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Do we really need £25,000?

(30 Posts)
jessfletcher Thu 07-Jul-11 11:58:49

Saw on BBC that parents now need 20% more to get by.

Just tried the calculator it links to and me and my dh apparently need over £25,000 a year to get by. It's absolutely mad! He earns £23k (I'm not working atm) and we even manage to get out for a meal once in a while.

Anyone else think it's really optimistic?! hmm

JarethTheGoblinKing Thu 07-Jul-11 12:06:58

Have you adjusted the outgoings bit?

TableVamp Thu 07-Jul-11 12:07:14

That calculate is total rubbish £80pm on council tax? I wish! Ours is £253. The same on utilities??!!!! Ours are waaaaaaaaaaaaaaaaaaaaaaaaay more than that. It takes NO ACCOUNT of where you live or asks you anything about your outgoings/circumstances. Rent of £70 per week!!!? PAH HAHAH!!!

We earn about £70-80k between us and have a 8m old and we have NOTHING left at the end of each month. I am often taking money out of my tax and/or VAT account to cover things and we paid our rent 2 weeks late last month...

jess I am amazed you get by on 23k.

JarethTheGoblinKing Thu 07-Jul-11 12:09:33

Yeah, and £70pw on rent? Where is this mythical place wink

TableVamp Thu 07-Jul-11 12:10:45

Oh just seen you can adjust... blush

LawrieMarlow Thu 07-Jul-11 12:13:41

Their assumptions are quite interesting. Will adjust and see what I come up with.

SardineQueen Thu 07-Jul-11 12:18:12

Hmmm we are earning under what we need once I adjusted to put our actual mortgage in!

LawrieMarlow Thu 07-Jul-11 12:19:41

Well not too impressed with that. Am not allowed to include that I get child maintenance from ex H. I don't spend what they suggest per week on food or on clothing. And no way do I spend £94 a week on social activities shock.

According to it I am under the minimum income standard needed but tbh I am really not feeling that at the moment.

soggybottomflancase Thu 07-Jul-11 12:21:56

Anyone going to give us the extra £119 per week it said that we need. Sorry Jareth our rent is £78 per week, three bed semi HA house.
We are strained a bit at the moment but I don't think we are poor/struggling

JollySergeantJackrum Thu 07-Jul-11 12:22:59

You can only adjust some of it:
^Why can I adjust for these things, but not others?

The Minimum Income Standard describes a common baseline of need for everyone in a particular family type. It does not allow you to define your own "needs".

However, in some cases different people require different incomes in order to reach the same minimum living standard – for example if they live in parts of the country with different rent levels.

Here you can adjust for some circumstances that may affect your ability to afford a minimum standard. ^

It does not let you adjust travel costs though, which are astronomical in a rural area like ours.

KatyMac Thu 07-Jul-11 12:26:26

I apparently need an extra £213 a week to live

<sigh>

jessfletcher Thu 07-Jul-11 12:28:23

There is a video if you click through on the button at the bottom which explains how they get their numbers. I guess 'members of the public' just think I should have more than what I've got. Nice of them! wink

Ooh I might have to write something on the blog!

jessfletcher Thu 07-Jul-11 12:30:11

JollySergeantJackrum have you seen you can say you live in a rural area when you get to the results page? Maybe that will change it?

TorcherQueenie Thu 07-Jul-11 12:30:31

£85 a week for food shock We're currently on JSA and thats our weekly allowance alone! Just done my weekly food shop for £30 and thats with £10 put aside for milk and fruit from the market on saturday when we go to the library!

Paschaelina Thu 07-Jul-11 12:32:35

Well I can knock off £161 roughly per week from the stuff that cant be altered on screen so its quite a long way out for us.

TorcherQueenie Thu 07-Jul-11 12:32:46

Jareth our rent is £57 a week including house alarm maintainance 2 bedroom semi council house though. It seems to be basing its rents on HA/Council propertys rather than private.

TorcherQueenie Thu 07-Jul-11 12:35:19

Outgoings
£326.03 per week

With adjustments to say we don't pay rent or council tax. Our income is actually £185 per week on benefits. Apparently we need £96 a week for cultural and social activities.

JarethTheGoblinKing Thu 07-Jul-11 12:46:43

ah that makes sense.

TitsalinaBumSquash Thu 07-Jul-11 12:52:01

I pay £130 a week rent on a 2 bed semi with a HA. I must live in an expensive area.

jessfletcher Thu 07-Jul-11 12:53:17

Hmm did some detective work (like my namesake!) and found out what a family with 2 kids is supposed to need. I don't have 2, but quite interesting.

www.minimumincomestandard.org/downloads/launch/budget_sheet_couple_with_2_children.pdf

soggybottomflancase Thu 07-Jul-11 12:59:11

That's great, I'm going to print it off and go round the house checking the items off. Who says I need 5 blouses a year?

TableVamp Thu 07-Jul-11 12:59:46

Our 2 bed is over £300 pw!!! Argh!

soggybottomflancase Thu 07-Jul-11 13:00:48

The list says that pyjamas should last for 10 years, quick someone tell Primark

Concordia Thu 07-Jul-11 13:08:15

according to this we are 87 pounds a week short sad

nenevomito Thu 07-Jul-11 13:09:42

Wow, well that explains a lot. I always wondered why we struggled on what we earn.

When it was on the basics, it told me I had over £300 a week more than the minimum. Then I entered what our mortgage, council tax and childcare costs were. I then came out at 22.97 under and that didn't include the payments on the loan we had to take out.

Its the child care that's the killer! I can't wait until we're down from nearly £300 a week to just before and after school costs for them.

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