'Spending Money' in retirement
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liz3chickens wrote: »Thank you to everyone for your very interesting and varied responses.
During 45 years of marriage my husband has never been interested in our finances. Mortgages, bank accounts, credit cards, savings, holidays - his attitude is that if I think we can afford it ( I make sure we can) then it's OK. That's the way it has worked.
We have a Santander 123 account which is kept at £20,000. No mortgage, loans or cc debt, the cashback doesn't cover the £5 fee but worth it for the interest.
Monthly income is £1590 from pensions.
Outgoings - Council tax, water, gas, phone etc £250
Monthly savings by s/o for Christmas & birthdays, holidays, insurance, hobbies (golf & fitness classes) £300
Food £200 - 250 Spending money £216 (£25 week)
So about £500 to cover petrol, meals out, cinema, clothes, dentist, haircuts etc. So not a lot left over.
We save £200 each in 5% regular savers, money transfered from another savings account and have a pensioner bond, fixed rate cash ISAs and some money in premium bonds.
Our plan is to spend some of our savings on holidays, trips and treats together over the next ten years while we are fit and able.
My original question was about spending money and I think we have resolved that but it has been interesting to read what others think is a reasonable amount to spend every week.
Remember the petrol bill is likely to drop due to the reduction in commuting, your budgetting appears little different to my own for energy grocery etc, I put £300 into a seperate account for my daily spending ( I smoke ) and even out of that there is still over £100 per month excess, perhaps the presents bill is where savings can be made, all the rest is saved and to be honest it gets depressing having £thousands in the bank with no need to spend it. I've known of guys at work retire with good pensions and lump sums from stocks etc only to sadly pass away a few months later
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We didn't commute by car. In a normal month we spend between £50 - £100 on petrol, depends if we go out a lot. So that won't go down. Birthday/Christmas presents only to immediate family with a strict limit on amount. I am growing a lot of fruit and veg so the food bill might be less.Remember the petrol bill is likely to drop due to the reduction in commuting, your budgetting appears little different to my own for energy grocery etc, I put £300 into a seperate account for my daily spending ( I smoke ) and even out of that there is still over £100 per month excess, perhaps the presents bill is where savings can be made, all the rest is saved and to be honest it gets depressing having £thousands in the bank with no need to spend it. I've known of guys at work retire with good pensions and lump sums from stocks etc only to sadly pass away a few months later
Perhaps the time has come to start spending some of our savings. We have seen family and friends the same age as us become ill, disabled or pass away over the last few years and it does make you want to make the most of your time while you are fit and healthy.0 -
liz3chickens wrote: »Thank you to everyone for your very interesting and varied responses.
During 45 years of marriage my husband has never been interested in our finances. Mortgages, bank accounts, credit cards, savings, holidays - his attitude is that if I think we can afford it ( I make sure we can) then it's OK. That's the way it has worked.
We have a Santander 123 account which is kept at £20,000. No mortgage, loans or cc debt, the cashback doesn't cover the £5 fee but worth it for the interest.
Monthly income is £1590 from pensions.
Outgoings - Council tax, water, gas, phone etc £250
Monthly savings by s/o for Christmas & birthdays, holidays, insurance, hobbies (golf & fitness classes) £300
Food £200 - 250 Spending money £216 (£25 week)
So about £500 to cover petrol, meals out, cinema, clothes, dentist, haircuts etc. So not a lot left over.
We save £200 each in 5% regular savers, money transfered from another savings account and have a pensioner bond, fixed rate cash ISAs and some money in premium bonds.
Our plan is to spend some of our savings on holidays, trips and treats together over the next ten years while we are fit and able.
My original question was about spending money and I think we have resolved that but it has been interesting to read what others think is a reasonable amount to spend every week.
I find it interesting what isn't in spending money... clothes, haircuts, cinema, meals. Personally, I would lump those with spending. You also seem to be saving at least twice over for holidays with the 200 regular savers, 300 standing order and your existing savings.But a banker, engaged at enormous expense,Had the whole of their cash in his care.
Lewis Carroll0 -
theoretica wrote: »I find it interesting what isn't in spending money... clothes, haircuts, cinema, meals. Personally, I would lump those with spending. You also seem to be saving at least twice over for holidays with the 200 regular savers, 300 standing order and your existing savings.
With clothes I have thrown out many bags of clothes recently, good condition but just won't be worn, a couple of season outfits at most, cinema well many films are CGI and special effects so not so enjoyable, meals out can be had cheaply enough especially in the afternoons now that there is free time, many that I know who have retired often mention that they don't know how they found time to work :eek:0 -
With clothes I have thrown out many bags of clothes recently, good condition but just won't be worn, a couple of season outfits at most, cinema well many films are CGI and special effects so not so enjoyable, meals out can be had cheaply enough especially in the afternoons now that there is free time, many that I know who have retired often mention that they don't know how they found time to work :eek:
Please tell me .... in retirement there is more to eating out than hunting for cheap afternoon meal deals??0 -
Please tell me .... in retirement there is more to eating out than hunting for cheap afternoon meal deals??
There is for us
One of our delights is trying out restaurants. We live in a part of the world which is pretty well off for restaurants/hotels etc and we have a couple of favourites but continue to seek out new places
Most restaurants down here do very good value (not cheap) lunches which is ideal if you are retired. A long lazy lunch with some wine, maybe a Cointreau and an afternoon rounded off in one of our favourite watering holes. Bliss!
I can honestly say I've eaten out far more in retirement than when I was working0 -
There is for us
One of our delights is trying out new restaurants. We live in a part of the world which is pretty well off for restaurants/hotels etc and we have a couple of favourites but continue to seek out new places
Most restaurants down here do very good value (not cheap) lunches which is ideal if you are retired. A long lazy lunch with some wine, maybe a Cointreau and an afternoon rounded off in one of our favourite watering holes. Bliss!
I can honestly say I've eaten out far more in Retirement than when I was working
Thankyou for that. The thought of eating in 2for1 dumps of places that claim to be restaurants once in retirement is not appealing at all ... I would rather eat in Macs
:D.
A nice independent restaurant/coffee house for a lazy afternoon is much more what i would hope for0 -
With clothes I have thrown out many bags of clothes recently, good condition but just won't be worn, a couple of season outfits at most, cinema well many films are CGI and special effects so not so enjoyable, meals out can be had cheaply enough especially in the afternoons now that there is free time, many that I know who have retired often mention that they don't know how they found time to work :eek:
I hope the clothes were thrown out via a charity shop.
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Thankyou for that. The thought of eating in 2for1 dumps of places that claim to be restaurants once in retirement is not appealing at all ... I would rather eat in Macs:D.
A nice independent restaurant/coffee house for a lazy afternoon is much more what i would hope for
Where we are, anyway (seaside town) there is a lot of competition for the lunchtime trade. Our favourite restaurants (and others) will do high quality 2 courses for £12 3 courses for £15 (in that region and some cheaper) with plenty of choice. Even the local boutique hotel has a scrummy 2 courses for £15 lunch deal0 -
liz3chickens wrote: »My original question was about spending money and I think we have resolved that but it has been interesting to read what others think is a reasonable amount to spend every week.
When you say 'resolved' do you mean your OH is going to stick to his spending budget from now on?0
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