How much to live on

helensbiggestfan

Good news........my car passed its MOT with flying colours.  Again.  Not bad for a 20 year old motor.  If I hang onto it much longer it might become a collectors item.  Lol. 

If I was working full time and commuting then obviously I would need to upgrade to a newer model. In fact I was tempted last year for something new and shiny but then decided against it.  Decided to keep my money for now.  My old faithful meets my needs perfectly.  😁

I think my car is an example of how needs/wants change once we retire.  Would I like a nice new shiny motor, sure why not. Do I need the hassle and expense of a new car, no. 

That nice pair of earrings I bought recently??  Definitely a need.  Ha ha.  

Louby.   8pm phone calls.......I don't miss them either.  

uralmaid

@Organgrinder - just popped in to say well done.  Looks like 2026 is definitely the Year of the Organgrinder.  Happy New Year

otb666

We were going to buy a new car but then realized the 5 mile a week we do did not warrant a new one now and our 8 year old car will most probably last us with our low mileage.  The same with sofa as we dont get many visitors our currant one will suffice. 

Humboldt

@Organgrinder I am currently on a break from my diary, but just wanted to pop by to say "congratulations on being mortgage free".  It's such a game changer in terms of the freedom it provides and is so worth all the efforts it took to achieve it.  Happy New Year!

Humboldt

Nebulous2 said:

Two months since I posted an update on my attempt to live on my income this year - as a practice for fully retiring. Two months ago at my last update I was £1200 behind for the year. 

I'm now £1500 behind, but I've paid a holiday in full for March and I've paid almost £2000 for a necessary repair - that I've known about for some time - but the company couldn't get a spare part with a long wait time expected. I got a phonecall out of the blue to say they had ordered one for someone else, who had changed his mind, and I could have it if I wanted, so I jumped at the opportunity. We're delighted with the outcome, it was worth it. 

We are also negotiating travel insurance, which has jumped quite a bit in price, due to some health conditions to declare. I think I'm going to end up with a packaged bank account, which will be quite a bit cheaper, but as is always the case with buying a package, it doesn't completely match our needs. 

More importantly - as some of you know I retired, didn't like it, and went back to work part-time several years ago. I've now decided life is too short, I'm going to go back to work after a festive break, hand in my notice and finish completely at the end of March. I feel better prepared now to give it another go. I've also only got 3 and a half years to go until I get my state pension, so the gap to bridge is smaller than it previously was, giving more opportunity to preserve our savings. 

On the investment front December had a few wobbles in the market, so I was surprised to find we still came out ahead on the month. I had expected a drop. I'm listening to all the mood music about inflated prices of shares and signs of cracks appearing in the USA, increasing numbers of people unable to service their credit card debt, and going into arrears on car loans, but I'm continuing to sit on my hands at this point, rather than reducing my risk. 

Thanks for sharing your latest update @Nebulous2.  You may already do something similar, but we have specific savings accounts for holidays and emergency repairs, and allocate a monthly amount to these.  We find this method provides a buffer and helps us maintain some balance in terms of our monthly/annual income.  Just a thought, there is no right or wrong way, and what works for one... etc.  

Congratulations on your decision to retire at the end of March, it will be here before you know it.  As you are aware, we also have a few years before we get our state pensions and are currently bridging the gap by making the most of what we have, whilst also enjoying life.  Whilst I am still adjusting to less of an income, with the help of others on the forum I am finding numerous ways to do this.  Just leaving a thanks to @Organgrider at this point, who inspired me to join TopCash last year, and to those who sang the praises of Vinted (I made my first purchase this week). We are never to old to learn from others and to try new things.  Remember 'Tomorrow is not promised', so each day is a gift to do with as we please and a reminder not to postpone happiness

Wednesday2000

I can officially join this thread this year as I turn 50 years old in a couple of months. After all the worrying about us retiring early I have let go on the reins of my spending (quite a lot!) and I think I want to get back to having some type of control over my finances again.

2025 was the year for me of doing classes as I have spent so much time taking care of my husband and my rescue animals that I wanted to do something for myself. I did 45 classes last year and my goal was 25 classes in 2025 so I smashed that goal.

I think for this year I want to focus on making myself physically stronger, not by doing a lot of weights or anything crazy, but just some strength exercises a few times a week. I might join a pilates class too.

I also spent last week with some people that are very involved in the local community and that is something I want to do as well. I might want to volunteer at a local charity as most of my jobs were non-profit.

Does anyone else on here volunteer? I need ideas.

louby40

What were the classes you did?

I'm still waiting to get training to volunteer to teach adults to read. It's with a charity called Read Easy.

Savvy_Sue

Wednesday2000 said:

Does anyone else on here volunteer? I need ideas.

I'm a Trustee for a local community organisation: we run a cafe, garden and a local building. Never a dull moment.

It means I can carry on using what I learned at work. I check payroll, and this week I've read insurance quotes and checked they meet our needs. 

Smudgeismydog

Wednesday2000 said:

Does anyone else on here volunteer? I need ideas.

My partner and volunteer at least once a month with a local landscape team. We will be hedge planting later this month, and last month we were birch clearing. We have also helped to restore dry stone walls, cleared vegetation, scythed and done some coppicing. 

We both absolutely love it. There are usually about 15-20 of us at each session and we’ve made some lovely friends.

Savvy_Sue

Smudgeismydog said:

Wednesday2000 said:

Does anyone else on here volunteer? I need ideas.

My partner and volunteer at least once a month with a local landscape team. We will be hedge planting later this month, and last month we were birch clearing. We have also helped to restore dry stone walls, cleared vegetation, scythed and done some coppicing. 

We both absolutely love it. There are usually about 15-20 of us at each session and we’ve made some lovely friends.

I should also say that if I had the time and energy, there are regular litter picks and sessions at various local nature reserves / open spaces. 

Other quick suggestions, depending on your time and interests:
listening to children read in schools
helping adults with literacy / numeracy issues improve their skills
working with local youth organisations such as guides / scouts etc
visiting isolated people in their homes and helping them get out
hosting tea parties for isolated people, or offering lifts to and from such tea parties
working with organisations helping vulnerable people eg refugees and asylum seekers, homeless, addiction issues
offering lifts to and from local GP surgery
home library service
visiting new parents in need of support
debt advice

If you want specific links to particular organisations just say! what's going on can vary from area to area. For many of those training would be needed.