2019 Frugal Living Challenge

PipneyJane

Frugaldom wrote: »

A QUESTION FOR YOU ALL

In 3 words (or less), what does the word 'frugal' mean to you?

Making the most of the money and time you have.

- Pip (yes, I know that is ten words)

sistercas

Using resources wisely

2madcollies

Frugaldom wrote: »

A QUESTION FOR YOU ALL

In 3 words (or less), what does the word 'frugal' mean to you?

Hi! I'm de-lurking to answer this:


Value for money

Crafty_Lisa_Hampshire

"In 3 words (or less), what does the word 'frugal' mean to you?"


Frugaldom, my response to this is "not being wasteful"


I managed the whole weekend without spending any money and today I have only spent £3.50 on toiletries that I ran out of. Some of them I was able to purchase with my points on my Boots card so the money I saved there is going to go into savings (I still have another £100.00 to find to pay off the rest of my holiday and then I can start saving for other things).


I did some more batch cooking at the weekend. I made a veggie lasagne (which was delicious). I cut down the size of it just because I didn't have enough dishes to cook it all in and I still managed to make 8 portions. 7 more meals in the freezer. I think my freezer is a little full now. I intend to start using these meals for at least 3 nights of the week as by the time I come in from the gym it is quite late to be cooking meals and then washing up after it all. My aim as well as trying to save money and the environment is also to try and make my life a little more simple and it seems to be working. I certainly feel happier in myself.

Hettyhound

3 words? Contemplation of lifestyle

datlex

3 words or less: using money thoughtfully

skint_chick

PipneyJane wrote: »

Earlier this week, I received a 2019/2020 Notice of Coding, telling me that my PAYE tax code will be K279 (meaning that instead of the £12.5k tax free Personal Allowance, they've decided that my entire salary is taxable and that I will earn an additional £2,790 of taxable income on top). I own a rental property, so I wasn’t expecting to receive the full personal allowance (more like 50% of it), but this is ridiculous. They’ve assumed that the entire rent I charge on the flat is taxable with nothing deducted. Forget the service charges/ground rent for the block (about £1,500 per annum) or the management charges from my estate agent (about £1,000 p.a., but worth every penny) or something for maintenance…as far as they’re concerned it’s all taxable.

Eek that's a bit scary - I have rental properties and when I was employed never ticked the box on my tax return to let them adjust my tax code, it's much easier to put aside money for the tax payments once your return is filed. Hope you can get your return in early in April and get it sorted out!

FrankieM

3 words or less for me: Being in control

I have only felt that way recently, mostly cause I'm now doing it on my own. I don't know how those with partners do it!

If I ever get into another relationship, how they handle their money and how they view money is going to be one of the top topics discussed.

little_green

well didnt have a carb tonight to go with dinner so was going to get potatos but then remembered i have pasta in the cupboard so figured I would use that instead & get philly for £1 (if rolled back) & make a nice sauce with it, but when i got to the shop they had mash reduced to 30p so took that instead!! not a huge fan of mash but saves me money so just took it.... and that's what living a frugal lifestyle is .... sacrifice & disappointment

PipneyJane

skint_chick wrote: »

Eek that's a bit scary - I have rental properties and when I was employed never ticked the box on my tax return to let them adjust my tax code, it's much easier to put aside money for the tax payments once your return is filed. Hope you can get your return in early in April and get it sorted out!

I've had HMRC collect the tax via my tax code for most of the years the flat has been rented out and it hasn't been that bad. However, they've moved the deadline, so if you want this service enabled, you have to file your return much earlier than before. I missed the cut-off a couple of years ago and only realised when I filed my 2017-18 return (also too late for it) and had to pay tax AND make a payment on account for 2018-19, so part of this is idiot tax.

However, HMRC also have no idea what rate to tax me because I went from being a contractor in 2017-18 to being an employee for six months to being a contractor again. In order to ensure that I have money in the company account to pay for employer's NIC, holidays, pension contributions and periods of no work, I pay myself less than 2/3 what I earned when I was an employee.

(Incidentally, I'm not "raking it in" by abusing the tax system with spurious "expenses" nor am I paying myself huge dividends instead of salary. I initially became a contractor in 2016 and it took nearly 2 years to build up a 2 month cushion of salary-plus-employer's-NIC. I would love to pay myself a bigger salary, but need a six month safety cushion first. I actually agree with the original spirit of IR35, when it was introduced in 2001, but the latest "reforms" are a nightmare, taxing contractors on their gross income before they pay employer's NIC, pension contributions, etc.)

FrankieM wrote: »

3 words or less for me: Being in control

I have only felt that way recently, mostly cause I'm now doing it on my own. I don't know how those with partners do it!

If I ever get into another relationship, how they handle their money and how they view money is going to be one of the top topics discussed.

My husband and I set the ground rules early. At the time, we earned about the same, so each paid our own way. Now, I earn considerably more, so we pay the bills, etc, proportionally, with the money going into various joint accounts (Bills, Holidays, etc).

- Pip