2021 Frugal Living Challenge

Frugalistamama

Count me in again for this year frugaldom! 
Just to let you newbies know i joined halfway through last year with a bit of a spending habit that got out of hand after years of frugalling. It took me quite a few months to sort this out and feel much more in control for December 2020. Going to kick off the new year strong and finally pay off my cc debts. I'm feeling positive x

dodemkat

Hi all, I would love to join this challenge.  I had my life planned out, married, kids mortgage being paid off etc. then I found myself divorced, pension pot and savings gone and with lots of debts and living from week to week,  that was 15 years ago.  I refused on principal to declare bankruptcy and was determined to get out of this very deep hole.  I found the MSE forum and step change just after and have spent the last 15 years trying to clear the debts, work harder, retraining to do a different career and havent had a social life for as long as I can remember.  I have managed to pay off 75% plus of my original debt, never missed a payment of my child maintenance (even if it meant I went without on some weeks) its what you do for your kids, and can now start to look forward to creating a future instead of looking back trying to rob Peter to pay Paul as they say.

In contemplation, looking back over this past challenging year, I now realise I had already been scrimping and scraping and doing without so I decided that if I could get through this year, with a little more planning I can now start to save and prepare for my retirement (i'm 50 now and want to retire at 70) and maybe start to live just a little bit if it works.

I believe that I can manage on a smaller budget and have set myself the £4K limit.  I have been through previous posts from this thread and have found some fantastic ideas on ways to manage with less and have actually set myself a target to save money for the next rainy day and even start a new little pension pot (which I am so exited about)

I will be posting my progress and things I have achieved (or not!!)  and will take heart that I will not be alone.  Good luck everyone!!!

FrankieM

Bluegreen143 said:

Is everyone doing an annual or monthly budget? I’ve always done monthly but I think I’m going to do annual with a breakdown to monthly and weekly averages as well.

I've not put a budget together as such. I've decided that I have £500 a month to spend on everything and so I intend to try to just make that work as much as I can. The only thing I'm concerned I won't cover fully is my car costs (insurance /mot) but I'm going to give it my best shot!

Bluegreen143

FrankieM said:

I've not put a budget together as such. I've decided that I have £500 a month to spend on everything and so I intend to try to just make that work as much as I can. The only thing I'm concerned I won't cover fully is my car costs (insurance /mot) but I'm going to give it my best shot!

That’s such an impressive budget. We are £735 just for bills for running the home (mortgage, council tax, utilities, internet, insurance) and about £50 I put aside for car insurance/breakdown cover/road tax. By the time you add in housekeeping money, treats/wants, gifts, care/home repairs etc I think we are three times your budget before we can start counting savings! And I don’t even count the money that Red (my husband) keeps in his account for his own spending as no point since I have no control over it!

FrankieM

It's just me now @Bluegreen143. No mortgage and I go halves on the household bills so a completely different living environment to you.
Back when the challenge first started I was doing it for a family of 4 children and 2 adults (including one who couldn't stop spending!) and I think all those years ago I was trying to do it on a budget of £1000 a month and constantly failed to manage it. How things change!

ldee2111

Bluegreen143 said:

Is everyone doing an annual or monthly budget? I’ve always done monthly but I think I’m going to do annual with a breakdown to monthly and weekly averages as well.

Bluegreen we do a monthly budget and use the free MSE excel spreadsheet to budget. https://www.moneysavingexpert.com/banking/budget-planning/

StrawberrySuze

Hi All, I would like to join in now and again. I've been reading along for a long time and it gives me a lot of inspiration. 

I had my lightbulb moment a couple of years ago at debts of nearly £19000. Thought it was a good idea to buy another 'fixer upper' 5 years ago, got quite ill 2 years ago so had to reduce my work hours and been trying to do it up ever since with not much money coming in or energy!

A combination of fairly frugal living, budgeting, surveys and matched betting have enabled me to pay off £14000 in the last 23 months, my home still needs quite a lot of work but I'm slowly getting there    As it's just me and 3 small dogs I don't have to worry about an uncooperative partner!

I know there are a lot of people far worse off than me, especially now 😒 and who knows what the future will hold.

Good luck to everyone joining in for 2021 

Nicki_Sue

Back again and great to see us back in OS @Frugaldom!
We've made big changes over the past couple of years, not least my going vegan, the husband going veggie, him dropping to a four day week and my finally doing the same (he's employed, I'm self-employed so it's been a case of me working smarter rather than harder). This extra day together has been great for us both and as a family. We are just happier! Often we spend some of our Fridays doing the shop, gardening and catching up on house things together but that gives us a proper family weekend with the boys.
We are looking to simplify further in 2021 and be even more frugal so am happy to see the Frugal Living Challenge back for another year. I must post more and lurk less! 

MandM90

I would like to join!

I've drifted away from MSE this year due to new baby, relocation etc (and even got stripped of Board Guide status as I was so absent...whoops!) but I need to sort myself out. I recently took a 10k pay cut, now we're paying nursery fees AND we're in the process of buying a huge house with 5 acres...life is getting expensive.

I probably won't post my numbers but want to do more free/cheap stuff (National Trust, walking, gardening, cooking, snuggling) eat fewer/no takeaways and generally get back to basics.

mumtoomany

Welcome aboard  @MandM90 Lovely to see you again. I was just thinking about you the other day. How are the house renovations coming on? mumtoomany