[Finance] How much can you live on ?

[happypig]

Possibility of redundancy this year and I'm working out the figures for if it happens.

Just wondered how much (or how little) other people live on as early, or part, retirement might be an option.

 

[Thunder Bolt]

It depends on your outgoings. Is your mortgage cleared, for example?

 

[happypig]

It depends on your outgoings. Is your mortgage cleared, for example?

It will be.

 

[Triggaaar]

It will be.

Gas, elec, water, council tax?
Do you have/need a car?
Do you eat out, or want to eat in all the time?

Some people can live on quite a small amount, but everyone's different, so it's difficult to comment on what others can do.

 

[Papa Lazarou]

I'm sure you can live on / off quite a small amount, but for many that would require a MASSIVE change in lifestyle; losing a lot of luxuries. For example, do you currently have an Albion season ticket?

 

[Weststander]

Too much, due to huge outgoings (kids).

One potential help. Grocery shopping at Lidl or Aldi really does save fortunes. Plus their food is actually really good.

 

[pearl]

Gas, elec, water, council tax?
Do you have/need a car?
Do you eat out, or want to eat in all the time?

Some people can live on quite a small amount, but everyone's different, so it's difficult to comment on what others can do.

Insurance
Landline/Internet
TV Licence

 

[happypig]

Gas, elec, water, council tax?
Do you have/need a car?
Do you eat out, or want to eat in all the time?

Some people can live on quite a small amount, but everyone's different, so it's difficult to comment on what others can do.

Eat out occasionally but it's not a big deal to us. Have got a car and will continue to need one I guess.

I'm sure you can live on / off quite a small amount, but for many that would require a MASSIVE change in lifestyle; losing a lot of luxuries. For example, do you currently have an Albion season ticket?

Currently, yes, but that's on the list of things I could get rid of if I had to (as is Amazon Prime, Spotify etc)

 

[Papa Lazarou]

Eat out occasionally but it's not a big deal to us. Have got a car and will continue to need one I guess.



Currently, yes, but that's on the list of things I could get rid of if I had to (as is Amazon Prime, Spotify etc)

If I had to cut back there are loads of thing like this that could go...

Sky TV
Amazon Prime
Netflix
Deezer Family
Until recently we had 2 cars and a campervan - one car has gone now, but I am looking to get a replacement
Foreign holidays
Eating out
takeaway food
Laithwaites wine
Virgin Wine

But I would need to somehow keep the season ticket..

 

[Pickles]

It's all relative, it really is.

 

[luge]

Possibility of redundancy this year and I'm working out the figures for if it happens.

Just wondered how much (or how little) other people live on as early, or part, retirement might be an option.

depends on outgoings. I've had to cut back drastically recently due to a change in work circumstances, that is temporary - but has lasted longer than I thought.

It's surprising how little you need when you really need to save cash. I used to be the king of the last minute / late working takeaway, have cut down on the beers and don't buy lunch out, don't do mad amounts of post work beers.

If i didn't have a mortgage, We'd be living a very comfortable life.

I would say that I don't miss all the things I've cutback, at all - and the rebalance has been excellent. When everything picks up again, I'll definitely not go as wild, which also means I probably will have less need to work as hard.

 

[Icy Gull]

Property maintenance repairs
Potential renewals of. boilers, radiators, fridges, washing machine, dishwasher, etc will all need replacing at some time
Car repairs pretty well every MOT from my experience
Petrol/diesel can add up
Car insurance
Mobile phone bills

 

[luge]

absolutely agree with this.

 

[Wrong-Direction]

All direct debits come to a grand a month [emoji21]

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[Wrong-Direction]

Rent
Gas
Electric
Water
Tv licence
Virgin media
Council tax
AA membership
Car tax
Car insurance
Petrol
Mobile
SEASON TICKET!
what's left goes on food/drink [emoji849]

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[Blue3]

I completed a lot of work on this very subject prior to taking early retirement and then monitored the projected figures compared to the actual over a two year period.

I am happy to share as finding this information if it helps,

Based on a two persons household in the Southeast of England with no mortgage or rent or any outstanding debt

Standard bills this includes Council tax, Phones, electricity, gas, water, Internet, household insurances, car insurance x 2, football season tickets x 2,Gym x 2.

Estimated pre retirement £8,500 actual after two years £10,500

Living variable bills this includes Petrol, food, household none food, decorating,household and cars maintenance, holidays 4 weeks away spread over year which includes two weeks abroad, entertainment pub meals out etc, car MOTs and servicing, garden, entertaining guests at home parties,BBQ, Grandchildren, Adult Children support, dog, Social club memberships, clothing, golf, swimming, cycling.

Estimated pre retirement £12,000 actual after two years £14,000

So around £24,500 per year is enough for two of us to live a very comfortable lifestyle I am aware we are fortunate to have good pensions plus some savings and as such we can dip into this if required which we will do for replacement car, bailing kids out, major home improvements etc this is difficult set of costs to estimate some years might be low while others expensive I think £6,000 per year should cover this.

Bills are unavoidable but most can be improved examples being switch utility suppliers, pay bills yearly not monthly to obtain discounts, shop every couple of days plan food, walk, cycle don't drive when you can, you will have loads more time so jobs can be completed at a more leisurely pace it's great best thing I ever did

 

[luge]

One potential help. Grocery shopping at Lidl or Aldi really does save fortunes. Plus their food is actually really good.

absolutely agree with this

 

[luge]

Plus: will you completely retire or will you actually pick up some other work, if you had to... for extras.

 

[CorgiRegisteredFriend]

Plus: will you completely retire or will you actually pick up some other work, if you had to... for extras.

Some cash in hand is always useful.

 

[happypig]

Property maintenance repairs
Potential renewals of. boilers, radiators, fridges, washing machine, dishwasher, etc will all need replacing at some time
Car repairs pretty well every MOT from my experience
Petrol/diesel can add up
Car insurance
Mobile phone bills

We will have a contingency fund for repairing/replacing major items, it's the day to day stuff I'm more interested in.