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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

How long could you live on 30% of your income?

160 replies

houselikeashed · 01/08/2020 15:00

Just that really. If your industry was shut down overnight with no warning. If your job was never going to end without a years notice period to save up in. How long would your immediate savings last you?
(You are not allowed to assume you would be eligible for any gov help schemes or UC.)

OP posts:
trappedsincesundaymorn · 01/08/2020 15:42

30% of my income would just about pay the rent leaving literally £5 for all other bills/food.

MakeLemonade · 01/08/2020 15:44

We could probably live indefinitely on 30% income but would be very tight after we had paid mortgage and would need to take children out of private school. But, that is only the case as we have a high income in the first place. It’s the absolute numbers that are important in this scenario I think more than %.

anonm · 01/08/2020 15:46

So if DH lost his job & only I was working I could increase my hours & we could just about manage with no luxuries/holidays etc. If mortgage was switched to interest only then it wouldn't be so bad.

Just DH working it would be fine but less & cheaper holidays/savings.

Don't have tons in savings as did some renovations last year but always made sure 1 of us could cover the mortgage.

lightyearsahead · 01/08/2020 15:46

I could survive indefinitely, but I earn a decent wage and have not huge outgoings. It would be like surviving on my pension which is more than doable. Also I am currently saving a good chunk of my salary, so won't miss that.

BritWifeinUSA · 01/08/2020 15:46

It also depends on what the 30% is of. 40% of £20k is a lot different from 30% of £200k.

VettiyaIruken · 01/08/2020 15:48

I couldn't manage at all.

But really it depends what 30% actually is, doesn't it? 30% of £150,000 annual salary is what? 40k? 45k?

That's easier to adjust to than 30% of £20k

tabulahrasa · 01/08/2020 15:49

If you’re not entitled to any universal credit.

I suspect I could live fine on that for a very long time tbh...

Waxonwaxoff0 · 01/08/2020 15:49

Surely it depends on your salary though. I earn £8.75 an hour so I couldn't survive on 30% of that. If your household income was a lot higher and you had savings it's different.

Grottyfeet · 01/08/2020 15:50

We could actually cover essential bills on 50% of our current income and savings would last about 10 years. However, spending that would leave us with vastly reduced retirement income.

I was briefly SAHM, so we lived on one salary and when I went back, I actually became quite successful but we seem to have forgotten to increase our lifestyle to match Grin so we live very well within our current means, especially now that DC are both working full time.

Ylvamoon · 01/08/2020 15:50

30% would pay for basic food OR gas & electric. (We are lucky enough to own our home)
If I count DH in we are able to survive as we can afford both.

Hingeandbracket · 01/08/2020 15:51

27.345672 days (approx).
YABU.

Littlepond · 01/08/2020 15:51

My mortgage is more than 30% of our household income...

Oly4 · 01/08/2020 15:51

It would cover our mortgage and nothing else.
I’d need to find a second job for bills and food.

8elate8 · 01/08/2020 15:52

Could he do something else in until his industry opens back up? NHS always needs people, delivery drivers, admin jobs ++

SandysMam · 01/08/2020 15:53

@houselikeashed sorry to hear that, how come you don’t qualify for any help?
How long do you think you can survive for?

vanillandhoney · 01/08/2020 15:53

We could easily live off 30% of our joint income.

But we live in a very cheap area, have a tiny mortgage and very few outgoings.

RedCatBlueCat · 01/08/2020 15:53

We decided to take a massive pay cut for quality of life 12 months ago. If you take it to 30% of current income , were screwed.
30% of our income last summer, we'd be ok for a significant period.

KitKatastrophe · 01/08/2020 15:57

We have some savings which would be enough for mortgage and bills for about 8 months. The 30% of income would cover most other things. If we really squeezed every penny and use all our savings we would probably get by for a year.

speakout · 01/08/2020 15:58

Around 5 years.

SmudgeButt · 01/08/2020 15:58

If it was just me losing my job or it reducing to 30% but not the money others in the household have coming in then we'd tick along for some good time. Unless MiL died and then it would be 4 years max before we'd need to sell up. I'd be able to cash in a pension which would help towards that.

Original poster
houselikeashed · 01/08/2020 15:59

Yeah I get your point about % rather than ££.
Dh job was a pretty good one tbh.
30% covers mortgage and a few bills.

OP posts:
Dutchesss · 01/08/2020 16:00

Without savings, we couldn't do it at all. We'd be in debt after the first month just paying for basics.

WaxOnFeckOff · 01/08/2020 16:02

Depends, potentially quite a long time as I could manage a couple of years and then I could take early retiral and survive until actual retiral - probably. Also depends if both me and DH are in the same boat. His salary is shite but unlikely to ever disappear but he could technically retire in a year or so's time as he is older than me.

I know not everyone else is in that position though so I do feel for them. If this was across the board then we'd also be supporting young adult DC for more years than we are currently anticipating.

howfarwevecome · 01/08/2020 16:04

Sorry to hear about your DH's job, OP. That sucks.

Unfortunately, a lot of people will still suggest that your 30% is still more than what a lot of people make normally. They won't be willing to acknowledge that your outgoings may have been higher (mortgage; car payments; educational loans being paid off; etc) and wonder why on earth you can't manage.

I hope one of you is able to pick up some kind of income another way until his job is sorted out.

zigaziga · 01/08/2020 16:05

30% wouldn’t pay our mortgage.

But with the actual savings we have, we’d survive for about 18 months.