Can we afford to do this?

fudgecat

My husband moved to Norfolk to join me. His job is not working out and making him seriously ill. He is 63. I am retired but still supply teach, but not much (grandchild duties). The SOA is a worst case scenario IF he gives up work. All advice welcomed!

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 844
Partners monthly income after tax....... 280
Benefits................................ 0
Other income............................ 50
Total monthly income.................... 1174

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 139
Electricity............................. 38
Gas..................................... 0
Oil..................................... 100
Water rates............................. 28
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 38.5
Internet Services....................... 0
Groceries etc. ......................... 916.66
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 14.5
Car Insurance........................... 30
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25
Haircuts................................ 10
Entertainment........................... 200
Holiday................................. 0
Emergency fund.......................... 200
Total monthly expenses.................. 1910.66


Assets
Cash.................................... 100000
House value (Gross)..................... 300000
Shares and bonds........................ 500
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 409500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................3800......100.......0
Halifax........................3600......100.......0
Total unsecured debts..........7400......200.......-


Monthly Budget Summary
Total monthly income.................... 1,174
Expenses (including HP & secured debts). 1,910.66
Available for debt repayments........... -736.66
Monthly UNsecured debt repayments....... 200
Amount short for making debt repayments. -936.66

Personal Balance Sheet Summary
Total assets (things you own)........... 409,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,400
Net Assets.............................. 402,100

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/font]

System

I hope you don't spend £916 a month on groceries , think that maybe an error.

fudgecat

Well, no, probably not, but I`ve tried to take everything we might spend money on at the most extravagant, by taking our credit card annual bill and dividing it by 12. I`ve just realised that the DIY cost (House maintenance) and Petrol have there been accounted for twice! That would remove £280.00 per month...

theoretica

Will either of you have higher pensions kicking in soon? How long before they do?
Could you work more and he take on grandchild duties? Or could he find a similar part time role.
If he isn't working can you manage with one car between you?
You don't have buildings insurance down, is that true/wise?
You really need to put things in the right place for the best feedback, not £900 on groceries. I think the form lets you add lines and call them what you choose.
Is the £200 emergency savings part of your double budgeting?

dionysia

Have you really got £100,000 cash in the bank? If you pay off the £7,400 out of that it's £200 back in your monthly budget. But I think to figure this out you really need to understand that credit card bill, £1,174 is pretty good for two people with no mortgage to pay (looks like your bills/transport/insurance comes out around £500?) but you'd probably have to tighten your belts somewhere.

tlc678910

Hi, if your husbands current job is not working out and making him ill could he still try to get some work, maybe part time or seasonal to try to balance his health and your finances?
Tlc

fudgecat

Thank you very much for your replies. I have considered some of the options, but hearing outside opinions helps to focus your thoughts! I will go back and try to work out a more accurate SOA first. I always tend to err on the side of worst case scenario, but I have been OTT, obviously.
Pensions: Husband will get the state pension (full amount £8000.00 ish) 2021 and a small COPE of £80 pcm estimated. I will get a further small AVC, but it is very small. I get the State Pension in 2023 (should be just below maximum unless I can make up 2 more years of contributions due to contracting out).
Changing grandchild care (he is brilliant with children) and possible part-time employment is a great idea. We intend to pay off the credit cards when the 0% interest ceases.

fudgecat

Oh, and the £200.00 emergency budgeting is actually DIY doer upper materials as we are living in a wreck at the moment, but getting there!

fudgecat

Another oh, building and contents insurance are together at £87.00. We got a good cashback deal due to Moneysaving expert!

enthusiasticsaver

You have £100k to bridge the gap until all your pensions kick in. It depends really on whether you intend retiring before 2023. It looks doable to me.

cms-help

fudgecat wrote: »

My husband moved to Norfolk to join me. His job is not working out and making him seriously ill. He is 63. I am retired but still supply teach, but not much (grandchild duties). The SOA is a worst case scenario IF he gives up work. All advice welcomed!

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 0
Number of cars owned.................... 2

Monthly Income Details
Monthly income after tax................ 844 *is this an average given the lack of supply work over holiday periods or a "normal" month?
Partners monthly income after tax....... 280
Benefits................................ 0
Other income............................ 50
Total monthly income.................... 1174

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 139 *is this over 10 or 12 months?
Electricity............................. 38
Gas..................................... 0
Oil..................................... 100
Water rates............................. 28
Telephone (land line)................... 0
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 38.5 *do you need this if things are so tight on this budget?
Internet Services....................... 0
Groceries etc. ......................... 916.66 *this needs breaking down into relevant categories
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 14.5
Car Insurance........................... 30
Car maintenance (including MOT)......... 10
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 10
Pet insurance/vet bills................. 10
Buildings insurance..................... 0
Contents insurance...................... 8
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 25 *is this realistic with children and grandchildren?
Haircuts................................ 10
Entertainment........................... 200 *what is covered in this?
Holiday................................. 0
Emergency fund.......................... 200
Total monthly expenses.................. 1910.66


Assets
Cash.................................... 100000
House value (Gross)..................... 300000
Shares and bonds........................ 500
Car(s).................................. 9000
Other assets............................ 0
Total Assets............................ 409500

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
MBNA...........................3800......100.......0
Halifax........................3600......100.......0
Total unsecured debts..........7400......200.......-


Monthly Budget Summary
Total monthly income.................... 1,174
Expenses (including HP & secured debts). 1,910.66
Available for debt repayments........... -736.66
Monthly UNsecured debt repayments....... 200
Amount short for making debt repayments. -936.66

Personal Balance Sheet Summary
Total assets (things you own)........... 409,500
Total HP & Secured debt................. -0
Total Unsecured debt.................... -7,400
Net Assets.............................. 402,100

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.[/font]

I think it's doable but you would need to make some changes. Also, how does your husband feel about this - is he ready to permanently retire? My Dad lasted a few months before he went and found himself a part-time job as he didn't like being at home all the time.