2020 Frugal Living Challenge

miss_empty_piggy

Hayleyswildadventure FIRE is financial independence retire early x

Love your lolli stick idea xxx

elephantrosie

so are people aiming to live on 4k per year

Becky14

I would love to join

glass_half_full

Dear frugaldom and all,
I would like to join the 2020 Frugal Living Challenge. In my household there are me and OH and DS who is in his final year at University. I am 53 aiming towards financial independence and early ish semi-retirement! Short term goals next year are: finish paying off car loan (by March); save £10,000 into emergency fund by end of year; overpay mortgage by £6400; increase pension contributions and afford a holiday in the summer. Thanks to this site I have saved a lot from switching energy, broadband and tv, insurances etc etc. We live quite frugally but also enjoy life. Sometimes with both of us working full time we use money to save time, we could be more frugal. I love the idea of one day moving to a small holding and becoming more self-sufficient, right now we live in suburbia.
Looking forward to learning more ideas to save and live a sustainable life! :beer:

cw18

elephantrosie wrote: »

so are people aiming to live on 4k per year

Not a figure I can work to.

If I include all my essential bills (which I've cut down as much as I can) other then mortgage I'd have nothing left for food. If I excluded Council Tax I'd barely cover groceries. If I also exluded water (included in with CT/rates in Scotland which is where Frugaldom lives) I might just cover food.

So I just aim to spend less than I have coming in.

Frugaldom

elephantrosie wrote: »

so are people aiming to live on 4k per year

The £4,000 figure came from the original challenge when I first brought it over to the MSE forums in 2007. It was a figure based on several sets of figures from various situations so no, it is not what this challenge is about. It is about working out your personal budget and learning how to live sustainably within that while heading towards (or maintaining) a debt free lifestyle you enjoy. It is about frugal living.

DdraigGoch

Hello again, after many years of lax and wasteful living, I'm back. I'm sadly certain that I'll be trailing in the dust behind the Frugaldom wagon but that's still better than prancing around the edges of the slough of financial disaster! Enough of tbe flowery declaration, hello, I'm back ��

DdraigGoch

Hayleswildventure wrote: »

Some questions -
1. What’s FIRE?
2. Any free family day out ideas or rainy day ideas?
3. Any cheap and easy batch cooking recipes? I already do bolognese, bean and pepper chilli and sweet potato & chickpea curry. I also love doing soups.

1. Financial Independence Retire Early - I only just learnt this a couple of posts back
2. Try https://www.familydaystriedandtested.com. They seem really good.
3. Ask on here about Nile Mince and Rubber Chicken

Siebrie

DdraigGoch, what is Nile Mine, please? I cannot find any info on it.

PipneyJane

elephantrosie wrote: »

so are people aiming to live on 4k per year

No. However, if I exclude the mortgage, but include all the major bills and food, our baseline living expenses come to just under £7k for a year. That's for two adults.

My aim is to live really well, while saving/investing at least a third of my salary. I like good food, good quality fabric and yarn, and good friends. We travel, go to concerts, eat out occasionally, and generally enjoy life. Each trip, each experience is savoured and enjoyed, not wasted. What matters is what you prioritise as important to you.

HTH

- Pip