How much to live on

helensbiggestfan

https://forums.moneysavingexpert.com/discussion/comment/82022067#Comment_82022067

£1237 per month on food, including eating out. Good Lord are they dining at the Ivy…..lol

On Sunday our family had a celebration lunch for my sons 40th birthday. Fabulous meal, good quality meat, healthy salads, vegetables, cocktails, sumptuous desserts - 7 of us £210. The portions were so generous my sons asked for "doggy bags".

Over lunch we discussed our respective food budgets…..Family of 4, a couple, and then myself.

Turns out I spend one quarter of what the family of 4 spend, and one half of what the couple were spending. So I guess the figures represent a pretty fair average. Namely, about £200/£250 per month per person, to include wine/beer, toiletries, cleaning materials, vitamins and supplements, plus miscellaneous odds and ends. We all enjoy good quality food and arent in the habit of eating junk food. We all agreed that we could probably easily cut back by introducing more cheap, filling carbs - bread, rice, pasta etc into our diets but we are pretty health conscious and so want to eat good nutritious food.

Some of the figures quoted in that report really are quite outrageous, especially when you realise that there are young families living on substantially less and who are having to pay mortgages or rent, pay off student loans, child care, run two cars just to get to and from work. No wonder young people get angry with Boomers and Gen X when they see such inflated figures bandied about.

I have no axe to grind with retirees being wealthy when they have worked hard and planned well. They deserve to be rewarded for their efforts. But I really do think that this report gives a somewhat distorted view of what is actually needed to enjoy a good retirement.

I think we need to take its "findings" with a generous pinch of salt and a healthy dose of scepticism. .

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82022176#Comment_82022176

You have to remember who funds this and consider whether or not they have a vested interest in getting people to save more. See attached pic.

Me and Mrs O do not have the comfortable retirement amount. Yet, we expect 4 weeks abroad every year, change our cars every 3 years etc etc and still not be able to spend our income.

Frankly the report's figures are a joke.

helensbiggestfan

Just out of curiosity I decided to double check my current income/expenditure.

Im definitely in the lower income bracket. Lol. Not exactly as poor as a church mouse but then not wallowing in cash either. Some savings.

Total gross guaranteed income, pensions, state pensions, £17,232

Total net income, approx £15,000. This is because HMRC have messed up my tax codes and I'm being fleeced. Lol. This has been going in for some time and I reckon they owe me at least £2k.

Expenditure - Total fixed monthly Direct debits. £10,100

This includes non essential, lifestyle spending (private medical insurance, Denplan, streaming services, so I could cut this by around £2k if necessary.

I am currently left with around £4900 to play with, food, entertainment, travel, clothes.

As you know I have now stopped driving. I was spending around £1k to run a car. I figure £1k could pay for a lot of taxis. Lol. I doubt I shall spend that much. So far I have spent £52 in the last 6 weeks.

Clothes, ha ha……as my kids so delicately put it…..I have enough clothes and accessories, jewellery etc to open a boutique.

Over the years I have made a nice little sideline income selling vintage clothes, antiques and bric a brac. It's just a hobby, it won't make me rich.. I don't count it as part of my budget because it's not guaranteed and it fluctuates. In the past it has paid for the big holidays such as my trips to the Amazon, Scandinavia and the occasional Caribbean cruise when I get desperate for some winter sunshine. 😎 tbh these days I find I am quite happy holidaying in the either the U.K., or just short haul trips around the Med. Maybe one long last haul to Japan at some point.

At pushing 75 I am no longer the intrepid explorer I was in my youth. I've no real bucket list trips or adventures I am desperate to fulfill. I no longer enjoy raucous partying in nightclubs. I still enjoy trips to the theatre or attending concerts and quiet dinners in nice restaurants with friends and family.

I did enjoy my misspent youth and wouldn't have missed it for anything but now I am equally enjoying the quiet autumn years.

helensbiggestfan

thanks for that Organgrinder. You're right, not exactly unbiased "research". Lol.

Re your holidays, regular car changes etc. And why not. Carpe diem and all that. Travel now whilst you and Mrs O are fit and healthy, and if you enjoy nice motors then again why not.

Organgrinder

I can't say I enjoy nice motors.…I've never been one to worry about what I drive. Provided it has the features I want, is reliable and cheap to run, I'll drive just about anything

helensbiggestfan

https://forums.moneysavingexpert.com/discussion/comment/82025126#Comment_82025126

I have to admit I do like a nice motor. I get attached and even give them names.. 😂🤣

When I was young and agile I loved minis. I had several over the years. They were such fun and very cool. 😎. Then a Renault 5 campus which had room for the kids and which I kept for 17 years. (The car not the kids, they are still my babies).

When we were well off we had Lexus's (Lexii? Lol). Smooth and luxurious. Then wheelchair accessible vehicles for my husband (horrible). Then, finally, my trusty Ford Fiesta, which I kept for 12 years and which went like the clappers. It had been my dads from new and then my sons. Felt like a much loved family pet.

I am still debating on whether or not to invest in a vehicle. Probably not - but hey, never say never. 🤣 My trusty handyman/mechanic is sort of keeping an eye open for me, just in case. He reckons I'll crack by next winter. Ha ha.

A very soggy weekend here.☔️.

Organgrinder

https://forums.moneysavingexpert.com/discussion/comment/82025321#Comment_82025321

I'm not saying I don't like a nice car, it's just not that important to me.

I've had a few really nice cars over the years. A Toyota MR2, a Peugeot 406 coupe, a Passat TDi sport and a Peugeot 206GTi for example.

But I don't get attached to them. They get me from A to B and hopefully back again!

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82025321#Comment_82025321

Then wheelchair accessible vehicles for my husband (horrible).

They have improved over the years, but a lot depends on the standard vehicle they are based on ( before they are adapted). A lot of the mainstream ones are based on a van body so look a bit boxy, but they are more comfortable and a nicer drive than they used to be. If you have the money, there are quite plush ones based on a VW caravanette, or Mercedes.

Still I suppose a WAV is never going to be something to aspire to.

Otherwise personally my choice of car is heavily governed by reliability, so I only have to go to the garage once a year for a service. Currently have a Mazda - 5 years old and 35K miles and not a single thing has gone wrong with it. Incredible really compared to how cars used to be.

Yorkie1

When I replaced my much-loved Peugeot 306 (after 22 years), it was all about the boot space. Honda Jazz won that battle!

helensbiggestfan

You're right, there's nothing intrinsically wrong with WAVs, but they certainly don't get the pulse racing with excitement.

I can't remember the make offhand, yes it was that memorable. Lol. It was ok, just not aesthetically pleasing but it was fine to drive, smooth and comfortable enough.

It will be interesting to see how my son gets on with his driving experience day, (40th birthday present) - which car he likes best. Not that he's thinking of buying one. He's more interested in planning for early retirement. He's far more sensible than I ever was. He's been planning since his early 20s. Clever boy.

Sometimes our offspring do actually listen to us and heed our advice. 😁