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How much is enough to live on ?



happypig

Staring at the rude boys
May 23, 2009
7,935
Eastbourne
Thinking of taking early release and semi-retiring. I've done my sums and I *can* do it but I'm wondering about the realities of living on a reduced income.
So how much is a decent monthly income ? £1000? £1500? £2000? More ?
 


AmexRuislip

Trainee Spy 🕵️‍♂️
Feb 2, 2014
33,727
Ruislip
Thinking of taking early release and semi-retiring. I've done my sums and I *can* do it but I'm wondering about the realities of living on a reduced income.
So how much is a decent monthly income ? £1000? £1500? £2000? More ?


You got the bug too?
I've been dreaming about for years.
The wife and myself have worked out with savings, pensions, paid off mortgage and my wage of roughly 2k.
We could survive :)
 


Depends on whether you are responsible for others or just yourself and whether or not you have a mortgage.

Easiest way is to work out what your typical monthly outgoings are (including Mortgage (if you have one), Gas, Electric, Water, Council Tax, Broadband/TV, food, transport costs and typical credit card spending).

Then knock off maybe 10% as a realistic belt-tightening which can only be on the discretionary spending, not utilities.

For me, it would have to be a minimum of £3500 per month, but then I still have a mortgage and dependants. If I really cut the joy out of life maybe £3000.

I expect that a single person with no mortgage might be OK on half that (£1500 - £1700).
 


Triggaaar

Well-known member
Oct 24, 2005
49,989
Goldstone
Thinking of taking early release and semi-retiring. I've done my sums and I *can* do it but I'm wondering about the realities of living on a reduced income.
So how much is a decent monthly income ? £1000? £1500? £2000? More ?
I couldn't possibly scrape by on less than £7k a month, and that's pushing it :rolleyes:

It's different for everyone, we can't guess what would be enough for you. What are you outgoings?
 


Icy Gull

Back on the rollercoaster
Jul 5, 2003
72,015
I couldn't possibly scrape by on less than £7k a month, and that's pushing it :rolleyes:

It's different for everyone, we can't guess what would be enough for you. What are you outgoings?

Are you an average League One footballer perchance?
 




happypig

Staring at the rude boys
May 23, 2009
7,935
Eastbourne
I couldn't possibly scrape by on less than £7k a month, and that's pushing it :rolleyes:

It's different for everyone, we can't guess what would be enough for you. What are you outgoings?

Currently 2.5k but we want to move and could easily reduce it to 1000.
 


Thunder Bolt

Ordinary Supporter
You would also need a nest egg for replacement boiler, house repairs and other incidentals.

On a cheerful note, the cost of funerals is rising by £1K per year, so make sure you have enough to be cremated. I've got a funeral plan, so my other half and/or my kids don't have to worry.
 


Diablo

Well-known member
NSC Patreon
Sep 22, 2014
4,173
lewes
I couldn't possibly scrape by on less than £7k a month, and that's pushing it :rolleyes:

It's different for everyone, we can't guess what would be enough for you. What are you outgoings?

£7000 month WTF.......With no dependants no mortgage or any other debts £2500 ample for couple to live well on.
 






Garage_Doors

Originally the Swankers
Jun 28, 2008
11,789
Brighton
Currently i bring in circa £2k a month and i put away £1600 each month for a rainy day so i guess i can live on £400 a month.
 






happypig

Staring at the rude boys
May 23, 2009
7,935
Eastbourne
You would also need a nest egg for replacement boiler, house repairs and other incidentals.

That's accounted for.

I'm more worried about having enough to pay for socialising/hobbies and I haven't got much of a frame of reference cos I don't know what I spend on them.
 




kevo

Well-known member
Mar 8, 2008
9,085
So we have Garage Doors who can live off £400 a month and Triggaaar who needs £7k!

Therein lies your answer. Somewhere between those two figures.
 














Cheeky Monkey

Well-known member
Jul 17, 2003
22,953
That's accounted for.

I'm more worried about having enough to pay for socialising/hobbies and I haven't got much of a frame of reference cos I don't know what I spend on them.

Foreign holidays? BHAFC? (prob comes under hobbies that last one) New Car?
 


kevo

Well-known member
Mar 8, 2008
9,085
I lived off £1400 a month while working part-time. Thought it was a good trade off for all the time off, but at the end of the day I found it frustrating having a lot of free time but not having the money to really enjoy it.

On the other hand, I had a friend who earned much less than that, working just five evenings a week for only nine months of the year in a low paid civil service job, but who was happy as hell because she hated working!

Everyone's circumstances are different. If I were you, I'd calculate all your definite outgoings (mortgage/rent, council tax and bills, car expenses) plus other essentials (how much you spend per month on food, for example - and I'd also include the Albion in this!). And then figure out how much extra you would need to live a reasonably good life.

It is possible to live off very little - if you are prepared for the fact that it will restrict you in a lot of ways.
 
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