Daily Tracking – No Spending Today 15/20
Some great PF bloggers have been posting their bare bones budgets to share with their readers. I’ve found it really interesting to read and for a time thought I’d do my own bare bones budget. I started but then realized that apart from my £40 a month spends (which covers toiletries, make-up, gifts, all meals out and anything else!) my budget really is my bare bones budget. While I won’t live like this forever, I have to say I cope well on £15 weekly budget for food and while I may be happy for it to go to £20 a week, I don’t see why I’d need to increase it anymore. Similarly I enjoy at least 1 night out a week with friends visiting pubs/bars/cinema etc, I don’t really think I’d need to increase my budget too much for entertainment either, maybe eventually to a maximum of £60 a month (which would include an exercise class). I’ve been very honest about the fact that I continually remind myself about my 3 goals (no debt – done!, 6 months expenses in my emergency account, paying into my pension fund – first payment plus 6 months backdated payments set for September or October 2008, depending on how long the pension agency takes to complete my paperwork!). All this means that while I’d love to start collecting vintage teapots (oh how I love them!) and I’d really like to take an exercise class, right now I need to keep just as I am for the next few months.
When I was in debt I did still spend by £40 a month on “spends” (again this included necessities like toiletries as well as the occasional drink out) but I didn’t feel particularly guilty as it was only about £10 – £15 of non-essentials per month. I think or at least I felt, I needed this in order to not fall off the frugal/downshifting bandwagon, however this was a very small amount and I’ve noticed many in debt bloggers are still spending hundreds a month on spending. This whole bare bones budget idea has made me wonder, why when in debt & trying to get out of it, don’t people go to a bare bones budget and forgo all else, is it for the same reason as me? Any thoughts?
I honestly can’t stick to my bare bones budget for more than a month – not all of us have your staying power, much as we might like to.
My problem is that it’s so easy to fritter away money because I don’t have any major goals, and also I’m not poor. It’s hard to persuade yourself to sacrifice when there’s no point.
Plonkee, I can really see why it’s hard because you aren’t in debt and have several financial goals you’ve met; you’re pretty inspirational bare bones or not :0)
I think you need a hard core goal to go bare bones. You also need something else to do instead of spending.
I also think you ease into it… when you start out paying debt you’re still living your old life, but you start to move towards being more “frugal”… and then i think you really learn what you can and can’t live without.
I have a large sum of debt to pay off but I do not follow a bare bones budget where there is no room for extras. I do allow myself a facial once per month, I have my nails done once per month, I get pedicures once every two months or so, and I allow myself some room for entertainment. This is all covered by my second job (part time 24 hrs every 2 weeks) with extra left over to go toward the debt. I also put a significant chunk of my earnings from my full time job toward the debt.
I am impressed with how low you can keep your grocery expenses. I have promised myself that I will eat up what is in the pantry and freezer and only buy fresh produce and dairy over the next while.
I think for people to do that, they have to get to the point of realising they are in debt big time. As long as your incomings cover the outgoings even if it’s paying credit cards / loads etc, some people will think they manage! I did, until it got to the point of thinking we’d be in this cycle forever unless we took drastic action. Now we’re not quite on a bare bones budget, but the repayment of our debt is totally planned out and will be gone one day!
Hi there-You are doing so well and have great dedication for sticking to your goals. I find a small budget for in my instance, thrifting, does help in the monthly grind of paying back debt and sticking to my overall budget!
vintage teapots! you just get better and better
I’ve never understood it either. People who are in debt shouldn’t live without a strict budget and assume their future self will have some kind of windfall!
That being said I maintained a strict budget for years and am only now starting to ease up. Now that savings and employment are stable I’m glad to “splurge” on things like manicures. I hope you get there soon too
Anny couldn’t agree more!
I know many people in debt continue to spend hundreds a month on stuff & entertainment….they are not breaking the cycle.
Neimanmarxist, glad you approve! :0)
Thanks Sharon Rose!!
The Wife and I faced the same question when our car was impounded. Being as Spain has excellent and cheap public transport we could have given up having a car and really taken our frugality to the next level.
But ultimately we decided against it for the simple reason we are enjoying not being broke, and taking frugal living to the next level would feel too much like that. I spent too many years being broke to want to go back to that feeling again.
It also helps that the Wife earns good money and that we are paying our debts off and putting money in the bank.
Should we find ourselves in the position of reduced income (due to potential layoff) than we would make the adjustment.
Till then I am simply enjoying not being broke all the time
I should add that your no spend days have challenged me to see if I can’t do the same without feeling broke.
I plan to blog on this more after holidays.