'Spending Money' in retirement
Options
Comments
-
I agree. It's a very mixed list. DH and I would include most cinema and meals in our shared household budget as we'd go together and spending would be the same . Clothes and haircuts are personal spending (DH pays £10, I pay £100:eek:). It's a bit like toiletries, basics come from the grocery budget but things from cosmetic counters are personal.theoretica wrote: »I find it interesting what isn't in spending money... clothes, haircuts, cinema, meals. Personally, I would lump those with spending. You also seem to be saving at least twice over for holidays with the 200 regular savers, 300 standing order and your existing savings.
Isn't that why bus passes were invented?:rotfl::rotfl::rotfl:There is for us
One of our delights is trying out restaurants. We live in a part of the world which is pretty well off for restaurants/hotels etc and we have a couple of favourites but continue to seek out new places
Most restaurants down here do very good value (not cheap) lunches which is ideal if you are retired. A long lazy lunch with some wine, maybe a Cointreau and an afternoon rounded off in one of our favourite watering holes. Bliss!
I can honestly say I've eaten out far more in retirement than when I was working0 -
My wife and I have told our children we are spending our savings in retirement at a rate that means we will spend our last penny on the day we die. (They encourage us to spend them, they won't need them after we are gone).
My daughter asked what would happen if we live longer than we have estimated (which we all hope we will). I told her we would remortgage the house.
You can't take it with you.0 -
Please tell me .... in retirement there is more to eating out than hunting for cheap afternoon meal deals??
I don't know.... I'm not retired, I just know around here you can get 2 course or 3 course for under a tenner with a drink in the afternoons, but the OP mentions that the regular houshold expenses are already covered, just the pocket money was at issue.0 -
I don't know.... I'm not retired, I just know around here you can get 2 course or 3 course for under a tenner with a drink in the afternoons, but the OP mentions that the regular houshold expenses are already covered, just the pocket money was at issue.
All we've heard really is that it's been resolved not how. So we're left imagining he must love his coffee and newspapers!0 -
We usually go to the cinema and eat out together, hairdressers every six weeks or so, his costs £10 mine £14.50 and we both spend about the same on clothes, so all these come out of our joint account. The £25 a week each for spending money is for whatever we choose. If I wanted a coffee in town and a magazine every day, which I don't, or he wanted a bet on the horses and a packet of cigars, we would pay it from our £25.theoretica wrote: »I find it interesting what isn't in spending money... clothes, haircuts, cinema, meals. Personally, I would lump those with spending. You also seem to be saving at least twice over for holidays with the 200 regular savers, 300 standing order and your existing savings.
The £300 per month is the total for standing orders to four separate accounts one of which is the holiday account.
Holiday account is £85 a month so for instance in Jan this year I used money from this account to book a ferry for summer hols, April paid balance for holiday in France, in June withdrew spending money for the holiday and last month bought a Groupon deal for a weekend away. All money from the holiday account. I'm sure Martin Lewis says something on here about saving into different 'pots' to pay yearly bills. So that's what I do.
The £200 regular savers we started last year ended in May so we decided to have a trip to India in October. When this year's 12 month regular savers end next year we will have a good sum to use as we want.0 -
All we've heard really is that it's been resolved not how. So we're left imagining he must love his coffee and newspapers!
Sorry should have said. We had a talk and he says he doesn't remember what he spent £100 on in two weeks. We have agreed to take a bit more notice of what we are spending, take time to discuss finances and how things are going. Retirement is new to both of us and we both need time to adjust.0 -
I don't know.... I'm not retired, I just know around here you can get 2 course or 3 course for under a tenner with a drink in the afternoons, but the OP mentions that the regular houshold expenses are already covered, just the pocket money was at issue.
You can eat in most towns eat at that money .... however who would want to or restrict themselves to eating in these type of places on a regular basis?? .... especially when retired ... surrounded by the afternoon drinkers or the chavvy families and their screaming kids.0 -
liz3chickens wrote: »Sorry should have said. We had a talk and he says he doesn't remember what he spent £100 on in two weeks. We have agreed to take a bit more notice of what we are spending, take time to discuss finances and how things are going. Retirement is new to both of us and we both need time to adjust.
Oh, that's good. Maybe he just needed a bit of a wake up call. Being recently retired he probably just has more time to spend in shops whereas you've had a couple of years to acclimatise.
You're doing amazingly well to manage holidays on just £85 a month.0 -
liz3chickens wrote: »Thank you to everyone for your very interesting and varied responses.
During 45 years of marriage my husband has never been interested in our finances. Mortgages, bank accounts, credit cards, savings, holidays - his attitude is that if I think we can afford it ( I make sure we can) then it's OK. That's the way it has worked.
We have a Santander 123 account which is kept at £20,000. No mortgage, loans or cc debt, the cashback doesn't cover the £5 fee but worth it for the interest.
Monthly income is £1590 from pensions.
Outgoings - Council tax, water, gas, phone etc £250
Monthly savings by s/o for Christmas & birthdays, holidays, insurance, hobbies (golf & fitness classes) £300
Food £200 - 250 Spending money £216 (£25 week)
So about £500 to cover petrol, meals out, cinema, clothes, dentist, haircuts etc. So not a lot left over.
We save £200 each in 5% regular savers, money transfered from another savings account and have a pensioner bond, fixed rate cash ISAs and some money in premium bonds.
Our plan is to spend some of our savings on holidays, trips and treats together over the next ten years while we are fit and able.
My original question was about spending money and I think we have resolved that but it has been interesting to read what others think is a reasonable amount to spend every week.
That lot comes to £1900.0 -
You mention "a bet on the horses". If he doesn't remember where money is going and can't be accountable for it likelihood is it's going on the favourite at Goodwood.0
This discussion has been closed.
Categories
- All Categories
- 343.3K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 248K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards