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

arnoldy

Sea_Shell said:

DH hit the jackpot with me 😎😎🏅

Spending money on "stuff" really doesn't float my boat.

Also one thing I really notice now is how money "burns a hole in people's pocket". It has to be spent. And quickly. Even if the savings and pensions position is looking a bit shaky for them. 

#1 way of spending the money that's burning in the pocket seems to be "eating out". Even if nowadays its £20-25 for a Steak, £7 for prawn cocktail, £20 for cheap wine and tip on top. For food that you could cook infinitely better yourself. for a tiny fraction of cost.

#2 way of getting rid of ££s is holidays, even with todays high prices.

Each to their own though, personally I would prefer a country walk with flask and picnic

Nebulous2

Audaxer said:

Steve_PL_too said:

As the talk is currently on monthly expenditure, I’d be interested to know how people spread (or not) their council tax?  Ours is £275 pm, and I’ve persisted with paying over 10 months, treating February’s and March’s ‘months off’ simply as a ‘bonus’.  I put last year’s bonus into our ‘energy cost reserve’ to help smooth out this winter’s fuel bills.

How do others approach it?

Yes, I also treat it as a bonus having Feb and Mar free of council tax. 

I was the same, it was always a bonus early in the New Year to be clear for two months. Our CT is down now and available money is up, so I don't think I'll notice it much this year. 

billywhizz1966

Looks like we keep the average up on both the bills spend and the handbags/shoes front and probably everything else !!!

No mortgage - £40k all being offset
Band E - £2600 (we expect this to go up by another 5% minimum this year)
Gas/ Electric - £3300 (the tumble dryer, dishwasher and washing machine aren't getting any less use !!! ) before the next expected rise that will maybe see it creep up to £4k ! 
Broadband - moved to Vodafone to replace BT in December and halved the cost for same level of service - noticed no difference) plus our 2 mbs mean that this is circa £900 per year as we both are buying phones as part of deal (maybe SIM only next time for me)   
Water - about £380 per year
TV Licence - £150 per year (freesat does us fine as we record and watch at our leisure and can see golf/rugby/football at golf club)
Got a Nationwide account in last few months at £150 per year that is saving me on our previous annual travel insurance, vehicle recovery and mobile insurance
In terms of cars we run two (maintenance, insurance and tax - £1800 per year)
Petrol - budget circa £3000 per year (we visit friends nationwide as well as out golfing most days or seeing parents who are all in their late 80's and a 40 mile round trip away ) 
Food is £6000 per year for two of us but we eat well and this includes alcohol but we don't tend to eat out too much 

Guilty Pleasures 

The Ironing Lady and Window Cleaner - £800 per year
Golf membership for two - £3000 per year    
We both have £600 each per month to spend as we wish (OH spends hers on beauty/gym/ladies that lunch) - I am lucky if I spend £200 of mine which I contribute to keeping the pot in check 
Clothes/Shoes - I dare not ask but all I am ever assured is "I've had it ages" ) when complimenting her !!  but I allow £900 per year
Xmas and Birthdays - £1000 mainly for others (OH and friends seem to like buying for each other) but we have what we want when we want it  

So all in all a budgeted spend of around £33000 per year

Foreign travel is our major guilty pleasure. As our retirement plan, we are happy to spend upwards of £30k per year on these abroad and in the UK each year  (its in the plan for the next 10 years to see the world and its golf courses as well as a pretty big bucket list of sporting events) which will utilise our remaining disposable income annually and so we start digging up the big acorns set aside

This is because  we have both worked hard and been lucky to get 2 DB indexed linked pensions of some £77k combined and a savings pot of £600k (from which any big capital spends will come from and provides additional annual income) which will eventually be supplemented by full SP's (7 and 9 years time) and possible inheritance . So as  we enter our very late 50's even I have accepted life is for living and we have more than enough and we better start spending the monies we have saved otherwise a stepson and some nieces and nephews will only do it for me/us   

Not very MSE some of this but with cashbacks/searching for the best deals when we do spend) I still try and do my bit albeit within the very comfortable parameters I find myself. Not for everyone but I hope to have found a happy medium between our two spemnding approches         

Sea_Shell

"lucky to get 2 DB indexed linked pensions of some £77k combined and a savings pot of £600k"


TBF  That's a whole other world from where we are, so no comparison at all really.

billywhizz1966

I didn't realise how lucky until coming on here - more luck than judgement really after both going into LG at 18 instead of the Uni route and doing my professional exams whilst working and always paid into the pension - we made a conscious decision to only ever really live on one salary other than holiday spend (maybe a mistake property wise but we really like where we live so not missed out on having the dream house), always had middle of the range cars and never smoked or drank excessively so I can forgive the clothes and hand bags  but now even I have to change that mindset 

Dizee123

10 x £219 for Council Tax, Band D, Wiltshire
Have always paid it over 10 months and look on the two 'free' months as a bonus to spend on our social activities.
The two months of no payments cover our National Trust and Historic Houses memberships and my tennis club membership.

Dizee123

I am definitely not a possession person and in the past have managed on 3 coats, two pairs of shoes, one pair of boots and two pairs of trainers (one for tennis, one for running).  Have learned not to compromise on quality of trainers and to buy the best I can afford to avoid injuries.

My mother and monther-in-law both died in the last couple of years.  Both were big fans of buying good quality clothes and it was their pleasure in life to be well dressed and to go on regular shopping trips/retail therapy.  As the only female member of the family of a certain age, I inherited a lot of good quality coats, clothes and accessories.  So I reckon I have sufficient clothes to last me the next 20 years, and after that won't really care as I will be 80 .   They are all classic designs so won't go out of fashion.  Its also nice that when I wear a certain coat it brings back memories of two lovely ladies.....

Pensions_matter_2

Reading all the comments, I do think a lot of people on here have worked hard and saved sensibly over many years to get to a position where they can manage well in retirement. Its not something that happens without some sacrifices along the way. A certain mindset is required for the most part, whether gained earlier or a little later on in life. 

NedS

Sea_Shell said:

We've estimated £5k, for 2023, so we look pretty "average".

We're over on some and under on others.

Hmm, we are around £6.8k so around 36% above average (that's for 2022/23 tax year)

Most of that is our energy being above average at around £4,000 this year, plus our broadband and 2 x mobile phones come in at £700. Our water bills are also over at £588 (no meter). We are marginally under on CT and insurance.

I have not included any of the additional help we have received with energy costs other that the EPG which for us only caps electricity as we use oil for heating, but I assume that's in keeping as £2500 is quoted for average usage and everyone would also have received £400 rebate which has not been deducted from that £2500 figure.

LHW99

I have been monitoring annual spends, and know that DD + food / fuel comes in at ~£11k. unfortunately due to a long drawn-out house move, and the need for some immediate capital expenditure I can't actually calculate the discretionary part in any level of accuracy. I'm guessing that £20k is our base level, as we brought up 2 and saw them through uni on ~£24k pa, so without a mortgage now, we wouldn't need as much.

I am also unsure whether we pay Council Tax in Feb / Mar, as it took the Council 3 months and several reminders earlier in the year to actually sort the bill and set up the DD. Soon I will know!