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.

Yes. I’m not going to comment on the wine consumption other than to say a person’s liver doesn’t care about the quality or price of wine. This isn’t aimed at OP, it’s just laughable that people think the quality matters when it comes to your organs, like your liver has discerning tastes. My ex became an alcoholic (only drank wine) and he was very partial to a nice Chablis. Although he gave up year’s ago unfortunately its consequences have caught up with him. Again, this is not a dig at OP, just some information people might not be aware of.

I am in my 60s and obviously thinking about retirement (in 5 years time) and what we will live on.

You are in a very secure position financially especially taking into account your savings and the value of your house. Quite honestly I'm amazed you've reached the age you are and don't have the intellectual capacity to appreciate/understand this.

🙄😂

I think it's fine but it depends how you define 'comfortably'.

I would sign up for borrow my doggy which might help bring some of the dog walkers expenses down. I would definitely try and see if I can reduce the wine consumption and I would shop on Vinted for your wardrobe and sell your old one on there. Because you have time it's easier to look for good deals etc than if you are working and time poor.

Spending the inheritance on luxuries might not have been your wisest move but I hope you enjoyed it at the time and can accept that things have changed a bit now without feeling bitter.

Hopefully your daughters finances will improve at some point and she will be able to pay for her own train and Uber.

I’m also a retired widow with no mortgage and I live quite comfortably on £19,000. I have doubts about whether your post is in good faith. You seem on top of your finances and to know if you have enough. I’m sorry for your loss and ill health, that’s tough but you are quite well off financially.

I’m also a retired widow with no mortgage and I live quite comfortably on £19,000. I have doubts about whether your post is in good faith.

I'm a single person with no mortgage or children. I would have to cut back majorly to live on £19k. For you £30k would be a step up, for me (and the OP) it would be a step down.

As a woman your alcohol tolerance is shockingly low. I've known slim women die of liver cirrhosis on that much wine.

And widowed. Don't be such a twat.

The Puritans have landed 😊

It’s definitely a step down but I do run a car have one holiday a year, the occasional weekend away, lunch with friends every couple of weeks, occasional theatre trip - it isn’t a life of abject misery! She asked if £30,000 was enough to live on, I’m just saying that it is. Some people will be paying rent or mortgage and looking after children on not much more, hence I wondered if the post was in good faith or ( given some of the views on pensioners/ boomers on here) it was a bit of a wind up.

You’re right, my mum benefits from my late dad paying into SERPS, she’s now 79, if dad was still alive he would be 88. It isn’t much but every little helps.

I don't often recommend this but you might benefit from a financial planner, OP (for one-off advice rather than for an ongoing fee). They could help you get your head round your various income sources, investments, savings etc and make sure it's all set up to give you the maximum safe and sustainable income, making best use of tax wrappers etc.

As a more general comment, I'm really appalled by the number of people who thought this thread was the right place to have a pop. What is the point of having a Money Matters board if people can't post on it honestly about their finances and ask for advice? If you can't read about someone with more money that you without reacting spitefully, maybe try a different board.

The is the money section - not the cost of living section. People of all different financial situations will post on here. Besides £30k is below the average annual wage in the uk

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

You can dip into that money regularly and enjoy life. Sorry for your lose and I expect youre adjusting to a different life without him and finding your feet. It is ok to spend and many finical advisors say the hardest part for many of there clients is to actually spend their money...

Go and enjoy the money and saving you do have, holidays eating out day to day life

Hi! We live in orpington area. Our 2.5 y.o LO goes to seedlings montesssori preschool and is thriving well and likes it very much and we want him to stay there. He only goes half day. However, they are open term days only. We are working parents and looking for a place for him to go during summer break. If you can please recommend.

You need to start a new thread of your own to ask this question @MyTaupeDuck .

@TapestryNeedle Dear God.

Yes. In a nutshell.

This.

Things seriously change when you reach your 60s health wise. You drink wine every day your liver doesn't care if it's good quality or not it just filters out the alcohol. If you want to drink it thats up to you but don't convince yourself that something is better just because it's more expensive.

🍷🍷🍸🍷🍸🍷🍸🍸🍷🍷🍷Raising a glass or two or three or…. Thank you for your profound words of wisdom. I am now educated!

No, 30k AFTER TAX is not below the average. It is above. The average salary take home is approx 2.6k, and the vast majority of those will have mortgage or rent to pay

It's not having the money, it's coming on mumsnet going on about it and asking what is clearly a ridiculous question of if you can survive on that much money when you basically have zero required outgoings plus money in the bank. It's a no-brainer

OP I'm very sorry for your loss. Others have mentioned the Money Saving Expert budget planner, which is very comprehensive. I think it might be worth also posting in their forum as people may be able to offer additional insight regarding any financial ease you could get for the injury. I think also the suggestion of a financial adviser is a good one- especially if you want to look at passing down an inheritance. Finally, I just wanted to flag a charity/volunteer group called the Cinnamon Trust- my friend walks a dog for a couple who have become unable to do it themselves and I wonder if you might be able to apply for something like that to help with the walking when you're back home. You would be eligible I think: Welcome to The Cinnamon Trust - The Cinnamon Trust

If you're looking to downsize and save/invest some of the funds generated you definitely need an independent financial advisor.
Could your daughter help with your dog short term?