Having analysed our spending over the past few months (as our bank has introduced a tool to do that), I discover that in the "leisure, hobbies and clothing" category we are spending about 2.5% of income each month. All the other categories are tedious things like the mortgage, insurance, groceries etc.
To be fair, we spend about another 5% on the car (petrol and servicing) which might be classed as "leisure" for some of it.
So at most we spend 8 to 10% of income on the fun stuff, save about 2% in a good month and the other 85 - 90% is just living expenses.
Anyway, does that feel about right or do others spend more or less on "leisure"?
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...Seems impossibly low?...
You don't know how much he earns. :)
Could be dining out every night for all we know.
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Was the cost of holidays included in the figures?
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Ah, I can see there's more info required, and it's tricky without saying actual figures, which being British is not the done thing.
Ok - interesting that it's thought low, no, we eat out about twice a year, and holidays is included, (but as an example last year we managed four days in wet Wales, so don't really do holidays in a big way. Largely because I'm too tight to spend any money on them! Once a year, and if it rolls over £500 for accommodation I look twice.)
Last edited by: Crankcase on Thu 14 Apr 11 at 11:29
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>> Largely because I'm too
>> tight to spend any money
This is my over-riding feeling about your figures. Whatever income you're on, assuming it's above minimum wage, they look staggeringly miserly.
Last edited by: Alanović on Thu 14 Apr 11 at 11:30
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...they look staggeringly miserly...
Or the Crankcases are a bunch of Billy No Mates who never go anywhere.
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we eat out about twice a year....
I have to agree you seem incommonly miserly Crankie... what does Mrs CC think about this twice yearly treat?
I have it good now . The life / work balance , it was not always that way. I have a secure high earning job and the mortgage is paid.
We eat out probably twice a week at least and I would expect to spend around £30 per head on a normal pub / restaurant meal including wine.
For SWMBO's birthday last month however it worked out at around £70 per head plus taxis to and from Michelin starred restaurant.
We regularly visit theatre, dine and go to concerts in the West End and around the South East .
We have a couple of weeks every year at a Villa in Crete with a hired 4 x 4 when SWMBO does no cooking at all.We will probably have a week out in Portugal or Spain every year visiting friends and regular weekends away at hotels in UK
But I remember the time in the 80 's freezing as a motorcycle courier to make ends meet and pay the mortgage.
You can't take it with you so enjoy it while you can - no good being the richest bloke in the graveyard.
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>> For SWMBO's birthday last month however it worked out at around £70 per head plus
>> taxis to and from Michelin starred restaurant.
Funnily enough, did this for my missus's birthday last week. L'Ortolan near Reading. After the dreadful couple of years she's had, she deserves a bit of spoiling.
Your last sentence is quite correct.
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>> Funnily enough, did this for my missus's birthday last week. L'Ortolan near Reading. After the
>> dreadful couple of years she's had, she deserves a bit of spoiling.
How was it? Obviously it's expensive, but would you consider it good value? We've never been - worried you have to be a real connoisseur to enjoy it.
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>> How was it? Obviously it's expensive, but would you consider it good value? We've never
>> been - worried you have to be a real connoisseur to enjoy it.
You don't have to be a connoisseur to enjoy it, you don't look at it as value for money, art is not value for money, but its pleasing to the senses. So is good food.
I have eaten out at 3 michelin starred restaurants in my life, and none of it is money I feel I wasted, nor was it anything other than enjoyable in experience.
Tip: go for the chefs sampler or surprise menu. It will be a balanced showcase of all he does best.
The wine is eye wateringly expensive tho!
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>> You don't have to be a connoisseur to enjoy it, you don't look at it
>> as value for money, art is not value for money, but its pleasing to the
>> senses. So is good food.
I would expect a bit of art, no problem with that, but at the same time I don't want to have to pop into the chippy on the way home for a proper meal :)
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I was well satisfied after my meal Focus, what with various amuses bouche and petits fours and all that shebang it was around 7 courses. And I'm not a 9 stone weakling (anymore).
Didn't feel the need to knock up a fish finger sandwich when I got home.
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>> I would expect a bit of art, no problem with that, but at the same
>> time I don't want to have to pop into the chippy on the way home
>> for a proper meal :)
Some of them do a 10 course sampler menu!
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It was expensive, but we benefitted from a midweek offer of three courses for 45 quid a head (restricted but perfectly acceptable menu choices, they catered for one veggie and one dairy intolerant pescatarian without turning a hair). Add the wine and aperitifs though and the price shot up.
The food was excellent. I'm no connoisseur but I really enjoyed it and experienced flavours and textures I'd never experienced before. The atmosphere was good, and the staff were excellent.
As a one off or a once a year kind of thing, I'd say it was good value. I'd also say the same for the non-Michelin starred French Horn in Sonning, where the grub is much more trad Frenchie, but utterly delicious.
The wife was delighted, and that's good value in anyone's book.
Last edited by: Alanović on Thu 14 Apr 11 at 12:39
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Thanks for that A, will have to give it a go.
Last edited by: Focus on Thu 14 Apr 11 at 12:40
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Well we still haven't been to the French Horn, but we did try Antony Worrall Thompson's The Greyhound pub/restaurant in Sonning Common last night. We thought it was excellent - proper posh food that looked and tasted great, and wasn't too expensive (mains £15-£20) for what you got compared to your typical high street chain. It was packed and quite lively. Have you been A?
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Blimey, 5-year old thread!
Yes, I went to The Greyhound once, must be about 10 years ago now. I remember being impressed. I thought I'd heard that AWT had sold it, must have got my wires crossed somewhere.
Will bear it in mind if we feel flush in the near future, but I'd recommend the Pack Saddle in Mapledurham if you fancy a drive out (not too far) in a similar direction. Not to be confused with the better known and frankly prettier Packhorse, which is further up the road. The Saddle has employed an excellent French chef in recent times and eclipses its rival easily in terms of food quality now. The Packhorse is a bit 3663 if you know what I mean, no different to a Chef & Brewer or similar, and trades on the period charm of its building.
My dining out budget is a bit smaller these days, children's school fees and all that take their toll. Don't get out much, but had a decent birthday curry recently at House of Flavours in town. Highly recommended.
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>> My dining out budget is a bit smaller these days, children's school fees and all
>> that take their toll.
Yeah, tell us about it - happy to let son pay for his uni fees (eventually) via student loan, but there's still his accommodation...
This was Mrs F's birthday treat so it's not going to be a regular event. Thanks for the other recommendations, although the plan is to relocate to somewhere in Wiltshire later this year, partly to help fund son.
Last edited by: Focusless on Thu 4 Feb 16 at 11:12
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Wiltshire? Funnily enough I've been having similar thoughts. Not too remote but not too fashionable (i.e. pricey) also. Didcot/Abingdon area getting some consideration too (rail linksies, you see)
Sagacious fella you are, F.
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>> Sagacious fella you are, F.
I'm not managing this project :)
Current favourite is Devizes - no train station, but there's a regular direct bus (Faresaver) to Bath which is only £20 a week, instead of the £120 I will be paying on the train when the current special offer ends.
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>> Devizes
6X. Don't tell the project manager. ;-)
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"Sagacious fella you are, F."
When I called my wife a sagacious woman, she hit me.
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>>....but I'd recommend the Pack Saddle in Mapledurham....
hmmm, I wonder if I'm still barred?
;-)
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>> >>....but I'd recommend the Pack Saddle in Mapledurham....
>>
>>
>> hmmm, I wonder if I'm still barred?
>>
>>
>> ;-)
>>
Shakespeare walks in to a pub............
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>>I have to agree you seem incommonly miserly Crankie<<
Yer ... I bet he even prints out birthday & xmas cards for his wife using a PrintMaster publishing suite,
(like somebody else we know!)
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>> Ok - interesting that it's thought low, no, we eat out about twice a year,
We eat out about 6 times a month.
>> and holidays is included, (but as an example last year we managed four days in
>> wet Wales, so don't really do holidays in a big way.
We do 4 weeks a year, cost last year 6k, projected costs this year, 2k
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Rough calc.
Housing (Council tax, fuel etc) 8%
Food 13%
Motoring (2 cars) 15%
That leaves 64% and well over half of that must be "leisure"
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I'm not sure your are being miserly if you only save 2% and are spending 85%-90% on necessities excluding clothes which seem a fairly essential item to me. I guess you must have a pretty big mortgage
I guess we now spend around 35-40% of household income on what you call the tedious things, although food shouldn't be tedious!
I guess when I had a young family the percentage spent on necessities was much the same as yours
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You're right of course, CGN. I misread the original post somewhat.
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>> other 85 - 90% is just living expenses.
>> Anyway, does that feel about right or do others spend more or less on "leisure"?
Either your income is very low, or your living expenses are very high. You are living on the edge if all you are left with is 2% to put away as savings.
>> 5% on the car (petrol and servicing)
What about the rest % of car ownership costs?
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Blimey. I wondered if I was out of kilter.
Ok, the subtext is that I'm overpaying my mortgage. That's because as it was set up, it will take until I'm 62 to clear it, which doesn't leave many working years to save anything. I'm 48.
So, overpaying now, aiming to clear it a few years early, giving me time to save something for retirement, as our total savings are less than some of your annual holiday budget.
But that passion for overpaying leaves not much left over. Mrs C is of the frugal mind as well and doesn't object to it, and nor do I really, but it's true that somethi8ng like the Apple TV I bought recently for £100 took me a LONG time to decide about, as £100 off the mortgage feels better.
(We have 70% equity, so we could downsize, but we don't want to!)
I suppose I was looking for a reality check to see if I'm being over cautious. I don't think I'll ever be profligate though!
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Crankie, you are doing exactly the correct thing by overpaying your mortgage. You will not believe how good it feels when you see it paid off.
I only say try giving the wife and yourself a treat a bit more often if you can .
Maybe a pub / restaurant meal once a month on pay day.Check out toptable or your local paper for offers in your area and you can get surprisingly good deals .......gives you something to look forward to.
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I eat in the bottom half of the market, I guess. I haven't eaten out this year and paid full price, yet. www.vouchercodes.co.uk will get you buy one get another for £1 at Ask, Prezzo, Zizzi, Pizza Express and Pizza Hut. £10 off a £20 bill at La Tasca who also do 1/2 price food every Monday. Thru my newspaper I get a 2 course lunch for £5 and 3 courses for £10. I have plenty of spare time but not much spare money so discounts are the way to go for me
Sign up for offers from Travel Zoo - an e mail once a week with their 20 best offers. These are this week's.
tinyurl.com/5smch7n
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Encouraging words, retpocileh, and thank you.
I'll not take up the meal idea - eating out isn't really our thing at all - but maybe I will try and leaven the dreariness from time to time a bit more in some way.
A cheap way.
Last edited by: Crankcase on Thu 14 Apr 11 at 15:09
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You should get down the Corn Exchange or Junction for a night out if meals don't appeal.
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>> You should get down the Corn Exchange or Junction for a night out if meals
>> don't appeal.
>>
I can't tell you how many times we've looked at something at the Corn Exchange, thought we fancy it and then say "50 or 60 quid for two tickets for one night out? No way".
And don't go.
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In that case, unlike others here, I'd say you are paying too much off the mortgage to the detriment of free cash. I think going back to the thread title you don't have a proper life balance if you think £50-£60 for two to see a great show which you'll remember for months/years is too much.
Mind you if you live in the immediate Cambridge area the house prices are a nightmare.
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Try the M & S special offers , meal for two including a bottle of wine for £20 , we quite often try them on a Saturday.
I dont know what sort of music you are into but whatever it is hunt around for the decent bands that play in pubs or cheap clubs or look out for the comedy open house nights.
Some of you have heard of Imelda May - Irish singer recently come to prominence with hit several singles . She was working 20 years to become an overnight sensation..... I first saw her four years ago with a big band in a south London jazz club , tickets £8 each and cheap booze and what a great cheap night out that was ( apart from the Thai meal we had afterwards).
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>> Try the M & S special offers , meal for two including a bottle of wine for £20
The M&S meal offer is Dine in for £10. Deal on this weekend (Thur - Tue):
tinyurl.com/M-S-Meal-Deal
I agree that having a little more left over each month is important if it's only used to finance a few holidays each year. I'm fortunate in not having the mortgage now though so I try to save at least 30% of take home salary now. And aim to increase that. Wife also saves of course.
Surprised how having a large semi-detached without any debt is reason to shoot oneself though. Some odd people about ;-)
Last edited by: rtj70 on Thu 14 Apr 11 at 17:06
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I've got a small rented Semi, but I certainly wouldn't shoot myself:)
I can remember when I didn't even have that!
Pat
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We've still not really got heads around how much we should save per month. I covered step-sons mortgage for 6 months when he was travelling and we needed somewhere to stay in between house sale/purchase hence me doing this. And we've bought furniture, decorated, new carpets, just bought new fence and gates..... so money isn't being saved.
About time we tried to save around £10k pa to put towards the escape fund from this country. And then rent the house for about £1000/month for some income.
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There are a lot of reasonable carvery places around most areas. They can be quite good value and not always that much more than doing your own roast.
If you like films then splash out on something like a lovefilm subscription. If you're a home body then home entertainment might be the best answer.
Amazon kindle??
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I've done my sums on this many times over the last year. In percentage terms:
Rent / council tax 30%
Fuel / water 13%
Car running 18%
Groceries / cleaning / hygiene 15%
Child maintenance 11%
TV Licence / phone / net 5%
Pocket / dinner money 5%
Which leaves 3% for leisure, hobbies and clothes. And Christmas and birthdays.
Doesn't really bother me that holidays and so on are out of reach - they won't always be, and a lot of families around here are in the same boat. We're eating out tonight - I suggested a carvery but was overruled in favour of the golden arches.
Last edited by: Dave_TDCi {P} on Thu 14 Apr 11 at 13:04
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% spent on essentials - rent/mortgage/food, heat etc will vary with age
Retired, no mortgage, no rent, no HP, no loans, no dependent children / mouths to feed.....................
Biggest single bill in a month is Council Tax (excluding food)
Years ago the Monthly Direct Debits for Mortgage, rates, heat, life/ car insurance etc consumed the bulk of the family income - ran 4 x cars at one point - now the direct debits are few and far between and car insurances are now £400 annually for 2x cars instead of £3,000 for 4 cars 15 years ago -
3 x student sons did not come with cheap car insurance even in the mid 90's - £1000 comp on a 1400cc Astra for example
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That's interesting, Dave. My mortage/council tax stuff is at 55%, but however you cut it you've ended up with about the same "free" money as me.
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Rough calc...
Cars/Fuel 21%
School/Transport/Meals/Trips/Uniform etc 13%
House/Fuel bills/Council Tax/Broadband/Phone etc 11%
Food etc 10%
Spare 45% - half of that on leisure.
A third of income on cars and schooling is sobering.
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Well since Jan, I have been running a spreadsheet for the family finances.
Copy/Paste from online bank statement into spreadsheet and then put a reason code beside each entry. Easy to do as we are working everything out this one account, no credit cards at all.
When I analyse it in black and white, it is amazing how much the kids cost me between clothing, school trips, clubs etc etc.
And how much we spend on presentts for other people every month - 18s, 21sts etc.
It is actually quite good a tool fow when the missus says that we seem to work all the time and never spend money on ourselves - I can then show her how much she has spent on clothing, eating out, carry outs in, nights out etc!
I haven't set it up to do percentages yet - maybe make that my next task!!
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Slightly OT but EON just supplied me with a free meter which tells me exactly how much power I am using. The Mrs finally saw why she should leave the 3 upstairs halogen spots on rather than the 8 in the downstairs hallway for her evening hall/stairs lighting... The surprise for me so far is the spike each morning when the central heating and hot water wakes up. Once I've got some decent data this could be worth a thread in it's own right.
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Yes please Smokie! Particularly following on from the thread re the economies or otherwise of hving the central heating on 24/7 or twice per 24.
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We have one of these meters which came free with a change of British Gas tariff. It was so interesting for a few weeks and then I realised we use the power we need and it didn't actually save anything.... just another bit of clutter so it's junked.
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>> A third of income on cars and schooling is sobering.
I bet some people spend much more than that on just school fees. Your income must be pretty large to spend such a low proportion on them.
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When we had two children at fee paying schools, 25% of our pre tax income went on school fees:-(
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>>> Your income must be pretty large to spend such a low proportion on them.
Ha ha... they're at a state school so school costs don't include fees.
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As Crankcase has asked the question i'll give a slightly different answer, and hope it's not too personal.
So long as you are both happy doing as you are then the figures mean very little IMO, you are prioritising paying your mortgage off...brilliant, we did exactly the same...it's meant that SWM has hung her work clothes up for ever, and i have taken a much easier job that gets me home every night, and will hopefully allow me a few more years above ground.
We have a similar outlook to dining out, foreign holidays and such like, they really don't interest us....that may seem miserly or even miserable to some, but why waste our hard earned on something neither of us wants to do anyway, neither of us drinks so not interested in pub life either, in a nutshell we are happy in our hideaway.
If you are happy as you are and don't feel you are missing out...but much more importantly so long as Lady C feels the same, discussed honestly, then pray carry on with getting rid of that mortgage, life changing moment when that's gone.
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Excellent post GB. A particularly good point about the need to be in tune with one's partner as well. Your story is near identical to mine, except that I have not needed to change jobs.
Being from a very poor background has left me with a yearning for financial security above all else. The feeling when I managed to pay off my mortgage early was marvelous.
My next goal is to retire at a reasonable age, so what I was paying towards the mortgage each month is now going into my retirement fund. (Mrs L has already retired early from a stressful job with long hours.)
BTW, I'm not saying that anyone who wants to spend their money in other ways to my particular preferences is wrong. I think that the only "right" thing is that we all try to do what we really want to - according to our gut feelings.
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No need to worry if you're living happily and have some money left at the end of the month to carry forward.
Like some of the above, I have very little debt, just got a credit card bill today for £44. Already set up to pay on line and the bill filed. I've plenty of equity in the house, 100$, so that's the kids sorted if they outlive us !
We like eating out, probably do 3 evenings a month and half a dozen lunches. We do entertain as Mrs T is a very good cook and like all women, likes to show off ! I don't really look at what we spend on in any detail. Very few direct debits and then only small stuff, TV licence, Lottery, Evening paper, all under a tennerish. House/contents insurance about £30.
A couple of annuals, welding gas bottles and camping club.
No real urge to go away for a fortnight but 6 or 7 weekends with the caravan, chilling out in a field, do us fine. I've got the ' boys toys ' I want, SWM has her kids and grandkids to cluck over.....suits us very well.
The only thing I have started doing is to make a table of credit card use. It was always a case of putting the till reciepts in the drawer and not knowing how much of a bill I was going to get. Now I list date/card/amount/who to and what for. We have 6 cards between us and it does keep some order. I mostly use a debit card and can keep an eye on-line.
Ted
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The thing with eating out is.... I enjoy cooking. When I work from home I do a lot of the cooking and normally all the food shopping. Most meals are cooked from fresh ingredients. Some days it works out cheap and other days more (e.g. two cod loins aren't that cheap).
All I know is I could spend a lot less at the supermarket if I wanted or needed to.
Looking forward to eating at a nice restaurant in Tuscany in a few weeks. Booked in for two nights already. Been there before. Shame I'll have to drive as the local white wine is good (vernaccia) and we all know about chianti.
Like you Ted, we have plenty of equity in the house which is good when you're 40. Could buy a few elsewhere for what this cost. So yes we're fortunate.
Work wise I know I could have got a lot more money by doing the right projects. I could/should be on £20k more. I opted to work from/near home and had enough and able to have a good life. Some I know might be on £20-30k more than me at a guess but have 17 years left on their mortgage.
Last edited by: rtj70 on Fri 15 Apr 11 at 01:20
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My parents don't have any life at all really, the only time my mum goes out is to Tesco to take my grandma shopping. She does at least see her friends once a month.
I could have earn't a lot more money doing anything but this but I am quite happy after a troubled time in my teenage years. Been a bit more strict with jobs lately and have stopped under charging as much. I don't don't really have any work life balance because home is my work. I just go out every Saturday to the same rock club and that is the only routine I have it is so nice to see the same people each week.
It is a quiet time of year now (April is always my quietest month) so had bit of time off this week but I have spent most my time doing leaflets and sorting out my accounts so I have still been working it just doesn't feel like work.
I am just so grateful that I am not working in Tesco for the same money and I am doing something which I really enjoy but I do know I will probably live my life out in some 20th floor tower block in Gorton but the world is ending in 2012 anyway so it doesn't matter.
The only problem with that attitude is I find each year the world is still here and I am another year older. I am only 12 years younger than Rob and that is quite frightening.
The only good thing is now my dad has a full time job the pressure on me is not go big and I am saving up so I have the £1800 to buy my car out right in three years time. That and hopefully much cheaper insurance will mean I then can save the money to sort everything else out.
I just hate the way all my ambition has been eroded over the last few years but I suppose applying for 100's of jobs and getting no where does that to people.
The most important thing is I tend not to work Sundays although its not always possible. At one point this year I had worked every single day for 40 days in a row without a proper day off. Its why I went to Brighton to force me away from PCs and it was great.
My sister has an extremely stressful job but she some how manages on just four hours sleep each night, I need double that.
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Those of you above who have the percentage of your income worked out must have something wrong with work/life balance.
Working to me means I haven't the time to do things like that and I envy you!
It also means I can pay the bills and go out if I want to...but I'm usually too tired to bother.
Pat
Last edited by: pda on Fri 15 Apr 11 at 04:24
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>> Those of you above who have the percentage of your income worked out must have
>> something wrong with work/life balance.
>>
>>
>>
Well said.
Two maxims for a contented life:
1) Concentrate on "being" rather than "having". (Erich Fromm)
2) If you keep asking yourself if you are happy, then you aren't. (John Stuart Mill)
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We haven't been on holiday for over 15 years, and my idea of eating out is to have a pasty on the beach,
it's not that I'm mean though,
I prepare & cook all our food 7 days a week, mainly because I know that a lot of places use catering packs of pre-cooked and pre-prepared meals and/or partially hydrogenated cooking oil (transfat)
Of course there are many places that serve freshly prepared food - at a price!
I try to live in "The power of now" (Eckhart Tolle) because the future is, well - in the future, and may not happen,
So to Crankcase I would say, be your own man, do what brings you bliss, but if you're suffering hardship just to pay orf the mortgage early, then perhaps a re-think could be on the menu.
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"because the future is, well - in the future, and may not happen,"
On a philosophical note Dog, the future will happen. It's just that you don't know what it will be. The past is gone and cannot be retrieved. The present is merely the interface between the past and the future and probably doesn't exist.
Best not to worry.
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You lot do talk some garbage at times. Of course the past is relevant, our past deeds shape our future. You has to plan your future or the now, when you get there, is not what you want.
My "now" is what I planed in my past.
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>>My "now" is what I planed in my past.<<
I like that.
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My "now" is what I planed in my past.
What like the bottom of the door? That's deep
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>> wiv two enns
Should be ok for eggs then, Z ?
Ted
>>
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>>On a philosophical note Dog, the future will happen<<
Of course the future will happen CG/N, but many of us won't be around to enjoy it,
I know more people up the bone yard than I do in the town, I'm sorry to say,
Crankcase is 48 and looking toward when he is 62 - that does bother me somewhat.
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>> Those of you above who have the percentage of your income worked out must have
>> something wrong with work/life balance.
>>
Its the work of 4 minutes in your head. Everyone has a rough idea of where the money goes without having to sit down and work out the bills and income do they not? Hardly a work life balance thing.
>> Working to me means I haven't the time to do things like that and I
>> envy you!
>> It also means I can pay the bills and go out if I want to...but
>> I'm usually too tired to bother.
Now that is classic work life balance problem. Too much work and not enough life, due to be being too tired or not having the time. Its not a matter of money, its a matter of free time. A walk in the country, or along a deserted beach costs nothing, and you have both within cheap easy reach of you.
In truth you do have a good work life balance, you have the time to potter in your garden and greenhouse, get out on the bike for weekends and plenty of other stuff I am sure.
Last edited by: Zero on Fri 15 Apr 11 at 09:15
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Dog said... I try to live in "The power of now" (Eckhart Tolle) because the future is, well - in the future, and may not happen, So to Crankcase I would say, be your own man, do what brings you bliss, but if you're suffering hardship just to pay orf the mortgage early, then perhaps a re-think could be on the menu.
Yes that is what I was getting at halfway up the thread. Not wanting to add a negative slant caning yourself to overpay the mortgage only works if you are still here or in the perfect health to enjoy it... and a percentage of people won't sadly.
Our work/life balance is also importantly a now/future balance. Right now booking another visit to the Corn Exchange to satisfy the now!
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>>Right now booking another visit to the Corn Exchange to satisfy the now!<<
- - - > :-D
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>>>On a philosophical note Dog, the future will happen. It's just that you don't know what it will be.<<<
Ah but we all know what the end will be , just not when!
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>> caning yourself to overpay the mortgage only works if you are
>> still here or in the perfect health to enjoy it... and a percentage of people
>> won't sadly.
>>
Agreed. A mortgage is usually the easiest and cheapest source of money you can get in the UK.
Indeed, some experts will advise that you borrow on the mortgage and use any spare cash to invest or pay off other more expensive debts elsewhere - find the best opportunity cost for your money. Money is better saved in other ways - for example by buying used cars than newer cars. Use that saved cash on leisure activities, do fun things like a driving holiday in Western USA.
BTW, re not having leisure time to work out percentages - if you have the time to spend reading and contributing to this forum, you have leisure time.
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>>>Money is better saved in other ways.
Agreed. In our pre-children days we did OK modernising a few houses and moving on but since the family arrived we've taken a very modest approach to housing needs which has saved us half a salary for the past 20yrs compared to many folks who seek housing bling.
Last edited by: Fenlander on Fri 15 Apr 11 at 10:21
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>> Agreed. A mortgage is usually the easiest and cheapest source of money you can get
>> in the UK.
>>
>> Indeed, some experts will advise that you borrow on the mortgage and use any spare
>> cash to invest or pay off other more expensive debts elsewhere - find the best
>> opportunity cost for your money.
Thats all true, except mortgage debt is your primary residence. Your home, the place that gives you a bed for the night, keeps you warm and off the street. Having a debt hanging over your residence is not a desirable lifestyle or workload balance. You cant afford not to pay your mortgage, but you can tell other lenders to sod off and wait.
Last edited by: Zero on Fri 15 Apr 11 at 10:26
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...but you can tell other lenders to sod off and wait...
Very true.
Debt is not a good thing, but secured debt is worse, and debt secured on the roof over your head is worst of all.
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>> Debt is not a good thing, but secured debt is worse, and debt secured on
>> the roof over your head is worst of all.
And yet it is preferable to paying rent to a landlord all your life. These are the only two choices open to the vast majority of people who do not wish to sleep on park benches.
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...And yet it is preferable to paying rent to a landlord all your life...
Agreed, but limiting the length of time you are exposed to it is sensible if you have the option to do so.
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In 1905 it was illegal to sleep on a park bench (or anywhere else on the streets) in London. The police used to watch for any signs of people dropping off at night, and move people on if they closed their eyes. Whole families, who were often starving, would gather in the parks during the day and sleep then, as it was allowed in the daylight. However, if they did that, then of course they couldn't get work, and no work meant literally no food.
Britain at its finest.
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Ah, the good old days, CC. *Sigh*.
We are all so much worse off now. This country has gone to the dogs. Etc etc, dribble.
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>>This country has gone to the dogs<<
You got a problem with that. friend?
Dog.
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No. We'd probably be better off with a canine Prime Minister, rather than a supine one.
:-)
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>>No. We'd probably be better off with a canine Prime Minister<<
I was under the impression they were all Dogs anyway (of War!)
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>> Etc etc, dribble.
What, at 41? Though for some reason or another I thought you were a tad older than that.
:)
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Funny thing, isn't it? I imagine that most of our perceptions about other forum members are wildly incorrect.
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>>Having a debt hanging over your residence is not a desirable lifestyle or workload balance.
>>You cant afford not to pay your mortgage, but you can tell other lenders to sod off and wait.
Actually you cannot. All unsecured debt, when in default, can (following application to the court by the lender) become secured on your residence.
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>> Actually you cannot. All unsecured debt, when in default, can (following application to the court
>> by the lender) become secured on your residence.
Actually your house is safe, in law you cannot be made homeless for an unsecured debt.
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>> in law you cannot be made homeless for an unsecured debt.
You can in practice though, if the loan shark gets impatient enough to torch the place 'pour encourager les autres' ...
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Rackman died out a few years back AC.
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>> >> if you have the
>> time to spend reading and contributing to this forum, you have leisure time.
>>
>>
>>
No, it's part of my work/work balance.
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Thankfully I don't have to work, being of a "certain age".
I just LOVE not working. I would never have worked had I the funds not to do so.
WORK is a four letter word.
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>> Thankfully I don't have to work, being of a "certain age".
>> I just LOVE not working. I would never have worked had I the funds not
>> to do so.
>> WORK is a four letter word.
>>
Seconded. Not having to work, and doing what I want to do when I want to do it is brilliant!
Last edited by: Old Navy on Fri 15 Apr 11 at 14:26
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Pleased for you chaps of course...
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You are so gracious, Humph. Even through gritted teeth. :-)
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Wonder who put the scowly face on? Miserable Gti...
:-)
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>>Wonder who put the scowly face on?<<
Some sanctimonious noxious ne'er-do-well no doubt!
;}
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Ive gone down to 20 hours a week. Its enough to pay the bills but allows alot of free time, its a balance I enjoy and I justifiy it to the wife by prodigious home-making skills, which she doesnt have :-) As of today, I enjoy going to work and I dont feel financial pressures really unless cars blow up. My sister says Im such a hippy :-)
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>> Wonder who put the scowly face on? Miserable Gti...
>>
>> :-)
>>
Must be someone who is really P'd off at having to work, or is at work and P'd off. :-)
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Yeah maybe, never mind, only 56 minutes until the weekend...Yippee!
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Balls to that. It's POETS day. See ya.
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Been a very quiet week, been doing leaflets today (three hours worth) but because I am not doing actual work I am so tired. I feel shattered, drowsy, bored, frustrated etc.
On a busy day I can have appointments from 10:30 to 9:00 in the evening and not feel tired. I just don't get it.
I will spend tonight updating my website.
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But he's not getting 'it', Stu.
Ted
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Been a a year or so too long :( No wonder I am getting old fast. Beer tomorrow night though :).
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>> Seconded. Not having to work, and doing what I want to do when I want
>> to do it is brilliant!
>>
I agree with the Old seaman and Roger the cabin boy.......Should have retired at 17 !
I really enjoy my bit of part-time employment...can't call it WORK. I can do jobs as I want ( or not )...It gets me away from the house for an hour or so, sometimes gives me a challenge and provides a feeling of self-worth.
Sat out on the patio today, nice cup of filter and listened to the birds singing and a dog clearing his throat somewhere over the railway. Fell asleep for 30 mins or so, went into the garage and did a bit there...watched a bit of telly, had people round for dinner.
All in all....a nice retired person's day !
Ted
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That's true Zero.
I also consider myself to be extremely fortunate in that all my life I have actually enjoyed my work.
I meet so many people who spend all their lives hating and resenting their jobs and can never understand why.
I realised pretty early on that it was something that was going to take up a lot of my life (a bit like peeling potatoes!) and that I could work with either a positive or a negative attitude.
To me, a job has never been something you attend for the least time possible, and do as little work as you can. It's always been a big part of my life and I've always tried to do the best I can both for me and the company.
I know that in recent years people with my attitude are in the minority, but I look back and see a life of happiness and contentment...at work.
How can that be wrong?
Pat
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I have the same attitude, though sometimes money gets so short there is no choice in the matter. My sister is on a very good wage but really really hates her job, she is not at all happy. She would be better of on a slightly lower paid job where she is happier.
I could never do a job that is just a job, I would get bored. It has to be something I am passionate about.
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I have a cousin who has only worked for a few months over the past 25+yrs because his standards are so high he'll only do things he's passionate about.
Beware that attitude... the routine and company/interaction of a less passionate position is often enough when the need to keep a roof over your head is considered.
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That is just very silly. In my case I couldn't get a job in IT so I setup my own business, my major down fall was not having a boss or a mortgage to pay I admit at some points in the last 5.5 years I have got lazy. This year I have been working very hard though.
If this business does go belly up then I will have no choice but to work for Tesco as I have bills to pay, I won't like it but I will have no choice.
My point was I am happier doing this job now than saying working for a call centre for a few K more.
I've done crappy jobs in the past I hated like working in Curry's but it paid for my first car and driving lessons etc.
Last edited by: RattleandSmoke on Sat 16 Apr 11 at 12:55
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Holy thread revival, Batman!
Well, that was an interesting read - all those ideas and thoughts from years ago. Dunno about you lot - what's changed for you?
As a matter of interest, and because I'm geeky enough to have it to hand, I just pulled the last year's finances spreadsheet out and extracted the percentages again.
Essential things - council tax, fuel, car and so on - now 21%
Mortgage and insurances - 60%
Other savings - still at 2%, as mostly everything spare is still going against the mortgage.
Holidays - 10%
General "nice" things - leisure etc - 7%
A lot nearer paying the mortgage off though.
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Same here I used to go the extra mile to do the job right.I can't complain my job with BP was a decent job and pay.
My hart was always in shipping Tug Master was my goal.Working for Piet Smit in Rotterdam I would have been.In the UK coxen on the Pilot Launches was also a good job with plenty of variety.
You make your own changes.I always adapted very quick to different circumstances.
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Remember the Lloydsman Dutchie? A former colleague of mine got a job with the Wilbrahams to sell it, back in the 70s. Presumably it wasn't just a matter of listing it in Exchange & Mart.
tugfaxblogspotcom.blogspot.co.uk/2015/03/british-supertug-lloydsman.html
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Work life balance - Skoda
