Happy Monday, friends! It is bank holiday in the UK and I’m so grateful for this extra day off work since last week was a busy one and when I left the office on Friday I was feeling exhausted and desperate to have a couple of days off!
Now that I have caught up on my sleep, I have some exciting news to share with you all. As some of you may know, my current rent (including utility bills) takes 42% of my main income after tax (scary stuff!). I live in a very nice area of London by the Thames and have a fantastic apartment that I share with a friend, but it comes with an expensive price tag. I have lived in this place for nearly 2 years and during this time I have spent over £20000 on my share of rent and utility bills. When I added the numbers together, I felt a bit dizzy. This is a lot of cash! So last week I made the decision to move out. It was not an easy decision to make as I love my place and it feels like home, but I know this is the right thing to do.
I will be moving out in mid-September and I will stay with my sister for a couple of weeks before I find a perfect place to move into. I will not be paying any rent while at my sister’s (same as she wasn’t paying any rent while staying with me earlier this year), and this will save me a few hundred pounds. I will, of course, get her a small gift to thank her for her kind hospitality. I will be looking at much cheaper places in the part of London I live now and I would ideally like to spend no more than 30-33% of my main income on my rent and utility bills. I have to be realistic, and it is highly unlikely that I will ever find anything in central (ish) London that will be a nice place to live and take less than 30% of my take home income.
I have a lot of stuff in my current apartment; and a lot of that stuff I don’t use (and in some cases, haven’t used for 5 years!). My plan is to get rid of it. By “get rid of it” I mean sell it, donate it or bin it. Ideally, I would like to minimise my possessions by half. Seriously, half of what I own is going! I will start decluttering today and I have a feeling I will spend the whole day at it. To be honest, I am very much looking forward to this new chapter in my life where I get to move into a cheaper apartment, possess less “stuff” and throw even more money towards my debt!
Here’s my weekly spending report –
Monday, 19 August
no spend day
Tuesday, 20 August
personal care -£5.99
Wednesday, 21 August
Thursday, 22 August
no spend day
Friday, 23 August
Saturday, 24 August
no spend day
Sunday, 25 August
personal case -£1.49
Overall, I am happy with my spending last week. I ran out of pretty much everything and had to do a big grocery shop on Sunday. I am on the final days of my spending crash diet where I try to squeeze all my needs into a measly £100 per month. I will write a separate post about this sometime soon, but for the time being I’ll just say that I will most likely keep “crash dieting” for an additional month (September).
As for the goals that I set up last week, I haven’t done that great.
- Keep my grocery spending under £20 – FAIL! I spent £23.98 on food last week.
- Have my usual 3 no spend days – PASS!
- Go to the gym 3 times – FAIL! I went to the gym just once on Monday after work.
- Read 1 more personal finance book – FAIL! I am half way through the book, but I am yet to finish it.
- Make some extra cash – FAIL! I didn’t bring a single penny in.
These will be my goals for each week and hopefully next week I will do much better (especially in the extra income department).
How was your weekend? Are you on track with your spending?