes of shopping and utilities bills are seldom the exact same amount every week or month and the few pounds shortfall or overspend can catch you out unexpectedly when trying to avoid an overdraft.


I am not criticising the 12 month method of calculation, just pointing out that it is not a hard and fast rule that works for everyone, especially when there are no months the exact same in the spending stakes. Expect the unexpected and always carry leftovers from your budget forward because it isn't actually 'extra' it's just that the combination of the current month's bills used less because other months will cost more.


Finding your mojo - I always find that setting myself multiple smaller, easily achievable challenges works, that's why we break down the frugal living challenge into mini-challenges, like making, mending, earning, selling and fitting in as much free entertainment and social activity as possible.


Cooking creative meals is one of the biggest money-savers I have found but that's not always easy when juggling home, family and work. Nor is growing your own food easy on a budget when you're pushed for time or space, so make the most of food offers and aim for absolutely zero food waste, even if you just do this as a mini challenge for one week each month. It's a start. Another favourite is our use-it-up, mix it up meal challenge - almost anything can be made into soup and/or pudding for mere pennies.

lynnejk

Frugaldom wrote: »

Can I just jump in here and make a comment about working out your budgets, as it's a topic I have been dealing with for the past 20+ years. In my opinion, work out your net minimum annual income (after all income tax, National Insurance, Pension Contributions etc.) but do NOT divide it by 12 months, as recommended by so many sites. Yes, there are 12 calendar months in the year but not all months are equal when you are paying daily expenses. 2016 is a leap year, so I suggest using the following formula:


Divide your guaranteed annual net income by 366 and then multiply it by 7 to get your average weekly amount. Most people do a rough calculation based on a 4 week month but then wonder why they have overspent during a 5-week month, so I have always found it best to work it out down to days rather than months.


Overall, my annual budget is £4,000, which should equal £333.33 per month regardless of the number of days in a month but this month, for instance, has 31 days, so my actual monthly amount is £339.73


The differences may not seem like much but the likes of shopping and utilities bills are seldom the exact same amount every week or month and the few pounds shortfall or overspend can catch you out unexpectedly when trying to avoid an overdraft.


I am not criticising the 12 month method of calculation, just pointing out that it is not a hard and fast rule that works for everyone, especially when there are no months the exact same in the spending stakes. Expect the unexpected and always carry leftovers from your budget forward because it isn't actually 'extra' it's just that the combination of the current month's bills used less because other months will cost more.


Finding your mojo - I always find that setting myself multiple smaller, easily achievable challenges works, that's why we break down the frugal living challenge into mini-challenges, like making, mending, earning, selling and fitting in as much free entertainment and social activity as possible.


Cooking creative meals is one of the biggest money-savers I have found but that's not always easy when juggling home, family and work. Nor is growing your own food easy on a budget when you're pushed for time or space, so make the most of food offers and aim for absolutely zero food waste, even if you just do this as a mini challenge for one week each month. It's a start. Another favourite is our use-it-up, mix it up meal challenge - almost anything can be made into soup and/or pudding for mere pennies.

Thanks for all the info frugaldom.

Technically I agree with you but I find it an easy way to budget. We get our money monthly and most of our bills are either monthly or, if it's cheaper, then yearly so saved up for monthly.


This way I know how much I can put away for emergencies, holidays and entertainment. We always carry three months monies in an account in case of the worst happening.


For the household I have a £200 a month budget and start the year with a bulk-buy fund of £100, which is used to buy super offers and meat from the butcher once every two months.

Monies over each month from the monthly budget go back into the BB fund and there is usually enough to cover extras for Chrissie such as a free-range bird. Any more than £100 at end of year goes into savings.


The same with the car, which we have to run for DH to get to work. We put £175 a month into the car fund and that covers petrol, (usually £50ish every two weeks), tax, insurance, break-down and general maintenance for the year.


Unfortunately we do not have a garden, only a very windy balcony facing the Forth, so cannot grow our own veggies, but we grow some parsley and mint quite successfully


I hate waste and usually batch cook and freeze. I buy veggies, where possible, in season and/or whoopsied or on offer and blanch and freeze. I do a monthly meal plan, make a list and only buy what is on the list unless an absolute bargain that I know I will use such as tuna or baked beans. I make my own stock and soups, often 'bottom of fridge' ones, with added canned beans and herbs/spices.


I think it all comes down to finding what works for you. If you can do the 'earn a £1 spend 95p' rather that 'earn a pound spend £1.05' then you are definitely heading in the right direction. Then you just have to keep batting down the spend as far as you can whilst still having a life

Wombatchops wrote: »

We are off to Bournemouth this Bank Holiday Monday until Friday,

I bought multi pack items which came to £35, and with my £35 in vouchers I didn't have to spend a penny. Even better was that I earned points on the purchase, plus I had a points booster voucher.

I then undid my good work by popping into my favourite book store and spending £6.40 on books. What's worse is that I have over 100 unread books as it is. Some people have a weakness for shoes, others for bags, some for ties or cufflinks. My downfall is books. And only less than 24 hours ago I was spouting on about discipline. I must be stopped.

Hope you enjoy your days away and get some sunshine.


Well done on your non-spends and points :T


How about joining the library ? I'm a book lover too but have stopped going into book-shops except for special occasions and use the library every fortnight


Hope everyone having a great week and saving some pennies
Lx

parsniphead

Thank you for the post frugaldom. I have been struggling with my budget lately and really need to look at it differently. As I started this challenge recently I'm going to work out how many days are left for this year and my daily budget which I can the work out the weekly and month budget.

I really need to start hitting the debts hard. I wanted to get this done by the end of the year but its going to be a struggle. Perhaps if I plan the budget this way I will have more tonthrow at debts.

I have a large veggie plot which could squeeze more in I tried which saves me some money. I do have enough salad leaf in the greenhouse to feed us for a month... Its taking over.:eek:

I definayely need to start doing this properly to get rid of debt, start overpaying the mortgage and squirreling away for retirement.

parsniphead

I've had a bit of a whirlwind day. Since this morning I have had a reconsideration on a PPI claim from 2012 that was rejected. They have decided to at out and this is going to pay off most of my debts. Its now that I really need to focus on frugality, firstly son as the rest can be paid of bybtye end of the year and secondly that I don't become too complacent.

I need to build up a pot for later years so I'm going to continue reading posts from previous years for some inspiration. I think I will be spending a lot of time here.

Sorry for the waffle.

lynnejk

parsniphead wrote: »

I've had a bit of a whirlwind day. Since this morning I have had a reconsideration on a PPI claim from 2012 that was rejected. They have decided to at out and this is going to pay off most of my debts. Its now that I really need to focus on frugality, firstly son as the rest can be paid of bybtye end of the year and secondly that I don't become too complacent.

I need to build up a pot for later years so I'm going to continue reading posts from previous years for some inspiration. I think I will be spending a lot of time here.

Sorry for the waffle.

Great news for you YAY :dance: :dance:


As you say though, don't get too carried away with it and keep the veggies growing


Hope you all have a wonderful Wednesday
Lx

Frugaldom

Parsniphead - that is fab news! I hope it clears all your debts, leaving you the incentive to become frugal because you enjoy it and want to do it, rather than because you have to do it.


LynneJK - I can see you are a seasoned frugaler, but we have to consider those whose debts are literally swamping their incomes and then also allow for sudden loss - a full month is fine when there are zero (or few) debts but a single day can make all the difference to someone who is really struggling to keep their heads above water, so I prefer to know exactly where every penny is going and how I will cope if the income suddenly stops/drops by staying ahead of the game.


General chit chat - to one and all.
It is frightening considering all life can throw at us and having been doing this for so long, I have witnessed many shocking and sad situations that no amount of preparedness could have avoided or prevented. Some who need the most help aren't fortunate enough to have access to Internet, far less take part in an online challenge, so reaching these people to offer help is paramount. We all have our personal ways of doing things and we adapt to suit our lifestyles but clearing personal debts is just the start of it, in my opinion. Learning to love the lifestyle is a step in the right direction, as is learning to love Scottish made porridge (water & salt, as opposed to milk and sugar) and leftovers soup.


I've now managed to get my grocery costs down to less than £6 per person per week (as per my personal challenge) but I have a bit to go before getting it down to £5, as I keep giving in and buying luxury extras. There's zero food waste here, that's for sure. It's got to the stage that a neighbour offered me the extra bits leftover from juicing her carrots to make soup. (I make soup for several people, as it's more cost effective to do a bulk batch then share it than to make a smaller pot.

parsniphead

LynneJK - I can see you are a seasoned frugaler, but we have to consider those whose debts are literally swamping their incomes and then also allow for sudden loss - a full month is fine when there are zero (or few) debts but a single day can make all the difference to someone who is really struggling to keep their heads above water, so I prefer to know exactly where every penny is going and how I will cope if the income suddenly stops/drops by staying ahead of the game.

This couldn't have been better said frugaldom. I've had moments like this myself and plan to never be in this position again. I always thought in was frugal but not in a sensible, thought out way. I'm better now but still have a long way to go. I think in this world you have to make determined efforts to make sure that your financial and home life is secure as possible. Who knows when the next disaster is around the corner.

My next plan when debt free is start hitting the mortgage. Its not huge and with effort I would like to pay it off at least 5 years early. I have 12 1/2 years left.

Off to do more DIY now.:)