I did it - but it is not for everyone

bettyboo71

I will try to keep this brief, but hopefully it will give some of you food for thought.

Last year, I put my flat on the market. It sold quickly, as I expected, and I walked away with just under £40k. I cleared council tax, credit card and loan debts. Although I now have a very healthy bank balance, years of struggling to get by mean that I am very good at not squandering it. My partner of three years had taken redundancy just before we met, neither of us have any kids, so we were free to do what we wanted.

We have moved from Edinburgh to the Isle of Skye, where we are currently renting a lovely 2-bed detached cottage for the price of a small 1-bed in the city. Neither of us is working, and we are lucky that we can afford not to for a couple of years, but I have started looking for part-time work. There are a few vacancies around here and I have a fairly good mix of skills, so I should be able to find something. It won't be quite so easy for my partner, but we have discussed the possibility of me paying more and him being the house-husband, and we are both happy that we could live with that arrangement if necessary.

Neither of us drives, but there is a local bus service that stops at the end of our track, and would take us to the biggest town on the island, where we are most likely to find work. We have two friendly neighbours, and a good local shop, post office, cafe and restaurant/hotel. And the most incredible views, day or night, whatever the weather.

A year ago, I was really unhappy in my job, was living in a building with three rented properties with constantly changing tenants, stressed from debt and long/unsociable shifts.
My migraines have gone from weekly to monthly and I am sleeping better than I have in years. My partner's high blood pressure has come down and they have reduced his anxiety medication.

What we did took a lot of thinking, planning, talking - and I believe a big chunk of luck to find such a fantastic property/location.

I know that what we did is not for everyone, and a few of my colleagues/acquaintances clearly didn't understand why, but most people seem to understand, and I suspect a few wished they could do it to. Also, we made quite an extreme move from a big city to a very rural area. But there are less extreme ways to get a fresh start.

I am 45 now, and know that I could still get a mortgage if I wanted to own again, as well as a determination to keep a reasonable amount to use as a deposit, if and when I need it. Yes, it cost me £3k to sell my flat, and there were other expenses involved (£850 for one year storage and probably around £400 to have my stored things transported up here soon) but all of that was factored in to our plans. And nine months on this still feels like the best thing I have ever done.

Having no kids, and no family near to where I lived, made this a relatively easy choice for me in the end. My partner is an only child with a widowed mother, so that decision was a bit harder for him, but they talk on the phone regularly, he can still do an online shop for her, and he visits for a few days every 2-3 months.

As I said, it is definitely not for every one, but if you have debts which are causing stress, and a reasonable amount of equity (everyone's idea of reasonable will be different), this sort of thing is definitely worth consideration.

I hope that this will at least offer a few people a different way to view your situation, and perhaps the motivation someone needs to make that leap. Feel free to ask any reasonable questions and i will do my best to answer them.

sourcrates

Hi,


Sounds idyllic !!


I can completely understand your reasons for doing that.


Skye is a wonderful place, wet, but wonderful.


You only have one life, why waste it paying off debt when you can sell up and go somewhere like that, as you say, its not for everyone, but I think id be pretty much at home there !!

lessonlearned

I agree - it sounds wonderful.

Good luck for a long and happy future.

One thing I have learned is that you really don't need a lot of money to live well. It's all about imagination, creativity, being resourceful and standing on your own two feet.

Well done on being able to "think outside the box" - hate that expression - and come up with a solution to the problems you were facing.

You had the courage to make that leap of faith - I think you will be just fine.

Good to hear that you are both feeling better and that your health has improved.

I could certainly make a home on Skye. I have visited Orkney many times but not the Western Isles.

One day.;)

andyfromotley

Can i be the fly in the ointment?

Some potential problems i see with your position.

What are you living on? Even with very modest outgoings your nest egg will soon go. Particularly if there is any difficulty with finding/keeping a job.

Frittering - as you say it can be a problem particularly over a few years and you have no real prospect of replenishing your pot, it could dissapear really rapidly.

Isolation - what may seem idyllic now may seem less so after 10 years?

Lack of security in a rental?

I do admire your move and dont want to knock it i am just genuinely inerested to see if you have considered the things that would concern me. I know a couple of people who live a really frugal lifestyle on tiny incomes and are very happy. But its definitely not for everyone and comes with its own discipline and challenges. Good luck.

guestman

what ever cash you do have , open a TSB each and a joint TSB account and stick 2k in each, along with monthly savers, at least youll have a little but of interest money each month, opening can all be done online and no messing with direct debits


I could go on and start naming all the others, but the tsb are simply as they don't need direct debits. you could also open some Tesco accounts as they don't even need a monthly pay in either, only pay 3% but if you open enough between you and your partner its extra money, might not seem a lot but considering your income is £0 it is FREE money..

another_casualty

I'm gonna look at Skye now
Great stuff. The thing is IMHO , we all have to struggle one way or another before good things happen .
Years ago, if you didn't like a job , you could change it without too much worry .
Today , there are too many people , too much greed , and the computer says 'no!', despite lots of equity you may have.
And , if your age is against you , then your situation escalates into illness.

Glad it's working out for you

another_casualty

Andy has a few good points .
The only thing I would advise, is to look for a job sooner.
That way you have cash coming in, and may help you settle more.
( if that makes sense)
Good luck

lessonlearned

andyfromotley wrote: »

Can i be the fly in the ointment?

Some potential problems i see with your position.

What are you living on? Even with very modest outgoings your nest egg will soon go. Particularly if there is any difficulty with finding/keeping a job.

Frittering - as you say it can be a problem particularly over a few years and you have no real prospect of replenishing your pot, it could dissapear really rapidly.

Isolation - what may seem idyllic now may seem less so after 10 years?

Lack of security in a rental?

I do admire your move and dont want to knock it i am just genuinely inerested to see if you have considered the things that would concern me. I know a couple of people who live a really frugal lifestyle on tiny incomes and are very happy. But its definitely not for everyone and comes with its own discipline and challenges. Good luck.

The thing I found about living in rural areas, especially on the the islands is that people work and live very differently from the way most urban dwellers exist.

Their local economies work in a comletely way with far less emphasis on consumerism. For example bartering and trading services where hard cash is seen as less important. It's more about sharing and co-operation.

However, you do need good practical skills - hence my comments about creativity and resourcefulness.

As for isolation......well I think you can be just as isolated in a city as in the back of beyond.

I think smaller communities tend to be closer and work together, rather than relying on government agencies To provide amenitities. FOr exampLe where I lived we formed a residents association and raised funds to build a village hall. We needed one, the council wasn't going to pay for it, so we set to ourselves.....We also set up sporting and activity schemes for the youngsters.

And of course let's not forget the role that technology can play.

The world is never far away, just a few clicks of a mouse.......for both shopping and staying Intouch.

And.......if you have the right skills you can work and earn money over the wire......no need to set foot outside your door.:rotfl:

Yes there are times when the weather might be too bad for visiting the mainland but I think locals learn ways round this......stockpiling food and essentials, having alternative sources of power and fuel etc.

Its all about having the right mindset, being flexible and having Imagination and skills.

candygirl

I really admire you, for taking the plunge while you are fit n bealthy enough to enjoy a new lifestyle.Also your lack of ties is a bonus .I also think a pt job would be good for you, to mix in with the locals. Is there a pub?

bettyboo71

andyfromotley wrote: »

Can i be the fly in the ointment?

Some potential problems i see with your position.

What are you living on? Even with very modest outgoings your nest egg will soon go. Particularly if there is any difficulty with finding/keeping a job.

Frittering - as you say it can be a problem particularly over a few years and you have no real prospect of replenishing your pot, it could dissapear really rapidly.

Isolation - what may seem idyllic now may seem less so after 10 years?

Lack of security in a rental?

Thanks, and you haven't asked anything that we didn't talk through beforehand. Most of the money is in ISA or savings accounts, giving at least some interest, and I do keep an eye on those offers. And I top up my income with survey sites and a wee bit of online selling.

We know that we can survive comfortably without jobs for three years, and are relatively confident that at least one of us will find work by then. The fall-back plan is that we would have to move somewhere else for work, and we both accept that if that happens, at least we gave it a go.

It is still better than being unhappy and stressed by debt.

bettyboo71

guestman wrote: »

what ever cash you do have , open a TSB each and a joint TSB account and stick 2k in each, along with monthly savers, at least youll have a little but of interest money each month, opening can all be done online and no messing with direct debits


I could go on and start naming all the others, but the tsb are simply as they don't need direct debits. you could also open some Tesco accounts as they don't even need a monthly pay in either, only pay 3% but if you open enough between you and your partner its extra money, might not seem a lot but considering your income is £0 it is FREE money..

Thanks, I like to think that we are both pretty money-savvy, and we are making the most of higher-paying savings accounts, keeping an eye on rates, and moving money as necessary.