2018 Frugal Living Challenge

Florence_J

debtaghh wrote: »

Hi,

I would like to join but am just wondering a few things. My dh uses the car to travel the work so am I right I’m assuming I won’t include fuel? I pay about £900 in minimums in debt so assume I won’t include this? Can I only include the following or is that cheating:

Gas/electricity
Mobiles
Tv licence, Internet, Sky , phone
Groceries
Clothes
School trips/books
Entertainment
Other

I won’t include presents as I’m a family of 5 so think will be even harder if I have to include this.

What if you have a problem with your car or you need to replace a household item?

I see someone else has mentioned can we increase it to more than £4K? I need to be frugal due to increases in our outgoings but £4K won’t work for our size family

Sorry for all the questions.

I can't speak for anyone else, but I feel that the challenge can be adapted to a person's individual needs, and up to them what they include or do not include.

I am going through my spending diary spreadsheets from this year so that I can work out my budgets for next year.

mumof3.12kindebt

Hello.

I hope to join you all in 2018 .

I originally hoped to save 10k by the end of the year. I'm now aiming for 15-20k by the end of next year. If we have a completely no spend year apart from bills (which is unlikely with 3 kids.) we should be able to save around 17k not including overtime I may be able to get. So the aim is to save 15-20k by December. I should have 2k saved by the end of this year. So it will be on top of this.

We are aiming for a no spend year. Ie if it's not essential we don't buy it... Here goes. !

cw18

debtaghh wrote: »

My dh uses the car to travel the work so am I right I’m assuming I won’t include fuel?

It's your challenge, so you can include / exclude what you want. The key thing is to make a choice and stick to it, and not be spending more (included and excluded) than you have coming in.

Unlike Frugladom I include Council Tax, even though it's a bill I can't do anything about.

And I include all my travel expenses - even the cost of driving / getting buses to work. It would be easy enough to exclude buses when I commute that way, but splitting the car expenses between personal and work related was just too much hassle - and the money all comes out of the same income, so I also find it easier not to have to effectively reduce my available income by the amount of payments I'm not including in my budget.

Fizzyisbusy

Count me in! Hoping to not fall back into debt 😊

MoneysavingmadGem

Hi

Just found this thread id love to join in.

My life is changing drastically, I am going to be living on my own in a little bedsit, picking keys up Jan 5th. Used my savings to pay 6months rent up front so hoping to get grips with budget and being even more frugal than I have been in the past. (Find it difficult when living with the ex husband! As we had different views on money)

Want to try to put savings back and knock a good amount off of the credit card I have.

Just changed my car to a little cheap run around £30 a year for tax and full tank (£35) does 400 miles so thats my first stage of frugal living! Lol

Plus the bike will come out now im living back in the town.

lynnejk

Evening all and welcome to all the new frugalers :hello:

Mooloo wrote: »

My funds transferred so I have my first £1,000 in my Retirement Fund.
I am waiting for my holiday to be finished and then I will be setting up my new accounts note book etc. I am determined to make the dreams come true!
I haven’t been using my credit cards as well as I should have, and have ended up with some debts being on 18% Apr so my aim in January is to target the smallest debt first and then snowball for the rest of the year.
I am going to take a peak at the budget now while I wait for my little girl to be collected. Any time from now until, not sure as Twin is travelling up from Kent.

I was just wondering if it would be better to use your £1000 to pay off some/all of your debts, as at 18% interest it's costing far more than you'll be making on your savings ? Just an idea.

Saver-upper wrote: »

Oh my!
I have been following this thread for a couple of days,and I am well-jealous of being able to live on £4000 a year.That would be fantastic.:j.I am not even sure how I could adapt this challenge to suit our family (of 6,with 4 children age 8-15.).
I will spend time looking through past threads,but has anyone adapted this challenge to suit their family better (eg,aim to live on £8000/year-I guess that sounds like alot on a £4000p/a thread,but at the moment I estimate my share of our living costs are about £1110/month )?
Well done to you all-I am very impressed :A

We are just a couple but live in rented accommodation, only have electric heating and do not have access to a garden/allotment. We also need to run a car for DH. It just isn't possible for us to live on £4000 a year so I think you need to look at what you have to spend and reduce other spends where you can.

I do wish we were able to have a more frugal life-style, but do the best I can and I like to include everything I spend in my yearly budget as it seems more helpful.

I think it's more about getting into the mind-set of being as frugal as you can, setting a realistic budget and trying to stay within it - and yes I budget for holidays and savings.
Lx

nannygladys

Hi everyone, just waiting for my dd and family to arrive their plane touches down about one am so they should be here about 2.30am.
Not sure how Xmas will pan out money wise but I have withdrawn a certain amount and won't be spending anymore, so I can now get down to making a budget.
Nannyg

Miss_D_Meanour

Hi there,

I'd love to join for 2018.

I've spent this year focused on over paying the mortgage and not adding anymore to my 0% card balances. I now want to really get to grips with only using and buying what I need.

Take care
Miss DM

PlaysNicely

:wave:

I've been part of this before but as an observer mainly ... I'd really like to join in for 2018 if I may? This year's been a bit mad and, on reflection, some changes and new ways of thinking are needed for 2018.

I tried a DF diary earlier this year, but feel this thread (across the years) is the one I visit more often than anything, so if it's OK for me to settle in and focus on the frugal finances here?
Already taking on board the Frugaldom approach: specifically thinking of next year as an annual expense instead of what we need monthly is already making a big difference to affordability and the way we're looking at things.

Will work it all out and bob back with background & budget once the busy days are over, just wanted to get signed up and wish you all happy, frugal festivities. PN x

datlex

Frugaldom wrote: »

Hi fruguys and gals, glad to see everyone getting prepared for the new challenge, whether it's with spending diaries, spreadsheets or old school notebooks. There's a link in post one where you can download the original spreadsheet, for anyone looking, otherwise message Cheryl (CW18) for a more detailed one.

All the new names will be added to the challenger list tonight, just let me know if I accidentally miss your name.

I often wondered how folk were managing to live on £4000. Then I looked at the spread sheet. It didn't have any rent included, making this a lot more achievable.

Frugaldom wrote: »

Does everyone use Topcashback? If so, they have been offering extra bonus payments and there's another gone on for today - if you buy a topgiftcard before midnight, there's an extra £2.50 cashback - ideal if you are planning on spending cash in any of the listed outlets as you're saving more than you would be leaving the cash in the bank for next to no interest.

I use it. However it can be tempting to spend just because can get cashback. We should remember the golden rules. In debt only buy what need and can afford, not in debt will we use it, is it worth it. Topcashback or equivalents should only be used if the place we are buying from is most cost effective.

Mooloo wrote: »

Yes it is. It’s with Santander.
So I am aiming to clear that one first. But even if it wasn’t I find clearing off the smallest debt and then transferring the payment on to the next one etc helps me psychologically. It also gives me a quick win, which makes me feel better.

If you watch Dave Ramsey, he teaches snowballing debt. You start with the smallest. He freely admits that it does not seem like a logical approach, but you will find it works. You may also find that clearing debts has a positive impact on your credit report.