This is an update on my 28 day financial detox.
I set out three goals for the 28 day period, here’s how we’re getting on…
24 hours to a financially healthier 2017
This didn’t end up being a one day thing, instead we did it a couple of hours each morning over three days. It felt more manageable like that.
These are things we have done so far;
Swapped credit card for one with 0% interest – saving £80pm
This made sense as we are going to pay it off this year but probably not until the end of the year, so we have saved a bit of interest between now and then.
Remortgaged to a lower interest rate – saving £30pm
We have discovered that if we begin over paying our mortgage as we plan to in 2018, we could be mortgage free in under 10 years. 8 years if we really push ourselves. We’re both feeling very motivated by this prospect and this year of simplicity and minimalism is only going to help us move towards that goal.
Cancelled iPad wifi we weren’t using – saving £10pm
Moved mobile onto SIM only deal – saving £10pm
Total Saving £130pm (£1560 over 2017)
We have also decided that if we buy a car that is suitable for us both to drive, then we can reduce from two cars to one next year. Potential saving £265pm.
In six hours we saved £1560 over the year. That works out at £260 per hour!
Use what we have
This is going well. We have only bought the ingredients we need to tie up all the food we had in the house already.
We also watched the documentary Minimalism, which is available on Netflix. Alex was quite inspired and has had a big clear out. I highly recommend getting your partner/family to watch this and see what they can take from it for themselves. We are now working as a team on our financial detox and making significantly more progress as a result.
We are also in the process of using up all our household items and cosmetics before stocking up on our favourite brands.
No cash purchases
So far we have stuck to this, we’ve both been ill so spent a lot of time blogging, reading and watching films and documentaries. I’ve found the whole process of not spending really enjoyable after the excess of Christmas.
Overall I’m feeling very enthusiastic about our financial detox. It hasn’t felt like hardship at all, and we both feel much more focused on what we want in 2017 and beyond.
How is your 2017 going so far? Are you doing a financial detox?