It's time to start digging up those Squirrelled Nuts!!!!

Sea_Shell

Bravepants said:

Sea_Shell said:

This thread does make me chuckle at times.   Various comments vary between...

I've either not got enough...if xyz happens.

Or I've got plenty and can easily loosen the purse strings.

You didn't expect T'interweb to be helpful did you? 

I find others' perspectives on one's situation useful in prompting thinking, rather than being a prompt to blindly follow someone's advice/ideas. At the end of the day only you can decide.

I don't expect "help" or advice.

I'm just putting it out there, to inspire or be ignored.  Whatever.   I'm not going to justify my life choices.

It could be a perfect example of what not to do!!!  (to paraphrase a favourite film)

Stay tuned 😎

Albermarle

NedS said:

Albermarle said:

Kim1965 said:

Sea_Shell said:

There's plenty of room for belt tightening if we really HAD to!! 😉

How?
 Your annual spend for a couple is 15 k approx. That already puts you below the last "which" findings for a basic life style.
 What sort of things could you cut back on? 

I had the same thought. In my mind a couple living off two state pensions ( £20K) would be a rock bottom minimum, unless you had no choice but to live on less.

Our expenditure is currently around £20k per year (no holidays since Covid), and we have a hungry teenager and an old inefficient house with large bills, and although my wallet may not see the light of day regularly, I do not consider myself in the same league as @Sea_Shell when it comes to MSE expertise, so I see no reason why a retired couple in an appropriately efficient property could not manage on two SPs.

If we ditched the teenager and lived in a small efficient property, we may be able to get close to, but not equal, @Sea_Shell

My situation is not dissimilar, ( 3 adults in a older house) but probably basic ( although including a few smaller non essentials ) expenditure ( not including holidays, home improvements etc ) is more like £25K pa, especially with inflation, increased energy bill etc
Our main issue when I see figures from other posters, seems to be higher than normal grocery bills. Part of this is that they include regular alcohol purchases, but even taking that in to account, they still seem to remain stubbornly high. Never totally sure why, as we shop around ( to a point) , buy very few ready meals , cook more and freeze it, buy some things in bulk ( Costco)  etc On the other hand we hardly ever eat out when we are not on holiday, or buy sandwiches/snacks/coffees.
I am not really concerned though, as my mindset is very slowly moving more towards the 'can't take it with you' school of thought.

MallyGirl

Sea_Shell said:

Hands up who else's credit card bill covering December is only £255 !!! 

My Christmas Eve Ocado delivery was £256!

Kim1965

Sea_Shell said:

This thread does make me chuckle at times.   Various comments vary between...

I've either not got enough...if xyz happens.

Or I've got plenty and can easily loosen the purse strings.

I think you have plenty and manage it very well. I understand your caution given the time horizon to sp age and db security. By question Ing you i get perspective on my own finances, hence i may come across as a rad direct. Your thread is very useful. 

pensionpawn

Albermarle said:

Kim1965 said:

Sea_Shell said:

There's plenty of room for belt tightening if we really HAD to!! 😉

How?
 Your annual spend for a couple is 15 k approx. That already puts you below the last "which" findings for a basic life style.
 What sort of things could you cut back on? 

I had the same thought. In my mind a couple living off two state pensions ( £20K) would be a rock bottom minimum, unless you had no choice but to live on less.

However it's not really about running out of money though when you have >£0.5M squirrelled away. Two personal allowances come to ~£25k pa and you could withdraw that from age 55 - 67 and suffer a 10% fall in fund value each year and still (just) not run out of money before (if a couple both qualify for full SP) £21k2 pa (from April) comes to your rescue. I chose to enjoy my last decades / years rather than just survive them. Some people unfortunately don't have that choice.

Sea_Shell

pensionpawn said:

Albermarle said:

Kim1965 said:

Sea_Shell said:

There's plenty of room for belt tightening if we really HAD to!! 😉

How?
 Your annual spend for a couple is 15 k approx. That already puts you below the last "which" findings for a basic life style.
 What sort of things could you cut back on? 

I had the same thought. In my mind a couple living off two state pensions ( £20K) would be a rock bottom minimum, unless you had no choice but to live on less.

However it's not really about running out of money though when you have >£0.5M squirrelled away. Two personal allowances come to ~£25k pa and you could withdraw that from age 55 - 67 and suffer a 10% fall in fund value each year and still (just) not run out of money before (if a couple both qualify for full SP) £21k2 pa (from April) comes to your rescue. I chose to enjoy my last decades / years rather than just survive them. Some people unfortunately don't have that choice.

So do we!!

Enjoyment doesn't automatically = amount spent.


I have a full belly, a glass of wine in my hand, and a jigsaw puzzle on the go.

michaels

Interesting what people consider as essential - personally I recognise SeaShells 10.7k rather than other posters 25k as to what is really essential - although the 10.7k does not cover nay capital spend (car replacement, house repairs etc) so it is not really long term sustainable.

I think it is worthwhile recognising what is truly essential rather than coming up with a list that includes stuff that many in this country (let alone in other countries) can not afford and is therefore clearly not 'essential'

NedS

michaels said:

Interesting what people consider as essential - personally I recognise SeaShells 10.7k rather than other posters 25k as to what is really essential - although the 10.7k does not cover nay capital spend (car replacement, house repairs etc) so it is not really long term sustainable.

I think it is worthwhile recognising what is truly essential rather than coming up with a list that includes stuff that many in this country (let alone in other countries) can not afford and is therefore clearly not 'essential'

I think the point this thread illustrates so well is that there is no one size fits all, no one correct way of doing things and that everyone has different interpretations and requirements. As others have mentioned above, we all (hopefully) learn from each others experiences (isn't that what a lot of the models do - look at past experiences) and sharing those experiences here, no matter how different, are hopefully helpful.

pensionpawn

Sea_Shell said:

pensionpawn said:

Albermarle said:

Kim1965 said:

Sea_Shell said:

There's plenty of room for belt tightening if we really HAD to!! 😉

How?
 Your annual spend for a couple is 15 k approx. That already puts you below the last "which" findings for a basic life style.
 What sort of things could you cut back on? 

I had the same thought. In my mind a couple living off two state pensions ( £20K) would be a rock bottom minimum, unless you had no choice but to live on less.

However it's not really about running out of money though when you have >£0.5M squirrelled away. Two personal allowances come to ~£25k pa and you could withdraw that from age 55 - 67 and suffer a 10% fall in fund value each year and still (just) not run out of money before (if a couple both qualify for full SP) £21k2 pa (from April) comes to your rescue. I chose to enjoy my last decades / years rather than just survive them. Some people unfortunately don't have that choice.

So do we!!

Enjoyment doesn't automatically = amount spent.


I have a full belly, a glass of wine in my hand, and a jigsaw puzzle on the go.

I completely agree, however with respect to your earlier reference regarding cutting back on expenditure and putting up with the ads, I would argue that money saved / spending reduced rarely = enjoyment maintained / increased. A strategy I have difficulty understanding in wealthy people.

Sea_Shell

Not everything we do is just down to me and my decisions!! 😉