2021 Frugal Living Challenge

Nonnadiluca

I inherited some money in 2015 and have the maximum in premium bonds. Every year I have consistently made 1.5/1.6/1.7%, more than savings accounts for a while!

Frugaldom

Good afternoon frugal friends I only just realised that Easter is early this year and that tomorrow is pancake day. Would you believe it but our ducks consistently seem to lay their first eggs of the year around Valentine's Day and true to form, there were 2 eggs this morning! I now have enough eggs for pancakes tomorrow and another bread & butter pudding for the weekend to use up the last of a crusty loaf that's just been started.

The past few days have been fruitful as far as freebies are concerned. First of al I had an Amaz0n gift certificate (£35) and then I realised that I had never used any of my Nectar points for the past year+ so cashed those in for an €Bay voucher. Most things I buy are for Frugaldom and the rescue ponies but I've also treated myself to a new pair of gloves and some winter woolly socks. I can't think of anything else needed so I shouldn't need any clothing and footwear budget this year unless it's work wear, which doesn't come out of my personal household budget.

I'm impatiently waiting to hear when the council has validated my planning app and keep checking their website. I'm so impatient where this is concerned! I'm desperate to get things moving even although they can't really progress anywhere during lockdown. To pass the time, I'm planning what can be planted or sown and where. I'm tempted to sown salad leaves outside the door in a covered plastic tub but we can get frost here until mid May! Perhaps I'll start a few off indoors, as we've only just got the pipes defrosted after a weekend of no running water. 

willow_loulou

@Frugaldom i hope they don’t keep you waiting too long! 

I bought one £25 premium bonds investment last year, I would like more as that’s my intended pension pot. But I need to do so much with the little I have it’s just not in my plan at the moment. 

I’m going to have a go at rug making from scraps this week, I’ve a friend with a fair amount of materials I can have free. I’m excited by thins as I love latch hooking and I’m going to use a similar method. 

I’ve not spent anything in days, apart from a birthday gift I got from a small scale bookseller online. This was under budget so I can buy the flour to make a cake. I’m sure my Mr will be pleased! The remaining £4 will stay in the birthday budget as I now reconcile that yearly. Depending on the remaining amount at the end of the year I’ll ether drop it in the loan account or home refurbishment for next year. 

I can’t remember if I said, but I did take out the auto aid for my car, saving a whopping £100! It’s incredible. I’ll put that monthly amount into the loan account as it’s already accounted for unless the council tax goes up masses. 

I’m going to be brave and attempt to make a birthday card from scraps or acrylic paints.

can anyone recommend a kitchen and bathroom paint please? I need affordable quality. Feel free to message me if you have a specific brand you don’t want to post! Thanks! 

Bluegreen143

@willow_loulou using premium bonds as a pension pot erodes the value of your money as you’re losing a lot of money to inflation over the years (unless you get like a huge win). Though of course I don’t know when you’re due to retire and whether it’s soon or far away, but if it’s still a long time off then inflation is a big risk to keeping your money in a savings account or premium bonds... if you don’t have a workplace pension you can open them yourself to just pay into monthly or a stocks & shares lifetime ISA also works as a pension. Just some thoughts, just discount if you’ve already thought of all of this! One thing with the pension or LISA is they both can’t be accessed til (I think) 60 so not so good for retiring earlier.

Viking_mfw

A SIPP (self invested personal pension) can be accessed at 55 at the moment but will be increasing to 57 as per govt policy to keep it 10 years below state pension age. A LISA you can access at 60 but can only open before 40 and contribute to til 50. For both you would get uplift from the government - tax relief on the pension (even if you're not a taxpayer, up to a certain amount) and a bonus on the LISA. The problem with both for you is that the lowest I know of you can contribute is £25 monthly or £100 lump sum in terms of investment, which is the point of having one, as holdings in cash will also lose their value due to inflation. But you could either save up to £100 in PBs then contribute to a SIPP or LISA and buy your unit of a tracker fund (by far the most recommended thing to do on the investment board) or you could contribute in cash as and when you could then buy the tracker fund when you had built up £100 in the SIPP or LISA. 
@willow_loulou @Bluegreen143

Bluegreen143

@Viking_mfw thanks for that explanation! I’ve got an investment LISA and putting £50 a month into it (like you say to a tracker fund). I do have a workplace pension again now & will transfer my old one into it this month (it’s the same pension provider as I worked for the same employer at the time!). But opened the LISA recently as I wasn’t working and at the time didn’t know when I’d go back to work. I’m going to continue to contribute to both for now anyway. Husband has a workplace pension too but was about 30 before he bothered to sign up and doesn’t put in the full % he could so he needs to do some work there!

patentgirl

Morning all
@Frugaldom fingers crossed you hear good news from planning soon.
I put £250 savings each month into premium bonds as part of pension pot we our up to £9000 at moment I normally win £25 every other month couple times gone to 3 months but over year getting around £125 back not brilliant but better than most savings without tying up for year's I think.
We have a rat too horrible he is attracted by our bird feeder  we back on to fields with no houses behind for miles I am torn to remove it but the birds  gives us so much pleasure particularly in lockdown we used to have a cat who died in November I expect he used to be a threat to the rat I don't know what to do thought of poison but we have a dog so worried he would get it, he climbs up the pole quite funny to watch if it wasn't vermin   has anyone got  any suggestions ?

willow_loulou

Thank you all for the lovely advice, sadly I’m almost 50 so too old for the schemes. 

I keep PB because they’re out of sight out of mind, where as my isa is visible at login of my banking app. Plus there is always the possibility of wining. 

But the main reason I have no pension that I pay into (I have 2 tiny ones) is my disability, I have life long life restricting illness which will (going on the last decade) stop me working well before retirement age. So my plan is to get debt free (almost there) and get my life and home in a position that means I can enjoy what I can whilst I physically can. 

I also work for a non profit, so whilst my earnings were very low I didn’t want them to have to contribute extra, things are more stable with work so we may revisit a pension in the near future and see if it is worthwhile for me. I don’t expect it will be though. 

willow_loulou

@patentgirl the only thing you could do is put the bird food out and take it in after a few hours. I had to do this with chicken food! Rats are very determined and removing food source is really the most reliable resolution. 

MazzieD

Just stopped for an early lunch (I'm starving!) so thought I'd have a quick look at your posts.

As usual I was up early and had a look at my savings and related interest rates.  All in various pots and places so have moved most of the lower paying savings out and into Premium Bonds.  Just need to finish closing the accounts I need to.. Thanks for all your comments, it's been really helpful and gave me a bit of a kick to get on with it.