2008 - Live on £4000 for a full year.

Janey51

My brain hurts when I start reading Nyk's number crunching tutorials

Yesterday, I had an appointment with the consultant who manages my progress after my weight loss surgery. I have been feeling very tired but don't know whether its because I am getting a bit anaemic or I have been working a lot of extra hours in my new job.
After my appointment, the Dr asked if I would mind stopping behind to speak to some Health Professionals about my experience of surgery and how I live with my new way of eating.
And :j :j got a free buffet dinner for my trouble :T
I nearly embarassed myself by asking if I could take the left overs away but, frugal as I am, I did feel it would be not the done thing. I did toy with the idea of waiting to be last to leave the room so I could tidy up the table but only had a small bag which would not accommodate many pork pies or Mr T sandwiches
Have had 2 NSDs this week so could be pulling ahead in the Budget Stakes.

Frugaldom

Janey51 wrote: »

My brain hurts when I start reading Nyk's number crunching tutorials

My brain hurts trying to stop the number-crunching fodder entering it in the first place. I think I need to get a more challenging project on which to concentrate, I just can't think of one at the moment.

Marru

Hi,

I have had a look at Nyk's calculations and I do agree (except I don't know either where the pension etc money is going). Couple of things to add. If you are self employed and you work from home you can allocate some of your electricity, heating and water costs (if on water meter) towards your earnings so these would come out from your £4k budget. Also there is a difference of £610.- between the income tax allowance and the maximum income from which self employed person would need to pay NI. Does this mean that you would be able to get £610 per year tax free interest from the savings on top of the ISA allowance? Marky? Anybody?

Today I declare that I LOVE HMRC!! :smileyhea I took my tax return for 06-07 into tax office on 30th of January and today I got a letter saying that they have processed it, they agree with my calculations AND they have kindly paid me back what I overpaid AND that money was sitting on my account when I logged on to check today. I was so happy that I paid my broadband bill first time ever before getting the red invoice. So I have been admiring my budget sheet as my bank balance is keeping on black a lot longer now than before this lovely lovely payment. After I have survived from 1st of April payments it is going to the savings account attached to my "normal" account. I know it is not the best interest rate but at the moment I want it within easy reach.

So have a great day everybody,

Marru

mumzyof2

Afternoon all,

I am back from playcentre and i had never took my youngest before and OMG i never saw her from when i let her go untill about an hour later I will deffo go again

Ok i forgot to put my new patch on this morning and i was gagging for a cig..i stopped at shop asked for my cigs and i told the woman i had not had one for nearly 2 days - she replied dont buy them..i have been quit a year the craving will go after 10mins...so i quickly left without buying any and bought a drink instead..to help me walk up the big huge hill with the twin pram ) I now have my new patch on and i been quit 46 hours ))

My mum just mentioned that Cyprus might be doing "earth day" which is on Saturday, and from 8am-9am (cyprus time, Cyprus is 2 hours ahead of us) they go without using any electric (although they leave thier fridge freezer running). My mum says she doesnt think England are doing it, But i was wondering if us "challengers" could do it??? And see how much electric we use?
Im going to do it i think, il make sure my laptop is fully charged so it last 1 hour hehehe. I may not be up for 8am but i might do it for a hour at nightime..what do you all think??

Just a suggestion to be honest.

Hope your all having a great day, Im a bit mad cause i have spent about £20 today on playcentre, dinner (cant take your own), drinks etc But id of spent that on cigs in 2 days.

My spends for today are:

Playcentre fee: £3.75 x 2 = £7.50
dinner x 3 and hot chochlate - £8.35
lollypop x 2 = £0.20
Bus fare return = £2.70
Latte = £1.50
Bottle of fanta = £0.95 (bought instead of getting those cigs when i had a moment of madness)

Total = £21.20 (im not impressed with how much i have spent

Got my new bank card today and just been on the internet banking site and its pretty cool I have set up a FREE savers account on there also to transfer money over that i would of spent on cigs, intrest paid monthly. My natwest account - the one im currently using untill i change over all my income and dd's to lloyds.. well i wnated to tranfer £13.46 over as thats what i would of spent on cigs in last 2 days but i dont even have enough money in my natwest account as tax credits not paid me. Im ringing them everyday to chase it up. I hoped my quidco payment would be in today but its not as that would of sorted my rent money out utill my tax credits come in..has anyone recieved there quidco money this month? Mine was paid on 21st. If i dont get this quidco payment or child tax dont pay me by the 5th then im !!!!!!ed and il only have about £450 in rent. Not good. Im so having a bad day - more worrying really over this rent. Also insurance due out tomorrow of £11.27 and Tv licence on the 1st of £35.16 (i have money for them but it will be coming out of lets say "rent money". Rant over sorry all

This is the longest post I have ever done!!!!

MarkyMarkD

nykmedia wrote: »

I did a littloe research into the pensions schemes but I am loath to part with cash that I may never see. Once it's in the pension pot it is gone until you are old enough to get it back bit by bit. Just lke life insurance, many never see it back and then where does it go?

Marky/Marru/accountants/lawyers - Where does a pension pot go if the pensionholder dies before claiming it? Where does a fully paid-up life insurance policy fund go if the policy holder lives past the 25 years they have been paying into it? I asked a tele-sales guy just this week, 'do I get the money back if I DON'T die before I'm 70?' and he hung up on me!!!!:mad:

If you put money into the state pension, in any form, and die before you are old enough to claim, it's lost. It goes into the government coffers and pays for everything that otherwise other taxpayers would have to pay for. Similarly, if you pay lots in but only get a tiny bit out, that's hard luck. The other side of the coin is that if you live to 120, you will get way more out of the state pension than you put in.

Similarly with private pensions, save that if you die before retirement, the value of your fund will be paid into your estate. If you die after retirement, but relatively young, then it's hard luck but will benefit either your employer or the insurer depending where the risk lies.

Although it sounds unfair, it's all about cross-subsidy. Those who die young (and therefore, to be harsh about it, don't need the money) subsidise those who live forever (who clearly do need something to live on).

I don't support the idea that this is unfair; it's about meeting people's needs.

People who argue for keeping money in other forms, because they don't want it to be "lost" if they die young, are being blind (generally) to the risk that they'll live forever, and their savings will run out and they'll be left on means-tested state benefits (and the state pension).

Both scenarios are a gamble. But the pension gamble is a better way of ensuring that you will have enough money to live on however long you live.


Regarding life policies, the same applies. If it's a term assurance policy, and you don't claim during the term, that's it - the policy is over. The risk against which you insured never arose so nothing is due.

For an endowment type policy, the fund has a value. But essentially an endowment is a savings plan plus a life policy bolted together, where the life policy makes up the shortfall in the as-yet-unearned part of the endowment's value.


It's no different insuring your life to insuring your car. You don't get your car insurance premium back just because you don't have a crash.

Janey51

mumzy what a wonderful frugalite you are :T
You show how frugal life is all about the compromises we make with money ( like your drink instead of cigs).
I have never smoked so can't really appreciate how hard it must be to try and give up but I have seen a lot of my friends go through the same battle.
You are going great :dance:

mumzyof2

Janey51 wrote: »

mumzy what a wonderful frugalite you are :T
You show how frugal life is all about the compromises we make with money ( like your drink instead of cigs).
I have never smoked so can't really appreciate how hard it must be to try and give up but I have seen a lot of my friends go through the same battle.
You are going great :dance:

Thanks, i think i only popped in because i was thinking fr about an hour i could do with a cig. Im fine now not wanting one at all

Mollymop5

well done on resisting Mumzy :T :T .As for your spends.Did you have a good day? Are your children happy? If the answer is yes then was it worth £20? In my eyes yes it.We need treats every now and then or life would be boring.Just count it into your spends and move on.That's what I do anyway
Got to take dd to rainbows now but I shall be online later and want to hear all about your day

Janey51

Mark it all looks so bleak when spelled out and although my head understands perfectly what you are saying and the way pensions and insurances work, my heart still thinks its a bummer
We all know people who haven't saved a penny but get looked after by the State and others who were very prudent with their money and died off before getting the chance to enjoy the fruits of their labours
I suppose its the ultimate in love for your family when you take out insurance for their benefit if you die.
Luckily for me, I was in one of the few remaining final salary pension schemes when I took early retirement so DH will get something to top up his income if I pop my clogs before he does.:rolleyes:

mumzyof2

Thanks mollymop, yeh they loved it and i did too It was worth £20 i have decided no more spends untill i know if my child tax credit is guna come or my quidco payment in, unless i need veg fruit etc which i dont think i do. My anto b's have worked but still taking them I have 16 pints of milk in so that will last me till my hols in 10 days time!!!! :P