Small pensions

Thingmajig and boheminan thank you for sharing, thinking this may be do,-able then? I must admit it's the sheer amount of time to manage before sp kicks in. Once we give up employment i think it will be v hard to get jobs again if we changed our minds and it feels bit scary . We both had medium lump sums which we are able to fall back on for mega emergencies but actually scared to use this as if once we dip into it , it will somehow evaporate iyswim . but we so want to enjoy next few years in leisure. Dh first wife died age 47 of cancer so we both feel the pressure of the clock, you can't guarantee your health so feel the need to make most of now!

I get under £7000 a year pension and live on my own.

I still have to pay heating/water/phone bills, etc, as if there were more than one person living here - and I still manage to have the occasional day out. Yes, it's frugal but it's manageable.

My NHS pension is £800 per month, my husband has about £500 paid into his Danish bank account monthly. His actual pension is a big lump sum which we have left to gather mega interest.
Anyway, we are in much the same position as you Rexdog12 ... no mortgage, debts and one car. I won't get my state pension for another 9 years or so.

We almost manage to live off my pension without being overly frugal. We eat out every week at least once (quite often in Wetherpoons or similar, so not designer restaurants!), have Sky TV with BT sports for DH. I have a bit of an Amazon habit and buy some crafty stuff every month.
We tend to buy our everyday clothes in Asda or the likes as we don't really have any other clothes shops nearby.

We pay council tax and insurances yearly and always switch to the cheapest option. We also pay into DGD's bank account monthly to give her a good start in her adult life.

For big holidays, home improvements etc DH transfers money over, but if we had to I think we could manage to survive on my pension alone.

I do like the idea of renting the house out and moving to Spain all the same, sounds idyllic!

Omg should have read my own post, should say one car no other big expenses!Thanks for those reassurances, though. Coolgran , it is nett as the amount is split between us so we wouldn't use our tax allowances up. We don't spend much anyway on clothes or the house, and feel we wouldn't save a huge amount not working as we work local, make our own sarnies and cook from scratch freezing stuff for later etc. But looking at just fuel costs and council tax alone this is £250 a month We have been looking at the possibility of renting our house out and renting in Spain as costs are lower there and we only pay about 250 to 300 pounds a month for 2 bed apt over there, no big council tax like in UK and would still leave us additional income from the rental! But not sure if we've got the nerve for that yet! Probably just have to take plunge and see i suppose. Just wanted confirmation other s are doing it or have done it.

I'd start with the old fashioned work out on paper -- income/outgoings, remembering to allow for the occasional little treat (getting hair done, eyebrow-lip wax , house insurance, heating, newspapers etc. etc.

Then think of how to cut corners. 90% of my clothes come from the clearance section of an M & S Outlet Shop, Charity Shop, or eBay. I never ever pay full price for anything, ever. Books from the library or on line for an Kindle.

Anything bought on eBay that doesn't fit can be resold.... if you want to be bothered with this. And I have had a great eBay clear out of unworn clothing/shoes of my own and of my dh.

Grocery shop on line, in Asda it has to be over £40 for a home delivery. It's possible to choose a slot for £1 or £2 if you don't mind it coming at say a 7pm slot. I find that by grocery shopping on line I spend much less.

With no car, no mortgage (I'm assuming also no rent) and no debts you are on a head start.

Being retired means less outlay, no transport to work, lunches, no giving to leaving presents and not needing work clothes. Definitely less clothes needed.

If you think that a major spend is due on something for the house do it now while you are working or at least put some cash to the side ear marked specifically.

If your £12,000 income is nett I would think that with careful planning it would be possible. Do the debit/credit list making it very comprehensive and see what you think.

When I was on my own I coped on much less, about £900 nett per month and also managed a runabout car/petrol as my mother lived 20 miles distant and needed help.

If you can get your figures to work out in theory you can then refine.
I hope it will be possible for you, I have loved being retired.

Yes

Hi Rexdog, OH and I are both retired and receiving our pensions so have a bigger income but our outgoings are similar to yours no mortgage, no debts but we do run two cars and we spend roughly 1K a month which is seems a similar amount to what you would have coming in. I would say that its doable if you are careful and don't include holidays etc into the amount you spend.

Hello Rexdog, welcome to Gransnet.
I live alone on a bit less than that figure. It doesn't seem to cost as much to live in retirement. I know there is only me, but I still have the same insurance and utility bills to pay as a couple would, apart from reduced Council Tax. I don't holiday any more, but I do run a car, enjoying simple activities like walking, which cost nothing.
If you are careful, I am sure you would manage, especially with some savings to fall back on in emergencies.
I wish you a happy retirement if you decide to go for it.