Financial Minimalism

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Noor77

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I was watching a programme the other day on one of those UK stations - something along the lines of "getting your finances in order". It's the kind of programme where they get a "financial doctor" in to sort somebody out who is in bad financial circumstances. Anyway, the guy they were dealing with on the particular episode I saw had got himself in debt to the tune of approximately 30,000 sterling. His task for the first week was to get by on only 10 sterling! Now, this left me absolutely agog......okay, the guy didn't have transport charges (he could walk to work), had no dependants and food wasn't a problem (he was a professional chef), but still it seemed like a miniscule amount to expect an adult to get by on. He managed it though, but of course he had no social life, daily luxuries etc for the week...

I was wondering has anyone managed to get by like this for a more extended period of time - in order to accummulate savings for a specific reason? I suppose in a way it would be like a financial crash diet!
 
There a number of (American) websites out there that promote the whole "frugal living thing" or "how I bought a holiday home by re-using zippies"
 
I'd love to try it for a month or two, just to see how much I could save. Of course I would have to choose the time wisely - not Christmas or anything!
 
To change it slightly .. I 'get by', on out-of-pocket expenses, with €25 per week - train fares, toll bridge, newspapers. I lunch in work on credit (cumulative charge per month) and a night out is a monthly rather than a weekly event.
 
I know the programme you are talking about Noor77 it is called - Spenaholics. It is a good concept as they pare down the persons spending to get them to see what they missed out on during the "cold turkey" week and after that week they do out a realistic budget for the person to stick to long-term. THey also have a counsellor of some sort who tries to delve into the reasons why the person overspends and making them aware of it.
I know I often impulse buy or buy something to "cheer myself up" and could easily do without these things i.e. magazines,shoes,clothes,makeup etc... and still havn't figured out why i sometimes do this.
 
Yes, Spendaholics, that's it!

I just wonder how much you really need to get by on. So much of what we spend money on is completely unnecessary. I was reading some other thread about kids clothes; someone was talking about leaving their kids clothes behind them after a holiday as they didn't really need them. I just thought...... gosh ...... even clothes are disposable these days. It seems so strange
 
BBC 3, I like it, its interesting because it explores people's physchological and emotional relationship with money.

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Noor77 said:
His task for the first week was to get by on only 10 sterling! Now, this left me absolutely agog......okay, the guy didn't have transport charges (he could walk to work), had no dependants and food wasn't a problem (he was a professional chef), but still it seemed like a miniscule amount to expect an adult to get by on. He managed it though, but of course he had no social life, daily luxuries etc for the week...

I was wondering has anyone managed to get by like this for a more extended period of time - in order to accummulate savings for a specific reason? I suppose in a way it would be like a financial crash diet!
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Try going on the dole in the UK, you only get slightly over 50 pounds a week for an adult or 80 pounds for a couple, and this is supposed to cover EVERYTHING except your rent/mortgage. Ok its not quite so extreme, but its still a tiny amount.

The least I've managed to survive on was 75 euros a week. This was for about 4 months. Then it went up to about 100 a week. (I had a lot of debts to pay and no hope of any credit anywhere). In fairness at the time I was getting a free luch at work so food (out of English market in Cork) was about 10 euros a week, and my rent covered electricity. I had no landline and no heating bill. It was harsh.
 
I think we are inclined to cut our cloth to suit etc.. Whatever we earn we tend to adjust out lifestyle to coincide with it so each pay increase we may receive doesn't make a difference. I like the concept of Spendaholics but am not ready to go the "cold turkey" required as yet ;)
 
BBC3 is not on hte main menu for sky but you can add it to other channels. Go to boards.ie and satelite section for explanation of how to do this. BBC3 is free-to-air.
 
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just happened to have pulled down the info last night to set up my sisters TV for UTV and BBC3!
 
fobs said:
BBC3 is not on hte main menu for sky but you can add it to other channels. Go to boards.ie and satelite section for explanation of how to do this. BBC3 is free-to-air.
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Thanks fobs!
 
Noor77 said:
I'd love to try it for a month or two, just to see how much I could save. Of course I would have to choose the time wisely - not Christmas or anything!
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Surely such a time of pervasive conspicuous consumption is exactly the right time to try to make savings? Or do like my wife and sister do and do you Xmas shopping earlier in the year during the sales.
 
Here's one for you. While on holiday in Spain my husband noticed that all estate agents, banks etc. give out free windscreen sun shields made of foil on top of expanded foam. This is the stuff the really expensive roof insulation is made of. He had the great idea that we should spend our holiday collecting these in order to join them together and make our own roof insulation!!!!

He assured me that this would save us thousands when we get the roof done this year.
 
liteweight said:
This is the stuff the really expensive roof insulation is made of. He had the great idea that we should spend our holiday collecting these in order to join them together and make our own roof insulation!!!!

He assured me that this would save us thousands when we get the roof done this year.
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did he notice at all how bulky the stuff is, wait till Micko Leary sees ye coming back :D

shredding old wollie jumpers is another damn fine idea as is combing your cat every week and saving the fur.
 
He told me that jumper collection was for charity!!!!!!!!!!

When I knocked the insulation idea on the head, his other ideas were to make tea cosies and wine coolers out of them!

Apparently Micko Leary charges by weight not bulk??? I'm off out now to check the neighbourhood cats for bald spots!!
 
I know someone that uses each teabag three times. But that's not a good example of financial minimalism ...just financial scrooge-ism I suppose
 
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