A Paupers Pension Tale (Not many nuts to dig up)

Daffodil1234

Gambleruk thanks for the above - that's very interesting and I will be using your figures to compare to mine.   Could I ask if the figures represent just yourself (one adult) or do they account for your wife and son also (e.g. all of the household) - e.g. in relation to utility bills ?

gambleruk

Daffodil1234 said:

Gambleruk thanks for the above - that's very interesting and I will be using your figures to compare to mine.   Could I ask if the figures represent just yourself (one adult) or do they account for your wife and son also (e.g. all of the household) - e.g. in relation to utility bills ?

All of us, I have always said when our son moves out we will be better off as £200 per month certainly does not cover food, electric, petrol, etc so he is 21 now and hopefully with my persistence in making sure he saves in a lisa he will have his own place in a couple of years and our figures will come down.

Albermarle

gambleruk said:

Daffodil1234 said:

Gambleruk thanks for the above - that's very interesting and I will be using your figures to compare to mine.   Could I ask if the figures represent just yourself (one adult) or do they account for your wife and son also (e.g. all of the household) - e.g. in relation to utility bills ?

All of us, I have always said when our son moves out we will be better off as £200 per month certainly does not cover food, electric, petrol, etc so he is 21 now and hopefully with my persistence in making sure he saves in a lisa he will have his own place in a couple of years and our figures will come down.

Maybe a bit optimistic that you will save £200 a month, if he needs help with buying furniture, conveyancing costs, getting engaged, losing his job etc etc.
 They never stop costing you, in my experience....

Kim1965

As above, its been a bad month, apart from the usual xmas expenses, my lad has cost me 1.1k this month. Cannot wait until he finishes uni next may. If he lived under my roof he would cost a fraction of what he does now.
 Im guessing having kids is a major considerstion when deciding if and when one can retire. 

SouthCoastBoy

Yes I have found kids get more expensive as they get older, hopefully it stops at some point. Mine are 21 & 23, one is now working full time but living at home so costs us a bit but not too bad. Other one still at uni currently working at sydney uni, which is costing me a lot as we are going out to see her early next year, plus we have had to pay her flights and help with rent. She is back for her final year in Sept, after that costs will hopefully come down. Putting my two through uni has cost me between 40 and 50k

Kim1965

SouthCoastBoy said:

Yes I have found kids get more expensive as they get older, hopefully it stops at some point. Mine are 21 & 23, one is now working full time but living at home so costs us a bit but not too bad. Other one still at uni currently working at sydney uni, which is costing me a lot as we are going out to see her early next year, plus we have had to pay her flights and help with rent. She is back for her final year in Sept, after that costs will hopefully come down. Putting my two through uni has cost me between 40 and 50k

Ouch, you make mě feel better about my own position. 
 Does your child  at home pay a token rent? If i go pt next year i will probs charge my lad something, the idea is he can live at home and save... Depends where he finds work. My 24 yr old is off the pay roll.... Almost

SouthCoastBoy

My eldest who is back at home after uni is a teacher so earns a decent salary, I have said she can live rent free until she is 25, she will be 23 early next year

jimi_man

I’ve got two boys living with me - 23 and 25. Both employed and the both pay me rent. 

Somebody

What are the insured values and excess for house insurance at £54pa? The cheapest premium I’ve come across. 

pensionpawn

Kim1965 said:

As above, its been a bad month, apart from the usual xmas expenses, my lad has cost me 1.1k this month. Cannot wait until he finishes uni next may. If he lived under my roof he would cost a fraction of what he does now.
 Im guessing having kids is a major considerstion when deciding if and when one can retire. 

My youngest is studying at a central London university, from home. Commutes in three days a week however that saves £12k in rent before food etc. OK, she costs me for food, electricity (powerful PC, two screens etc...) however she contributes a fraction of what she would be paying towards the house "kitty". She finishes her course in the summer and when she's flown the nest in 12 - 18 months we'll be saving hand over fist monthly, though we'll no doubt help her (a little) with moving costs. My retirement strategy has always been "anytime after she finishes uni".