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

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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.)

A better question to ask would be 'could you survive if you lost one income from your families income'?

A family with two incomes might be OK, or they might struggle. A family with only one would be screwed, but they'd have benefits so they might be OK if they don't have a mortgage.

With me and my partner, we'd be OK if he lost his job, my wage could cover everything but we'd have to be strict on spending. If we lost mine, we'd be screwed.

I couldn't. 30% of my income is far more than my rent

I meant my rent is far more than 30%

He must have transferable skills. Has he applied for other work? Are you working full-time?
I know there isn't a good selection of jobs around and they'll be oversubscribed, but your posts suggest that he is waiting for his industry to start up next year.

Ok couldn’t. No savings and 30% of my wage is my rent alone. Child support would cover a couple of bills but no where near all.

We could do live on it but it’s would be fairly miserable- just the absolute basics would be covered.

Is he looking for work meantime? If the industry will never recover could he retrain?

Do you still have other sources of funds, eg rental property or investments?

For me things would be tight but doable.

A better question to ask would be 'could you survive if you lost one income from your families income'?
Which is exactly what a lot of us have had.

One income stopped completely when lockdown started
and no idea when it will return

• no furlough
• no benefits
• no government grants at all

I couldn't meet my priority debts on 30% (so mortgage, council tax, fuel, service charge, ground rent, etc).

Luckily, I have savings for this purpose. The last recession terrified me and I've always had a decent cushion for in case I lose my job.

That would mean my monthly income would be £240.

I could pay the council tax and buy food. That would be all. I've got no savings.

Few savings, we’ve concentrated on paying childcare debt off. Have done some saving in parallel but will probably stop when we have £5k cash between us. You can invariably pause your mortgage and credit is available if it becomes worse than that. Cash in the bank is getting such poor returns, I’ll get some share isas after that and do some short term saving for home renovations.

Assuming the 30% comes from just one of us and the other can therefore look after DD full time and so take away our childcare bills, we'd be ok for about a year before savings ran out.

It would be difficult, but could manage. Mostly because we have no mortgage, and some savings. However, it would be a problem after a year or 2

I'n in a low paid job for London but am mortgage free on a v small flat (inheritance) and i have some savings so probs a couple of years living frugally

If you are not entitled to UC, either you have more than 16k savings or your income even at 30% of its normal amount is still a decent amount.

Either way you should be able to cope and live on that amount.

It would be a shock and quite difficult, but may be a reality very soon for us.

You also sound like you would be in a privileged enough position to have assets behind you, if the normal family income was high.

Ie you should have assets if you are not spendthrifts. You should also have stuff that you no longer need or want to sell.

Like majority of people unless they have a large amount of savings or get an extremely good wage, I wouldn't be able to last more than a few days probably and that's without bills.

If we’re just losing DH’s income, then we could probably survive indefinitely (I earn twice what he does and have enough savings to cover his salary for 2 years). In fact as long as we only lost one income Im pretty sure we’d be OK. If we both lost our income simultaneously, then we’d probably be able to manage for 3 years.

Welcome to retirement!!! For many of us, this is exactly what to expect.

My outgoings each month are 480, thats council tax, lease/service charge, Gas, Electric, water, Internet, Mobile, Netflix, TV Licence. I have already paid off the mortgage so no rent/mortgage payments. Then I would need to pay for food. I could live on 30% for quite a while but wouldnt have any holidays, meals out, new clothes, be able to buy presents, treats etc and if something went wrong like needing a new boiler etc I would be screwed.

Our rent is 72% of my current income. DH lost his job (whole industry gone with Covid), currently temping when he can find a week or two work.

So if I went to 30% of my current income, we would afford food for a month or 2 (paying nothing else at all, just food). If we had to pay bills, well, I guess the landlord would start eviction the next rent due day....

We'd be fine as no mortgage and already live very frugally so bills, council tax etc come in at around £65 a week.

I know I'm in the minority though........its also looking to be our reality soon as dps job is looking very precarious.

Indefinitely I suppose, but it would mean significant lifestyle changes.

Lucky enough to be on a low enough mortgage and be a high enough earner to be able to survive indefinitely. Without touching existing savings (though wouldn't be able to continue saving).