2008 - Live on £4000 for a full year.

24567…545

Comments

  • hopeless_case_2
    hopeless_case_2 Posts: 546 Forumite
    so do you only have £4000 to live on or do you want to save for something?
    Make £11,000 in 2011 / ebay £600
  • mumzyof2
    mumzyof2 Posts: 3,343 Forumite
    could you pm me and tell me that way in easy language lol sorry xx hope you dont mind
    Sealed Pot dec 08 - dec 09 so far £27.67, Live off £4k Spent £330.20 GC £1,200 for 2009 Spent £50.78 PaD so far £650.07
    Debts: L/woods £154.00 C/One PAID O/D £649.90 Next £299.95 O/D PAID Gas £72.60 Electric £155.73 Mum £640.00 Orange £490.32
  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Holiday Haggler
    Sounds like forced economic hardship.. surely you should budget what you spend in a year based around your situation and income? Setting a value X to spend is odd.. wouldn't it be better to say 'live on 80% of what you live on at the moment'

    Case example: It'll cost me £2k to get to work on the train next year. I can't cut this down (and i'm not cycling 26 miles a day through heavy london traffic)
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Name Dropper Photogenic First Anniversary First Post
    That is what I live on anyway. And most of 2004-2007 I had less.
  • Frugaldom
    Frugaldom Posts: 6,939 Forumite
    Name Dropper First Post Photogenic First Anniversary
    LIVING ON 4K A YEAR

    Regardless of what you have coming in each week or month or over the full year, this challenge is to live on £4,000, which EXCLUDES rent/mortgage and CouncilTax/Water Rates.

    In order to embark on such a strict, "shoestring budget" lifestyle, you'll need to have a target and a budget, so here is an example using easy to convert figures:

    Annual Income = £10,000 which, I think, is about £190 per week, or £825 per month

    Deduct rent or mortgage
    Deduct council tax/water rates

    Whatever is left is what you have to pay bills, pay debts and live

    In this example, if the rent/mortgage and council tax/water rates added up to £6000 then you would only have £4,000 left to live on and yes, you would probably be eligible for benefits of some description, but I don't know anything about them. I guess if you were able to live on the 4k then any extra benefits you might receive would be money in the bank if you were debt free or else the extra would be paying off debts.

    If you are earning £40,000 a year and paying out £15,000 in rent/mortgage/council tax etc then you have £25,000 left to live on. If you managed to live on 4k then that would be 21k to pay debts or save. Whichever way you want to look at it, this is about a lifestyle geared towards paying off debts and/or building savings.

    If you are spending 2k a year on travel then that would be essential in order to maintain your current income, and would be deducted from the overall figure, not the 4k.
    I reserve the right not to spend.
    The less I spend, the more I can afford.

    Frugal living challenge - living on £4000 in 2024
  • mumzyof2
    mumzyof2 Posts: 3,343 Forumite
    ringo its just a set figure..if you get to end of year and you have only lived on 3k then you have still won...anyway..cant be bothered (wrist is hurting now)
    Sealed Pot dec 08 - dec 09 so far £27.67, Live off £4k Spent £330.20 GC £1,200 for 2009 Spent £50.78 PaD so far £650.07
    Debts: L/woods £154.00 C/One PAID O/D £649.90 Next £299.95 O/D PAID Gas £72.60 Electric £155.73 Mum £640.00 Orange £490.32
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Name Dropper Photogenic First Anniversary First Post
    The link to last year's one was hidden in the OP's signature.

    Here it is (I think):

    Nope... it was back to here. So I've removed the link.
  • marc.faulkner
    marc.faulkner Posts: 639 Forumite
    Here's an example (using my current circumstances)...

    I earn £12.5k PA (approx)

    I pay out £3.9k PA for my rent (which, in may case include water rates)

    I am left with a total of £8.6k.

    If I was to take part in this challenge, I'd be aiming to reduce my various living expenses so that I was able to live on £4k, leaving £4.6k either to save or pay off debts...

    I won't be participating in this challenge, as to be honest I don't believe I have the resolve to see it through to the end, although I do wish the best of luck to all who do take part - It's a helluva goal to set yourselves, but I have faith. :)
  • southernscouser
    southernscouser Posts: 33,745 Forumite
    First Post First Anniversary Combo Breaker
    ringo_24601 wrote: »
    surely you should budget what you spend

    If thats all you had said then I think you may have got it. I could be mistaken but I think the idea is to set yourself a budget of £4,000 for the year and live within that. :confused:
  • mumzyof2
    mumzyof2 Posts: 3,343 Forumite
    Okay im in!!!!!! tomorrow i will do a whole year of budgeting on what my current situation stands at now..and if i take a part time job (im looking for one) then i would still live on the same money as what im getting now. so excited woohoo might go do it now..decisions decisions lol
    Sealed Pot dec 08 - dec 09 so far £27.67, Live off £4k Spent £330.20 GC £1,200 for 2009 Spent £50.78 PaD so far £650.07
    Debts: L/woods £154.00 C/One PAID O/D £649.90 Next £299.95 O/D PAID Gas £72.60 Electric £155.73 Mum £640.00 Orange £490.32
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards