How much to live on

MovingForwards

My bills, less work / savings / pensions / mortgage:

£50.00 gas and electric
£135.00 CT and water
£200.00 food
£10.14 phone
£50.00 car insurance / home insurance
£50.00 petrol
£2.00 bank fee
Total £497.14

luvchocolate

moving_forward said:

Lovely to hear your doing well @luvchocolate .
Our outgoings reduced when we moved to a smaller property. We may look at an over 55s place when we nearing retirement as I think they are a good idea at maximising your independence years. Ours would probably be private though so costs of ground rent and service charges would have to be considered. 

Service charges can be very expensive and seem to rise considerably each year..I've been looking for a friend...so definitely something to check 

moving_forward

Yes it seems rather hard to get the information but I'm trying to make sure retirement planning involves a full picture even though it could be 10 to 20 years away 🤣

henry24

I suppose my basic bills aren't much different it's when I include things such as sar service, humber bridge tolls, eating out a couple of times a week, things for my garden that I clock up maybe another £50 per week or £2500 a year 

[Deleted User]

MovingForwards said:

My bills, less work / savings / pensions / mortgage:

£50.00 gas and electric
£135.00 CT and water
£200.00 food
£10.14 phone
£50.00 car insurance / home insurance
£50.00 petrol
£2.00 bank fee
Total £497.14

Very impressive. What about money for leisure, hobbies, holidays etc... Just being curious. I have posted mine yesterday. Thanks.

[Deleted User]

luvchoclate, thanks for your post but using your figures I make your annual income less than you say. I may be missing something of course!
8900 plus 12x275 plus 200 =12400, unless that is your figure after tax ? Thanks.

[Deleted User]

moving_forward said:

That's a fantastic amount to be able to live on. We (2 adults) use approx £22k a year if you exclude debt and mortgage. Pension contributions come off pre take home pay. We are working reducing over spending, some spending like transport costs won't be there when we retire but higher energy prices will probally eat those up.
Of course we will use some of the debt and mortgage money to fund capital expenditure when they are paid off.
We hope to have enough to either retire one of us or both part time in about the same time frame as you.

Are you able to give an approximate breakdown of how you spend that 22000? Might be useful for others on a similar amount.

luvchocolate

[Deleted User] said:

luvchoclate, thanks for your post but using your figures I make your annual income less than you say. I may be missing something of course!
8900 plus 12x275 plus 200 =12400, unless that is your figure after tax ? Thanks.

Oh sorry I wasn't very clear..yes monthly amounts are after tax 

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henry24 said:

How is it possible to live your life on only £6000?

I did. Modern house no mortgage, low utility bills, water meter, obviously not in use while at work. Driving down home insurance every year, paying £2.50 a month  for ok broadband (thanks plusnet). No TV licence (rubbish bbc). I had a free all zone travel card with London on the doorstep.

My biggest out lay was for a car that I used for local runs eg shopping. Probably 200 miles a year, always failed it’s MOT. Yes, I didn’t go on holiday that year. Don’t drink, don’t smoke, don’t do drugs. All outgoings for that year was payed on one debit card. It can be done, oh I promise you I did not eat bake beans on toast that year.

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No, it wasn't 1974. 2018 i think.