2018 Frugal Living Challenge

Frugaldom

Please read this

First of all, welcome to all our new frugalers, I hope everyone meets their 2018 goals. I'll look forward to reading the tales of financial exploits and money juggles.

ABOUT THE BUDGET

I understand that this challenge has been around for many years and that few will have been here (or elsewhere) since the start so to save you wading through screeds of posts stretching back over a decade, here's the short version.

The budget is based on how much money you have left over AFTER DEDUCTING ALL NECESSARY EXPENSES.

If your household has £10,000 or £100,000 a year coming in then your household budget (NOT your costs) is what you have to work with AFTER paying rent, mortgage, water rates, council tax, debt repayments, pensions, insurance, tax, work-associate expenses, college costs, travel, car costs etc. These are all costs that you NEED to pay each month in order to pursue your current lifestyle. Whatever you have left after paying all these necessary expenses is your number - it is NOT about a regimental amount within which you must survive. My number, and several others', was originally £4,000, so I have simply continued with that number. Where once I was paying rent, rates, water, debt repayments, HP, work expenses... I no longer have any of these things, so by living off my original £4,000 I can save everything else to invest / spend elsewhere.

The original idea behind doing the budget this way was to avoid the need for anyone anywhere to disclose personal details relating to actual income, employment details or things like how much rent/motgage was being paid. We all need a place to call home and a source of income - where it is or how we earn is not part of the equation here - we simply want to share frugal living tips and offer moral support to everyone taking part, no matter what stage of their journey.

Hopefully, this will help more understand that frugal living is something that anyone, anywhere can learn and do - the numbers are secondary to the practice of frugality, as long as we are all heading in the same direction - debt freedom and a happy, sustainable lifestyle. :T

Debt busting and saving for whatever you choose should be fun, so we try to make frugal living fun. :j

Frugaldom

All the latest names have now been added - apologies CW18 - I thought I'd added your name right at the start.

Hopefully the above post will clear things up for others. The spreadsheet I include is very basic and should be changed to suit personal budgets - I left my own figures in as examples only.

Food budgets, if you're doing the £1 per person per day challenge, then that is enttirely dependent on how many people are in your household, as are most other figures.

Pipsmum

Thank you, getting out of debt does feel great datlex.


I am really looking forward to the challenge, and have created a new spreadsheet for the new year. I used a spreadsheet that I downloaded from this site last year (I think the one created by cw18 - thank you), and it worked well for me. Although I can see now that there is plenty of room for improvement in my 2018 targets, so a good reference point at least!


Good luck to everyone next year, and wishing you all a happy and peaceful Christmas

mumof3.12kindebt

I'm taking photos tonight of the gifts we got the kids. To remind myself next year it's okay to stick to a budget. Next year they will have one gift off us one off Santa and possibly one off their siblings . We have quiet a few relatives that buy for them. So there is no need for us to go out and buy loads. Like we haven't this year although we have brought them more than that this year.
I've got rid of so much stuff this year my anxiety is already rising on the thought of where all thier gifts will go. And we haven't brought them alot ourselves.
I'm so proud of the transition we have taken over the last 6 months. We use to just spend like it was water. We have come a long way and I'm proud of us for that. Long may it continue because I feel much more content happy and less stressed for it

[Deleted User]

I didn't get the budgets/inventory/menu plans sorted today.....I've decided to give myself a day off after part 2 of the solstice celebrations yesterday....I'm a bit tired!!!:o

I'm still thinking budgets etc though....I'm going to make sure that I get my life organised tomorrow - no more slobbing, just working towards getting my finances sorted and my life simplified.

I'm having a lovely day though.....nice to finally relax!!;)

Kerry_Woman

Wishing everyone a Merry Christmas.

Nonnadiluca

Thanks for the clarification Frugaldom, I will revisit the calculations and adjust accordingly .
Merry Christmas to everyone

[Deleted User]

Merry Christmas everyone!!:D

nannygladys

Just a quick visit to wish everyone a happy Christmas. It's not been so frugal for me food wise as I have my dd and her family staying with me this week, but come January when they have departed I'm right on it. Still working on budgets, I have been tweaking it but not quite there yet.
Nannyg

peony40

Morning,

I’d like to join you all in 2018. I still need to work on a budget ... I definitely need to get a grip on our outgoings as we are facing an income drop from February onwards. It will be challenging, but it is what it is and I will knuckle down and try to remember all that I learnt as a child during the 1970’s when times were lean.