Learning to walk before I run

edinburgher

Yes, it's a different level, I can only dream!

Watty1

I too am aware my monthly spending is what the Frugal folk spend in a year!  Ok not quite but I am astonished that a years food spend can come in at under £800.   I'm reading the challenge because I might learn something and it is also inspiring and motivating at the same time.  i have never even played at being frugal  but it is thought provoking

SuperSecretSquirrel

In the very ancient past, as a young single man, I did try a minimal spending challenge a couple of times. Excluding rent, council tax, and transport costs, I still spent over 4kpa. Far from easy!

As a mortgage free family of four, I can't imagine much less than 12kpa (with council tax and car costs excluded) being "acceptably possible" for us. Finger in the air estimate says 9k could be doable, but with us all (especially the children) missing out on "fun stuff" to what I consider an unacceptable degree.

I'm happy that scrimping for a couple of years helped me build my first time buyer deposit at an incredible pace, back when I was still finding my feet as a young adult. As a short lived sprint, spending as little as possible, and saving as much as possible, it was it's own kind of fun. Pretty similar to the "no spend year" challenges you hear about these days.

Suffolk_lass

Spot on @SuperSecretSquirrel. I just don't think I want to go the whole hog. I don't need to and I can afford not to. I am busy reviewing, plotting and planning what I will do though

Watty1

I'm also having a re-think.   I've been reading a lot more.  The part that really made me think was that most people can afford to do what they really want to do.    They just can't if they add in x and y and z.  That really made me think.  I'm going to spend frugal jan working out what I really want.  (more of that to come although I'll write it on my diary not Eds!)

Karmacat

That's it, isn't it, it's priorities, after some point - if all the bills are paid, your house/flat is secure, clothing is warm, future finances covered to some extent, then you decide your priorities with your remaining income - the truly disposable stuff.  It's a bit different for me now, as a pensioner (dear god!) because although I'll get bits and bobs from surveys etc, I won't get any appreciable side hustle earnings, so future safety goes higher up the priority list.  Still aiming for 2022 to be a spendy year though - and yes, like Watty, I'd better write that on my own diary  

edinburgher

@Watty1 - that's a good point - I often tell DD that we can afford to do most of what we want most of the time, but not all of what we want all of the time. She's getting very good at making sensible choices when it comes to discretionary spending and while you don't want to read too much into the actions of a 6 year old, I'm proud of her and she defers gratification better than I did at that age Without meaning to go down the road of psychoanalysis, I think it's reasonable to wonder if it's because she is an only child living in comfortable circumstances and has never known want, whereas I was one of a family of 7 of stretched means?

Our additional lending was released today and I've been busy trying to squirrel it away in sensible homes. We've now got £50k in PBs, £10k in instant access savings @ 1.44%, £1.6k in RS @ 3% and that leaves another £13-14k sitting earning nowt. Can anyone think of anything more sensible than Mrs E opening a PB account for another £10k? It has to be quickly accessible (i.e. within a week or two) and with no risk (so Govt backed or FSCS cover). While it was incredibly exciting to have £60k rock up in my current account, I'm trying to face the sober realisation that it means another £225/month for the next 30 years  I am rapidly reaching the point at which I feel "too old" to be extending mortgage borrowing (39 next year), but I know that it will likely go up again in 2023 to finish the project.

@Karmacat - I know how you feel re. future safety. Unfortunately with rapid climate change, "cost of living crisis" etc. even those of us on apparently non-fixed incomes are feeling if not the pinch, definitely an uncomfortable squeeze at the edges! It is making me more cautious than I have ever been previously. For example, changing pension funds to try and de-risk slightly quicker, actually saving up an Emergency Fund and basically being insured for everything now (including things like pets, income protection and life insurance to protect not only the mortgage, but loss of future earnings). I am just glad that we're able to pay for these things with nice-to-have money instead of having to make "heat or eat" type choices, but it still rankles.

South_coast

edinburgher said:

I often tell DD that we can afford to do most of what we want most of the time, but not all of what we want all of the time. 

That's basically the premise of the Afford Anything website - you can afford anything, but not everything, so it's all about setting your priorities and focusing right in on them. 

I am also 39 next year, feeling "too old" generally 🤣!

edinburgher

Just bought a second Christmas tree for DD's room - £60 to £40 in the @rgos sale and "free" as purchased with Nect@r points

Watty1

Love that you used your points for a second Christmas tree.  I thought about buying a tree in the sales but then thought I'd better buy a home first !  And if I am still in my rented place they will probably lend me the same tree again!  (They lent me a tree complete with lights and baubles that was just stored in a cupboard on the farm)