Do you need over 14k saved in the bank for that 60 pounds dinner?!!

pete80

Frugal_Millionairess wrote: »

As my husband and I strive toward financial independence, I'm becoming more conscious of what it would be like to live without a salary. If we are living off savings, how much savings does each of our monthly expenses require?


So my goal in the coming month or so is to do some simple math as we go along. For every dollar we spend, we would need $20 in the bank to spin it off. Now that bagel and iced tea at Panera that I so love ($3.95) - is probably not worth $80....and my favorite Friday night pizza place ($20) - is probably not worth $400 - but whether the mind will be strong when the stomach is weak, remains to be seen.

QUOTE]

Hi Frugal Millionairess (even if it is only Dollars!)

Trying to live off just savings is hard, especially when the bigger unexpected bills appear for house and car repairs etc, but there is no way on earth that you should give up going to Panera, the best bread shop in the US, for your bagels. Dunno about that Iced Tea though.....or your Hot Tea for that matter:rotfl: First thing I pack after the passport & tickets is some decent strong tea!

sabretoothtigger

You should probably speak to a professional. Any income you take from the savings has to be offset against the money you lose to inflation.
The net effect quite often is that your burning up the original capital which is fine so long as your aware thats what you're doing

I would not store the majority of wealth in cash wherever you live

I don't know an easy way to convert to pounds,

xe.com

Frugal_Millionairess

pete80 wrote: »

Frugal_Millionairess wrote: »

QUOTE]

Hi Frugal Millionairess (even if it is only Dollars!)

Trying to live off just savings is hard, especially when the bigger unexpected bills appear for house and car repairs etc, but there is no way on earth that you should give up going to Panera, the best bread shop in the US, for your bagels. Dunno about that Iced Tea though.....or your Hot Tea for that matter:rotfl: First thing I pack after the passport & tickets is some decent strong tea!

Pete, the "Only in dollars...quite harsh:p" There is a famous model here named Giselle (often not using her last name which is quite the thing now like the artist formerly known as Prince) who refused to take any payments in American Dollars. Anyway she was written up in the Wall Street Journal under something like, "Is the U.S. headed for a steep decline - Model refuses American Currency". How far the mighty have fallen....

And thanks for the "free pass" to keep my tea habit, started many years ago by my British roomate. The first time Penny asked, "Did you want a cup o' tea?" I thought she was joshing me. Many hundreds of cups later, I see she was not and I toast you with my bagel and green iced tea as I type this morning.

PasturesNew

That looks like a "paid to post" advertisement.

sabretoothtigger

You can never tell with americans they have that enterprising spirit

Frugal_Millionairess

A_Phoenix_of_Tangerine wrote: »

Are you serious?! Nice welcome, that's a really rude thing to say considering she has already so eloquently explained herself (and it's not like she HAD to in the first place!) - it's pretty descriminatory of you, just because she's American and posts in here looking for advise / conversation. It's not even as though this site has a ____.co.uk address, so it's easy enough to find, plus, as she rightfuly says, there are plenty of global truths to saving money, regardless of the country in which you're living.

Phoenix, Thanks for the support;-). While I think Bendix was really just kidding, I think you must have been the nice kid on the school bus who stuck up for anyone you thought was being teased. My five year old just started kindergarten and he came home all upset the first day that some kids had been mean to him on the bus, then he smiled really big and said, "But one kid was really nice and told the others not to pick on me!!" How I wanted to send cookies to the "nice kid"....and am packing a few virtually for you too;-) Thanks.:A

asharon

What a great post op, very thought provoking !

Frugal_Millionairess

PasturesNew wrote: »

That looks like a "paid to post" advertisement.

Foiled again!! And just as I was about to cash that check from the company formerly known as "P....." and head to the islands for an early retirement. But you must admit the sheer devious brilliance of putting the reference into a post that actually asked people to rethink buying bagels as the cost to retirement savings is 20 times. ...but as noted, we Americans are by nature very enterprising....;)

Seriously, the bagels at P..... are sometimes a bit stale and the iced tea is a bit too strong for my taste, though I'm guessing many of you Brits would find our usual watered down variety to be swill..... I mostly like to go there as the kid who runs the checkout is sweet, knows my order by heart, and always wishes me a good day. And of course, who doesn't want to start the day with a bit of caffeine and some carbs?

And speaking of tea, apologies for dumping so much of yours in the harbor....that really was a bit rude on our part.....:rolleyes: