To ask how you’re affording everything right now?

[Niftywigglesheep]

We’re two full time workers, 2 kids. We have a level of income per month on which we’ve based our budget on. However I’m unsure how everyone’s managing the increasing cost of life right now.

For example- our mortgage has gone up, our food shop, our petrol etc the cost of just basic living. We think we’re about £1000 less in disposable income each month which is huge due to the increased living costs .

Our salaries have not gone up in line with the increased costs so our normal budget for living like swimming lessons,
clothes etc is being really squeezed.

I find it really depressing- we both work full time, busy with being parents and we really don’t have much to show for it anymore and a bit sad that we work so hard with little to show and stress.

I feel like we absolutely should be able to buy ice creams on days out, go on holidays, not think about buying school uniform or paying for football etc but we really do and it’s horrible.

How’s everyone else dealing with it?

Millenial here too.

Tbh my thoughts on pension investment is, that your pension can only be worth a percentage of what the working population are able to provide at the time. You could save £300k into your pension but the birth rate remain low and it only be the equivalent of 60k in today's money by the time you retire. Obviously the more you save the bigger percentage of available funds you get. But I just don't think we will see wealthy pensioners again once our parents generation goes. It's a one off anomaly in the grand scheme of things.

That's not how pensions work. A fund invests your and if applicable your employer's contributions so the fund grows ahead of inflation.
You would have to have a spectacularly poor pension fund manager for your fund to behave as per your post.
My small stakeholder pension into which I put a few spare thou from temp work is worth over 50k after 20 yrs.

The only wealthy millennials will be the ones lucky enough to inherit if their parents wealth isn’t eroded by taxes or used for care in older age.

Yes this is conflating the issue of state pension and private pensions. The state pension is dependent on how many workers there are when you retire. A private pension is a fund invested in stocks and shares.
Most millennials can’t afford to put say, 15% of their salary into their private pension because they need to pay the bills. So when they retire they will have a very small private pension. And the state won’t be able to provide more support because it’s already groaning under the burden of the current state pension. So, as a generation, we’re screwed come retirement!

That's definitely a risk. But a pension fund should grow not be decimated [ or other number dependent on inflation]. That's the risk with some savings accounts though.
One reason I was a bit disappointed by tax on inherited pensions: it's one way [and yes, for the relatively privileged] to transfer wealth down the generations now you don't have to buy an annuity at 75.

If you DH works for the NHS then I think they have a salary sacrifice electric car scheme (the one at my work includes hybrids too). This may be worth looking into as it involves a taxi saving.

I'm not stressing about the increases too much but have noticed my food bill keeps getting more expensive - I could cut this down but don't want or need to at this point as I enjoy what I eat.

I am a lot more aware of ordering stuff I don't need though and trying to save more.

I agree that 2 adults working full time should be able to afford a holiday, activities etc

But what are stocks and shares? An investment in other people's work. Therefore your private pension is also linked to what the working population can provide. Historically maybe pensions have kept up with or beaten inflation but will they still continue to do so with a declining population?

Also they may beat the rate that the government claims inflation is at. But during the last 20 years I've seen house prices double, rents increase by around 150% or more, not to mention how much food has increased in the last few years alone easily double.

since I WFH some days I only shower every other day now (gross I know but I do use baby wipes in between and this saves a lot)

it really doesn’t “save a lot” @PILEALLTHEPILLSONTHEFLOOR

and your dishwasher once a week??

idk what ur planning to do with ur serial killer file on me but im really don't care :3

Live a bit
Put the dishwasher on tonight
and put down the baby wipes tomorrow and treat yourself to a shower

i remember the same except we didn’t have fish and chips as a take out we just got chips! I’m 53 so it’s not that long ago! And my mum and dad both worked full time in decent jobs (there wasn’t the same childcare so me and my brother went to grandma’s!)

We always asked for "bits". Can you still get bits at the chip shop?

We used to call them “scraps” and I think some chippys up north still do them!

Ah we had a childninder when we were small. I don't remember many days nurseries but there were certainly childminders

Yeah they do still scraps here