Frugaling my way to FIRE

lilian1977

Hi all

I have always spent most of my time on the DFW boards as have spent the majority of my adult life in debt (thanks to a 1990s education that didn't talk about money, parents who weren't well off but hid it very well and being given loads of credit cards when I started university with no education about what that meant!).

I now finally find myself in a place where I have debt free, and have paid off my mortgage - it feels so strange not to need to squirrel away every penny to try and fight the debt, that it got me thinking how I could use that feeling in my favour. I have always wanted to retire early, and was fascinated by the Frugalwoods journey. The way the world is now, I really don't want to be working for the rest of my life, and I also want my son to have the freedom to live however he wants, so we are already saving for him into an ISA and a SIPP.

With that in mind, I am launching my new diary - Frugaling my way to FIRE! FIRE stands for Financial Independence Retire Early, and I haven't yet done the sums on how much I will need or at what age I can retire, as I don't know how I want to live when I do. But I need to put this penny-pinching energy somewhere, and turn it into penny-punching (every penny must punch above its weight!).

I'm 48 now and would like to retire by 60 at the latest, but I also don't want to wait that long! I have entered my workplace pension, LISA and SIPP into a Worth tracker along with my S&S ISA and Trading 212 stocks (only started this year so both tiny) and am currently on around £90k. I think I need to aim for £500k by the time I'm 60, but in the first instance am going to aim for £100k by the time I'm 50. My husband works in banking and gets a great ShareSave scheme and pension, so he will be doing the bulk of the heavy lifting in retirement, I would just like to know I'm contributing.

Would anyone like to join me on this journey? Please do!

lilian1977

Percentage to £100k net worth: 90.6%
Percentage to £500k target: 18.1%

So, my first actions of today are as follows:

40p earned from Curious Cat surveys, will withdraw when at £1
Rounded down my current account to closest £5 and paid £3.45 to my S&S ISA

Porridge with raisins, walnuts, chia, flaxseed and cinnamon for breakfast
Lunch will be lentil soup
Dinner will be jacket potatoes

I did some of my 2nd job (remote and flexible), although have already been paid for this so no additional income. 

I'm waiting on £18 from Vinted to clear so that will go into my S&S ISA when it does, and have listed some books on Vinted and FB Marketplace.

Have good, FIRE-aim days everyone!

lilian1977

Percentage to £100k net worth: 91.1%
Percentage to £500k target: 18.2%

Afternoon all

Horrible weather here today, but I need to head out shortly to get a parcel from Boots - I use the Menopause shampoo and conditioner but can't get it in my local shop, so have to order it in.

£23 gone into my S&S ISA, and £200 into my LISA, target values updated.

Breakfast was a fried egg, two rye bread toasts and a handful of cherry tomatoes, with coffee. 
Lunch was lentil soup
Tea will be fish and chips for the male family members, and a cauliflower cheese bake with chips for me. 

Sent a Vinted parcel, still waiting for the money to clear from sales from this week, but will go to the S&S ISA once it does. 

Other than that, just a normal working day (albeit from home as I'm poorly). 

Have happy days all. 

Topher

lilian1977 said:

Hi all

I have always spent most of my time on the DFW boards as have spent the majority of my adult life in debt (thanks to a 1990s education that didn't talk about money, parents who weren't well off but hid it very well and being given loads of credit cards when I started university with no education about what that meant!).

I now finally find myself in a place where I have debt free, and have paid off my mortgage - it feels so strange not to need to squirrel away every penny to try and fight the debt, that it got me thinking how I could use that feeling in my favour. I have always wanted to retire early, and was fascinated by the Frugalwoods journey. The way the world is now, I really don't want to be working for the rest of my life, and I also want my son to have the freedom to live however he wants, so we are already saving for him into an ISA and a SIPP.

With that in mind, I am launching my new diary - Frugaling my way to FIRE! FIRE stands for Financial Independence Retire Early, and I haven't yet done the sums on how much I will need or at what age I can retire, as I don't know how I want to live when I do. But I need to put this penny-pinching energy somewhere, and turn it into penny-punching (every penny must punch above its weight!).

I'm 48 now and would like to retire by 60 at the latest, but I also don't want to wait that long! I have entered my workplace pension, LISA and SIPP into a Worth tracker along with my S&S ISA and Trading 212 stocks (only started this year so both tiny) and am currently on around £90k. I think I need to aim for £500k by the time I'm 60, but in the first instance am going to aim for £100k by the time I'm 50. My husband works in banking and gets a great ShareSave scheme and pension, so he will be doing the bulk of the heavy lifting in retirement, I would just like to know I'm contributing.

Would anyone like to join me on this journey? Please do!

Hi there. I only heard of FIRE around four years ago - too late for me to do it in its purest form, but I have lead a frugal life and fifteen years ago arranged a get together with friends in order to do some goal setting together, we turned our individual projects into a shared “album” to reflect on ( we weren’t actually organised enough to do the reflection sessions, but one of the group kept it and she and I have touched base periodically to check how we are going). One of my original goals was to pay my mortgage off early which I did within the time limit I’d set myself. I also lined up pensions, a private pension, my workplace pension, and after working out a sliding scale of value for money, made contributions to my state pension with voluntary contributions. The years A.V.C.s available to me exceeded what would be sensible - I’d be 94 before the pension income started to exceed the investment monies I would have paid in, hence the sliding scale which I then used to pay ‘enough’ AVCs. Our goals at the aforementioned meeting covered many aspects of life (emotional health, wealth, location etc.) the thing is, once one has achieved them what next? I’ve been so frugal all my life, it’s now difficult to spend money (I mean mentally, - I could do shopping as an Olympic sport). Frugality makes you see money making for what it is, it also crystallises what I feel is important and what I’m prepared to pay for, and although I’m probably no less materialistic, I value what I have and buy. I really do enjoy the “stuff” I have around me, from an oak fireplace we carried home on the roof of our car to go with the fire surround we’d found in a field, to trinkets from TK Maxx that give me pleasure whenever I use/wear them. I think the goal I didn’t make clear for myself, was how to live the life I was aiming for. 

lilian1977

Thank you so much for the comment. I do regularly get annoyed with myself for not focusing on the future sooner, but then I have a word with myself and remind myself that every day is a new day, and every day is a chance to improve my future!

I have enough years that I don't need to worry about AVCs, but I am increasing my workplace pension every few months by 1%, and continuing to pay into my SIPP and LISA. 

Glad

2025 Frugal Living Challenge

you will find some great ideas here 

lilian1977

Thanks @Glad

Morning all

A very grey day here but football later so hoping it clears up a bit. Will be spending today but will try and rein it in - did a McDonalds survey for a £2.99 meal so will grab that, and then avoid the food in the ground!

Breakfast is pastries from TGTG and coffee. 

£8 Vinted sale cleared yesterday so that was added to my S&S ISA. Did a couple of surveys on Curious Cat but not enough to cash out. 

Have good days everyone!