How I reduced my monthly costs 6-fold. A decade ago my monthly costs were £3000, now they are £500. How did I do it? Back then I supported a wife and two teenagers. The teenagers went to college, then got jobs, and became self-sufficient. I aggressively reduced the family budget. A few years ago my wife and I separated(the two are not related, BTW).

We sold the family home and I bought a small apartment. I sold the big car and bought a small, inexpensive model. I paid off all loans — house, car, everything. No debts. Then I aggressively shopped for low-cost services. Mobile phone service — £8 a month. Cancelled Sky and now use Freeview (zero monthly cost). I shop at Aldi and Lidl — surprisingly good quality and low prices. I go camping(low cost), go walking and hiking(free) and work out at home(no gym membership). It can be done.

And thank goodness I did this as the pandemic reduced my income by more than 80%. Learning to live frugally teaches you so much. You learn the true value of money, buy only what you need, and learn to truly enjoy everything you buy. There is no stress around your finances. A big win.