Is £30k enough to live off

[Desdemonadryeyes]

I realise it’s a ‘how long is a piece of string’ question but I’d appreciate views. My DH died a few months ago and I think I’m now receiving the amounts which will be my monthly income (got his full works pension for a few months) and surprised to receive an extra £2k on my state pension.

Think I’m being over taxed but that will all be sorted out eventually.

My income is £30,600 per annum after tax. No mortgage. Last year I also won £1950 on PBs which is tax free plus I have other annual bonds that should bring in about £3,200 in interest some of which will be taxable. I’m taking out every year to top up my cash ISA.

I have increased expenditure due to requiring a dog walker following an injury but hope to get that sorted eventually.

I like good food, and mid price wine - drink about 3/4 bottles a week. I run a car. Have lunch out with friends probably once a week. Netflix and cheap Sky package. My yearly outgoings on bills etc is £12,400. Need to add in car and house insurance which are due soon but don’t what they will be yet. Dog walker £3,750 per year 🫣

Never really needed to budget before. DHs pensions covered day to day living expenses quite comfortably and I used my inheritance from my dad for life’s luxuries. And I didn’t need a dog walker. Now I’m alone I feel a bit daunted. My injury means I can no longer fly economy.

I could live for a couple of years on the contents of my store cupboards and freezers. When my DD comes home I pay her train fare and uber journeys. And she then shops for her expensive recovery eating plan.

I’ve lost a significant amount of weight recently so need to update my wardrobe. I do enjoy buying stuff. I really don’t need ‘stuff’ but we only pass this way once.

i intend to downsize when I’ve recovered from my injury, and after paying DHs care home fees hope to have about £250,000 left over to put somewhere to earn some interest.

So I will have about £15,500 per year for food, going out, holidays, clothes, gifts etc. I have got savings I van dip into if necessary but for some reason I don’t like doing that. Think I’ve developed the mindset that I should be saving it for my DD to inherit. But my dad had that attitude and it used to annoy me that he wouldn’t spend money on what he needed to make his life more comfortable.

So is that a reasonable amount to live comfortably?

Thanks for reading.

Girl bye

More than enough. I get half that. OP I think you know that that is a very generous amount to live on, and with your savings , a very secure, comfortable life is possible.

Good old Mumsnet. If you aren’t living in penury then you aren’t supposed to ask a question or let others know what you’ve got.

Thank you to those who have understood and been kind.

And thanks to those who haven’t for showing me what a lovely life I’ve had so far. I hope your life situation improves.

Reminds me of when I commented on a Covid thread that I’d enjoyed the first lockdown. That too was a ‘bad thing’.

My circumstances are broadly similar, but I have to pay full rent. No benefits payable. I do ok. I am throwing as much of my savings into ISAs, as I can do, yearly though. No point in paying more tax than I need to.

It’s very doable and there’s savings to be had that will help your health, reduce your wine consumption for starters, just £15 a week less on wine will pay for an annual holiday. There’s also options that are cheaper than business class flights

Intereste to hear about options for disabled folk that done need business class @hahabahbag

It's enough to live on but not lavishly.

Time for you to do some homework and actually work out a budget. Then you can prioritise wants vs needs
https://www.moneysavingexpert.com/banking/budget-planning/

Time to decide what your priorities in life are. You have plenty of money but not as much as before so what are you going to miss the least?
Budgeting can be enjoyable because you appreciate your choices more. It’s great to be in control and to be able to have those choices. So you may not be able to have the same wine+house+holidays+clothes+social life. But you can choose what brings you the most joy.
I’d be very happy to retire on that and would feel rich. The dog walker sounds expensive. Can you find a local teen instead? Try cheaper wine. Forget holidays for a couple of years. Manage with basic M&S clothes along with what you already have. Etc.

I get that it’s worrying to be on your own with a fixed income.

£300 a week should be a very comfortable lifestyle, imo.

I earn 28.5k before tax and my mortgage/service charges are £650pm
food I budget £240pm
I run a car and have a cat

I think some people have been less helpful because you're not really living on £30k, it's that with no mortgage and you will have substantial savings. You mention PB prizes. Unless you have been exceptionally lucky, that suggests you have a large amount of those too?

But with £250k to come, its probably worth seeking advice from a financial planner about how to invest that money to securely and efficiently give you an income for life, that will be consistent without running out

Surely you know the answer to this. Of course you can live off that amount with no mortgage and substantial savings.

So generally tone deaf then ...

Ok, so post in order to get OP to listen if
you feel you have something to contribute. But do take into consideration that OP is posting about her life experience. We are open and willing to read about yours, on this thread entitled ‘Money Matters’.

No it's not.😎

3-4 bottles of wine a week is too much. You’ll be paying for a new liver if you don’t give your head a wobble.

Ridiculous comment! You read the room it is money matters.

In London that is pocket money for some but you can survive and hopefully invest your cash to add to your security.

It’s the old adage “cut your cloth accordingly “ We’ve had to when my husband has been in between contracts, feast and famine we call it. You’ll figure it out, it’s scary on your own, I get it, my mum is in the same position. No mortgage, but her income a month is just £1200 and her savings have dwindled to 2k after several urgent repairs on her bungalow. I’m currently paying for her walk in shower fitting and supply as she can no longer use a bath due to bad knees. My dad passed away 15 years ago and only had 15k in savings, she’s done really well. She doesn’t have a yearly holiday, she simply can’t afford it 🤷‍♀️

I am very sorry for your loss OP.

I am also very sorry for the barrage of criticism you’ve had from people here. You don’t deserve it.

In answer to your question, I think your income should produce a modestly comfortable lifestyle. There should be room for you to indulge yourself as you’ve described and put away a little for your DD. But life is for living and it sounds as though you’ve had a hard time, so I’d focus on yourself.

How rude. She’s a recent widow who is asking for a bit of help. She’s should be able to talk about her life within being shot down by reverse snobs.

How incredibly rude and insensitive. You’re talking about a real life, recently bereaved, person looking for a bit of help when there has been massive upheaval in their life. Not the time to go on a bitter rant.

I hate it when the first poster nails it. Leaves no room for the rest of us.

If youre really concerned op, then write out what your monthly outgoings are.

My actual pay is £31k and i pay mortgage and day to living, saving and plus trips away/odd meals out. It’s perfectly liveable but if you have a higher standard of living it won’t go as far.

But i don’t drink much alcohol. Living costs are shared with partner. Neither higher earners but live a lovely life,

Damn. Looks like I’ve missed a nasty reply.

Thank you @AEIOYOU I don’t think 1/2 bottle of wine is a lot but we all have different perspectives.

No one asked. Everyone is an adult and knows what is recommended.