How much money do you have left each month?

jennifer56

Husband recently retired and I have been retired for a few years and was recently chatting to a few other retirees and the subject turned to money:).

Seemingly my husband and I have too much money left over each month:o.

We have no mortgage and all we pay each month is council tax, gas and electricity, Sky, phone and broadband and food.

Bingo twice a week and the occasional night out plus at least one holiday a year.

I have worked out that we spend about £700 per month excluding holidays and our income is £1300 per month from pensions so we have £600 left over.

Is this the norm?

In fact we have more left over now than when my husband was working

I remember the struggle over the years when we had no money and my MIL used to be so happy that she had £5 left at the end of the week from her pension and my husband swore that would never happen to us.

Jennifer

missile

Nice to hear someone who has been frugal and earned a comfortable retirement. Maybe now you can live a little more extravagantly and afford a few luxuries?

lilac_lady

I've more now income now that I had when I worked because I've no mortgage (or debt).

I'm having a lovely retirement and the only thing that'll stop me moneywise is hyper inflation. I'll worry about that in the future. (maybe)

pollypenny

I feel like Lilac-lady. It's brilliant not to have to fork out for mortgage and keeping students in beer and pizza!

Wish OH would lighten up about heating bills, though!

seven-day-weekend

Although we have no mortgage or debt, we do not have a lot left over each month as we only have a small income (until next Monday when start to get my State Pension:beer::j:T I am 60 tomorrow ). Even with our income at the moment we sometimes manage to save a little. So we will be fine when I have my Pension. We also have a house in the UK and Spain, so asset-rich I suppose.

In fact I've spent the first two weeks worth in advance on having a new window fitted in one of the bedrooms in our Spanish house.

Secret_Lady

seven-day-weekend wrote: »

Although we have no mortgage or debt, we do not have a lot left over each month as we only have a small income (until next Monday when start to get my State Pension:beer::j:T I am 60 tomorrow ). Even with our income at the moment we sometimes manage to save a little. So we will be fine when I have my Pension. We also have a house in the UK and Spain, so asset-rich I suppose.

In fact I've spent the first two weeks worth in advance on having a new window fitted in one of the bedrooms in our Spanish house.

Happy Birthday for tomorrow :bdaycake:

Newly_retired

I reckon we are in a comfortable position financially speaking as we have no mortgage, have savings, teachers' pensions ( though not the full amount) + state pension for me and p/t earnings for DH till he is 65.
I feel we can afford some luxuries, anything ( but not everything) we want within reason, because we have always been thrifty and don't have an outlook of spending all we've got. I put £500pm into a regular saver and move my savings around periodically to get good rates.
I am pleasantly surprised that we are in this position as I had expected to have to tighten our belts at this stage. When the children were young life was a real struggle financially speaking.
However today at CAB, I met a client aged 72 whose husband died 10 yrs ago and she still hasn't got a clue about money as he handled all their finances. She was unable to produce the documents she had been asked to bring as evidence of income. She has savings in an account paying peanuts for interest and just claimed to be clueless about money.
So I think being clued up is an important aspect- and I am grateful to MSE - and to my frugal upbringing!

tanith

I too am retired but early through ill-health, hubby is still working thank goodness as we are still paying our Mortgage (this will finish as he retires) I just sat and looked at the figures and although I do have money leftover each month over the year what comes in mainly goes out (I pay half the bills but keep my own Bank Acc).. including keeping my car on the road , presents and days out and treats the cost of which I share with hubby... he will only have a State Pension and a tiny Occupational Pension when he retires and is putting his full quota into an ISA each year until retirement.. so when the mortgage is finished and he retires we will both have some savings and should manage our outgoings comfortably which has also come as a nice surprise to both of us as we envisaged a poor old age . In fact I think we will do ok and afford to run one car and have holidays too.. Thank goodness I paid into my Occupational Pension when I did as I was on the brink of not doing so thinking I needed the extra money in those days when I had small kids...:T That £400 (by any standard thats a small pension I know) is going to make all the difference in the world...

margaretclare

Yes, DH and I now have more money - disposable income, able to save - than we ever had in all the years we were working.

Farway

Seems like I am similar, more money left now ceased work than when in work

Perhaps I am one of the many "lucky generation" when everything went our way, no problems getting jobs [1950 / 60s], affordable mortgage [bit of a gulp at Tories 13% rate though]

All in all I am enjoying my retirement and really do wonder how the younger ones will do having to work until 68+, may be great if in comfy office, how about as a scaffolder or brickie?

tonysbt

"We have no mortgage and all we pay each month is council tax, gas and electricity, Sky, phone and broadband and food."

No car would increase our 'leftovers' by quite an amount - no tax/insurance/servicing/petrol. But do you not have house (buildings and contents) insurance and other things that add up to a lot?