The Frugal Living Challenge is an adaptation of my original 'Living on £4,000 for a Year' challenge, which has been running online since 2007. Join our frugal living experts now.
Our money saving and frugal living challenges date back to the late 1990's so many of us have gathered a considerable amount of experience along the way. Whether it is balancing our own books, controlling the household budget or simply living within our own means, we have managed to gather together a fair team of frugal living experts who can offer free online help and moral support to help solve personal money problems. Everything here is done as economically as possible and much has been achieved on what some considered to be near impossible budgets.
I can say with confidence that living free from debt while earning a small income is 100% possible. You do, however, need to exercise will power and keep yourself focussed on your plans in order to achieve these otherwise impossible goals. Waste not, want not... if you take care of the pennies then the pounds will take care of themselves as long as you avoid the trap of becoming penny wise and pound foolish!
We have seen many changes over the years, so each stage in the development of our frugal living and working adventure takes us a step closer to self sustainability and financial freedom.
A budget is personal to you, it should fit in with your personal financial situation and it should result in something you are happy to achieve. If you can reach the point at which you spend less than you earn, then you are halfway there. Getting to the point that you are spending less than you are earning while also becoming absolutely free from debt is very liberating. Having enough cash left over after that to carefully, conscientiously and successfully save for your own future is the ultimate goal. You just need to believe it is possible and stick to your plan, no matter what.
There are no sure-fire winners in investments but a combination of small savings can amass small fortunes - and these will continue to grow as you continue to save after any debts have gone.
This is not about self-deprivation or self-imposed poverty just for the sake of it, it is about providing genuine, mutual support for those who are prepared to take on the challenge of making a real difference to their own lives while sorting out nasic money problems or even serious financial situations. Don't quit - get financially fit!
Once debts are gone and you are in full control of your own spending (or not spending, as the case may be), the world is your oyster. Whether you choose to invest, donate, explore, plant a forest, see the world or lead a comfortable life knowing you are financially secure is entirely up to you.
Newcomers, let's get started right now. Old hands, let's put in a bit more practise until we really are expert money savers who can afford to spend free time sharing hints and tips with fellow frugal folks.