tag:blogger.com,1999:blog-2875915890415125655.post5771792262701749384..comments2023-05-18T10:37:34.608+01:00Comments on <a href="http://www.retirementinvestingtoday.com">Retirement Investing Today</a>: My SpendingRetirementInvestingTodayhttp://www.blogger.com/profile/03088383743670046657noreply@blogger.comBlogger22125tag:blogger.com,1999:blog-2875915890415125655.post-84010593051206373792015-09-06T17:28:41.334+01:002015-09-06T17:28:41.334+01:00Hi, my partner and I live in London.
I gave a brea...Hi, my partner and I live in London.<br />I gave a breakdown of my spending for 2014 below for another London blogger:<br /><br />http://thefirestarter.co.uk/brain-dump-iii-new-yearly-budget/#comment-12879<br /><br />Summary:<br />Total Expenses £27,063<br />2,225 p/mLostpuppnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-87426746267954055502015-08-22T14:02:01.898+01:002015-08-22T14:02:01.898+01:00Do you really mean 1% of the purchase price? In t...Do you really mean 1% of the purchase price? In that case, inflation will be diminishing this over the decades just as the need for maintenance is rising. Better options would be (a) 1% of purchase price, uprated each year by RPI, or (b) 1% of the notional value, that value to be re-assessed each year.<br /><br />I don't have any professional knowledge that would help here but have thought Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-75705696374311351452015-08-21T19:47:21.178+01:002015-08-21T19:47:21.178+01:00Sound advice, anon. Unfortunately it's easy d...Sound advice, anon. Unfortunately it's easy during a busy career to let house maintenance slip a bit and then find it expensive later. I'm glad that we had a re-wiring done before I retired. But it was largely luck.deariemenoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-52642803387371286972015-08-21T03:01:29.286+01:002015-08-21T03:01:29.286+01:00Long term investing is very important for becoming...Long term investing is very important for becoming wealthy. The obvious problem is having the disposable income to do it especially when you are young. Monthly savings is mentally probably the easiest to do.The majority of wealthy people got there by consistently putting money away over years and starting when they were young. <a href="http://www.retirementtable.com" rel="nofollow"><br>customerservicehttps://www.blogger.com/profile/06893807682998054751noreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-71540834298712241252015-08-19T16:09:25.627+01:002015-08-19T16:09:25.627+01:00For housing maintenance costs, you should distingu...For housing maintenance costs, you should distinguish between the land cost and the rebuild cost, and probably apply a higher %age to the latter. Its hugely variable depending on where the property is in its life, new build to Victorian, and when last the roof/re-wiring etc were done. I've been looking for years for good estimates of annual maintenance costs, and not found any.<br /><br />Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-15026378001369351422015-08-17T14:04:48.362+01:002015-08-17T14:04:48.362+01:00PS do you fund your better halfs spending? If so y...PS do you fund your better halfs spending? If so you should include it in the figures, even if only smallAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-64783336524735650192015-08-17T14:02:39.704+01:002015-08-17T14:02:39.704+01:00How many off you are there, 3? 4? - What was the m...How many off you are there, 3? 4? - What was the monthly income to compare and contrast with the expenes? <br /><br />At first glance that looks like an extremely tight ship you are sailing - you are without doubt very disciplined.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-23555530567296024892015-08-17T08:48:23.412+01:002015-08-17T08:48:23.412+01:00Hi RIT,
I've only just recently started track...Hi RIT,<br /><br />I've only just recently started tracking every penny I spend (we used to be quite careful, but now I really want to hone in on it). Couple, this is my expenses only, 40, and not yet FIRE. PCM.<br /><br />Mortgage, Insurance (in case I pop my clogs or ill, I dont want my other half homeless!) & "bills fund": 2,157.33<br />Food & Alcohol (home and out): Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-88610700412335901722015-08-16T21:24:47.670+01:002015-08-16T21:24:47.670+01:00Here's a chap who writes in a grown-up manner...Here's a chap who writes in a grown-up manner.<br />http://alephblog.com/2015/08/15/thinking-about-pensions-part-2/deariemenoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-60489829480615506922015-08-16T20:49:10.922+01:002015-08-16T20:49:10.922+01:00I'd guess that 1% p.a. for house maintenance w...I'd guess that 1% p.a. for house maintenance would be low. It's hard to be sure since (for us, anyway) it comes in fits and starts, apart from the need of someone else to do the heavy digging and the like. There's also the cost of modifying the house to suit increasing frailty.<br /><br />As for cars, the hope that a cheap car will be cheaply reliable for ten years might prove deariemenoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-6519954825239928992015-08-16T19:58:08.716+01:002015-08-16T19:58:08.716+01:00Figures pcm
Rent - 1,300 (central london)
Council...Figures pcm<br /><br />Rent - 1,300 (central london)<br />Council Tax - 100<br />All other utilities - 100<br />Food and groceries - 200<br />Transportation - 100<br />Everything else - 700<br /><br />Total expenses per year about 30,000. Lnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-21039920924257843122015-08-16T13:31:13.382+01:002015-08-16T13:31:13.382+01:00Very interesting. Do you have a blog? Would like t...Very interesting. Do you have a blog? Would like to learn about your experience..<br />And like you handle<br />K.noreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-15791005469883821612015-08-16T13:19:43.690+01:002015-08-16T13:19:43.690+01:00I don't even dare to publish my numbers in thi...I don't even dare to publish my numbers in this competition of who-has-the-most-frugal-living.<br />But I would say I am able to strike the balance between enjoyable living now and accumulation of savings for retirement.K.noreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-86179159708209643852015-08-16T06:48:08.629+01:002015-08-16T06:48:08.629+01:00I didn't focus that much on the spending part ...I didn't focus that much on the spending part of the equation, I focused much more on the other two parts, earnings and taxes, increase earnings as much as possible and reducing taxes, as an IT guy I finished contracting in a tax free country, my expenses are around 5-6K GBP per month as I think that I won't be young forever and now it is the time to enjoy, however I still save more than Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-83212225201014123842015-08-16T06:13:34.040+01:002015-08-16T06:13:34.040+01:00Retired but one child still at Uni and another ful...Retired but one child still at Uni and another fully supported at home. Life comfortable but not luxury. Main supermarket is Lidl. Annual expenditure approx:<br /><br />Midsize semi det house owned, council tax £2400, insurance £550, routine maintenance incl. garden average £3500<br />Food and drink and household consumables £7500<br />Utilities £3000<br />Clothes (four adults) £1750<br />Car (Retirement Investing Yesterdaynoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-35133824793983548222015-08-15T23:58:02.699+01:002015-08-15T23:58:02.699+01:00Thanks for the feedback it is encouraging. You are...Thanks for the feedback it is encouraging. You are correct on the age. My earnings could increase if promotion at work is secured. That could be 5 years away but is a definite possibility after that time frame. I am the sole earner at the moment due to the age of our children but there is future potential for household earnings to increase going forward (my wife has a degree in physiotherapy, I Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-88727600991175388852015-08-15T18:54:47.165+01:002015-08-15T18:54:47.165+01:00Family of two – husband and wife. Both mid forties...Family of two – husband and wife. Both mid forties. Figures per annum.<br />I live in south east England. House owned outright.<br />I've lifted these figures straight from my own spreadsheet so please excuse any idiosyncrasies<br /><br /><br />Groceries (inc alcohol) 4800<br />Water/power/council tax 3552<br />House maintenance/ins 2100<br />Clothes (wife) 2500<br />Meals out 1201<brAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-43063257973970782262015-08-15T18:35:25.908+01:002015-08-15T18:35:25.908+01:00Hi RIT,
My numbers are (for two of us);
Bills (M...Hi RIT,<br /><br />My numbers are (for two of us);<br /><br />Bills (Mortgage, Utilities, phone, broadband, Insurance, Council Tax) - £615 per month.<br />Food - c.£200 per month (2 people)<br />Vehicle and Fuel (Tax, Insurance, MOT, depreciation) - £100<br />Discretionary spending - £400<br /><br />Total - £1,315<br /><br />Worth noting we have a really cheap mortgage and I barely drive. <br />Anonymoushttps://www.blogger.com/profile/18300941962780673623noreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-27138440287837024472015-08-15T15:49:17.647+01:002015-08-15T15:49:17.647+01:00Hi Anon
Thanks for sharing. Given the comment &q...Hi Anon<br /><br />Thanks for sharing. Given the comment "by the time I hit the retirement age in 40 years time" I'm guessing you're 28 or so.<br /><br />Firstly, savings of £9,000 per annum at 28 demonstrates that you definitely don't have the 'ramp my standard of living to match my earnings' mentality of the many. That gives you a huge jump start and sets you RetirementInvestingTodayhttps://www.blogger.com/profile/03088383743670046657noreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-17755731401018271442015-08-15T15:17:52.196+01:002015-08-15T15:17:52.196+01:00Hi Faustus, nice to hear from you, it's been a...Hi Faustus, nice to hear from you, it's been a while.<br /><br />I agree with you on the accommodation costs. It's one of the reasons I'm still seriously considering leaving these fair shores. If you're not trying to maximise earnings there really are some very beautiful parts in Southern Europe with much lower housing costs. That said get away from the South East and the UK RetirementInvestingTodayhttps://www.blogger.com/profile/03088383743670046657noreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-68599060408394901612015-08-15T13:42:00.045+01:002015-08-15T13:42:00.045+01:00I earn after taxes and NI £2200 a month. I break m...I earn after taxes and NI £2200 a month. I break my spending down as follows;<br /><br />Bills (Utilities, phone, broadband, Insurance) - £270 per month.<br />Food and Housekeeping - £350 per month (4 people)<br />Vehicle and Fuel (Tax, Insurance, MOT, depreciation) - £149<br />Rent - £320 (Discounted by work)<br />Council Tax - £120<br />Hobbies and Pets - £100<br />Discretionary spending and Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2875915890415125655.post-72200399062106554012015-08-15T12:10:48.123+01:002015-08-15T12:10:48.123+01:00Thank you RIT for sharing this breakdown - always ...Thank you RIT for sharing this breakdown - always fascinating to compare the cost of living and what is possible in order to live a frugal but not skinflint life.<br /><br />What is striking is what a high proportion of our expenses in the UK go on accommodation costs, especially in Southern England. It annoys me when the government trumpets that inflation is zero at a time when house prices and Faustusnoreply@blogger.com