Monthly income

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Yep- right again!

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Another very old thread resurrected, there have been a few of these lately.

I understand you very much, seven months ago I lost my job because of covid. I still submit applications to different companies, but everywhere they fire people and do not hire new employees.

I do recommend doing a budget, there is a fantastic one called You Need A Budget, YNAB for short. I started the free trial and let it drop, I'm going to pay for it as I'm just so hopeless with money.

I've just had to put lots of shopping back because I didn't have enough in my account. I'm 62 and have always been bad with money but it scared me tonight - I hadn't been keeping an eye on my bank account at all this month and it's all gone Pension isn't in until 5 June.

Someone up thread made an excellent point....it depends if you are mortgage/rent free or not. If you already own your home then you can live very frugally.

MaggieTulliver Also be aware that if you choose to work less hours your NI contributions and tax will be less per month and you will benefit from less travelling costs so overall you will not be too far away from your original income tbh.

This is such an interesting thread and has given me food for thought. I'm on my own with a daughter at uni. My mortgage is paid off and I work four days a week. I suppose I'm comfortably off on £21k gross annually and have recently taken out a pension from my previous job which gives me some more (which I'm saving). I'd always thought I was careful with money but I can see now that I'm over-spending, It's not that I buy lots of clothes and want the latest gadgets or go on holiday, but somehow the money isn't going far enough.

I shop at Sainsbury's and am amazed at the cost of my weekly food bill (just for me most of the time). I know I should go to Aldi or Lidl - it would mean a longer drive but it would be worth it. I want to reduce my work hours (I'm very stressed by my job in the NHS) and reading this thread has inspired me to do so. I could easily cope with the reduction in salary if I'm more careful with how I spend. I wish you all the best OP. It's not easy adjusting after a break-up (been there) but it can help you re-evaluate and build a life for yourself that's really rewarding.

If I was left in your situation hopefull (God forbid) the first thing I would do is to go to the CAB to find out what benefits, reductions etc I was entitled to. As others have said.
Do you still live in the same house? If so you really need to downsize.
I grew up with the principle that you can live on next to nothing if you have to. Though these days expected standards have changed a lot.
Much good advice on here - Bon courage .

So many good suggestions, just try to treat it as a challenge and make it a positive experience rather than getting down hearted.

I have a council allotment which costs about thirty pounds a year for 265 square metres. I bought fruit trees and bushes from aldi, which I planted around the edges, which provides all the fruit I eat, berries can be frozen to go on winter porridge, and I make a years worth of jams and chutneys. A whole load of veg can be grown from cheap seed germinated on windowcills. It's hard work, but I can have heaps of lovely fresh veg, companionship of other allotment holders, also trade surplus veg and seeds with other folks on site.

If your health and mobility permit could you have a bicycle instead of a car? If you have a car get rid of it if it's not an absolute priority.

Have you a hobby that an earn you a few pounds?
My neighbour sews together others peoples finished knitted jumpers for a small charge. Also knits lovely xmas decorations and cushion covers!

Also if you live in town, take a rucksack to do your shopping, you will not spend too much if you have to carry it all on your back, back home. Or a shopping trolley thingy?

Cheap moisturiser can be upgraded by the addition of a squeeze of evening primrose oil from a broken open capsule.

Rent a room as the previous poster suggested might be a goer. I did once rent to a female student in term time, which was lovely, and I missed her when she went.

Good luck, and stay positive. Me and my fella live on about seventeen thousand a year. We have three hounds, he has a Harley, and we have a 'dog cottage' once a year out of season for a holiday with the hounds.

The other thing you could do is rent a room out or Air BnB. Cash you get from a lodger is usually not taxable.

For me to live comfortably, with no mortgage I would like £15,000 a year.
But you need to look at your budget from an "essentials" "can cut down" and "luxuries" view point.
List all your outgoings, and whether you need them, whether you can reduce them. So for example things like Sky TV, mobile phone, car, might not be essential. You could straight away save money on your minimum spend. You could get cheaper insurance, or sell stuff. If you have a mortgage, you could remortgage at a cheaper rate or downsize.
The only person who can work all this out is yourself. Go through your outgoings by looking at bank statements for a year, as should have things like annual insurance, car expenses etc.
If it is too high, go through again to see what you can reduce or eliminate.
I've been very poor and also very comfortable and so much is discretionary spending. Also look to see if you are saving an amount each month, you could cut that out completely.
I've had to walk everywhere, had no heating (couldn't afford it), ate proper student cheap meals, etc.
On the flip side, can you increase your earnings? Do you work? Could you do a bit of hourly paid work, or take on a part-time job?

It depends on what is important to you, and what your priorities are.

I worried how I would manage when I retired but live well on less than £10000 yearly.
It would be easier if I still drove (I can’t afford to). I have to shop locally, can’t lug home big packs or multi-buys and a trip to the nearest big town takes 4 hours by bus. Hang onto your car as long as possible.
Help your family with childcare in the hope that they will do small jobs for you.

Money saving expert has an income and expenditure spreadsheet you can add to and download. Each item eg insurance has a link to money saving ideas.

I found Bluebell's post so positive and heartening.
My H has died recently and at the moment I don't know what my income is going to be.
I live in a house bigger than I need but find the thought of uprooting and downsizing far too daunting as I am a very old lady.
One should never make hasty decisions any way until some time has passed and I will be even older then.
I hope to be able to manage and stay while following many suggestions posted on this thread.

Tiger is right you can't change your water company.

Lots of good advice here but I wonder why one is suggesting comparing TV deals? We have never had a TV deal, there is plenty to watch without one and if you don't like what's on TV, listen to the radio or read a book!

One no one has mentioned is wear a sweater instead of turning up the heating, perhaps a rug over your legs in the evening? I don't like the feeling of too much central heating and would far prefer to wear a sweater.

I'm another who thinks there is nothing wrong with social housing. We are what we are and should not be defined by how much money we have.

I get about £800 a month income and my mortgage is paid so after gas /electricity/ phones/ water/ sewerage/tv license/ insurance and contact lenses and £2000 a year on children and grand children birthdays and christmases what’s left is mine to do what I want with I don’t get any benefits but I do get free bus pass which is a god send I think I manage quite well and never feel poor I don’t drive so no car and I don’t have central heating both of which would take up a huge slice I do shop in charity shops because I see things I like not because I have to I don’t eat meat and have lots of vegetables and beans seeds etc I don’t take much in the way of holidays but it would be no fun alone anyway so why waste my money I never feel I can’t manage I just have a simple lifestyle I guess but I go out to the cinema and lunch with friends regularly so I m not deprived
Cut your clothe according and you ll be fine

I agree with Etheltbags1 trading favours is a brilliant way to save money. My sister bakes a tray of cakes for a man who cuts her grass each week. She used to pay to get it cut. Think if you have a skill you could trade. Could you babysit, bake a cake, walk dogs etc. When my daughter was on maternity leave and money was really tight for her she walked the neighbours 2 large dogs every day and they gave her all of their good quality second hand baby clothing., and she also borrowed some baby equipment from them too. Neighbours used to pay to get dogs walked in the week as both worked long hours. I also know a lady who paints nails and does make up in return for a few hours childcare in school holidays. You don't need as much clothes as you make think you do. Now I am not working as early retirement due to ill health I have not bought any new clothing except a couple of bras for almost 2 years. If you are lucky enough to have a bus pass use that instead of driving and paying to park. I went to cricket match on Sunday to see child play and took enormous flask of coffee and a large blanket as cold. Everyone else seemed to be paying £1.20 for a small cup of coffee and buying 3 or 4 each as so cold. You can do this, you really can.

Littleannie - OK. I grant you that it isn't foolproof if you specifically want one apple per day but I think the general idea is that the food is eked out a bit. The saving isn't a fortune.

M0nica's explanation covers it too.

littleAnnie, I do a big shop on a 5 week basis and it works the same way an 8 day shop does. I budget for each months money to cover 5 weeks food, bar perishables and one-offs, then about once every 4 months I go out, for example, and stock up on 28 April then the next shop isn't until 1 June, so the sum of money that I would have spent in May is still in my bank account to be spent, or not as planned.

In an 8 day rota, one weeks money is budgeted to cover 8 days food this means, assuming the week rota goes from Friday to Friday, a week will come when food is bought on a Thursday one week and not until the Friday of the following week, missing the Friday immediately after the Thrsday, so that a weeks housekeeping is in hand.

" I only bought reduced food, eg once I got a bag of spuds and bag of veg sausage rolls for 50p, and that is what I ate all week."

This what pensioners are reduced to in this so-called civilized society.

I have an O2 pay as you go type contract that costs me £6 a month. It has limits on data, calls and texts but then older people are not always online or downloading films so it is perfectly adequate for everyday use.

How does the 8 day shopping work Tangerine? If I buy 7 apples, one for every day, then I would have to buy 8 if I knew I wouldn't be shopping for 8 days. If I knew a loaf lasted me just 7 days, I would have to buy 2. If you shop fortnightly, you buy twice as much so that it lasts. I can't see how your friend's idea would work.

If you are someone who does a food shop every week, try going every 8 days.

Such a simple tip but a friend of mine said going one day later didn't mean she had to buy extra things and she saved a lot over a year because she didn't do a food shop 52 times.