2008 - Live on £4000 for a full year.

BrickingIt

nykmedia wrote: »

The above doesn't quite fit into the idea behind this particular challenge, so what I would suggest is that you take your annual income, deduct your rent/mortgage/council tax/water and essential work travel costs, then deduct your current personal spending habits (cigs, £5 a day extras etc) . If you have debts that need paying, deduct the year's minimum payments, if you have private pensions, club fees, regular savings, holidays etc, deduct all of that too, and what you have left is the figure you have to live on - ie EVERYTHING else. It's the only way we can come anywhere near making this a fair challenge.

Good luck with the budget and I really hope to see you back here taking part. You can also join us on the 'quit smoking' challenge, if that helps. It also helps to know exactly WHY you are doing the challenge - I'm assuming that yours is to cut down on all the unneccessary expenses and save or pay off debts instead? If it's for saving, set yourself a target amount and that also adds incentive to cut down on the extras. Have fun and congratulations for taking the step of cutting down on those 'extras' :T

I'm not going to set targets I can't keep, yes its to cut down the unneccessary, in terms of why, well lets put its this way, i'm just spending money on crap, of course that might sound stupid, well every penny I stop spending on crap I can use to pay off the mortgage, ITS a BIG mortgage.

Good luck with your challenge, personally I haven't got a chance in hitting £4,000 on those terms.

notanothergreyhair

Prudent wrote: »

I personally don't sell my prizes. I either use them myself or for presents. Some of the regular compers do sell their prizes. Have a go, its lots of fun

If you are looking at it purely for financial gain you might get a bit frustrated. In terms of hours put in it probably pays well under the minimum wage. I simply find it relaxing and fun. Its a nice surprise when something unexpected arrives, especially if its something you would like to buy, but can't afford/justify.

Thanks for that. I appreciate that winning is down to luck and effort, so I'm not going to treat comping as an earner. What I will say is that if I can earn enough from comping in the next 18 months to be able to replace my laptop then I will be a happy chappy. If I don't then it is no big deal.

Ephemera

Hmmm... I'm up for that!

I want to save more towards a home, I'm currently sleeping in a 'chalet' at the bottom of my parents' garden waiting either for house prices to fall to a more realistic level or until I get permission to build on a plot I own in Devon. Will be useful in any case to budget!

Have cancelled my mobile contract today and am trying a cashback deal; will let you know how that's going.

Thanks for inspiring me to wake up and smell the savings :beer:

Eph.

Frugaldom

BrickingIt wrote: »

I'm not going to set targets I can't keep, yes its to cut down the unneccessary, in terms of why, well lets put its this way, i'm just spending money on crap, of course that might sound stupid, well every penny I stop spending on crap I can use to pay off the mortgage, ITS a BIG mortgage.

Good luck with your challenge, personally I haven't got a chance in hitting £4,000 on those terms.

Everyone is setting their own totals here, the £4000 is my personal one and several others have arrived at the same. You don't need to use that figure, the earlier post sets out how to estimate your target figure depending on your personal circumstances and lifestyle. Come on... you really do want to crack a chunk off that mortgage if you take a little time to calculate your target figure You've possibly already knocked at least a grand off it by joining the 'quit smoking' brigade if you bank whatever you don't smoke - 22p per cig approx. I've printed off The Demotivator, that's how I worked out that I could save an extra £500+ in the 'ciggie piggy'

liloandstitch

Hi Nykmedia, have read the last 21 pages with interest!!!

I too would like to join this challenge, at £4000. I have read all the rules, and with a bit of juggling of bank accounts I can make this work. I have spent the last year living on less than this on a weekly basis, but splurging when having extra, so the discipline will do our family budgets a lot of good!!! Its amazing what you can acheive when you have to.

(And please can I have an even number cos I dont like odd ones!!!!)

Cheers, and good luck to us all - roll on 1st January!!!!!

Lilo

lyndasharp

I'd like to join the challenge too. I think £3500 should be enough for me for the year!

Sassamac

Im up for this challenge - can I go on the list and have a number please. I have set my target at £5200 because £100 per week sounds achieveable for a family of two adults and two littluns. I havent done any major budgeting or calculations to arrive at that figure, but we'll go with and see what happens.

Im new to MSE (well new to posting - I joined to browse a few months ago, posted once and forgot about it). I thrive on a challenge and I need something like this to help keep track of my families finances.

The reason I am joining is because our income dropped suddenly a few months ago and I still dont feel able to manage such a small budget. I will also join the grocery challenge and maybe a few others (love the piggybank idea).

Prudent

nykmedia wrote: »

Hi Artnoble and Barole, welcome to the challenge of the year - and the one that got 'chat of the week' in Martin's Weekly Money Tips

Well done nykmedia.:T

In_Search_Of_Me

Impomdasp wrote: »

Oh, go on and join us ISOM. You know you want to really;) .


I do want to but know that I wont manage it! My petrol alone is £100 at least a month....and while I like the idea of a challenge I dont like the idea of freezing (I like it warm!!) which is what would be needed to lower my gas bill! I'd much rather keep on as I am and pay off my CC's this year while not having to live on nothing in the process but good luck for those doing it!!

sue09

I'd really be happy if I could live on 6000 pounds this year.I could then pay most of my debts off.Can I join in?