This is a picture I took today walking through Haldon Forest , I thought it would be a nice photo to aid my thoughts about a new financial path!
Six paychecks ago I left a job I didn’t enjoy, which allowed me to bring home £1560 a month, not a bad income by any means, but as a sole income earner in an expensive part of the UK (South East) I knew I would never get ahead. I was also about £2089 in debt. It has been 6 months of no buying, something which has been a wonderful experience and apart from a few well chosen Christmas presents, something I hope to continue. So where am I financially, six months later?
I have no debt
I have £3,600 in an ISA for 2008/2009 year – which means my ISA is full
I have no debt
I have £4.500 in an emergency fund, and I am now hoping it will be full (£10,000) by March 31 2009
I have no debt
I am back paying my pension contributions, which matched by my employer should equate to approx £3000 in my new work’s pension fund by the end of November (I still have money left in my other pension fund from previous employers)
I have no debt
I have paid in full for my holiday at the end of the year. It will be my first time abroad in three years and I can’t wait!
I have no debt
I’ve increased my monthly giving from £18 a month to £70 a month
On one income, dare I say, I am exceptionally proud of what I’ve accomplished in 6 months. It has taken exceptional will power, determination and creativity. It has meant having 5 days a week of no spending days, saying no to attending a wedding, getting rid of my mobile/cell phone, budgeting only £15 a week for food and working on an extra piece of work for £100 a month added to my paycheck, but in truth, those are not sacrifices! Despite my immense cutbacks, I’ve been able to eat 5 fruits and veg every single day, I’ve drank water and learned to love it, I’ve learned to say no and to hold strong against consumerism. People ask me how I got out of debt and saved so much on one income, the answer lays in three words Just Stop Buying!
I’m now focusing on the next six months – bringing me to May 2009. The goal is to have my emergency fund full (£10k), my mini emerg fund full (£1k – to be used for dentistry, repairs etc) and my ISA for 2009-2010 full. Slowly but surely I’m creating a new financial path, one that includes saving for retirement, a healthy outlook, the ability to cope with any potential disasters (such as loss of job, illness etc) and one that includes spending my money on experiences instead of stuff!
I leave you with a picture of photographs I came across walking through the forest today, brings art in the park to a whole new level!
You are my hero!! On October 31st I’ll be reviewing my six months of Stopping Shopping and I just wish I could say I’m as far along as you are!
Holly I can’t imagine being anyone’s hero! I simply applied myself and if I can do it, anyone can!
Thanks for the compliment though!
Wow! That’s phenomenal. You should be really, truly, honestly proud of yourself for such accomplishments, and I “ditto” Holly’s hero statement. Looking forward to following your journey over the next 6 months!
How exciting!
Annie – you are too kind!
you are TOTALLY inspiring, lovely! i wish i could be even half as determined and good as you!
jxx
You are such an inspiration! You should be proud!
gorgeous photos! please keep posting thme,
your post reminds me of the saying’just do it’ , you are so focused and determined, I’m sure you will reach those next goals
Thanks for the overview update, I’ve been following your no spending days and wondered how they were working out
We after a year of tough slogging are now on the positive side of the budget (meaning we have real disposable income vs savings for bills) so now to decided what to do next.
BTW why didn’t you take a room mate to cut down on your accommodation costs.
Hi there-fantastic achievements my dear and you so rightly sound so upbeat and positive!! You are such a role model to a lot of bloggers out there, I think we could all do with emulating your success! very well done, richly deserved too!
You have done an amazing thing and continue to and I love that you say that nothing that you have done or cut back on was a sacrifice. You are living the life you are meant to live and loving it. I am happy for you. Good luck as you continue on.
~Corinne
You are truly an inspiration!! There is no doubt that what you have accomplished is AMAZING! These next 6 months are going to be equally as successful – i know it!
You go girl! And yes, you should be proud of yourself, you’ve achieved a lot in six months. A real inspiration.
Well done you..it’s been great following your journey, right from the beginning of your blog.
You inspire me to keep going x
Thanks for your comments on my blog, but you have done something to us. Already this year we have started growing our own food, not quite there but almost, and now since last friday we are only buying what we need and by doing so have already cut down our food bill by 50 percent!!! So thanks for helping us move onto the next step. Mind you with the saving, I did buy a new pair (£9) shoes I did need. Oh well, early days. Have fun on your weekends away and be careful fiona.
you have discovered the secret of the rich…pay yourself (compulsory saving) first and know what to spend your money on! well done! what a wonderful feeling it is.
How you have transformed your life is amazing! I’m making baby steps, sometimes falter, but I have been picking myself up right away and thinking long and hard of why I’ve faltered! Reading your blog, among others has been an eye opener. I’ve cut down on my groceries, plan more, (but not often enough)and think long and hard about buying stuff! You’re on a path that many seek, but few find!
i love this post, so inspiring …. to my own path this way, as well!! congrats!!
Congratulations on your amazing achievement! Are you going to post your success story on Gail’s blog?
I am always so pleased when people put health and peace of mind ahead of “stuff”!
And I have always been frugal, but 2 kids and a husband make that a challenge… I need constant reminders from people on-track to guide me back… thank you for your inspiration.
Love the photos and this post. Well done you! It’s fascinating what the impact of no buying can make. I don’t know whether you’ve come across it already but Judith Levine wrote a wonderful book called Not Buying It which was about her year of buying only necessities (she lives in the States). I often dip into it and read bits for inspiration.
Beautiful pictures and you are very inspiring. Congratulations on all of your hard work!
Congratulations on achieving your goals! You certainly have made amazing progress in the last 6 months. I’ve been reading through your blog archives (came here from Simple, Green, Frugal Co-Op), and have been inspired by what you are achieving. DH and I have decided to try something similar next month.
Huge congratulations on the amazing things you have achieved in the past six months. You are such an inspiration, I wish I could be as determined and focused as you are. Go girl, here’s to the next six months.
PS Your photos are lovely too.
Wow! I need to get my bum in gear and start doing this. It is amazing what strides you have made in a relatively short period of time. I think part of the reason I am slow to get working on our financial situation is that it seems like forever before I would be able to put a dent in our debt, let alone get rid of it. But it is amazing what you can get done in just 6 short months!
Congratulations on your progress, Frugal.
Lovely photos …. think I used to drive past Haldon Forest when I was at college.
Fantastic! And I love the Photos! You are doing a wonderful job reaching your goals!
Thank you so much for all your kind and encouraging comments, they warm my heart and soul!
Kudos to you! That is quite an achievement.
Congratulations!!
This is a great aguement against all those people that are struggling to get by on not much money and they blame their debt on their low salary. I do get sick of sob stories, I’m so encouraged to read yours! Keep up the good work!
Last year Mr Chiot’s and I had a year of “not buying crap we don’t need”. It completely changed our lives. We live more simply, have much less “stuff” and we are so happy. Our bank accounts are bursting and we will have our home paid off in a few years. It’s amazing what you can accomplish when you put your mind to it.
I’m so happy for you. Your dedication to yourself inspires me so much. When you mentioned that you did this on one salary I wanted to tell you that doing so was likelya huge blessing for you. I believe this because you were able to change your life and decide how you wish to live your life of your own free will. Now when you find the person you wish to spend the rest of your life with, you will be so much more careful to meet someone who shares these values and goals in life.
I hope the universe sends that special someone your way very soon.
*HUGS*
I so agree with you, if you want to be debt free DON’T SPEND MONEY!!!
I have another money saving post on my blog tomorrow (Thursday).
Another great post from you.
Gill in Canada
Saying well done just doesn’t cut it.. but well done you. You rock!
Wow! Congratulations! \very inspiring – I’ll be coming back for more updates now that I’ve found your blog.
GO GIRL!!! … it is amazing what you have achieved…