How much to live on

[Deleted User]

Just finished organising those accounts! I have closed the Cash ISA, the previous Regular Saver and Instant Saver for the voluntary NI payments.
I have opened a one year Triple Access Saver which pays a reasonable interest rate. This account now contains my emergency fund.  Other monies from the Cash ISA have been transferred to my Travel Account Savings and my Loyalty Saver. So cash savings now streamlined into 4 accounts, three of which exist for specific purposes and will be added to monthly.
So hopefully that's all sorted for a while!

DairyQueen I don't really have the amount of money that 'bond ladders' require. I am also wary of fixed terms, but thank you for your suggestion. 

Catpuss66

suzie_wong said:

scottish_lassy said:

How much do you expect you will require to live on each month when you are retired?  ie no mortgage, no commute to work BUT maybe higher heating, hobby costs.  I'm getting to the stage where I'm realising that I don't need to be super rich to retire and will only really require living costs but I don't know how much I should aim for each month.  Bills plus food plus bit for fun???  How are the rest of you viewing this?

I have been wondering this myself over the past few weeks. After 23 years of teaching I’ve really had enough, and I’d love to be able to leave or at least go part time in a couple of years. The trouble is, I have a son who wants to train as a pilot, so I am working hard to save up as much as I can of the £100k required, whilst also saving so that I can reduce my hours or do something else as soon as possible. I suppose the saving will focus my mind in terms of cutting day to day expenses, so in time I will answer my own question!

Why have you got to fund his training?you could contribute but to pay 100k he is having a laugh. How old is he? 

[Deleted User]

Catpuss66 said:

suzie_wong said:

scottish_lassy said:

How much do you expect you will require to live on each month when you are retired?  ie no mortgage, no commute to work BUT maybe higher heating, hobby costs.  I'm getting to the stage where I'm realising that I don't need to be super rich to retire and will only really require living costs but I don't know how much I should aim for each month.  Bills plus food plus bit for fun???  How are the rest of you viewing this?

I have been wondering this myself over the past few weeks. After 23 years of teaching I’ve really had enough, and I’d love to be able to leave or at least go part time in a couple of years. The trouble is, I have a son who wants to train as a pilot, so I am working hard to save up as much as I can of the £100k required, whilst also saving so that I can reduce my hours or do something else as soon as possible. I suppose the saving will focus my mind in terms of cutting day to day expenses, so in time I will answer my own question!

Why have you got to fund his training?you could contribute but to pay 100k he is having a laugh. How old is he? 

I believe that with that with the current drive to recruit pilots and the need to replace those who will be retiring in the next few years sponsorship for training will be once again be available.
Personally, I do not think it is reasonable for you to save the £100000 required. You also have a life to lead and enjoy.

hugheskevi

[Deleted User] said:

Just finished organising those accounts! I have closed the Cash ISA, the previous Regular Saver and Instant Saver for the voluntary NI payments.
I have opened a one year Triple Access Saver which pays a reasonable interest rate. This account now contains my emergency fund.  Other monies from the Cash ISA have been transferred to my Travel Account Savings and my Loyalty Saver. So cash savings now streamlined into 4 accounts, three of which exist for specific purposes and will be added to monthly.
So hopefully that's all sorted for a while!

DairyQueen I don't really have the amount of money that 'bond ladders' require. I am also wary of fixed terms, but thank you for your suggestion.

I've been doing a lot of reviewing and changing accounts, due to changes in interest paid and preparing to go travel and so choosing accounts with best overseas spending and withdrawal terms. The changes have been:

Current accounts

• Nationwide current account (free travel insurance ended) to Virgin current account (free overseas spending and withdrawals). also got a £100 Virgin Experience voucher for switching.
  
• Santander Lite (good for bills, but won't matter overseas) to Starling current account (free overseas spending and withdrawals)
• Opened Chase current account for spending (1% cashback), access to savings account and also chase round-up (trivial, but 5% interest so why not). Also has free overseas withdrawals and spending.
  
• Business account changed from Santander (account from years ago with monthly charge, but hard to change whilst trading) to Tide (fee free) - would have been Starling but they had ridiculously stringent opening criteria (asking to see signed client contracts?!) so easier to go elsewhere.
  

Savings Accounts

• Cynergy Savings Account (0.7% annual interest) to Chase saving (1.5% instant access)
• Premium Bonds (c0.9%) to Chase saving (1.5%)
• Virgin Savings (1%) to Chase saving (1.5%)

Credit cards

• Credit cards reduced to Barclaycard Rewards card (0.25% cashback, free overseas spending and withdrawals) and Halifax Clarity (free overseas withdrawals and spending, albeit interest levied from date of transaction so inferior to Barclaycard)

I'm very happy with all the new providers, everything has been straightforward and without any problems. The interfaces are all a lot more modern too. The emergence of Chase with a great saving rate as well as great spending terms and overseas transactions has been very helpful for simplifying things whilst keeping competitive accounts. Although it is a shame they don't yet offer joint accounts.

Kim1965

A friend of mines son was training to be a pilot. They paid for the first 5 lessons then asked him towards them. The son was in full time work.The son didnt have any more lessons as he was not sure he was fully  committed. I suggest they do the same. 

Murphybear

Catpuss66 said:

suzie_wong said:

scottish_lassy said:

How much do you expect you will require to live on each month when you are retired?  ie no mortgage, no commute to work BUT maybe higher heating, hobby costs.  I'm getting to the stage where I'm realising that I don't need to be super rich to retire and will only really require living costs but I don't know how much I should aim for each month.  Bills plus food plus bit for fun???  How are the rest of you viewing this?

I have been wondering this myself over the past few weeks. After 23 years of teaching I’ve really had enough, and I’d love to be able to leave or at least go part time in a couple of years. The trouble is, I have a son who wants to train as a pilot, so I am working hard to save up as much as I can of the £100k required, whilst also saving so that I can reduce my hours or do something else as soon as possible. I suppose the saving will focus my mind in terms of cutting day to day expenses, so in time I will answer my own question!

Why have you got to fund his training?you could contribute but to pay 100k he is having a laugh. How old is he? 

Join the RAF?  To train as a pilot you have to be 17.5 - 24

I always fancied doing that but I couldn’t be a pilot because my eyesight was not good enough plus I’m pretty sure they didn’t take women back then .  I learned to fly a glider instead 

Kim1965

I thought putting two kids through uni was expensive, only one year left for my youngest. If Biggles came knocking on my door for a100k i would have to say no. 

jimi_man

Murphybear said:

Catpuss66 said:

suzie_wong said:

scottish_lassy said:

How much do you expect you will require to live on each month when you are retired?  ie no mortgage, no commute to work BUT maybe higher heating, hobby costs.  I'm getting to the stage where I'm realising that I don't need to be super rich to retire and will only really require living costs but I don't know how much I should aim for each month.  Bills plus food plus bit for fun???  How are the rest of you viewing this?

I have been wondering this myself over the past few weeks. After 23 years of teaching I’ve really had enough, and I’d love to be able to leave or at least go part time in a couple of years. The trouble is, I have a son who wants to train as a pilot, so I am working hard to save up as much as I can of the £100k required, whilst also saving so that I can reduce my hours or do something else as soon as possible. I suppose the saving will focus my mind in terms of cutting day to day expenses, so in time I will answer my own question!

Why have you got to fund his training?you could contribute but to pay 100k he is having a laugh. How old is he? 

Join the RAF?  To train as a pilot you have to be 17.5 - 24

Even so, once you leave the RAF and want to progress your career by flying commercially, you still need to obtain the appropriate licences which will still cost a significant amount of money. Having been through the RAF, your job prospects may well be a bit more rosy, though if you get streamed onto rotary wing stuff then there may well be a big learning curve. 

Robin9

I used to work on the basis of £25000 pa but with energy and general cost of living I am revising this to £30000.  Having already retired this means drawing more on savings

drummersdale

Hi @Robin9 is that for a couple or a single person if you don’t mind me asking?