Are you financially comfortable?

System

In answer to the OP, not really no. I'm nearly £2000 in debt, trying to pay it off on a part time wage, in danger of losing the benefits that keep me in work and living in a rented houseshare with strangers. Its not where i wanted to be at 29, but MH problems have plagued my 20's and thats the situation i'm in.

Bf is trying to help me save and pay off my debts, hopefully in a few years time i will be in a batter situation, but right now it feels pretty bleak

moneyistooshorttomention

One thing that strikes me is that no-one has mentioned what I call The List (ie work still to do on the house/any mortgage still needing paying off/etc).

I had always assumed that everyone had finished getting everything on The List by the time they reached some point in their 50s.

I'm in my 60s and decided "Blow it - I'll retire anyway" when I realised The List was still pretty long at 60. So I'm now retired/picking up all my pension and with The List still tens of thousands of £s long. What is on that List amounts to finishing the house off (new kitchen/lots more money on the garden/a conservatory/get my savings back up again to a reasonable level).

At that point - which I anticipate will take literally years of "spare income" then I think I might be reasonably financially comfortable.

Personally - I dont feel its appropriate to regard oneself as financially comfortable unless clear of mortgage and debt and with the house finished. So I wouldnt count myself as financially comfortable from having a bit of spare income each month - as that is still going straight towards whatever is next on The List (currently spending hundreds of £s more on the garden and next thing will be a new sofa and so it goes.....).

NewShadow

I guess this is a thing.

If you assume you need to own a house, if you assume comfortable is being able to take holidays abroad yearly, if you assume you need to not have any large 'projects' (renovation/garden and so on) - I think almost no one would ever be financially comfortable.

A study by UBS found that only 28 per cent of investors with $1-$5 million feel rich because there's always someone richer than you and because we all live to our incomes - There's never going to be no more projects or things to save for.

https://www.ubs.com/content/dam/WealthManagementAmericas/documents/investor-watch-3Q2013-report.pdf

I think I'm comfortable because I've been broke.

Now I can eat three (or more!) meals a day, buy a cake or a steak, just because I fancy it this week, go to lunch with friend spontaneously, treat my mum to a weekend away in Bath, replace a packed up old washing machine - not all in one month, but hay...

What's not comfortable?

moneyistooshorttomention

There does come a point where even "ordinary people in the street" are comfortable though - by my definition. My parents have been for years - and that's just how it should be. They live pretty modestly - one ordinary type car, ordinary house, etc, etc and wouldnt want expensive meals out or expensive holidays anyway.

Nothing will ever stop my mother worrying about money (legacy of not having had enough for some time..) but they would say that they're okay. They are starting to worry a bit lately - as bills are going up:(.

I just remember a pleasant young girl I encountered recently (yep...me...I'll chat to anyone and everyone I come across as I'm out and about..:rotfl:). It was very cold and I was standing there shivering in my full set of clothing and noticed she hadnt got a jacket. Me being me - I commented on it and it became clear that she knew she needed one and that her mother would buy her one if she asked - but she didnt like to ask (as her mother was hard-up).

Now my definition of being comfortable would be having money genuinely spare (not destined for the next thing on The List) and thinking "what do I need (or even want) it for anyway?" and that young girl would have had me opening my purse and handing her the money and informing her I wasnt going to take no for an answer. Now that's being "comfortable" - knowing you can afford to make a generous gesture (just because it makes you feel good and you can see someone needs it) and not thinking "Darn - I cant have so-and-so I need now because of that...". As it is - I had to walk off feeling sorry that I wasnt in a position to offer..even though I knew very well she wasnt asking/wouldnt dream of asking.

Rosemary7391

moneyistooshorttomention wrote: »

Now my definition of being comfortable would be having money genuinely spare (not destined for the next thing on The List) and thinking "what do I need (or even want) it for anyway?" and that young girl would have had me opening my purse and handing her the money and informing her I wasnt going to take no for an answer. Now that's being "comfortable" - knowing you can afford to make a generous gesture (just because it makes you feel good and you can see someone needs it) and not thinking "Darn - I cant have so-and-so I need now because of that...".

Many things on your List are just incomprehensible to me - I live in a flat! I'd definitely consider myself comfortable were I able to seriously consider such projects.

I think being comfortable and secure go hand in hand for me, but I don't mean mortgage paid off and pension paid up by that, just having a job that isn't a fixed term contract with sufficient income to allow me to pay the mortgage and pension contributions. I suppose even then I could be made redundant, but it's an improvement on certainly having to find a new job, and the moving that comes with it (and moving isn't cheap).

Spendless

moneyistooshorttomention wrote: »

One thing that strikes me is that no-one has mentioned what I call The List (ie work still to do on the house/any mortgage still needing paying off/etc).

I had always assumed that everyone had finished getting everything on The List by the time they reached some point in their 50s.

Actually we do have this. We are late 40s/early 50s. Our list should be completed within the next 10 years hopefully. Though we've managed to do many things so far, we still need a new bathroom and the driveway done as well as finishing the mortgage. Eventually we will also need to re-plaster bedrooms and hall/stairs/landing, not just slap some more paint over. I've no wish to do the latter until we are no longer supporting or housing children.

NewShadow

moneyistooshorttomention wrote: »

I just remember a pleasant young girl I encountered recently

And I get that but (and this is no way a comment on your action), if I'd had the cash in my purse, I probably would have done that anyway.

I think it's because I don't really see spending money on the projects you're earmarking as a priority.

It could be an age thing - I'm roughly half your age, and don't aspire to having a conservatory or perfect garden to feel I've achieved a certain stage in life perhaps?

I often buy things (lunches, fabric, and a pair of work gloves most recently) for friends and colleagues at work if they've mentioned they need something and I see it/am going that way.

I've also bought a coat, gloves, food/coffee, a sleeping bag (generally second hand) for people I've seen on the streets day to day.

As I said, personally, if I've got some money every month for discretionary or emergency spending, and if I know where my meals are going to come from, I can't in honesty say I'm in any way financially UNcomfortable.

moneyistooshorttomention

It probably is, to a large extent, an age thing. In my 30s I didnt expect to be financially straight - as people normally arent by that age. I would have considered myself lucky if I had been at that point in my life.

But - being in my 60s - then...yep....its absolutely an age thing. That little thing in your head that goes "By my age I should......most people have...." etc etc. It helps when I've got some friends in my agegroup who've also still got A List - but they also feel the same way about it from what I can see....

In the case of one of them I know part of it is that she still wants to help her adult children (even though one is on good salary and the other is on stratospheric salary....I guess you never stop being a parent....:rotfl:).

Jagraf

What I'm able to do now that I'm out of debt:

Buy the odd sandwich for lunch when ive forgotten to make one
Go for a meal without searching for a voucher (still do this but by choice)
Treat my daughter to some new clothes now and again
Buy a coffee !! (Again I only do this very occasionally)
Save save save.

I don't waste money, have learnt the hard way. I love having spare cash to save - I don't want to line other people's pockets with it just because of branding etc.

I shop in l@dl and try to avoid big supermarkets, hate wasting food.

I see employees buying £10 lunches while I eat weetabix and a banana lol.

I'm not mean with the people I care about though. They could have it all.

chelseablue

My household is me and Mr Chelseblue and our 2 year old son.


We both work full time and the mortgage is 20% of our take home pay. Our childcare fees are more than the mortgage payment, which I find bonkers.


Would love another baby one day, but would need to wait until our son goes to school