Can we live halved Income

moneywaster-nomore

As my title asks "can we live on a halved income. Guess the answer is, we will have to, just need to learn "how"

My DH as lost his job at age of 63, we are being realistic and assuming he will not get another job. He has been claiming JSA for 6 month but this is now ending and has been told I earn enough to keep us both £900-£1000 4 weekly. Now I am not saying this cannot be done. Just need to learn how to do it. We have been using savings as a buffer but now need to halt that and learn to live on what comes in.

Like many others I am going to use this Diary as a tool to help me put everything in order.

What scares me is I have always been US with cash :eek:. Hence my small amount of debt. I clear it, then run it up again. Must clear it all this time. As I have not got the means now to clear it so easily again. When I think of the £1000s I have wasted, time and time again :eek:.

But tht is now in my past. I will update debts into my Sig asap.

:j Happy to being dealing with my issues, they may be small but they need sorting and ending once and for all.

adrisco

Have no answers, but totally identify with you. My OH is retired and I am probably going to lose my job in the next year. Have no debt but am very worried. Will follow your posts with interest.

moneywaster-nomore

Hiya and thank you for your reply. I have no idea how I am going to go about this. Reading a lot of posts and looking at the old style board.

moneywaster-nomore

One area, I know I can cut back on is food. Luckily DH never complains about what ever I do for meals, he does not have a huge appetite. I enjoy cooking, so its in the kitchen for me. I have quite a few cook books too.

Next two weeks are going to be a big struggle. I do not get paid till 9th March. And I have very very little money. I am going to make plans and some budgets and menu's for my next pay.

No holiday abroad this year but we do have a tent, had it for a year, never used it.

DawnW

Good luck with your journey. I will keep reading and chip in now and then.

My OH (59) left a job he hated last September (no benefits as he left voluntarily) so we have been on a reduced income since then. He is doing a little bit of self employed work, but earns very little. He has worked hard in a manual job since he was 15 though, so I don't mind

I am very lucky in that I earn a good wage, and we are managing fine. I am pretty frugal though, aiming to pay off the last of our mortgage asap in case anything happens with my job.

Camping sounds fine, especially if you already have a tent. The kids used to love it when we took them years ago. We don't tend to bother much about holidays now to be honest, though we are going to France for a few days this year, to stay with a friend.

Do you have a garden? Try growing your own fruit and veg (maybe OH would enjoy that?). You don't need a lot of space. We have a raised bed for veg, a flower bed with a loganberry trained along the wall, a patio full of pots and 2 chickens who live in our little garden Lots of fresh produce, and costs hardly anything

moneywaster-nomore

Hiya and Thank You for chipping in, feel free to chip anytime, all constructive christmas and tips welcome. Well done you for always being frugal.......wish I had been.

We have an allotment. DH does it but I think i will join him, its just a 5 minute walk from my house. I love pottering in my garden at home, front and back not big but big enough. Fab that you have a few chickens. We are not allowed livestock of any kind. Hope to be swapping growing tips.

Adrisco, hope to be swapping tips with you too.

Another weakness and saving area. I have lotions and potions to last me till Christmas, I am murder for them. NO MORE new till all I have is used.

moneywaster-nomore

I am going to post what I spend on food and what meals I prepare daily, for the next two weeks. Seeing as my cash is very low. This should be a good test for me. See how much I can actually get by on food wise.

Tried to do my sig, it did not work, try agin later. Total debt, stands at the moment £2750.

hex2

Good luck with it, we are in a similar situation in the medium term after my DH left a job he hated to focus on working on our house.

I have hugely cut the food budget - have a look at the grocery challenge on the old style board for recipe ideas. If it isn't essential and needed right now then we don't buy it. It was very hard to accept that books fall in this category. Less so lotions and potions, like you I have a stock pile. Keeping one credit card for emergencies but putting it somewhere hard to get on impulse works for some - like frozen in a block in the freezer.

Can your DH get anything back from the tax man to help clear the debts? Will they help him to try self employed? Have a look at the up your income boards.

Also worth looking at http://www.turn2us.org.uk/benefits_search.aspx to see if you are entitled to any more help.

DawnW

moneywaster-nomore wrote: »

Well done you for always being frugal.......wish I had been.

Pretty much learned to be frugal by being mega- skint for most of my life and having no other choice

Have now had a choice for a few years, and chose to keep it up - and can help the kids and grandchildren out a bit

moneywaster-nomore

Hex, thank you for your reply and comments. We have looked into to tax rebate. He had to wait until he had stopped claiming his jobs seekers allowance before he could claim. So thats a job to do. Thank You for the link, we will look and see if there is anything. We have sent off for rent rebate and council tax rebate forms, as we are council Tennant's.

Dawn, nice place to be , to be able to help out the children.

March is my last £188 payment to the council tax, I was paying £100 of arrears. All clear or the beginning of new tax year, so that will be an extra £100 a month. :j My payment will drop the approx £89 which is normal CT payment :j

I would like to be completely debt free by Dec 31st 2012, earlier if possible. Not sure if this is possible on one wage but I am sure going to try my hardest.

moneywaster-nomore

Plans for today.

Store cupboard list and freezer list. Lots of times I get back from the shopping to find I already have store cupboards items I have just bought.

Lunch is at Mums on a Sunday and we just have snack tea. So NS on food today or yesterday.

Tomorrow I am going to try and get all I need to last me till Friday. I have £12, I would like to get to Friday on that. £12 is for food only.