The Senior Wonder Years!

Skint_yet_Again

No need to defend your spends Baron_Dale it’s all down to personal choice at the end of the day 

FreetodoasIlike

You pay your money and take your choice. Horses for courses. I’m sure some people would criticise my spends and me theirs.

[Deleted User]

One thing thing I would like to see more in some threads is how people actually budget on their declared incomes.

For example, when somebody says, 'I live well on my state pension', I am certain a  breakdown of their expenditure  would be useful for many forum members in similar circumstances. Likewise, for any other amount people say they can live on happily during their retirement. Maybe I am expecting too much, or my liking for detail has got the better of me. Lol!

I try to be transparent with how go about things and give as much detail as possible.

One section I find particularly frustrating is the section named Budgeting and Bank Accounts. For me it seems to mainly consist of threads talking about bank switching or complaints! Hardly anybody discusses actual budgeting! I did suggest a while back that they split the section into two, one being for Budgeting and the other for Bank Accounts. However, people seemed reluctant to make this happen. Not sure why.

Of course there are some excellent examples in the Debt Free Diaries Section and the How Much Have You Saved Threads.
 
In some areas the focus seems to have moved away from managing money. Maybe it's me ! Just sharing some thoughts!

Rich1976

Agree with this to a certain extent . Many of the threads talk about bank switching and chasing savings rates, but then Martin does focus heavily on that on his shows .
other threads seem to be frequented by wealthy or high earners who talk about maximising their pensions and ISAs. It would be nice to to see more threads from those on more average earnings and as you say how they budget their incomes and what they do with it. I know there are threads from those such people and not just on the DFW or MFW threads but the conversations or responses seem in short supply and then the person who posted the query doesn’t always come back in response.

Lindlou

There is a thread on the Pensions board "It's time to start digging up those squirreled nuts". There is a lot to read through but very interesting and inspiring 

Nebulous2

We quite simply don't budget. We screw down costs, renegotiate contracts, and get the best deals we can. We have stopped buying things that have increased dramatically in price, where we no longer regard them as value for money. Most notable in that is the caravan club and campsite costs. The costs have gone up more than 100% from pre-covid and we have effectively stopped using them. 

We've lived on one income (mine)  most of our lives, and I've never been a huge earner, but we've always managed to squeeze a lot in terms of holidays and cars from what I have earned. 

Unlike you we place very little value on clothes. There are some exceptions - we regard decent walking boots as worthwhile and we are prepared to spend a lot on decent waterproofs. 

We are slightly ahead of where we were when I retired moneywise, when we expected to be considerably behind at this point, so our non- budgeting approach appears to work for us. 

I do a state of the nation review of our finances at the beginning of every month, so I track our capital and savings, but we don't monitor outgoings. 

I suppose that simply goes to show that there is more than one way to skin a cat, and the world is big enough to hold a lot of different views or approaches.

Clowance

Nebulous2 said:

We quite simply don't budget. We screw down costs, renegotiate contracts, and get the best deals we can. 

Same, but partner has yet to retire and I still work a few hours a week in NHS, low level and casual so no stress. Our income is about 42000 pa before tax. When he retires a year before state pension age it will drop by about 10000 then with the pension go back up again so as far as I can tell we will be little worse off than now. 
Our priorities after all bills are holidays, we spend very little on clothes, (in my case ebay and charity shops which I much prefer to real shops as I love a bargain!) and only a moderate amount on eating out, and then usually in Toby carvery which is cheap, rarely in proper restaurants. We have a 12 year old diesel car with £20 road tax and will replace with a 4 year old when he retires, using some of his lump sum. It will last us at least 15 years. Household maintenance is unpredictable but we will do as much as we can ourselves. 

Farway

Nebulous2 said:

We quite simply don't budget. We screw down costs, renegotiate contracts, and get the best deals we can. We have stopped buying things that have increased dramatically in price, where we no longer regard them as value for money. Most notable in that is the caravan club and campsite costs. The costs have gone up more than 100% from pre-covid and we have effectively stopped using them. 

I'm similar to Nebulos2 in not budgeting

I know what I have and spend it as & when required, without chucking it away

My cost-cutting has been membership of various organisations that I used infrequently or have increased prices way over a figure I consider “worth it”, including TV licence

There is not a fixed amount allocated to something. If I want / need / fancy something, I tot up what there is to see if I can readily afford it or not.

I do differentiate between want & need, want a macro lens, need a tin of beans

Not bothered about holidays or clothes, so less to want there. I've been to & seen a lot of things in my life and am happy to have done so.

SuzeQStan

In some contrast to the above we screw down the budget on a yearly basis creating a monthly savings plan for various ‘pots’ for annual bills:

mot,service,chimney sweep, don’t pay warranties so save for repairs if needed, firewood, tree surgeon, window cleaner. & another pot for gifts & one for entertainment/holiday. + one for weekly groceries.

All of the above on a spreadsheet including direct debits, savings toward annual isa, increased pension payments now that mortgage is finished, and this year for the first time stocks shares isa (bit nervous about this)

[Deleted User]

I think I am increasingly becoming a 'MSE outlier' lol! (and personally I couldn't care less lol )

Of course I have an outline budget, but do not see my retirement years as ones of cost cutting and making do. With maybe only a few years left, I am not going to deprive myself of 'wants' to have money left in the bank when I am gone !

I like to look and feel good, so do spend money on my appearance including clothes and my body lol  . I enjoy eating out in restaurants. I have only had a few trips within the UK and abroad since retiring, but this is mainly due to care commitments at the moment.

I am single and have no children of my own, but lots of loving nephews and nieces who know full well that anything I leave is to be considered a lucky bonus and not a given.

I realise I am in the fortunate position of living in a paid for house and I have a guaranteed pension income for the rest of my life. However, I don't have a huge amount of savings and investments. At the moment no more than £30 plus thousand. I will probably save more when state pension kicks in.

I have no inheritances due either. If anything happens to my elderly relative I will own 70% of the house, which will need to be sold to give her beneficiaries their rightful shares. This will leave me about £350000 to buy somewhere for myself. I will be fine.

Should I need some kind of care when much older the house can be sold. I am not going to spend time worrying about that or hoarding money for something that may never happen. Fortunately my pension income will be enough to buy in services and help with house stuff should they be required.

Next year I may replace my current car which is approaching 8 years old. I am looking into leasing one for a couple of years. I will enjoy driving a new car! I have a preliminary budget in place for that. Although fit and healthy I do not see myself driving much beyond the age of 70. I will see how it goes. I actually believe that there should be a medical and annual driving check for people over 75 to drive anyway.

Many thanks for all your recent comments. Keep them coming.