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F.I.R.E. Starter, the journey begins
in Debt free diaries
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One thing which helps me when trying to be frugal with a young family, is I try to think every day - what have we done today that was fulfilling or fun without spending money? A walk in a park with the kids to feed the ducks, having a friend round for a cup of tea, spending an hour in the garden or on a craft project, baking snacks with my kids.
Weekends we are much more relaxed but again have specific times - in the morning but only if they’ve played for at least an hour and had breakfast, and in the evening but not before 4.30pm (later or not at all sometimes if we have afternoon/evening plans).
I know what you mean about maintaining focus in between paydays. The paydays and monthly budgeting bit are the exciting but! But this mid-month time is the time when small everyday actions - meal planning or using up leftovers, finding free entertainment etc - will mean you’re where you need to be next payday. Sometimes I like to list “one frugal thing a day” that I’ve managed to do (must start doing that on my diary actually!).
I have contacted the loan company to check if there is any fees incurred for overpayments - there is not!
An unexpected payment came up yesterday (friend who booked our camping trip messaged to tell everyone the outstanding balance due next month and I’d prefer not to have them waiting so sent it straight over) meaning my budget for the week has become nearly £0. DH and I have set ourselves a no spend
challenge for the week. There is no reason for any spends to be honest but it will be breaking a habit of a lifetime so wish us luck! I’ll keep you updated on this one.
Before going into being a landlord I would urge you to do lots of research. We went the other way when planning for FIRE and overpaid into pensions and stocks and shares ISAs. We did this on the grounds that investments are more liquid, no maintenance needed or chance of dodgy, unreliable or non paying tenants and our investments were still growing without any effort whereas rental properties earn you nothing if sat empty between tenants. More tax efficient too in that you get tax benefits on paying into pensions and stocks and shares ISAs are free of tax but rental income isn’t.
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