Bad news re what I spend
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Shall respond to one comment at a time - busy but can not resist talking about money in MSE.
I noticed that the above post had 3 likes as well so there is a discrepancy between how I see my situation and how other people see it which I will try to fill now. My money , my expenses, , my retirement - what does it have to do with him and how talking to him would help? I did write that we live with separate budgets , just so that the situation is clearer - he moved in with me 2 and a half years ago , we are both at the stages in our lives where we have our own liabilities and assests and habits and I greatly appreciate not having to rely on anybody in my planning.
That’s fine.
Two can live cheaper than one though e.g. council tax/heating is spit and even food isn’t double.
There are advantages to being independent if that suits you both right now,
However the number is still considered quite big for someone sharing bills.
I’d expect a pension pot of £700k to get £28 per annum.
I work on 4% per annum but some people would say that isn’t conservative enough, so that just shows what you are looking at (to clarify this is ballpark).0 -
Crikey what on earth do you spend over £2.3k per month on???
Alex
Easy.
Food - organic when I can and not stopping myself from buying something I would like because it costs money. Rarely ready made, rarely takeaway , rarely eating out - just plain expenses on raw products. Practically no alcohol.
Car - ferrying child here and there, going to work etc with no regard to whether it costs money or not. Old car(20years) , only repairs are about £500/year if not more. Leisure membership- used frequently. Appearance - some cosmetic stuff every now and again, not often but a few hundreds £ at a time. Private health insurance. Medical bills for what it does not cover.:(
House - all the time it's either bathroom change or garage insulation or whatever else - endless.
It could be that however I tried to separate the expenses that arise because I live with 2 dependants (dad and daughter) there is still part of what I incur because of them in my number.The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
Did you buy a house that needed doing up? Or is this discretionary?
I haven’t even decorated for 16 years and don’t intend to.
My only expense was a boiler after 14 years and that wasn’t optional, it had rusted and was broken.
You shouldn’t need to factor in your dad or daughter in retirement.
This might be making a massive difference to your figures.0 -
Maybe post a SOA if you want us to look at your planned budget with fresh eyes. However, it sounds like you might have to compromise your "lifestyle" in retirement somewhat if you feel you're not going to be able to sustain £28k p.a. spend. Especially if that already doesn't include a Mortgage.
Shall do. I have done my number a few years ago and thought it was 18-24 k net. So I guess I am just disappointed it is not what I thought . May be inflation did not help, may be I was optimistic in doing the number , may be I am pessimistic in counting this year..The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
Discretionary. The bathroom looked like it was done in 70s The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
I always tracked my expenditure. Well , every now and again I used to do monthly account. on all expenses. This time I done it every month for 6 months. It is already broken down - I then group it in classes.Working out how much you spend is a very important first step. Next you need to break it down into more detail; petrol, eating out, coffees, clothes, wine, hobbies, etc etc. This can be split into 'work related' and 'personal' too. Then try and rank it into 'have to', 'want to' and 'just doing it'. This may sound a lot of work, but it will help plan where you can eliminate cost (stop doing it) or reduce costs (find a lower cost way of doing it or do less of it) or decide you need / want to keep doing it (so need more money).
Most people have no idea what they spend their money on, so you are making great progress! Good luck.The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
It's just that of it was 18 k net the tax does not affect the number as much as if it is 28 k as well.
The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
You are doing the right thing in working it out and discovering that boy is it expensive to provide a decent pension.0
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My main discovery is that I use more money than I thought I did for a lifestyle I have. I do not have loads of expenses that most other people have- I forgotten when I last bought make up , I do not do all the usual nails/ tans/facials/waxing( and my depilator is 20 yo!) etc, I use sofa which I bought 7 years ago second hand, my car is 20 years old bought for 1.5 k 10 years ago, about half of my clothes are hands down from friends , I practically don't drink - and what I drink is not paid by me, holidays are covered by my partner from the fund in which he pays money that he would have otherwise have paid as rent, I rarely by coffees or eat out or have ready made food - and I still spend that amount of money..The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
That's intriguing, the above indicates a frugal lifestyle - where's it all going then???My main discovery is that I use more money than I thought I did for a lifestyle I have. I do not have loads of expenses that most other people have- I forgotten when I last bought make up , I do not do all the usual nails/ tans/facials/waxing( and my depilator is 20 yo!) etc, I use sofa which I bought 7 years ago second hand, my car is 20 years old bought for 1.5 k 10 years ago, about half of my clothes are hands down from friends , I practically don't drink - and what I drink is not paid by me, holidays are covered by my partner from the fund in which he pays money that he would have otherwise have paid as rent, I rarely by coffees or eat out or have ready made food - and I still spend that amount of money..0
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