2008 - Live on £4000 for a full year.

mumzyof2

nyk will u check my debt diary out i let you a question as im struggling to understand how this works.

mumzyof2

Ok so its 4k plus Cbenifit..but my CB (120.80pm) goes towards my rent so i cant count that,

so my income which is jobseekers is 370pm
which is 4470
4000 divided by 52 = £76.92 to live off.
leaving £470 for whole year.

Only remaining income i would have left which is for debts and bills would be £81.72

so i dont if i could do it..as out of that i need £80 a month to put towards rent again (see my debt diary)

Sassamac

Can I have my total modified please. I didnt understand the child allowance bit so chose £5200 as I thought that was reasonable for 2 kids.
my child benefit is £1440 per year so can I have a total of £5440 please. Sorry to mess you about Nyk.

just done a list of whats included and whats not and going to cost it up now and see what figures I get out.
edited to reveal results of costing;
Having just added up my projections it comes to £5526 so just need to shave a bit off this figure to meet the challenge. Unfortunately having looked at it Im not sure where those savings are going to be made but I guess we will work it out as we go along.

harryhound

I survived the 1970's with huge debts (well nothing like the mortgages that some people have these days!) and I still have the cheque that was used to pay off the last tranche of non mortgage debt.
(The banks used to send them back to you in those days. It is signed by the recently married Mrs Hound;) but it is on a joint account:D and I did inherit the debts at the age of 21:mad:; but I'm sure dad did not plan to drop dead :-( and we could have sold the house and become "trailer trash", don't think my school girl sister had a great earning potential .)

The big question is "will the government with money supply out of control at 12% annual increase (?), be allowing inflation to cut the burden of debt (and the country to spiral back down to the 1970's) or is debt becoming even more of a burden? "

Either way, am I the only person who thinks the cheap oil party is over? We have squandered a lot of that lucky break we had in the late 1970's with North Sea oil. Now we have to start trying to earn our living again in a competitive global economy, competing with twice as many fellow citizens of a finite world.

Make sure you vote in this week's poll:

http://forums.moneysavingexpert.com/showthread.html?t=648737

Harry.

(The American devaluation of the dollar must be the biggest robbery in history).

BrickingIt

harryhound wrote: »

I survived the 1970's with huge debts (well nothing like the mortgages that some people have these days!) and I still have the cheque that was used to pay off the last tranche of non mortgage debt.
(The banks used to send them back to you in those days. It is signed by the recently married Mrs Hound;) but it is on a joint account:D and I did inherit the debts at the age of 21:mad:; but I'm sure dad did not plan to drop dead :-( and we could have sold the house and become "trailer trash", don't think my school girl sister had a great earning potential .)

The big question is "will the government with money supply out of control at 12% annual increase (?) allowing inflation cut the burden of debt (and the country to spiral back down to the 1970's) or is debt becoming even more of a burden? "

Either way, am I the only person who thinks the cheap oil party is over? We have squandered a lot of that lucky break we had in the late 1970's with North Sea oil. Now we have to start trying to earn our living again in a competitive global economy, competing with twice as many fellow citizens of a finite world.

Make sure you vote in this week's poll:

http://forums.moneysavingexpert.com/showthread.html?t=648737

Harry.

Oh god, this is worse than globalhousepricecrash.

hypno06

Hi Harry. Like you I have survived recession before, and no doubt will have to do so again.

So, to give me the best chance of coming out of any future recession still with a roof over my head and food in the bellies of my children, I am taking steps now to live on as small a budget as possible, in order to reduce my liabilities, thereby increasing my chances of being able to afford my mortgage when it ends its fixed rate (which thankfully is not for a further 6 years), regardless of the price of oil, wheat or chocolate.

I am sure others are in this challenge for a variety of reasons, some to reduce their debt to reduce their risk in the future, regardless of the state of the economy, some to increase their standard of living while they are able to by paying any excess that they save towards a holiday, or their dream wedding etc. Others still are doing the challenge simply because this is the extent of their income source, and they need to live within their means.

Whatever our reasons, we all need to be positively motivated - we have done with the "head in the sand" attitude, and are probably more aware of the economic risks than ever before!

Join in with the challenge.....you might even enjoy it

Frugaldom

Hi Red,

The rule concerning water rates is because the original challenge was taking part in Scotland and we don't have seperate water bills here, so it wasn't fare imposing the same amount on those living elsewhere knowing that they had an extra bill to pay. EVERYTHING (other than those items) had to be paid out of the £4000.

Since being asked to tell more about the challenge on here (I've already completed 2007 and several others prior to this) I have had to keep adding in new bits to fit in with everyone's circumstances. I confuse family allowance with child benefit, I thought child benefit was the current name for what was called 'family allowance' and everyone gets that, so long as they are responsible for children.

Hope this helps a bit

mumzyof2

iam confused lol

truthseeker_4

Er, can i join this challenge in the nick of time lol?? 1.5k for the year excluding rent (which includes all my bills), therapy and work travel expenses.

mumzyof2

1.5k?????
nyk did u get my pm