Poor life planning..

[pocketpairs]

With the upcoming budget seen many "poor me" posts, particularly from high/middle earners. I find it frustrating that rather than blame themselves for thier life (& financial planning) choices, they blame some arbitrary government policy changes, such as upcoming introduction of new council tax bands.

Example: Sister & hubby earn £14k net p/m. But their choice to buy a nearly £x.xm house in SE & send DCs to private school means they have £3k (approx) to spend on everything else. They could have taken different choices...£1m houses &/or move to grammar school areas.

Clearly this is an extreme example, but I really don't understand why a family can't survive on £4-6k p/m, especially outside of London. Up until recently, I survived on much less and managed to put myself a firmer financial footing in 40s.

Sure this means some sacrifices, but it seems everyone wants to 'have their cake and eat it'.

Like those on UC having more children than they can afford? do you want them to acknowledge that they are uncomfortable due to their personal choices in many cases.

My favourite Mumsnet posts are the high earners claiming poverty as they struggle to make ends meet with just £3k a month left after they’ve paid their massive mortgage, childcare, huge pension contributions, bunged a load into savings, and stabled their horse.

Do they realise many families have less than £3k a month BEFORE they’ve paid their mortgage, childcare, pensions and savings?

I agree that many people stretch themselves too much financially, perhaps buying a larger home that they can just about afford the mortgage on, and then can’t cope with a rise in interest rates. But I think it’s fair to say that there are so many things in life that you really can’t plan for. 10 years ago, who could have predicted we would now be dealing with the impact of Brexit and lockdown? Or people’s jobs now being lost to AI?

I hope so too. Research shows any tax on landlords is directly passed on to tenants in increased rent. It’s having a really big impact on young professionals -especially those with no bank of mum and dad who are trying to save for a deposit. Can’t afford to save due to rising rents. It just intrenches social inequality.

I can see both sides tbh. DP feels down about the increased taxes - we both work so hard (his job in particular has crazy hours), we try our best to be sensible with money and yet we seem to have less to spend each year. It's frustrating.

But I look back to when we had DD and bought a house together - we were offered a mortgage that would have allowed us to spend up to £800k... the houses in that range were insane but DP said it would be a crazy risk and we spent 500k.

Soon after we moved Covid hit, we both got pay cuts and the cost of living went crazy high. Our five year mortgage term ended and it's gone up from £1k to £1.5k to give one example. Thank GOD for DP's caution.

If we had maxed out on an incredible house we would be struggling and I wouldn't expect anyone to be sympathetic. I do wonder how many people spend the maximum with no room for error?

You are misinformed. People are better off working more hours.

Sorry but if you are working hard and earning enough you deserve a lot more than the basics. If you think the tax payers owes you a living then yes maybe you should be thankful for the basics. I have made good life choices and worked my ass off for over 30yrs I don't consider it arrogance to want a few luxuries. I'm not asking anyone else to pay for it

Anyone can have an opinion on anything.
Its not all about your options.

@Themagicfarawaytreeismyfav

The official figure for benefit fraud is 0.7% about £1.5bn

Tax dodgers cost £36bn

I don't mind paying more tax, we cut our cloth accordingly and I would never for one second want someone more vulnerable than me to suffer and struggle because of my greed.

Plus I really like well funded public services, even if I don't really use many of them.

I agree entirely. I am very grateful to be a higher rate taxpayer, I had nearly all my education at the taxpayers expense so am glad to pay my share in return.

The entitlement of some posters turns my stomach to be honest. Having said that I am still happy to 'subsidise' their kids schools etc even tho I am childless, because it will lead to an overall better outcome.

This Gov want people relying on it at every stage of life....any difficulty should be erased by government from cradle to grave. So sky high taxes to pay. Its virtual communism, ....socialism as per the fabian society. People are not encouraged to pull together as families here...we must involve gov more and more in our choices. Supporting single parenthood is pricey. Why not support families to be families,extended where possible. Where are peoples extended family to pitch in and help. I talk with experience here ... are absent parents and their extended family pitching in to childs needs. Instead we have to bang on about ND, mental illnesses etc and "the gov must help"

I'm not going to argue with you (or anyone) on private schools. I don't agree with them, was fortunate enough to have the financial choices to send my children if I wanted to, but chose state education for them instead.

You say 'within your means' and 'comfortable', but those are quite vague statements without having specific ingoings and outgoings attached to them – most people make financial choices including a buffer. That is living within your means, But if choices end up going up and up and up without seemingly having a ceiling, then it quickly becomes a real worry.

Again, I think the people you are disgruntled at is a tiny subset of people. Most at private school do not have to worry at all about the fees. Most with £x.xm do not worry at all about the repayments. They may grumble about paying more tax, but not because it means they will have to go without – simple because almost all people of any income want ti hold onto their money.

The bigger set is the people who yes are high earners, but are also covering the vast majority of tax earned for the nation, who have made sensible choices but are simply enjoying the money they have in order to live the better life that that money is supposed to afford them.

There is also the distinct feeling that paying more tax won't really improve anything – not for you and not for others. The change can't be promised or demonstrated or felt.

How much tax do you think they’re already paying to pay for people who are too lazy/too many children? And you think they should pay more? Why?

Another poster gleefully rubbing their hands together because this government is ‘making society more equal’ by penalising anyone who was economically more successful than they are. How tiresome. Instead of going out to bang pans for the NHS do you now all stand outside and shout about how you were right all along and that no one should ever have aspirations beyond the basics because you knew eventually a series of truly incompetent people would be put in charge of the economy?

Nobody has said this.

The official figures are only those that have been caught committing fraud. Do you realise just how hard it is to catch them in the first place? It requires way more staff and money to do so! They simply don’t have the money to do so! I could name at least 10 people i know personally that are committing some kind of benefit fraud and the sum total of any investigation they have had should they have been reported for fraud is a compliance interview over the phone in which they deny any wrongdoing and thats it over with! As for tax evasion its not just the very rich or big businesses…every single self employed person i know does it! Cash in hand, under reporting earnings while claiming universal credit!

You're reducing what tax pays for down to benefits for the lazy.

That's an appalling take on the system. Tax pays for so much more than that.

Are you not embarrassed by pushing that misinformation?

Poor life planning is having 5+ kids and expecting peoples taxes to pay them! And I was pregnant at 15 and gave birth at 16 so this isn’t coming from a place of perfection but 4+ kids with 4 different dads is taking the piss

Yeah but changing this would involve an element of personal responsibility, so I guess that’s out.

Everyone is a tax payer - we all pay tax as soon as we pay for food, services, etc.

Oh please 🙄

OP is talking about several PPs on here today who are definitely high earners - all well over £100k - complaining about their finances.

OP totally agree with you. These people are tone deaf to the lives of normal people. One PP is crying because her house might soon breach the £2m threshold, the poor wee thing. When a lower income PP comes on with money woes people suggest they take a bar job in addition to their day job. Maybe nearly £2m house lady could try that.

Here here. I’m also higher tax payer but happy to pay my whack and wouldn’t dream of complaining about my fortunes on a public forum. Very grabby and frankly embarrassing.

Not my intention. My intention is to simply point out that these are the consequences of the life choices YOU made, and if £1k annual increase in taxation is going to impact you so greatly then make different choices. Choices that sometimes aren't available to those on lower incomes.

Divorced top end middle earner, massive mortgage (as only bought 5 years ago), 2 dc’s both in school, single income household and I’m entitled child care help but that’s all. No private school, Waitrose shop or holidays abroad for us.
I’m paying a large amount of tax whilst working 40 hrs a week so that my tax can pay for someone to now have 3 or more dc’s whilst working 16-30hrs a week and claiming everything to basically take home the same amount I do, probably more if they rent, so yep I’m hacked off with it but it’s ok because apparently I have the broadest shoulders so should be thrilled that I get to pay for others.