How much to live on

Organgrinder

Albermarle said:

Organgrinder said:

[Deleted User] said:

Sorry just can't see the point of frugal when having enough in the bank not to be.

Because it frees money up for things you might not otherwise be able to afford.

 you spend a significantly higher amount on clothes and glasses than I do. My glasses are £120 for two pairs in Asda.
In Costco, you can get 3 pairs off the shelf for £15.
Foster Grants, and surprisingly good and hard wearing for the price.
So that could be another £100 you could spend on your holidays 

If only they were varifocals with high index lenses! ;-)

Albermarle

uralmaid said:

Like everyone else says - it is down to lifestyle. We have after tax approximately £36k per year to live on.  We also have been very fortunate to have 4 decent amounts of inheritance left to us over the past 15 years which obviously helps a lot.  Also the fact that we moved from a more expensive part of the country in Yorkshire to here in Lincolnshire so were able to use equity from our property to buy a larger property with more land. Hubby had to retire through ill health at 52 and had a large lump sum. He had the choice of a larger lump sum or a much smaller one with a larger monthly pension. He accepted the former, and we have always been more than happy with the choice. A good amount of our yearly outgoings are spent on taxing, insuring and maintaining the numerous vehicles but that is our choice. Also when we buy items for the home we tend to buy the best we can afford (based on reviews etc - hubby, and the look of it - me). We spend roughly £700 a month on food (not including if we eat out) but we don't have a lavish lifestyle.  We have been lucky and so are able to mostly buy things we like and want when we need them.  Throughout my years at work I never had a substantial salary and had to live a more frugal life but now at 68 we are better off than ever - long may it continue. 

So it sounds like you are spending £36Kpa plus some 'one offs' paid for out of the inheritance? ( sorry if I have got the wrong end of the stick) 
In that case someone wanting to live a similar lifestyle without an inheritance ( or back up fund of some type), would really be spending maybe > £40Kpa on average.

We spend roughly £700 a month on food (not including if we eat out) but we don't have a lavish lifestyle.

Interesting to see someone spending even a little more than us ( about £850 per month for 3.5 people excluding alcohol) .
I can never quite get my head around how so many posters have such small grocery bills ( through choice rather than necessity) 

helensbiggestfan

[Deleted User] said:

I have decided to step down from this thread. Best wishes to all.

Sorry to hear that Baron.  

BooJewels

Albermarle said:

uralmaid said:

Like everyone else says - it is down to lifestyle. We have after tax approximately £36k per year to live on.  We also have been very fortunate to have 4 decent amounts of inheritance left to us over the past 15 years which obviously helps a lot.  Also the fact that we moved from a more expensive part of the country in Yorkshire to here in Lincolnshire so were able to use equity from our property to buy a larger property with more land. Hubby had to retire through ill health at 52 and had a large lump sum. He had the choice of a larger lump sum or a much smaller one with a larger monthly pension. He accepted the former, and we have always been more than happy with the choice. A good amount of our yearly outgoings are spent on taxing, insuring and maintaining the numerous vehicles but that is our choice. Also when we buy items for the home we tend to buy the best we can afford (based on reviews etc - hubby, and the look of it - me). We spend roughly £700 a month on food (not including if we eat out) but we don't have a lavish lifestyle.  We have been lucky and so are able to mostly buy things we like and want when we need them.  Throughout my years at work I never had a substantial salary and had to live a more frugal life but now at 68 we are better off than ever - long may it continue. 

[snip]
I can never quite get my head around how so many posters have such small grocery bills ( through choice rather than necessity) 

I put together some numbers last night, but didn't post, as it wasn't very coherent when I'd done.  But I keep a note of my monthly spend on groceries and as my shopping dates aren't consistent, I also keep a running monthly average - which I noted in the last year had gone from £205 to £248 - so significantly lower than recently posted figures.

I'm on my own and because I don't drive and can't walk that far until my recently broken leg heals some more, I feel as though I've been somewhat profligate in my spending of late.  For example, when I couldn't easily cook when on 2 crutches, my sister just filled my freezer with ready meals - but not just any ready meals.  Plus I get my regular shopping delivered from an assortment of supermarkets.  I'm pretty certain, that once I can drive and do my own shopping and be more selective, it will be a bit less.  I just buy what I want - I'm not cutting corners in any way - that's just what it costs.

In fact, because I'm on my own, I probably waste more food than I ever did - there's only so many times you can eat a thing before you're fed up with it - pack sizes don't cater for singles.  I portion and freeze where I can, but that's just not possible with a lot of things.  One of the advantages of being in the black with sufficient funds, is that I can now bulk buy when there are good offers - I do this with everything, not just food - toiletries especially.

Organgrinder

Myself and Mrs O budget £550/month for food/groceries and more often than not spend less than this. We cook most things from scratch.

I work part time and make my own lunches for work.

We rarely throw food out. either.

We either eat out or get a take away once a week. Usually there is sufficient in the food/grocery budget for this on one or 2 occasions per month - the others come from our discretionary spend..

Our spends outside of this are mostly fixed - eg. Mortgage £500, Council tax £250, energy £150 etc. We then have discretionary spends but don't have a fixed budget as to where this goes. Sometimes it's on clothes, sometimes it's on meals out etc. I simply don't see the point in budgetting a fixed amount for each of these categories.  This amounts to £350 a month each or thereabouts.  In addition we have our annual holiday spends of approx £4500 which gets us three holidays abroad each year. Between us our gross private pension contributions amount to some £12k pa which is in addition to our public sector DB schemes. We are also adding to savings to build up a safety net.

Our total income both now and in retirement allows for roughly the same discretionary spend and an amount that goes into savings - call it our rainy day fund.

I manage the above via a spreadsheet which includes all other spends eg, house insurance, road tax, car insurance etc.

This works for me and it should mean we get a reasonably comfortable retirement.

But of course. everyone spends their money in different ways. Some people may spend more on groceries and less on holidays, or indeed the other way around.

What some people class as reasonable spends, other people think are either too little or too much. I like to save as much as I can on anything I consisder a commodity eg, broadband, energy etc. What I like doing is learning how others spend and plan and adjust my lifestyle accordingly if I think it makes financial sense to do so.

MarzipanCrumble

I worked beyond SPA in a job a really liked in order that I would have a (grossly) surplus income that could absorb shocks such as major repair to house, and would mean I need not budget and I would not stress out because of hikes in prices.  

I batch cook from scratch - have a wide choice of portioned meals to pick out of the large stand up freezer.   I know my overall spend but have never checked my grocery spend which would include alcohol.  I fill in IHT 403 so that I have a record to justify gifting out of surplus income.

I admire greatly those that can live on 12-20k pa.  I could - mortgage paid off, but I wouldn't want to and don't need to.  Each to his or her own.  There are numerous reasons why people spend what they do, not all of those reasons are obvious.

helensbiggestfan

It's all about choices really. One persons "luxury" is another persons necessity.  I eat well and I like nice clothes. Although I don't spend all that much on either food or clothes.  I enjoy cooking (my food is as good as any restaurant) and I actually prefer vintage clothing because it is much better quality in comparison with many high street offerings today.  

I have been undergoing some extensive dental work - implants. All in all it is costing £15k. For me it's worth every penny to have my mouth restored and be able to smile and talk without feeling ashamed and embarrassed.  Several people have said they think I'm crazy and that I should have gone for dentures instead.  

Well, thanks but no thanks.

  I know some people might think I am wildly extravagant to spend such a large sum on my teeth but what they forget is I have forgone a few fancy holidays to do so.  I love travelling so it was quite a sacrifice but that's my choice.  The world cruise can wait.....😁

blue.peter

BooJewels said:

I put together some numbers last night, but didn't post, as it wasn't very coherent when I'd done.  But I keep a note of my monthly spend on groceries and as my shopping dates aren't consistent, I also keep a running monthly average - which I noted in the last year had gone from £205 to £248 - so significantly lower than recently posted figures.

I've just run a report from AceMoney, and find that my average monthly spending on groceries over the last year has been £235. Like you, I live alone, and I just buy what I want, without cutting corners in any way. So our spending on groceries is very similar.

BooJewels said:

Pack sizes don't cater for singles. 

Oh, goodness, yes! All too often I find that I either eat too much or throw food away. And that really annoys me. Like you, I try to batch cook and freeze portions, but that's not always feasible.

Albermarle

blue.peter said:

BooJewels said:

I put together some numbers last night, but didn't post, as it wasn't very coherent when I'd done.  But I keep a note of my monthly spend on groceries and as my shopping dates aren't consistent, I also keep a running monthly average - which I noted in the last year had gone from £205 to £248 - so significantly lower than recently posted figures.

I've just run a report from AceMoney, and find that my average monthly spending on groceries over the last year has been £235. Like you, I live alone, and I just buy what I want, without cutting corners in any way. So our spending on groceries is very similar.

BooJewels said:

Pack sizes don't cater for singles. 

Oh, goodness, yes! All too often I find that I either eat too much or throw food away. And that really annoys me. Like you, I try to batch cook and freeze portions, but that's not always feasible.

We cook most things from scratch but do have the odd ready meal, especially if only one of us is at home.
What I find annoying is that many ready meals for one are too small, and the ones for two are not enough for two, but too much for one.
For example a ready made curry of 400G and then cook your own rice at home, is too much for one, but not enough for two.
A 400g curry with rice included is not enough for one .
Appetites vary of course.

Albermarle

[Deleted User] said:

I have decided to step down from this thread. Best wishes to all.

Seems a bit of an overreaction, just because a bit of a disagreement with one other poster ?