Unum Income Protection Challenge feedback thread

[AnnMumsnet]

This thread is for the 50 or so families taking part in the Unum Challenge.
For more information on Unum please visit the Unum pages on Mumsnet.

The families taking part in this challenge have been asked to see how they can cope if one wage earner in the household had their income dropped down to the level they would be entitled to if they became unable to work due to illness or injury and were receiving Statutory Sick Pay (SSP). We have a range of families taking part - those with only one income, those with 2 incomes, and a range of family sizes and income levels.

We'd like challengers to give feedback across the week. We'd like to see feedback at least 3 times (diary-style) plus a roundup of your thoughts at the end of the week.

The aim of the challenge is two fold:
~ to show how families cope with living on this amount - the challenges faced and to explore what families see as priority expenditure and what can be dropped. Those taking part also need to consider other resources they may have access to including savings, benefits, loans and family support. Obviously this varies from family to family so they will need to have a think about what would apply.

~ Unum say "above all we want you to think about how you and your family would cope if this was real life situation and it wasn't just for a week, but for a prolonged period of time. Does the challenge motivate you to put plans in place (if you don't already have plans)? Does it make you more likely to consider asking your employer about the sick pay policy and whether they offer Income Protection?"

Of course Unum know that every family is different and that circumstances will vary. They're asking folks to do this for a week just to get a snapshot of what their initial thoughts and actions are when faced with this challenge.

They want you to think about the following when adding your feedback...
~ What cost or expenses are easy to change and what's hard? What's impossible?
~ What sort of benefits do you currently get from the state / your employer?
~ What do you think you'd be entitled to (and when would they kick in) if this happened to you in real life?
~ What fixed costs do you have? Housing, childcare, utility bills - how would you cope with these in the short term and in the longer term if you had to live on SSP?
~ How are children affected by cutting costs? What do they think about the challenge?
~ What sort of family support do you think you could get?
~ Any other issues/ comments?

As a thank you for taking part there will be a prize draw of £100 of Amazon vouchers to 10 lucky challengers who add feedback as required

Thanks and good luck
MNHQ

[llynnnn]

So far this week we have spent £55 and that's not even thinking about the bills (40 on food, 10 on dd's bday pressie) then I spent £5 at the school fair last night. I know this isn't strictly speaking an essential and would have to be missed if this was real, but i want to support the school as much as I can and my dd was very excited about it. I would've normally spent more than this but had this challenge in the back of my mind.
It has made me realise how much it would upset me to not beable to do these kind of things. The school are constantly after my money for fund raising events, cake sales, school trips etc etc! To be in the position where I couldnt allow my daughter to take part in things due to no money would be awful.

My youngest daughter needs new wellies too, going to have to have a look to see if there are any going cheap anywhere, she just loves all the puddles...more money!

[mynameis]

I have so far managed to stay easily within the £85, a bit of food shopping (£30) and our normal bits like £1 snack money for ds, baby group £2
Tomorrow is pay day for DP (weekly pay) and we will immediately go over the challenge amount in bills.
If this was a real life scenario I would have to have a total revamp of our finances. Looking at our non essential outgoings this week has surprised me.
Magazine subscription, washing machine insurance, child trust funds these would all have to go.
Car would have to become a non essential too and that's a very depressing thought.

[saintlyjimjams]

Blew it today.
Had a semi-private horse riding lesson (2 of us to one instructor) - which cost £30. I haven't been horse riding much this year - probably less than once a month, although ideally I'd like to go once a week during school terms. As a carer, I find it keeps me sane and gives me some head space. Obviously on the budget I wouldn't be able to have the lessons.

Then went to Sainsburys and spent £83! Not all that much on food. I needed things like printer ink (we've been out for ages and I've been waiting to get paid), bought some end of terms presents (they were quite bargainishious though). Also had a stock up on basics such as pasta. Because I've just been paid I bought things I wouldn't have usually - so sushi, cheddar cheese, prepared sardines.

[gazzalw]

I think we'd nose-dive into a big depression very quickly. It's not being able to do social things which would be the real killer for all of us - DW wants to go out with a friend tomorrow so the dilemma is does she blow the rest of her money or politely decline even if it means not seeing said friend then until after the hols? Friend works so opportunities to meet-up are fairly rare.

And do I expect DW to buy stuff for my packed lunches out of her money or do I 'generously' donate a % of my remaining £9??? Dilemma's, dilemmas!

Think we might be living on fresh air by the weekend! Normally you could guarantee free, ripe blackberries as one of the five a day fruits/veggies but they're nowhere near ready to pick yet.....

[Merrylegs]

DD's last day in Yr 6 yesterday so we had a meal out with some of the class. Spend - £10.

This time last year I had recklessly promised her she could have her ears pierced on the first day of the summer holidays. Which is now. She hasn't forgotten.... It is £15. We are going to talk about whether she thinks it fair to pay out of her savings (she doesn't get pocket money but puts any Xmas, bday money into her bank account). Actually, I think it is fair - we will see just how much she wants them done if she has to pay!

DS gone out for the day on his moped - asked me for a pound for petrol.

Am still holding out for a supermarket shop. Think we can last till tomorrow - plenty of dried pasta left!

[Jasper1980]

My £18.25 is now down to £15.25 thanks to ice creams in the park. I really couldnt do this long term. Well actually, I suppose I could, if I was given no choice...but it would have been really hard to say no to an icecream on the first actual sunny day of their summer holidays.

[SiliBiliMili]

Here it is! I somehow could not find this thread to add my (precious) 2pence worth. Let me get to my iPad.

[ShatnersBassoon]

It's the non-essentials that I'm struggling to do without. I was parched when I was out and about this morning, but realised I couldn't stop for coffee and the inevitable cake because that few pounds will be needed for something else.

It sucks having no money to spare. It's no fun at all.

[eggdipdip]

Fate lead me to this thread today: We just found out yesterday that dh is now on SSP and has been since 19th June (but they forgot to tell him ). We live reasonably frugally anyway, but having to pay childcare and mortgage from one salary will be a real struggle as dh just isn't well enough for us to cancel our childcare

Luckily we have savings, but they were earmarked for a bigger house. Guess that won't be happening anytime soon.

Ah well. Will be scouring this thread for lots of tips on how to survive on SSP.

[AnaIsAlwaysShocked]

AARGH bloody Mumsnet offline. I shall try again
Wednesday Took the girls to dance classes £14(total £72), Which now looks like alot of my budget but I think I would continue with the classes even if DP was on SSP. I would have to cut back somewhere else to afford it, not sure where though. I'm really starting to realise how much these things cost.

[AnaIsAlwaysShocked]

Todays one (if it doesn't go offline again)

Thursday Tumble Tots £5.30 (total £77.30) and I've started to struggle, a book stall caught my eye, but didn't even look as I knew if I look I would end up loosing the £7.70 I have left. Can't believe I've spent so much with 4 days left to go.

[Lemele]

Tuesday: DS goes to a creche for 2 hours, which costs £6.80; thank goodness it's only once a week. We've been offered a free place for him at a nursery from september so we'd definitely be taking that up now! DH didn't go to the shop for once when taking DS out, though has just mentioned needing to get something to go with the gammon we got last week for tea. I suspect even if we were living off pittance he would still spend too much and then just panic half way through the month... (as indeed he used to when we were students).

Wednesday: Well, I spent virtually nothing today. Had some friends round and we ate cake leftover from the christening. They all had cups of tea (about 1p each). Didn't go anywhere else, and ate up some old potatoes, salad and other bits today.

DH, on the other hand... he had a rare day off so went to get some new trousers (his are all falling apart) and took DS to get some new shoes! Needless to say this wouldn't have happened on SSP... he spent about £80 in total! On 4 pair of trousers (so could've bought 1 pair), shoes for DS (£30 - a new record! Ouch..) and lunch at tescos.

Thursday: Toddler group - £1, but forgot to put it in the pot again, argh! (Coz we have to go in round the back with the massive buggy.) Oh well, guess if we were on SSP that would be a bonus...

Afterward we went to the shop 'as usual'. Needed milk (again), and also bought eggs, satsumas, salad things and a few other items. Came to about £6. It's our wedding anniversary today so I also got a card for DH (£1.75). After lunch DH decided we should have a nice tea so he went to buy a few things for that - baked potatoes, prawns, lime cheesecake... He didn't tell me how much it added up to but I'm guessing about £20. It is mostly DH's spending that would make living on SSP difficult for me - apart from bills etc of course!

Total spent so far: £40.45 plus £80 on clothes etc... shame about that or we'd be doing alright! Of course, that doesn't include bills, mortgage, or anything else already in the cupboard...

Will be back tomorrow with the questions/answers. Oh and I assume 'the end of the week' means Sunday does it?

[gazzalw]

I think that only doing it for a week we none of us has really changed our mindset. Although there seems to be some compromise we are generally keeping on board 'luxuries' possibly at the expense of essentials. Not sure food out/Tumble Tots/dance classes would probably feature in the budget for a family living on SSP for any length of time????

[trickquestion]

£4.60 spent today on essential toiletries, £2.20 on not essential tea and cake and DD took £2.50 from my purse for swimming at school. I'm wondering if low-income families are exempted from these regular school costs, it's part of the school day after all and therefore not optional.
I have resisted the sales all week and have turned down a trip to go to the Next sale on Saturday which was a strangely liberating decision.

[InMySpareTime]

£47.35 so far.
Today 2 school dinners £3.60 but no childcare or clubs. DD went to a friend's house for dinner, I had a small cup of tea at the church cafe (£1) and bought tortilla wraps for DS to make dinner for us.
DH is going to Tesco after work so we'll probably be over budget by tonight.
Pre-Tesco we're at £51.95.
This challenge is making me realise just how much we spend on the DCs week in, week out. They don't do (or have) half the things their friends do, some parents must be spending a small fortune on their DCs hobbies.

[StellaMarie]

Spent another 17.56 in the supermarket today. We needed milk, bread and some fresh fruit & veggies. That should keep us going now for the rest of the week so in total my grocery shop has been 56.83.

If this were reality I would be left with just under 30.00 to pay all the bills, fuel, clubs etc. - not easy at all!

This exercise has taught me to think twice before putting something in the trolley. I've also had 3 x 2pound coins in my change this week which I've put in a separate tin. If I saved them up over time then it would be useful for the DC school shoes in September.

[InMySpareTime]

Tesco came in at £31.05 even with beer (DH got tins of beer instead of bottles)
Total post Tesco £83.00, school dinners tomorrow will put us over though.

[suzikettles]

Hurrah! Dh's pay comes in tomorrow so the week's nearly over for us.

Food shopping for the week: c£40
Tyre: £35
DH spends: £10 (used some of this to top up milk & bread)

Total: £85 = happiness.

As you can see though, there's little room for manoeuvre. Obviously the tyre doesn't happen every week but there's always something.

Also, there have been two weeks during the period when dh's has been off when his work have lost his sick line and paid him nothing. One week we had to take out a payday loan to tide us over - luckily knowing that we would have the money to pay it off but it still cost over a tenner in interest.

Ways that we are fortunate: we live in a city so in walking distance of work, school and free entertainment. Easy to get to supermarkets so we don't rely on more expensive local shops.

I've been thinking about how income protection could have helped us if we'd had it, but I'm not sure it's something that dh's work would have bought for their staff in any case (he's on a temp contract bought in by a large organisation). I doubt we'd have been able to buy it privately as he's off work with a pre-existing condition. I don't think it would be worth it for me as my work terms are so generous.

[lisad123]

Sadly my £15 on petrol didn't last

[SiliBiliMili]

~ What cost or expenses are easy to change and what's hard? What's impossible?

obviously luxuries are easier to change. Basics are hard to cut down on.

~ What sort of benefits do you currently get from the state / your employer?

Maternity leave money plus husbands pay. Thats all really.

~ What do you think you'd be entitled to (and when would they kick in) if this happened to you in real life?

My company has a competitive sickness allowance, should i need it. we have savings should we need them.

~ What fixed costs do you have? Housing, childcare, utility bills - how would you cope with these in the short term and in the longer term if you had to live on SSP?

Too many. Mortgage, council tax, phone, water, gas, electricity. all together approx £3200/month goes into all of these. we r a family of 4 with good incomes and average habits. Our extravagances are our children. We would not be able to survive on ssp.


~ How are children affected by cutting costs? What do they think about the challenge?

yes. see above.


~ What sort of family support do you think you could get?

decent but no one will pay our mortgage.

~ Any other issues/ comments?
Council tax and tv licence are the most 'painful' expenses to pay. Our weekly food bill is approx 80/month.

[SiliBiliMili]

What have I spent this week:

Monday:

Car servicing: GBP 800 (got a service plan from BMW which is more competitive than paying for only 1 service)

Tuesday:

Took Child to indoor play area: 4.50 + he wanted the drink and a biscuit from there (not the one I had taken) = 2.50.

Wednesday: Zero

Thursday: Zero

However, My food shopping came in (delivered by supermarket) on Monday (GBP 88)

We purcahsed milk and bananas on top :GBP 3.00

Its been okay this week as the shopping has been done and the car paid for but there is always something every single month. We would definately have to dip into the savings.

[BehindLockNumberNine]

So today I needed to take a trip to Sainsbury to pick up milk, bread, fruit, biscuits and some pizzas for dinner as we were going to be late home after parent's evening. (I suppose I should not have bought the biscuits from a money saving point of view...)
I only bought enough to see us through to Saturday. I spent £25.73. So total spend now up to £45.78. But I am very aware I have not yet done a proper weekly grocery shop, the car still has some fuel and I have not had to pay any bills.

[mrswee]

on monday I spent £44 on a food shop that will do most of the week. I tipped that up on tuesday with £5.50 fresh veg shop from the comunity food project.

we put £15 petrol in the car from the £30 my DH has left in his bank from his wages. I figured one of us would still be working and he drives to work so don't count this.

£15.50 left

[MunumMunum]

Total spent today: £1.70p
Total spent this week: £58.85

Today DD had tennis. It is the end of term and I received the invoice for lessons in September. I normally rebook immediately but today I didn't. It was £106.25. This would be a shame for DD to give up but inevitable if this test was for real.

We are out of bread and milk but rather than replace them I have been drinking squash or taking tea black.

Tomorrow we are going to the ILs for a couple of days with a meal out on Saturday. This should work out fine as FIL is incredibly generous and is going to offer to pay (as he always does). However DH and I like to have money aside to cover the cost just in case. Tomorrow we won't be able to do this. We will need to put diesel in the car so I imagine that will be take a huge chunk of our remaining £27!

My fridge is empty and for dinner tonight we had soup. The kids loved it but DH and I were conscious of it not being a 'real' dinner. I remember as a kid money being tight and hated the empty belly feeling of bedtime. (not that our DCs had this but YKWIM).

So far this challenge has made me realise what is important, what's nice to have and what is a luxury. I think we could survive on this money but it would be just that, surviving not thriving. Every time a possible ones spending opportunity arises I feel nauseous as to being able to cope with it. :(

[MunumMunum]

I guess I'm trying to say that I didn't realise how intrinsically linked my finances are to my mental health.