To wonder how people are coping?

[CobbleWobble]

We are very lucky, I know this.

We are "Mumsnet rich" both have professional jobs with good salaries (£170k household income) and yet this last 12 months:

• removed children from private school
• changed how we do the weekly shop to reduce costs
• cut subscriptions (like Disney+ etc)
• reduced what I bought in the back to school shop
• decided against a holiday in October half term
• concerned about our usual Christmas food order

What is going on? I just don't understand why or how prices are rising as they are or how people on less than us are coping!

I'm extremely grateful we have the things to cut that we have but we've also had to remortgage this year which has doubled our mortgage payments and then our utilities have increased and the food shop has just got insane.

We have other things we can cut - a holiday in the UK, Netflix, the monthly takeaway but its just miserable to think we may need to do that just not to be living.

Happy to post spending particulars if people are finding it hard to see where I'm coming from.

So AIBU to think that as a country we cannot go on with prices rising like this? How are others coping?

I did just spend half an hour on an online calculator, to see if we're entitled to anything (household income is £40k gross; 2 teens, so you don't have to look it up)... and we're not. I didn't expect to be, but it would have been nice! Oh well.

Probably to do with rent and maybe disabled kids.

Unfortunately the article I've linked is the reality for many people in the UK now. If you're not in this position, there is reason to be thankful.

article on poverty by Gordon Brown

Your household net income on £160K doesn't have to be £7K.
Your DH is stuffing 30% of his income into his pension which amounts to £3K per month. This is a massive proportion of your monthly income and this is a financial choice which can be easily addressed if you are feeling the pinch. I suggest that your DH reduces that 30% to something less. HTH

I know on average the pandemic hit lower income families harder, so I’m curious to know what happened to wipe you out?

this website is very useful

I used to be a part time NHS nurse, raising three sons single-handedly with no support financial or otherwise. I now own my house, receive SP and am old. OP earns eight times my annual income. I am truly baffled as to why and how she is struggling.
£170k. Every year. (Not judging, just baffled)

You take home 7k from 160!

Jesus yeah I can see how your struggling to maintain luxury land with that mortgage.

You can’t just divide the total by 12. I earn 127k and it’s the worst bucket for tax

I agree that costs have gone up a lot. I’m struggling to not spend more than I earn each month & I’m on a professional wage (not huge).

Tax is high in UK so most of it goes on tax. There is little difference in quality of life between someone on 100k and another on median income of 36k.

If you didn't get a leg up by relatives, you will have a huge mortgage which will eat into your salary and will leave you exposed to high mortgage rate.

Some of your bills could be cut like home insurance, broadband etc if you can shop around.

ffs! just f off wit your humble brag. you are rich-end of

Courtesy of my partner:

Topping up your husbands pension may help reduce taxable income. Additionally, you may also have been better off not buying the second hand car with savings, but instead using a salary sacrifice EV car scheme at work. With an energy bill that high, if your house is suitable solar with battery storage coupled with an EV would cut your energy & car fuel bill substantially.You can take a loan out to have a solar & battery installation, and the money you would save on your energy would pay it back, and once that’s paid back you’d have the extra money back (might take 6 years or less). But energy is only going to go up further, and with an intelligent system you can sell back excess energy to the grid. Also get a plumber to check for any leaks if your water bill is high, as your utility bills seem pretty high.

Courtesy of me:
All working adults in any line of work should be able to get by and live semi-comfortably without worrying about their next meal. Things are more expensive for the avg joe. Whilst we continue to pay our taxes & bail out companies that screw us over (& reward unscrupulous shareholders), international corps & the uber wealthy evade tax. The wealth isn’t circulating back into our economy, it is lining the pockets of those that certainly don’t need more. Therein lies the problem! Though your gov may have you believe it’s all the migrants & foreigners (a tale as old as time).

If history has taught us anything, it’s that the great wealth divide continues and seems to be growing larger of late.

sorry that is shit. My boyfriend is on £35k and half his income goes on rent.
He is not living a similar life to someone on £100k. Come on now that is bullshit.

I'm not sure how you're struggling tbh. What is your salary take home per month?
I think I have significantly less, and have a pretty comfortable life...and I've managed to keep disney+

If you are a hapless spender a billionaire would be bled dry in weeks.
If cutting the private school etc hasn't helped, then it does beg the question when did you last actually put together a household cashflow and update it daily?

Is it debt? Mortgage? Tax bill ref self assessment?

Suggest you download YNAB and get a grip on it all. Can you relocate, get cheaper cars, pack in bathing in bolly? :)

We live on a 5th of your income and manage holidays and Netflix

Once you reach the 100k, you lose child benefits, tax free childcare, eligibility to social housing etc.

Any job can be stressful but the likelihood that you are stressed in a 100k job is higher plus these jobs are thin on the ground that redundancy is a headache.

A steady 35k job may be much better with a life time assured social housing tenancy and maybe you can bagged a house at reduced market rate with right to buy.

The queue at the NHS, schools etc will be the same.

no, my DP is not in social housing. Private rent and has to pay it. No UC top up.

I earn just shy of £50k dependent on how much overtime/Saturday shifts I do. I'm doing OK. Haven't been particularly frugal this year. Lots of takeaways when can't be arsed to cook and quite a few £150 nights out and impulse buys. I've still put about £7k into my savings account so far this year.

But I don't have kids and live in a cheapish part of the country where my rent is little over £600 p/m.

We have about half of your income, and have Netflix, holidays, a cleaner, one child in private school...

Yes I am on UC and have Netflix
If you are on £170k+ and having to cancel Disney, then you need proper financial help.

@Ionlymakejokestodistractmyself do you have a mortgage?

wow! is that the UK tax system? We earn £120k gross and take home £8,000 net!

Our mortgage is a bit more than yours, but with your childcare etc, I am not surprised you find it a bit tight

I think I might have sounded a bit mean sorry op.
Suggest do a money makeover. Everything. Utilities, etc. Go through kidstart for cashback. Make everything work harder.

Pet insurance. Discovered the fuckwts took £150 off us every month, then when for once we did need it for a vet advised teeth clean, oh, not covered. Binned it off. We just pay if we need anything now.

.I'd ask your dh to stop with the pension payments til you are straight. And remortgage/ pay off as fast as you can. Would it be cheaper to take a loan at a lower rate and pay your mortgage off a bit? Depends what rate you have.

Meal plan. Become very savvy on the moneysaving expert forum. Search for discounts, sell anything you don't want or need.

Get your Netflix back. You can't go out so stay in and enjoy it. Plan some cheap but fun holidays in advance- you can secure a cottage in the UK for a tenner for next summer. Invite friends over for a garden festival with the kids one long weekend. Tell them to bring the booze.

But ynab is brilliant. Do check it out.