Sunday 21st of November is day 325 of the year. We have 40 days and 40 nights remaining until the end of 2010 and, in that time, I am going to challenge myself to tweet (post on Twitter) the entire year's Frugal Living Challenge. Can't promise that I'll succeed, but try I must. And then I'll can start from day one in 2011.
The 2011 Cyberdosh Challenge will be the most, umm... challenging, so far. We will start the year with a £4,000 budget (after payment of all rent/mortgage/council tax/water) and attempt to end the year with a credit balance of no less than the maximum amount we would have earned had the money been kept in a high interest account. (Anyone can join in with the challenge by setting their own budget.)
Current Bank of England base rate is still at its historic low of 0.5% but there are accounts out there offering 2.5% Basing our figures on the latter figure, we're looking at having a minimum bank balance of £100 at midnight on 31st December 2011.
Despite inflation running at around 3.5% we have succeeded in maintaining an annual household budget of £4,000 for the past 4 years. This means that spending habits are continually adapting in order to beat inflation and, as each year passes, more cash is available to clear any debts, invest or save. We are beating inflation whichever way you look at it.
So, 40 days to Tweet 365 days of frugalising a budget, pursuing the good life and saving for those rainy days. It'll be a bit of a whirlwind, but I'm branding it my first TwitLit ebook. The whistlestop tour of Frugaldom throughout 2010 can be followed at http://www.twitlit.co or else follow @Frugaldom on Twitter. If you're already part of the Frugaldom Forums then you've probably heard it all before - but a bit of revision never hurts. :)
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