Household income- how are you coping?

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I know Money and salaries is always a bit of a touchy subject for some, but with the current ridiculous economy crisis as it is, I’m just interested as to how people are coping?

Me and my wife have a little boy ( 1.5 year old) so are a family of 3. We own our own property so pay a mortgage and have 2 cars. Both work full time and have a combined salary of roughly 76k for the household. Live in the outskirts of London.

As with everyone, whilst we are certainly not struggling by all means, you can definitely feel the difference in what stuff is costing at the moment. Luckily i have savings which always gives me a buffer, but i feel so sorry for people struggling in this awful climate at the moment.

How are people coping? What’s your situation at home etc ?

just a curiosity thread really to see how people are coping. Totally understand if you don’t want to disclose information etc

We are doing ok but we are saving a lot less than we were. Joint income of about 85k in the north but a large mortgage of 1200pm. I’m concerned about what will happen in 2 year time when our rate is up as that could wipe out our buffer. We are public sector so no chance of pay rises either.

80kish between us and one dc plus pets. Big mortgage and two cars to run. Managing fine with minor sacrifices like no holiday abroad, no takeaway or expensive days out. All things I can live without. Just thankful to be able to afford food, heating and clothes for us all.

We're starting to struggle, DH earns 54k. Mortgage is rather cheap (620) and we live in a cheapish area (North East)
My plan was to be a SAHM until youngest goes to nursery, (she's 1. 5) but I've had to get a weekend job.
Our Gas and electricity is going up another £150 in April so looking for another job which will fit around LO.

What is the actual point of posts like this if only to boast/show insensitivity to people who are worse off?!
I think we all get it now that everything is more expensive and it's shit, but OP as you said yourself, your combined salary isn't exactly awful and already people have replied to say they're in a much worse situation. This only makes everyone feel worse!

Because, many years ago, I worked with a little one who used to sing "Postman Pat, Postman Pat, Postman Pat and bis bloody white cat..." Those mis-sung lyrics still make me chuckle today.

Family of three, household income now £36k (one full time, one part time wage). Mortgage £650 and minimal childcare costs. We are very lucky and manage well but we have never had high outgoings, everything is as cheap as possible, sim only phone contracts and no subscription services etc. We also only have one car, but everyone else I know has a car each! When I tell people yes I can drive but my husband has THE car today they look at me like I've got two heads 😅 but we couldn't afford two.

48k between us. Mortgage of 1k a month although that includes large over payment but no plans to change it.

We are doing fine. Had car and house repairs of more than 1k in the last few weeks which could really have done without. Has run my current account right down but should be okay come January pay as be a few hundred over.

Electric (no gas) was £113 for December which was biggest yet but we are just using summer credit. DD has been put down to a pound less than the government rebate (which goes into bank) so technically paying nothing!

Looking forward to council tax free months coming up.

I have always done a shoe sting budget so we have a bit in reserve.

@loopyloutoo mumsnet isn't just for poor destitute people you know. If you don't like these threads, move on. ALL people should be able to discuss their finances, albeit in a sensitive way which OP has.

I'm a single parent of teens, so we have one income to cover three fully grown people... thats why I'm on the no spend thread

Tbh we have a roof over our heads and we are safe. The rest is luxury and there's no point moaning.

Two parent household here, two small kids 5and 3.
We manage surprisingly well as we live in NI and cost of living is relatively low...we are both money savvy and have our monthly outgoings at the 1200/1300 mark

Household income of £40, 3dc. No benefit halp. Mortgage £600. We are trying to overpay. Life is hard. I have started using credit cards to pay for necessities like kids clothes etc. I'm really hating it all. Feel so poor. But I know others are going through even worse.

@Savingsaving I’m surprised you think 900 a month is a big mortgage, especially with your income

We’re doing ok, joint income around £85-£90k, no mortgage. 2 teens. I’ve recently had a £4k pay rise which helps. We’re frugal by nature and even though we can cope with the increase in bills, we’re trying to reduce expenditure to cover, in order not to impact savings or holidays - we rarely eat out or have takeaways now for example.

I'm noticing vastly increased energy bills, but we have 3 working adults in the house now and a minimal mortgage .
We were much worse off in the 90s with mortgage of about 1100 pm and childcare for 2( despite a joint income of about 50k). We literally didn't have the money for nursery fees, had to cobble together various arrangements with neighbours and childminders/ for a while a nanny worked out cheaper than anything else. There was no help with childcare costs. I used to have to borrow from my mum to pay for food, or she would sometimes pay for for a shop.
Never had spare money for a pension for me( not employer mandated at that time) let alone savings.
We're ok now, but am putting off retirement as long as I can because the thought of being so hard up again horrifies me!

@Nw22 ive always thought it was, probs because our mortgage on our first house was a lot less but reading this thread has made me realise that it’s actually average

So taking from this thread most aren't struggling but just can't spend as much on non essential stuff. 🤷‍♀️

Current joint income of about 90k, in Scotland so house prices are cheaper, mortgage £550 per month. I’m pregnant so next year our circumstances will be different, I won’t go back to work full time and the days I do will rely on nursery. I’m the lower earner so makes sense for DH to continue full time. Double income no kids has been a wonderful bubble but I know we’ll have to cut back as that changes. Energy prices are mad and the winters can be harsh up here.

Yes that’s my experience. Most of us are fine but being mindful on how much we are spending on extras.

My monthly expenses (mortgage, heating, etc) has risen by about £400 since early 2022. I put about £100 less into savings, otherwise my last pay rise has basically taken care of it all. I had kind of hoped 2023 would be the year I'd finally feel "well off", but at least I'm used to living frugally and if I was making less money I'd have to downsize so I guess it's all about perspective.

Genuinely thrilled for you

Joint income of 58k family of four, two teens.
Energy bills are a shocker. We both wfh with Oodies on in the day, no heating on in day.

We are in the West Midlands and our mortgage is £800 a month. Thankfully, I fixed a rate last year. We moved about 7 years for school and more space, but this house costs far more to run than our last, small and energy efficient newer build.

Food is a big one. My teen sons have enormous appetites and the cost of meals is astronomical. I cook everything from scratch and, as I am a vegetarian, not all meals are meat heavy for the others.

Family of 6 on one salary plus DLA. I'm a SAHM and carer.

We are really having to cut back.

Energy bill almost tripled from this time last year, nursery fees up 20percent, mortgage about to go up 20percent. Food bill through the roof due to complex diets. Being squeezed from all sides.

We've massively cut back. No heating whilst DC at school. Selling loads on vinted to pay for clothes DC need etc. Using boots points instead of cash etc.

Yep.
I now Spend £200 pm on food. 2 teens here too!
Mortgage fixed thank god
Energy bill was nearly £400 last month :(
Petrol prices still high imo
Its grim

Bring in 5000 a month between us. One preteen and I'm pregnant. Lots of big outgoings though. Mortgage 900. Childminder 700. Running two cars and commuting 400 a month on petrol. Obviously then all the usual other bills like phones etc... We save a bit but not as much as we'd like. Also paying off a loan for 11000 to get solar panels. So our wage is good but we have a fair few expenses. We aren't struggling but I'm being more mindful of my spending. I'm buying less clothes. I think we'll get through the next few years OK and then we may possibly be in line for a couple of inheritances which might help.