How much to live on

blue.peter

Bravepants said:

blue.peter, I note your spend of £992 on books and magazines! That's huge! I gave up buying magazines years ago. However, I have recently discovered an app called "Libby" that can link to your local county library's electronic account.

Yes, I've already been told that I spend a lot on reading material - see Madrick's post above (31 December 2021 at 8:07AM). It represents almost entirely books - I doubt if I've read more than half a dozen magazines in the year. I read about 150 - 200 books a year, almost entirely on my e-readers.

Thanks for the tip about borrowing e-books from the public library. As it happens, I was already well aware of this. I tried it for a while. I found that the selection available here was poor, in that I found little of interest to me. The spending that you highlighted includes a Kindle Unlimited subscription, which is, in effect, a lending library that has more to offer me.

blue.peter

I've been thinking a bit more about my spending and its relevance to the theme of this thread. I haven't come up with anything Earth-shattering, and some of you will almost certainly already have thought the point through. But I'll say it explicitly, for the benefit of anyone who hasn't.

As a couple of people have pointed out, I do spend a lot on books. I spend a lot of my time reading. It's my principal leisure activity (using the term "activity" loosely, since I'm usually to be found on the sofa or in an armchair!). Maybe you won't spend anything like as much as I do on books. But don't be complacent. What will you do with your time in retirement? How much money will it cost you? A keen gardener might want to spend a lot at the garden centre. A walker might want to make trips to, say, the Lake District, and stay in hotels. And so on. Whatever you enjoy, don't be surprised if you spend more on it in retirement than you did before.

Do think about how you want to spend your time, and what it'll cost.

MovingForwards

@blue.peter I agree with you about hobbies and interests, which is why I posted up a little while ago about having to find 'winter' activities when I retire and will create a savings pot for it. 

I'm not sure your reading budget is a lot, it brings you pleasure and allows time to relax.

blue.peter

MovingForwards said:

I'm not sure your reading budget is a lot, it brings you pleasure and allows time to relax.

It's a matter of perspective. I recognise that I spend a lot on books relative to other people. On the other hand, as you say, it works for me. My point is that whilst others might well not spend anything like as much on that particular activity as me, they might well want to spend as much on something else.

RetSol

I salute anyone who exposes their expenditure to detailed scrutiny on here.

I have considered asking for views on my portfolio in the savings and investments forum but I'm too scared! 

blue.peter

RetSol said:

I salute anyone who exposes their expenditure to detailed scrutiny on here.

I can't speak for others, but I don't consider it a big deal. I'm not bothered what other people think of my expenditure. I'm happy to discuss it, and explain if appropriate. There's only one person to whom I actually have to justify it, and that's me.

Having said that, I'm slightly surprised that nobody's said anything about my alcohol expenditure. I was expecting some comments about that as well as books. (And yes, I do have a suitable response prepared in my mind.)

On the other hand, you might notice that I've been decidedly coy about my actual income. All I'm saying there is that it's more than sufficient to support my lifestyle.

RetSol said:

I have considered asking for views on my portfolio in the savings and investments forum but I'm too scared! 

Ah, now that one I can understand. I fear that you'll come in for a lot of stick if you do. That's a subject on which everyone will have strong opinions, all of which will be contradictory and in conflict with yours. The trouble with investments is that you can't actually be sure what's right without the benefit of hindsight. Or a reliable clairvoyant, if such a person exists.

intgomo

blue.peter said:

Having said that, I'm slightly surprised that nobody's said anything about my alcohol expenditure. I was expecting some comments about that as well as books. (And yes, I do have a suitable response prepared in my mind.)

Having published my own figures, I'd be the last to comment.  That said, over the festive period, I found the Lidl champagne to be very nice indeed.

Cheers

Bravepants

blue.peter said:

MovingForwards said:

I'm not sure your reading budget is a lot, it brings you pleasure and allows time to relax.

It's a matter of perspective. I recognise that I spend a lot on books relative to other people. On the other hand, as you say, it works for me. My point is that whilst others might well not spend anything like as much on that particular activity as me, they might well want to spend as much on something else.

In my original reply I certainly did not aim to come across as critical of your spending on books. I would be the last person to do that.

I merely wished to point out that magazines can be borrowed via Libby; thus saving money on what is, in many cases, disposible reading material.

blue.peter

Bravepants said:

In my original reply I certainly did not aim to come across as critical of your spending on books. I would be the last person to do that.

I didn't take it as a criticism. Please don't worry. I'm sorry if I gave the impression that I did.

gambleruk

RetSol said:

I salute anyone who exposes their expenditure to detailed scrutiny on here.

I have considered asking for views on my portfolio in the savings and investments forum but I'm too scared! 

I once many years ago asked what to do with our extra money as had just paid our mortgage off and got some very negative answers on how I should have never have paid my mortgage off and invested the money instead, all I will say on that is if I had not have paid my mortgage off I doubt I would be sat here happily retired now, I would just go ahead and ask your questions and just not take any of the answers to heart and use the information accordingly. I have been given some very good advice on the pension forum over the past 18 months so is worth doing.