Enough

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If you follow me on Twitter, you may have noticed me mentioning a monthly bread-making group that I now attend.

My friend, Lynne, introduced me to this. So far, I’ve baked Apple and Rosemary Bread, soft rolls and a quick-to-make type of breakfast bread, courtesy of The Hairy Bikers. To my surprise, I found that the Banbury Guardian has the recipe and method on its website, in case you’re interested.

Bread group protocols

We meet around the kitchen table of our host, Caroline on the 2nd Tuesday of the month.

Normally, in the style of Blue Peter’s, “Here’s one I made earlier,” Caroline has already prepared a batch of the dough whose recipe we are to make. This is so that we can knead it before it goes into the oven. This is especially useful if it’s a dough that requires a long time to prove. While this bakes, we get on with making another batch of dough to take home.

Towards the end of our measuring, mixing and kneading (and chatting), the first batch becomes ready for us to enjoy with lashings of butter (straight from the oven).

More than simply yeast-based recipes

At this gathering of like-minded women, we exchange stories and develop friendships as we enjoy fellowship and fun together. This invariably involves sharing news of our children or reporting updates on ageing parents, but our discussions are also wide-ranging.

What would 2018 hold?

This week, we shared Christmas and New Year’s stories and repudiated the idea of ‘dry January’ in favour of ‘damp January’, as we sampled a bottle of prosecco that my mum had given me at Christmas. Thanks, mum!

During the evening, our thoughts turned to the year ahead. None of us had made a New Year’s Resolution but one of our friends, Ruth, had chosen a word for the year. This is an idea I’m seeing increasingly: the selection of a word or phrase that might epitomise – or help shape – the coming 12 months.

Ruth’s word was simple, but incredibly powerful. It was ‘enough.’

Enough

This really struck me. What an inspiring choice!

There are so many ways we could apply ‘enough’ to our lives, which would ensure we lived a more intentional life.

We think of ‘enough’ when we talk about:

  • enough to eat
  • enough to wear
  • enough to live on
  • enough to get by
  • having done enough to pass
  • ‘enough is enough’
  • doing enough

No doubt you can think of many more examples.

Intentionality around ‘enough’

I got thinking about this and realised that Enough is the title of Patrick Rhone’s book. Have you read it? I haven’t yet, but maybe I should.

I took a look on Amazon. In the foreword to Rhone’s book, James Shelly explains how Rhone finds the middle ground between the absolutes of ‘unbridled consumption’ and ‘monastic luddism’.

Do I already have enough?

Asking, “What do I really need?” or “Do I already have enough?” is a very good way to check our natural impulses, especially when we are considering a purchase (particularly if it means bringing additional stuff into our homes).

If you shop online for food, checking if you already have enough of a particular item in the cupboard is a sure-fire way of helping stick to your budget, whilst ensuring you have what you need to make this week’s recipes. You’ll also avoid unnecessary food waste.

Hankering after the latest gadget? Ask what you really need. So many appliances or electronic devices have far more functionality than any of us actually require. It may be more cost-effective in the long term to buy a better quality appliance with fewer functions (like our Miele washing machine) than a fancy piece of kit with lots of features you’ll never use.

When simplicity is ‘enough’

In The Lord’s Prayer, one of the best-loved and most frequently spoken prayers in the whole world, the only thing we specifically ask to be given is:

Our daily bread

Whilst ‘bread’ may be a proxy for our most fundamental basic needs, the simplicity of this is beautiful. The ‘staff of life’ is all we need to sustain ourselves. Anything beyond that may be a luxury, even excessive. Through this prayer, we don’t ask for riches. We ask for enough.

Minimalism is about removing the excess from our lives and paring down to a more simple, fundamental way of life. Anything that no longer adds value can be eliminated, enabling us to focus on what really matters (spoiler alert: that’s not stuff).

How lovely that it was at a bread-making group that ‘enough’ was the word for the year. It’s certainly something I’ll contemplate as the first month of the year unfolds.


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Why I’m performing plastic surgery on my credit card

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Many years ago, I applied for a credit card that offered 2% cash back on all purchases. That was pretty generous, so you can tell how long ago that was!

Every month, we would use the card for all of our discretionary spending (that is, anything we bought on a week-by-week basis such a food, fuel and so on). We’d pay off the card every month in full. Then, once or twice a year, we’d get a decent cheque in the post with our cash back amount.

As we always paid off the balance in full, the credit card company actually made little money from us directly.

When I’ve used a credit card

I still have a credit card but I don’t use it for everyday purchases. Instead, I have used it for that one-off, occasional or unusual purchase such as our daughter’s prom dress.

However, because of the ease with which one can use a credit card in this way, there’s always a nagging thought in the back of my mind. Every time I do this (even for a relatively modest single item of expenditure), I‘m borrowing against next month’s income.

In effect, I’m creating a shopping hangover.

A change of heart

So, I’ve had a change of heart. The fact of the matter is this. If we’re going to win with money in the long term, this is what I’m going to do.

I’m going to perform plastic surgery on my credit card. Yes, I’m going to cut it into little pieces and throw it away.

Now, some of you still use your credit card in the way I used to. You tell me that you find it easier to track your spending this way (although, for me, I can’t understand this).

For me, it’s crunch time and here’s why.

What the research shows

Research shows that credit cards are ‘friction free.’ That is, handing over a card is less painful psychologically than handing over actual cash. In an article for Psychology Today, Scott Rick explains that people tend to spend more when they use a card than they do when handing over actual cash: “Experimental research….suggests that credit cards can stimulate overspending: People are often willing to pay more for the same product when using credit than when using cash.”

Indeed, Rick cites a range of psychological factors, which compel consumers to use a card over cash.

Even though I don’t put a lot on my card, I know that when I previously experimented by cutting up my card, I definitely spent less money overall.

Business Travel

“But what about business travel?” I hear you ask?

I once attended a work conference, which across the pond in Anaheim, California. I took my credit card for ’emergencies’ and actually ended up having to use it when I found my employer had failed to pre-pay my bill.

At my hotel’s reception desk, ready to check out, but fully expecting my account to have been settled, I learned that the transaction hadn’t gone through. Worse, the time difference between California and England meant that there was no-one in the office back at home to sort it out. I’ll admit that this was a time when I was glad I had my personal credit card.

However, this does not deter me from my plastic surgery. What I’d do in the future is request a corporate card, rather than rely on my own personal card, which required me to claim this expense on my return. No corporate card? No travel!

But a credit card’s for emergencies!

In my last post, I wrote about why I believe we all need an emergency fund.

In fact, a fully funded emergency fund should contain 3-6 months of expenses. So, if we have a fully funded emergency fund, we shouldn’t need to use the ‘shopping hangover’ method to cover unexpected bills.

The post-Christmas hangover

As the nation anticipates its post-Christmas credit card statements, I decided to do some research on card spending. What I learned really shocked me.

The UK’s spending habits

In October 2017, an article in The Independent warned that credit card lending was on the increase, in spite of warnings about the high levels of UK household debt. In the article, journalist Ben Chu cites regulators’ concerns about the extent to which households are turning to credit to finance their consumption.

Indeed, in the previous month, we saw headlines suggesting the UK was experiencing a ‘debt crisis’, as household debt had increased by 7% in the preceding 5 years.

Going slightly further back in time, the sheer volume of annual card sales is revealed in the UK Cards Association’s report of April 2017. I was staggered to read that, in the month of April 2017 alone, 315 million purchases were made on a credit card (up on the previous year’s figures by 41 million transactions). The overall total of money spent on a credit card that month was £16.8 billion (versus £15 billion the previous year).

What the hell were we all buying?

The report shows we’re using credit cards for a whole range of goods and services from food to fuel, with a marked increase in the use of cards (both debit and credit) over cash in these categories.

What if you have to use a card?

If you listen to Joshua Fields Millburn and Ryan Nicodemus’ podcast, you’ll have heard them say quite clearly: “If you have to use a card, you can’t afford it.”

In my case, if I decide to use a credit card, I’m swapping convenience for a shopping hangover. And I no longer want to do that.


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Why we all need an emergency fund

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Happy New Year 2018!

January’s blog post theme

During the month of January, I’m going to be thinking about money, as we have set some specific financial goals for our family in 2018.

It follows that my blog posts may follow a bit of a financial theme in this first month of the new year.

Holiday listening

In particular, I’ve been listening to Dave Ramsey’s podcast over the holidays. Ramsey’s consistent, straight-talking and sound advice has benefited thousands of people worldwide and his simple series of Baby Steps has helped his readers, listeners and YouTube watchers get a grip on their finances and – in Ramsey’s words – “Change their family tree.”

Baby Steps

The Baby Steps help break down Ramsey’s plan into manageable chunks and build momentum. Indeed, the small wins that can be achieved early on in the programme through these Baby Steps help psychologically with motivation.

Baby Step 1

The very first of the Baby Steps is to start an emergency fund of $1000 (or, in the case of us Brits, £1000).

This should be done as fast as you can.

If you’re already a seasoned declutterer, you may find this easier than you think. A good rummage through your garage, wardrobe or loft may yield some excess stuff you no longer need, so you may soon be able to pull together the funds to get started.

If, like me, you’ve already learned to let go of stuff, freeing up unwanted items to contribute to this initial £1k may not be too much of a challenge. It may take only the effort of cleaning them up, photographing them, then listing them online on sites such as ‘Things for Sale in Kenilworth’ (our local community site on Facebook) or eBay.

Why Baby Step 1?

Ramsey’s approach is to establish this beginner’s emergency fund so that if you have a genuine and unforeseen expense, you won’t have to go into debt to pay for it. In a later Baby Step (#3), a fully-funded emergency fund of 3-6 months worth of expenses is put in place, but this starter fund is where we begin.

When you need an emergency fund

Between Christmas and New Year, we had a sudden and unwelcome fall of slushy, grey snow. We came down for breakfast the morning after Boxing Day and noticed something was odd about the hedge that usually sits against the wall by the side of our kitchen window. The supports to the hedge had given way in the wind and snow, so the prickly shrub had lowered itself forward over the border, covering all of the smaller plants and herbaceous perennials beneath.

Thankfully, with some significant effort (and 6 hours’ commitment), my lovely husband managed to shore up the woody stems, drill new supports into the wall, and push the hedge back into place.

However, this unexpected job reminded me that we weren’t quite as lucky when the fence blew down.

When the fence blew down

On the other side of the garden, we share a boundary with our next door neighbours.

One very stormy night two or three years ago, our shared fence decided it was no longer fit for purpose, leading to an unexpected but essential replacement. This cost about £375 per family, which our emergency fund was able to cover easily.

The point of this is that, whilst you’re taking steps to get your finances into good shape, the last thing you need is a mini-emergency to set you back.

In 2016, research by the charity Shelter found that 37% of working families in England could not cover housing costs for more than a month in event of job loss. Ramsey’s approach is designed to mitigate against this and putting an emergency fund in place is a first step in the right direction.

Do you have your emergency fund in place?

If you haven’t done so already, I’d encourage you to get your emergency fund in place.

So, when the metaphorical fence blows down, you’ll have the financial resources to deal with it. Plus, there’ll be no call on your emotional reserves either, as you won’t be stressed about how you’re going to pay for it.


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