2008 - Live on £4000 for a full year.

mumzyof2

nykmedia wrote: »

We now have 111 people now taking part in this challenge!

Well done to all who have committed themselves (and their households) to this frugal lifestyle and I really hope you all enjoy the ups and downs that will be 2008.

Week one is now complete. :T

For beginning week 2, deduct everything you have spent from your annual allowance (eg: this is mine: £4000 - £86.37 = £3913.63).
Divide your new balance by 359 and then multiply it by 7 to see your new weekly target (Mine is £3913.63/359 = 10.90 x 7 = £76.31)

My grocery challenge is set at £120 per month and this month has 31 days, so that's equivalent to £3.87 per day :eek:

Hiya, ive spent £102.84 inc gas,elec,insurance and it all comes to £99.50 thats everything i have bought this week. I did what you said above and it works out i get 76.05 a week. How come im on £30? even tho i can manage on £30 a week for about 3 weeks and then shopping on one week which would come to around £50-70

mumzyof2

Ok if i have done this right (please correct if wrong)

I started this with £4000.00
I have spent so far £99.50 inc gas elec insurance (for this week only for gas elec ins, i will be working it out monthly next time).
Which leaves me at 3900.50

for another 51 weeks i have in total to pay

Elec - £191.25 (thats how much i would of paid at end of week 51)
Gas - £191.25 (same as above)
Insurance - £143.31 (same as above)

Which deduct that from my total is £3374.69
Then divide £3374.69 by 359 x by 7 = £65.80

Does that sound right..am i doing this right?

Edited to say this post is 1313 ...so yup it proberly is wrong lol

andromache_2

First spends of the year! Had a lovely day out in London (£4.80 on a Travelcard) with OH before I go back to uni - went to a museum (free), sat in a park (free), ate packed lunch (free since my parents pay for food while I am at home), then wandered round Camden market (free). Also £4.00 on a big book about trains for my brother, reduced from £11.99. So I've now bought pretty much all I need for presents for the year (birthdays AND Christmas!), unless something else catches my eye. There's no such thing as being *too* organised, right? :rotfl:

Frugaldom

Mumzi, I prefer working it out by dividing by the days of the year then multiplying by 7 to get the weekly amount. Otherwise you will find you have calculated 2 days short over the space of the year. 52 weeks is only 364 days, 2008 has 366 days. Yes, your weekly budget now stands at £76.05, the £30 is your grocery challenge, except you made it £120 for the month, which works out slightly less than £30 And that's including cigs! LOL

mumzyof2

done the gas and elec and ins as a year figure just due to fact i know how much i have to spend not inc gas elec ins...but they would still get paid..or is there a easier way i can do it?

mumzyof2

i just worked it out how u worked it out nyk..isnt that right?

Frugaldom

andromache wrote: »

First spends of the year! Had a lovely day out in London (£4.80 on a Travelcard) with OH before I go back to uni - went to a museum (free), sat in a park (free), ate packed lunch (free since my parents pay for food while I am at home), then wandered round Camden market (free). Also £4.00 on a big book about trains for my brother, reduced from £11.99. So I've now bought pretty much all I need for presents for the year (birthdays AND Christmas!), unless something else catches my eye. There's no such thing as being *too* organised, right? :rotfl:

That sounds like my kind of day and you are right! There's no such things as being too organised :T . I'm doing my pressie inventory tomorrow after an exciting trip into town! (If I have time, I'll pop into Somerfields and Costcutters, see if there are any bargains.)

Frugaldom

mumzyof2 wrote: »

i just worked it out how u worked it out nyk..isnt that right?

My home contents insurance is coming in at £52, Mumzi. Is your insurance amount just for home contents?

If you are renting privately then the landlord is responsible for buildings insurance.

mumzyof2

Its contents only nyk. How do you think i should work out my outgoings? like i did just then.

Frugaldom

mumzyof2 wrote: »

Its contents only nyk. How do you think i should work out my outgoings? like i did just then.

Nothing has changed, so long as you know how much you have going out and know that you have enough in the bank to cover it. The main thing is that you don't risk getting any bank charges. Keep your spending diary up to date, especially your 'everything else' spending as that's what has to be cut back in order to meet debt payments and regular household bills when money is tight.

Contents insurance - have you gone through the comparison sites to look for the best quote? Ours is only about £1 a week and that's with 3 of us named on the policy.

I think it's great that you are taking the time to sort out your finances and aim to become debft free. You have your entire life in front of you, the world really is your oyster. Plus, you'll be well ahead of the game as your children grow up :T