Renovations and Repayments.

LadyGnome

Hiddenshadow amazing cross posting there saying the same thing.
Great minds...:)

I like the thought processes behind YNAB although I follow my own methods and I am also a fan of the Your Money or Your Life book that a few people have mentioned on various diaries. It makes you question your reasons for earning and spending.

maman

Obviously you have to pay council tax and I'm sure you get the best possible price for fuel and insurance. For everyday spending you might find the fact that you're accountable to your spreadsheet makes you think twice. I wish it would rub off on MrsK.

A_Frayed_Knot

AlexLK wrote: »

Had a low spend day today: £7.00.

:T

The weather has been glorious and I make no apologies for enjoying it with my son after school - ice cream and boating. No car prep though.

Good choice ....... car prep is for another day

As I get used to the spreadsheet I may start Tilly Tidies etc. want to get used to spreadsheet first, though. One thing at a time, Frayed Knot.

Ok, I hear you ......just planting seeds, seen as how you are logging onto your bank accounts anyway

Well done on the low spend day.

edinburgher

This is probably even worse but I don't know how people manage, to be honest. However, I'm sure I'd have a better work ethic if it was a case of work hard or never have anything.

Well, I'd argue that you don't always have to work very hard, you just need to work smart(ish). Can't say that I've ever worked particularly hard (at a job), I tend to complete everything that's expected to a decent standard and then coast. That said, I'm in a public sectorish environment and 50% of my colleagues (if not more) are the same. My reward? A middling salary and no prospect of promotion. Unfortunately in my role, I've tried the 'work your socks off' thing as well, it didn't reward any more than 'do what you need to to meet expectations'. I'll have a hard time explaining effort to children. That's the funny thing - academically I had reasonable success, in terms of life skills I'm very focused, work just doesn't particularly interest me

I'm fairly certain you're in a similar position re. family money; would you agree it's difficult to imagine being in a position where you are completely on your own financially speaking, no inheritance, no fall back / help? That's what I meant by not considering.

Well, I've not received family assistance for day-to-day living expenses since I left home at 17 (16 years and counting), with the exception of my parents advancing me a small £££ sum for a flat deposit when I moved cities that was coming to me from an inheritance anyway. I have, on the other hand, received occasional windfalls, including some money for our wedding and house deposit.

I'm grateful for all we have, but I'm also painfully aware that others have a lot less. This thread on Reddit is sobering (albeit principally focused on the US).

hiddenshadow

LadyGnome wrote: »

Hiddenshadow amazing cross posting there saying the same thing.
Great minds...:)

I like the thought processes behind YNAB although I follow my own methods and I am also a fan of the Your Money or Your Life book that a few people have mentioned on various diaries. It makes you question your reasons for earning and spending.

:beer:

I read that one, and All Your Worth by Elizabeth Warren. (Plus a few others like Total Money Makeover, etc.) That was in 2008-9, so by the time I found YNAB in 2013 a lot of the concepts were in place.

SingleSue

AlexLK wrote: »

Not really sure what to say, Sue. I'm sorry things have worked out the way they have re. the house etc.



This is probably even worse but I don't know how people manage, to be honest. However, I'm sure I'd have a better work ethic if it was a case of work hard or never have anything.

I'm fairly certain you're in a similar position re. family money; would you agree it's difficult to imagine being in a position where you are completely on your own financially speaking, no inheritance, no fall back / help? That's what I meant by not considering.

What's done is done, it's all history now and although there is the occasional regret, life is what you make it, not how much money there is in the bank.

You asked the question earlier in your thread regarding the house being repossessed. My parents had to stand back and watch whilst it happened to us, there was no money to bail us out so they were helpless. The point is, it may seem the most horrendous thing in life to happen but in reality, there are much much worse things that could happen....receiving the news regarding the two younger ones and their disabiities had a much more devastating impact on our lives.

Regarding help from parents, I think there are a fair few who could call on the bank of mum and dad. I know I have and they have been a godsend over the last 10 years, at times, they kept my car on the road (it was much less hassle for them if my car was working, it meant I could drive them to hospital appointments :rotfl:). The amounts are probably smaller than the scale you have been talking about but the help has still been received. For me though, the help has always been seen as a loan, so every time they have helped, every single penny has been paid back to them over time....even though they do knock of a few quid here and there.

Barring the need for a care home, my parents have said that their children will be well provided for when they have gone, so although I would rather not think of it and would prefer them here, there is an inheritance for us all through their mortgage free property, insurances and savings. Just the same as my children will have a small amount to come from my estate when I go (I kept my life insurance going).

SingleSue

edinburgher wrote: »

Well, I'd argue that you don't always have to work very hard, you just need to work smart(ish). Can't say that I've ever worked particularly hard (at a job), I tend to complete everything that's expected to a decent standard and then coast. That said, I'm in a public sectorish environment and 50% of my colleagues (if not more) are the same. My reward? A middling salary and no prospect of promotion. Unfortunately in my role, I've tried the 'work your socks off' thing as well, it didn't reward any more than 'do what you need to to meet expectations'. I'll have a hard time explaining effort to children. That's the funny thing - academically I had reasonable success, in terms of life skills I'm very focused, work just doesn't particularly interest me

I was in the corporate world, my average working day was around 12 to 13 hours plus weekends (albeit less hours) but the rewards were tremendous. The scope for moving up if you put the work in was always there as was the financial reward. One year, I earned more in overtime than my basic salary and that wasn't particularly shoddy either!

I went from the junior in the office to a manager in less than 2 years through sheer hard work and the willingness to learn other areas when things were slower in my department. The idea of coasting or slowing down never crossed my mind, I HAD to be going hell for leather the whole time I was there otherwise I got bored. When I went on maternity leave, they had to take on 5 people to do all the stuff I had been doing....

hiddenshadow

AlexLK wrote: »

This is probably even worse but I don't know how people manage, to be honest. However, I'm sure I'd have a better work ethic if it was a case of work hard or never have anything.

As ed said, I don't think it's about working harder, but smarter. When you have to consider these things, you decide to combine all your errands into one day out to save on fuel. You clip coupons and shop sales (and thus wait longer than you might like to buy some things).

I don't think lower income people necessarily work any differently than higher income people. The higher income/family money/financial security buys you opportunity, mostly. You can go to university, and maybe study something that you're really interested in rather than just choosing the most sensible option. You can quit your job knowing that if it takes you a few weeks to find a new one you'll be fine. Because you're not having to make the compromises I mentioned above you have more time/less stress to focus on your home/work life, and presumably are more likely to get a promotion. Because you have a good job you probably have good credit (at least at the start) so can get better rates of interest. And so on...hence the increase of the divide between the wealthy and the middle class (I'm speaking from the US perspective but I'm sure the same applies here).

I'm fairly certain you're in a similar position re. family money; would you agree it's difficult to imagine being in a position where you are completely on your own financially speaking, no inheritance, no fall back / help? That's what I meant by not considering.

Like Ed, I haven't received any money from family in years, aside from my dad helping us with wedding costs (which was very nice of him but we also picked/stuck to a budget we could have paid on our own so his money was a bonus). My parents earn 6-figures and (I assume) have quite a bit of savings/investments, but I never think of any possible inheritance. I do know that if SHTF and I was destitute they would help me out in a heartbeat, but I honestly can't see that happening...because I've earned my own money, have my own savings, am paying off the house early so we have equity there, etc. A lot of S would have to HTF before we'd be homeless/penniless and relying on family for money.

I think for me it was about expectations. Growing up it was expected that I'd attend university, get a job, and be independent. My parents have their own lives to lead, and their own priorities with their money - after supporting me for 20+ years through uni, they deserve to be able to pursue other financial objectives besides paying my expenses. From there, once I'm earning my own pay and managing my own expenses, it's a natural progression to "what else do I want to do with my life/money?" I bought a house, moved abroad, got married, etc, without much input/influence from my family (besides advice/emotional support). I save for retirement because I want to be comfortable as an OAP regardless of what else might happen. I don't think about/count on inheritance from family because for all I know they'll go on a spending spree right before they pass away, or decide to donate their estate to charity. I figure my best bet is to take care of myself and count anything else as a bonus.

(Sorry, that was quite a novel!)

edinburgher

SingleSue wrote: »

I went from the junior in the office to a manager in less than 2 years through [STRIKE]sheer hard work and the willingness to learn other areas when things were slower in my department[/STRIKE] working 65 hour weeks! :eek:

So the moral of the story is work yourself into an early grave? I'm sorry, but that doesn't sound any healthier than coasting.

maman

edinburgher wrote: »

So the moral of the story is work yourself into an early grave? I'm sorry, but that doesn't sound any healthier than coasting.

That's one of the reasons I think Alex is wise to stay away from training as a teacher and stick to enjoying it on a voluntary basis. 60+ hours a week is normal, coasting isn't allowed and anyone who isn't good or outstanding can receive a formal warning and be fast-tracked out. All for fairly low pay as graduate professions go. That's why the government is being forced to put adverts on TV and in newspapers to try and recruit.


https://www.youtube.com/watch?v=vTzzZaaJ9uw