I completed the Uber Frugal Month Challenge (UFM) in 2020 with some really positive behaviours which have slipped during this crazy year, and due to deciding to have bariatric surgery, I will be entering February 2021 with personal debt of nearly £10k which I have never had before in my life! Though mine and hubby’s personal debt is now only the mortgage- we have paid off the car loan, bought a new second car outright (for a bargain) and paid off our credit card this year. Hubby has changed jobs and this one is much less money than his previous job, though he is so much happier which is the most important thing, meaning we have a little less money to play with than previous years. We have adapted to the reduction- we lowered the mortgage OP to £50 from £250 and paid off the car loan ‘saving’ £200, meaning we haven’t had to miss the larger wage too much!
One problem I have is that I do love things, hence the title of the blog being aiming for the good life, as I am not quite sure what that actually looks like, but I am trying to head in the right direction. Also, holidays, man I love holidays! I am working on creating a frugal lifestyle which incorporates holidays! Right, homework!
Step 1: Establish your goals
- Why are you participating in this challenge? This is quite simple, I am entering this year with the largest personal debt I have ever personally had and it is scary! We made some great headway this year in reducing our joint debt and starting to rebuild our savings, the mortgage OP’s have taken a hit, but for hubby’s sanity that is worth it. Anyway, back to this challenge, I want to set myself up to start to repay this loan- £5k loan and credit card on 0%- £3.7k plus some tooth work at £720 (freaking ouch in more ways than one). I do have about £2.5k in savings but want to keep this until I am healthy and back at work as I am unsure how long I will need off and will be on sick pay for. I am using just under 3 weeks of annual leave so that is very helpful. I did some great work last challenge, and want to get back into it!
- What do you hope to achieve? I want to feel back in control of my money, and I don’t want to use spending as a replacement to eating after my operation which could easily happen! At the end of Jan I would like to be able to save extra money, to feel reasured that I can smash my personal debt as quick as possible! To add all this together into making a Jodie who is more focused on looking ater herself in a variety of ways.
- What are your longterm life goals? I won’t lie, I am not great at long term planning as such, I am not good at future thinking and planning apart from holidays! I mean my goals could be broken down, professionally- get my NVQ level 5 in management, my manager has requested this for me and hopefully it will be agreed. I would like to do a Masters in Dementia but this is quite costly and wouldn’t really benefit work, but it is a personal interest. I would like to consider perhaps looking at becoming a Deputy Manager, maybe, but also am not sure I want to go into management either! Personally- To have my bariatric op and use this tool to become more comfortable in my own skin and to be able to enjoy the adventurous things I want to do but am too heavy for. To fit comfortably in my car without the steering wheel touching my tummy, to be able to bend and touch my feet without difficulty, to be able to walk distances- which I can already do- with ease comparatively. To aim to walk a few half marathons, I have done one previously and it was so hard, would like to manage this with much less difficulty. To carry on loving my hubby and pups and having great friends and family. Mostly vague!haha.
- Where do you want to be in 5 years? In 10 years? This is like the above goals again! Ummmm, debt free would be good, in 10years getting close to mortgage free would be great, a healthy weight, active and doing lots of fun stuff, hiking, paddleboarding and zip lining to start! Maybe be in management in nursing, maybe having a small business on the side, still rescuing animals and travelling. Building up great savings, living a frugal life.
- What about your current lifestyle might prevent those goals from happening and what can you do about it? My weight will get in the way, but hopefully with bariatric surgery this will help this goal. Debt free boils down to me being more money savvy and frugal, so that boils down to me again! So really me and my lifestyle could all get in the way, plus my uncertainty about what I actually want and in what kind of timeline I want to achieve it.