2015 Frugal Living Challenge

kb_soma

Hi Everyone, I've been absent from this board a while... I think my last update was two weeks before my debt free date.

Well, I made it, I'm just over 3 weeks debt free.

I have £24 in the bank until the end of the month, but no debt to counter balance it. As my dad said to me 'you have no debt, so you are rich now!'

This pay day is going to be a hard one. I owe my OH some money as he paid for a holiday earlier on in the year for September, so I will be paying him £200 at the end of this month towards it and £200 next month.

I have had to ask him to not try to book anything in advance, I hate the feeling that my money is all spent before I've even been paid.

I need to put a plan into action with my wages from now on to make sure I'm sensible. I want to save, save, save. I've set up a couple of standing orders for some children in the family so that I can help save towards their future, not much just £10 a month each.

I'm going to be saving the same amount as my DMP payment was, as I'm really not going to miss the money.

My debt free journey has taught me a heck of a lot about budgeting - and I plan to stick to it!

Edited to add - I'm going to save for early retirement? Why not!

Kerry_Woman

kb_soma - Congratulations on becoming debt free.

Wombatchops

kb_soma wrote: »

Well, I made it, I'm just over 3 weeks debt free.

Congratulations kb_soma. And I think saving for your retirement is an excellent idea. One of these days, when our finances permit and it's not all an uphill struggle, I shall be doing the exact same thing.

In the meantime, I have been having panics since the Chancellor's Budget two weeks ago (I did vote, and it was not for the Tories, so I feel justified in complaining). The cuts in the tax credits, as well as the freeze in child benefit and tax credits, will hit us hard. Also, factor in the likelihood of the base rate starting to rise at the end of next year/beginning of this year, and it's all starting to get a bit scary. So I shall need this thread even more than I already did.

Please keep your ideas and support coming. I suspect that a lot of people might be worried about the same things as I am (feel free to correct me if I'm wrong).

Sorry if I have brought people down. I hope everyone is having a great week otherwise.

kb_soma

Wombatchops wrote: »

In the meantime, I have been having panics since the Chancellor's Budget two weeks ago (I did vote, and it was not for the Tories, so I feel justified in complaining). The cuts in the tax credits, as well as the freeze in child benefit and tax credits, will hit us hard. Also, factor in the likelihood of the base rate starting to rise at the end of next year/beginning of this year, and it's all starting to get a bit scary. So I shall need this thread even more than I already did.

Please keep your ideas and support coming. I suspect that a lot of people might be worried about the same things as I am (feel free to correct me if I'm wrong).

Sorry if I have brought people down. I hope everyone is having a great week otherwise.

Thanks wombatchops... I didn't vote tory either - shocked to see a blue Britain...

I have concerns about the benefits that they are cutting back too, I worry for one of my parents as he is disabled and for the other who takes care of one of my siblings, she is also registered disabled. With tax credits, and other things being cut, I worry for our country's future....

[Deleted User]

kb_soma wrote: »

Hi Everyone, I've been absent from this board a while... I think my last update was two weeks before my debt free date.

Well, I made it, I'm just over 3 weeks debt free.

Huge congratulations on becoming debt free. :T:T:T

I found it quite hard to be as disciplined once I got debt free. I had been really focussed in paying off debts but struggled to put money aside for savings that I wouldn't then dip into. It's taken a while to get mentally in a place where I save the money and keep it!

kb_soma

I know, I'm hoping that I can be as frugal as I have been. I have the feeling that the next couple of months are going to be emotionally tough though! I can just do without the old spending habit!

Frugaldom

Well done, kb_soma, and welcome to Frugaldom - where life is frugal forever, no matter how much you are worth. The need for investing in your own future will soon take hold and you'll love that journey for as long as you keep your feet on the ground.

kb_soma

Thanks frugaldom, it was a very long journey, but I think I've learned a thing or two! Tonight, we are having Thai beef salad with home grown onions and home grown mint! I always say to the OH, we are frugal, but we eat really well!

Magsnoodle

Hey congratulations kb_soma on becoming debt free. :beer:

You say that £10 a month saving for the children in your family is not much but it WILL make a difference. I plan to start doing this for my nieces and nephews as soon as I am debt and mortgage free which is about 2.5 years. I know it won't be much but as a Mum I would be delighted if someone was saving for my child.

Take care and keep going with the early retirement plans xx

kb_soma

Thanks Magsnoodle, one of them is just about to turn 15 years old, so I'm saving for the 18th birthday, I figured that I can make a difference towards something like driving lessons. The other one is 4 months old. I'm hoping that when his parents move home, maybe I can put towards their deposit. There are so many possibilities.

Good luck, 2.5 years will fly by.

I've yet to think about a mortgage, still renting at the moment, maybe it will be saving for a house before retirement? Xx