Frugal/ minimalist journey to a better life

Jessop64

Hi all
I am starting this DFD to try and help me get and stay on track. I am struggling financially and have a lot of debt I want to start living frugally and mininally to live a better life. I have been so stupid with money over the years and I am currently having a complete overhaull!
I have basically lived beyond my means for as long as I can remember Im so ashamed of my stupid ways. I have now learnt my lesson and from this day forward I am going to live within (or below) my means, pay off my debt and put some savings aside. When I am debt free I would like to start over paying my mortgage.
Living frugally is not something I am practiced at but I am sure I can do it.
Minamilism is something that Ive really got into latley and hope it will help my journey.


Anyway sorry for rambling I just wanted to get something down as Ive been thinking about starting a diary for a while so thought I'd bite the bullet and post something.

Jess

[Deleted User]

Hi,

Welcome to the boards, they're a friendly bunch here x

Julie67

Jessop64 good luck with your journey.

We are also trying to live a more minimalist life. Currently in the process of selling our big family home to be debt free. Looking to downsize dramatically possibly a park home, or something we can buy outright so we will also be mortgage free.
Both myself and DH really feel strongly we want to move away from consumerism and declutter lots of our possessions.
I will be interested in hearing more about your journey

jwil

Good luck

Jessop64

Thank you for the warm welcome I'm just getting my head around things at the moment but I will start adding To my diary soon. My head hurts at the moment trying to work out a budget and how not to over spend as I always have.
Jess x

Jessop64

Hi
I've been trying to get my head around bits and bobs I need to do. I've gone right through all my direct debits and reduced what I could for now and got some on a list to change when I can.
I've completed a SOA and would appreciate any feedback. The main areas I feel I can save money on are shopping eg food, household stuff toiletries clothes etc. I'm going to try and stick to a budget of £200 a month for shopping (for me and DS 14) DS is extremely fussy eater so a nightmare to feed cheaply!
I'm going to join the GC on here to help keep me focused and Ive got a budget app on my phone so I'm going to separate out the £200 and track everything I buy on there.
Will post my SOA


Jess x

Jessop64

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 1
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1600
Partners monthly income after tax....... 0
Benefits................................ 80
Other income............................ 100
Total monthly income.................... 1780
Monthly Expense Details
Mortgage................................ 200
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 65
Electricity............................. 30
Gas..................................... 30
Oil..................................... 0
Water rates............................. 18
Telephone (land line)................... 0
Mobile phone............................ 50
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 19
Groceries etc. ......................... 200
Clothing................................ 50
Petrol/diesel........................... 80
Road tax................................ 13
Car Insurance........................... 16
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 70
Medical (prescriptions, dentist etc).... 5
Pet insurance/vet bills................. 0
Buildings insurance..................... 8
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 70
Haircuts................................ 0
Entertainment........................... 0
Holiday................................. 0
Emergency fund.......................... 10
Total monthly expenses.................. 975

Assets
Cash.................................... 0
House value (Gross)..................... 68000
Shares and bonds........................ 0
Car(s).................................. 100
Other assets............................ 0
Total Assets............................ 68100

Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 53000....(200)......0
Total secured & HP debts...... 53000.....-.........-
Unsecured Debts
Description....................Debt......Monthly...APR
Halifax Loan...................27000.....415.......8.4
Total unsecured debts..........27000.....415.......-

Monthly Budget Summary
Total monthly income.................... 1,780
Expenses (including HP & secured debts). 975
Available for debt repayments........... 805
Monthly UNsecured debt repayments....... 415
Amount left after debt repayments....... 390
Personal Balance Sheet Summary
Total assets (things you own)........... 68,100
Total HP & Secured debt................. -53,000
Total Unsecured debt.................... -27,000
Net Assets.............................. -11,900

PlaysNicely

:wave:

Hi Jessie, just to say hello and wish you well!

With regards to your SOA, there are some fantastic people on here who know lots about reducing things like utilities etc, so I'm sure someone will be along to help there soon.

The thing I've done a lot of over the years is grocery budgeting, so the thing that jumps out to me for two of you (one adult, one child, right?) is your grocery bill. Of course you may have special dietary requirements or such, but £200 seems generous so it should be possible to reduce this and gain yourself a little extra money to throw at the debt. Options for tackling grocery spending would be:

* Make a thorough inventory of what's in your cupboards, freezer etc & make a provisional meal plan around that. Then have a minimum spend week, just getting the bits you need to turn store cupboard supplies into meals, fresh veg, fruit etc. This means you get a low-spend week which is always quite satisfying and helps you to see that you can cut back the cost without cutting back the nutrition.
* Look at your old receipts etc to see what you usually spend per week / fortnight etc then aim to reduce this by a set amount each shopping trip, until you reach your goal grocery budget. So, if you want to reduce grocery spends to £150 a month, try reducing by £5, £10, £15 etc each time you go shopping.
* Use substitutions for brands when you can.
* Use cheaper supermarkets and market if you can / have different alternatives locally - you can always check prices out on My Supermarket to save some of the leg work.
* Replace meat meals with wholesome veggie meals regularly as quality meat tends to be a bit expensive.
* Choose when you shop, to coincide with items being marked down.
* Offers are only good value if you'll use them ... don't be suckered into the SM offers on things they want you to buy, but hunt down the best value ingredients etc for what you want.
* Meal plan around some of the bargains you find.
* Buy seasonal fruit and veg, usually a,lot cheaper and some good offers to be found.
* Make and bake where you can, or where it works out cost effective to do so (depending on diets and places you shop).

Just to give you an idea, there's two of us adults and our current budget is £140 a month for groceries, shopping weekly at £35, one veggie (me) although OH mainly eats veggie but reserves the right to bacon butties every so often!

That's just a few ideas which I hope will help. Cutting down to £150 seems very doable to me and would give you a cheeky £50 to put debtwards every month. Wishing you well, PN x

Treadingonplaymobil

Hello, and welcome! My suggestion would be to assign that £390 surplus somewhere, so it doesn't get frittered away. Maybe some to debt overpayment, some to emergency fund, some to clothes/hair/holidays and some to entertainment (because £0 doesn't seem realistic). I think it's really easily to 'lose' that surplus if it isn't accounted for.

Of course, if you're the kind of person who just leaves it sitting in their account and it will grow a nice savings pot or overpay debt, ignore me.

Jessop64

Hi both thanks for your suggestions!!!
I definitley think I can save money on the shopping budget so that will be my main aim. DS is nearly 15 and has hollow legs so he eats me out of house and home he also is extremly fussy eater so very difficult to feed cheaply.
However I know I can reduce costs if I'm sensible and meal plan.
Thank you for all your suggestions I'm going to do that.
In terms of extra payments towards debt I've got a loan that's a fixed amount each month and won't benefit much by overpaying however I do owe some money to friends and family and I have a couple of small amounts on catalogues that I could overpay and with an extra £50 a month that would get them paid off pretty quickly.
Once I have outstanding small debts paid off my focus will be to build up an EF of £1000

Thanks
Jess x