The 'Compact' lifestyle

Posted by Samantha Castle on February 29, 2008 6:24 PM

In my daily bid to Penny Pinch and make my wages stretch as far as possible each month I have been trying out the relatively unknown concept of 'Compacting' an idea which has recently hit our shores from America (Where else!).
It all started in 2006 when a group of individuals in San Francisco (obviously with more money than sense) decided to commit themselves to a 12-month challenge to compact their lives and go beyond recycling to counteract the negative consumer culture and resist global corporatism.
About 50 teachers, engineers, executives and other professionals had made the vow to not buy anything that year, except food, health and safety items and underwear. They called themselves 'The Compact'. And even set up an on-line group on Yahoo.

The Compact group has several aims, including:
• To go beyond recycling in trying to counteract the negative global environmental and socioeconomic impacts of disposable consumer culture and to support local businesses, farms, etc.
• To reduce clutter and waste in the home (as in trash compact-er)
• To simplify our lives (as in Calm-pact)
In other words don't buy new products of any kind (from stores, web sites, etc)
Wow! That's quite a commitment and one I admire but am all too aware would be an unhappy existence for me to follow to the letter and almost impossible to achieve living with someone who has no intention of missing out on the luxuries in life, (ie the *loml) like the next Xbox game, DVD or motorbike accessory.
But it did give me the idea of de-cluttering my life, my make-up, clothes, accessories and house-hold stuff and stop the unnecessary spending- I'm a sucker for stocking up and double buying products I like. So this weekend I will be mostly making lists of all my boxes, draws, wardrobes and cupboards full of stuff so I don’t go shopping for any replacements until they are completely finished.

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I've got a confession to make...

Posted by Samantha Castle on February 25, 2008 4:03 PM

I've got a confession to make, on Saturday morning I had an appointment with my bank about a consolidation loan.
I know, I know I'm supposed to be saving money and getting out of debt but I was going through my finances last week with a fine tooth comb and worked out that I have two loans and a maxed out credit card all with my bank and am collectively paying them a lot of money each month (almost half my monthly salary!) which could maybe be reduced if consolidated, thus saving me money- logical.
I didn't want any extra money from the loan, just a reduction to my monthly out-goings, that's why I got the appointment.
However I was refused the loan as I failed on the banks point scoring system, I used to live with my parents before, which almost always guaranteed a loan, but now my circumstance have changed and I'm renting I lose points. I've not been in my job for three years yet, so I lost points there too.
I admit I am a bit disappointed but on the other hand its just as well I was refused more credit because if I was granted the loan my repayments would have almost doubled due to the loan protection included and the APR rate they expected me to pay.
I'm guessing the stupidly high rate is to probably pay the wages for all the singing staff they have on the tv now!
Anyway besides the let down, (I hate being refused anything), I actually feel a little better about what I am paying out for my existing loans as the rate on them is really very low. I just need to try and balance transfer my credit card balance to a 0% card and cut up the old one. Lesson learned.

On a lighter note, a very generous reader of my Penny Pincher blog has taken pity on my poor little existence and offered me something for free, which I am very excited about.
As of tonight I will be starting a six-week pole-dancing course, which usually cost £90, thanks to the lovely Zara Groves of the Break 'n' Spin Dance Studio (home of Sharp-Shooters Entertainments) in Llandudno. www.breaknspin.co.uk www.sharp-shooters.co.uk
So I will let you know how the class goes later in the week. If anyone or business wants to also take pity on me and offer me free stuff to help with my Penny Pinching quest please feel free! Hint hint!

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My revelation

Posted by Samantha Castle on February 17, 2008 10:45 PM

I had a revelation today as to why at my age, 32, I am so poor.
During my misspent youth (my twenties) I spent lots of money and borrowed lots of money as I was sure as eggs I would be in a well paid job by my thirties. I was one of those stupid young people who thought 30 was dead old and a long way off and anyway I was working my way up in various management positions and edging my way into PR. (I has long given up on my dream of becoming a journalist after I left university as I had been turned away from every trainee position I had applies for)
While in these roles I got a taste of the kind of money that makes your bank manager change your current account into a gold card account. Well for a short while anyway. I remember that time well as I was out every night socialising and always doing lunch and I bought most of the business suits I am still squeezing into today. I also remember that I begged my bank for a massive consolidation loan to pay off all my credit cards and store cards and even started an ISA.
In hindsight my downfall (as if I had not fallen enough already!) was not looking at my finances in the long-term, I just thought I would always be in that kind of job with those kind of wages from then on, onwards and upwards. However as fate would have it when my contract with the company ended they didn’t renew it and before I knew it I was on the dole and making ends meet by working seasonal in a chocolate biscuit factory.
Of course I didn’t have any loan protection as I thought I would never need it, luckily for me on this occasion my mum helped me out by loaning me some money, and although she puts some blame at her own feet for my current situation, if it wasn’t for her help I probably would of ended up in deep trouble.
Now that I am in a good job every penny of my monthly income goes on my massive debts, but at least I can see more clearly how it's come to this, for what it's worth!

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It's not just me who's Penny Pinching

Posted by Samantha Castle on February 11, 2008 3:23 PM

I’ve been thinking a lot about money lately and was wondering why we all feel so broke.
I know it's not just me who sees that the rich are getting richer while the middle/working classes (you and me) who work harder than ever, are becoming poorer. We work our socks off only to have all our earnings taxed and everything we buy taxed.
Looking at the bigger picture it seems that while the cost of living has gone up our wages haven’t. All around us the outlook looks bleak, the police are marching for more money, the council are fighting against equal pay outs for female staff (what year are we in again!?)- no wonder so many of us were wishing last Friday night away dreaming of the £95 million jackpot only to wake up on Saturday morning to the cold reality that we hadn’t won a penny- (at least the sun was out for a change).
Take a quick look at the economy and how its affecting us- council tax is up, gas bills are up, petrol is up, general taxation is up, house prices are sky high. You just have to walk down your local high street to see the amount of empty shop units, and the amount of charity and ‘cut price’ shops that are everywhere and thriving.
No wonder money making experts like Martin Lewis and Alvin Hall are making a killing with their advice all over the place, they have made Penny Pinching, or as they call it ‘scrimping’ fashionable (although I would argue that it was actually me-Samantha 'Penny Pincher' Castle’ who brought it back into fashion!)
One national journalist, Anthony Browne, says: “What were once the middle classes are now being dubbed as the ‘coping classes’.”
And I couldn't agree more with him, personal debt is at a record level totalling more that £1,500 billion and its not just individuals who are living beyond their means, so is the Government. Look around you, its not just the individual Penny Pinching but the Government too, our post offices, delivery offices, schools and farmers are all being affected by cost cutting. Browne's article concluded: “We have gone from being the economic pride of Europe to the laughing stock.”
I just hope the same does not go for me wearing my heart on my sleeve with this blog..?

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Celebrate good times...

Posted by Samantha Castle on February 7, 2008 10:38 AM

To some February is a cooling off month money-wise, the Christmas bills are all but a distant memory and apart from the half term school holiday nothing much happens until Easter.
Alas this month I have the costly matters of the *loml's birthday and Valentine's day. Some non-romantics write off Valentines as commercial rubbish saying "I can show my love any day of the month" but that's the skin-flints way out I say. I'm a romantic, old-fashioned girl and I love celebrating special occasions like birthdays, anniversary's and Valentines because they have always been a special time of celebration in my family. And especially since our relationship is only just over a year old (we had our one year anniversary in December) I think it's important to celebrate these little moments together otherwise its just another night in front of Corrie eating corn beef hash (or some other tasty tea).
As it happens we had arranged to go to a rather nice Indian restaurant in Llandudno for his birthday on Wednesday night and I had decided I was going to make his birthday cake instead of buying one. But luckily for me there was an England friendly match on the TV which he decided he would rather watch instead of going out. So in the end my only expense, apart from his present, was to buy a Tesco Indian take-away meal which saved me quite a bit of money, and he loved his home-made coffee and walnut cake too- result!
As for Valentines Day, I have been instructed by the *loml to wear something nice as we're going out for a posh meal- his treat. This Penny Pinching malarky isn't as bad as I thought it was going to be.

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