2018 Frugal Living Challenge

Florence_J · 15 December 2017 at 6:19PM

I would like to join, I was part of the 2017 thread but will be honest I'm more an observer then contributor.

This year was supposed to be a No Spend Year (No unessential spending or spending on things outside the 'allowed' categories). In essence you could say I failed as although greatly reduced I did buy 'contraband' items (before you think I broke the law, I mean things like a work canteen lunch or a takeaway coffee). BUT, I think this year was definitely a success if the goal was to be as frugal as possible.

I will keep living my life like this until my debts are cleared, and to be honest I think I will now always live like this.

I don't set budgets for individual categories, it is more 'DON'T USE DEBT TO PAY FOR THINGS' so if I had say £100 disposable income each month, it wouldn't bother me if I spent all of it on clothes, as long as I didn't then spend any additional money.

I will allow myself go get my haircut next year as it will be 2 years then since I last had my hair cut and I now look like Neil from The Young Ones.

Frugaldom · 15 December 2017 at 11:20PM

FlorenceJ, the mere fact that you take the time to look at your budget and know your own spending habits is good, taking it that step further and budgeting to live in debt freedom is even better, so you're definitely a winner if you know your numbers here.

Tanya12345 · 16 December 2017 at 10:44AM

Love to join please, last year I attempted the challenge but for various reasons was unsuccessful ! Looking at budget(s) now, determined to have a better year in 2018

Buffythedebtslayer · 16 December 2017 at 2:01PM

Hello all

I have attempted this many times and it always helps even if I am not totally successful

I am pondering something, I think I could manage to take a thousand pounds out of my savings and see how long that lasted me.

My outgoings have crept up a lot this year (audible subscription, Office Subscription, Amazon prime) and I am going to have to get the car insurance with the rest of my savings.

I know it doesn't make sense but I was thinking if I could ignore my wages....perhaps let them build up (as well as paying into my savings)
and see if I could really limit my budget by challenging myself to make the 1000 last as long as possible.

I shall go and think some more.

DawnW · 16 December 2017 at 2:19PM

Can I join in too please?

Frugaldom · 16 December 2017 at 3:32PM

Buffythedebtslayer wrote: »

... I know it doesn't make sense but I was thinking if I could ignore my wages....perhaps let them build up (as well as paying into my savings) and see if I could really limit my budget by challenging myself to make the 1000 last as long as possible...

Hi Buffy!

That makes perfect sense to me, especially in lieu of the ridiculously low interest that savings accrue nowadays! In my opinion, you could probably shave a higher percentage off your spending than the banks will ever pay you for having the same amount lying in the bank, thus allowing you the luxury of a higher interest regular saver account with your income without having to juggle things about the place. :T I'll add your name to the list as we're all winners in the frugal living game just by being aware of our own finances.

I tend to do a similar thing - use my cashback CC for as much as I can with bank transfers for everything else and then I seldom ever need cash, so all monthly income stays in the bank. My stumbling point now, however, is contactless payments, as they tempt you to spend up to the minimum £10 just to use the system. I have had to reduce the number of times I go to the shop now! :rotfl:

[Deleted User] · 16 December 2017 at 9:41PM

I'd like to be in next year too....I've got an expensive year ahead with home improvements so need to keep expenditure elsewhere as low as possible...I have set myself a 15 month challenge of doing the house up and paying off the mortgage so I've really got to knuckle down and take it seriously....I'm sorting the budgets tomorrow and will be ruthless from solstice onwards!

lynnejk · 17 December 2017 at 12:56AM

Evening all

Definitely in again for 2018, though, hopefully, will have to readjust the budget in March - we will see what happens. Don't want to say more atm as might jinx things. Will get figures done after Chrissy, but looking at monthly accounts we seem to have been under so far this year fingers xd.

Frugaldom wrote: »

............ I tend to do a similar thing - use my cashback CC for as much as I can with bank transfers for everything else and then I seldom ever need cash, so all monthly income stays in the bank. My stumbling point now, however, is contactless payments, as they tempt you to spend up to the minimum £10 just to use the system. I have had to reduce the number of times I go to the shop now! :rotfl:

I do exactly the same. Everything on cashback CC and only cash in an emergency.

I also grab any loyalty cards offered - even if used occasionally they often give you a discount/some freebies eventually, and don't cost you anything

Pennies make £s after all and the best way to stop spending is to stay out of the shops :rotfl:

Hope you all having a great weekend
Lx

Kerry_Woman · 17 December 2017 at 4:45PM

Have got my notebook ready for each monthly spends for 2018. Just need to sort out the budget, will do this near the end of this year.

Frugaldom · 17 December 2017 at 6:53PM

Kerry_Woman wrote: »

Have got my notebook ready for each monthly spends for 2018. Just need to sort out the budget, will do this near the end of this year.

Well done!

I just need to check off my receipts to make sure they were all included over the past year and then I think that's me organised. Penny pots counted, savings converted into Premium Bonds while waiting to reach the next target and, hopefully, enough set aside for the major spends at the beginning of the year, including 2 family weddings.

2018 Frugal Living Challenge

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