Minimum Standard of Living

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Mick F
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Minimum Standard of Living

Postby Mick F » 5 Dec 2017, 8:23pm

The Relative Poverty issue has been in the news recently, so I filled in a form online to see how we fare.
We have an excess of £10.14 per week.
How that compares, I have no idea!
http://www.minimumincome.org.uk
Mick F. Cornwall

rualexander
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Re: Minimum Standard of Living

Postby rualexander » 5 Dec 2017, 9:40pm

I earn £25 less per week than it says I need for the minimum standard if living.
I live quite comfortably on my earnings.
No benefits or credits.

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Paulatic
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Re: Minimum Standard of Living

Postby Paulatic » 5 Dec 2017, 9:50pm

Hmmmm just had a look at that and discovered I’m £40/wk in poverty. Chiefly because my WASPI (May 54) OH has a few more years to go before she gets a pension.
I suppose we make ends meet because we own our home and have no rent to pay.

Edit: to add I’m feeling even poorer. My maths was atrocious We are £140/wk in poverty do I now have a valid reason to cancel Chr**-@=as
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Tangled Metal
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Re: Minimum Standard of Living

Postby Tangled Metal » 5 Dec 2017, 10:36pm

So we're OK between us. Subject to gig economy we're earning an aggregate annual income greater than what that site says we need. One is steady but below the individual income minimum. However the other earns a lot more but in the gig economy so theoretically that can end hasn't for some time. Even part time gigs mean we're ok.

Not boasting but I just use it to say this isn't worth taking seriously IMHO. There's very few questions but so much more things affect this matter. I would use this for fun and sort out how you're doing due yourself. You'll know how well you're doing it if you're in trouble. Usually it's kind of obvious.

tatanab
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Re: Minimum Standard of Living

Postby tatanab » 6 Dec 2017, 8:23am

Retired and single with no dependents, so the calculator shows I need about £8.5k, just a little more than the state pension. With workplace pensions I am somewhat better off than this, but I know for a fact that £8.5k is quite comfortable because that is more than I've been spending for a few years now. No mortgage or rent, a lifetime being tight fisted (except with cycling bits), means I am quite ok.

thirdcrank
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Re: Minimum Standard of Living

Postby thirdcrank » 6 Dec 2017, 8:41am

It seems to me this is a long-term thing involving both credit and saving as well as income. Always depending on personal circumstances, you can improve your standard of living with credit, but only for so long. There's a risk that as earning power drops, eg on retirement, repaying credit takes the standard of living even lower. OTOH, avoiding credit, and instead saving when possible provides a bit of a cushion. Easier said than done, of course, but the theory is pretty simple.

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Re: Minimum Standard of Living

Postby old_windbag » 6 Dec 2017, 10:41am

tatanab wrote:Retired and single with no dependents, so the calculator shows I need about £8.5k, just a little more than the state pension. With workplace pensions I am somewhat better off than this, but I know for a fact that £8.5k is quite comfortable because that is more than I've been spending for a few years now. No mortgage or rent, a lifetime being tight fisted (except with cycling bits), means I am quite ok.


I think you are right once the main outlays of life( mortgage typically ) are removed the above figure is liveable, even with a car too. Any extra can be viewed as a bonus to be used for projects or holidays. I think in similar principle to return to paid university tuition with a yearly grant of around 8K would be a good idea too, but many fewer university places to maintain a high standard. This would be easily liveable for a young person and remove the stress/pointlessness of student loans. I have met many who claim not to be able to make ends meet with 35k+ incomes and it makes me wonder how they would cope on state pension. Rather than the great state giveaways of tax credits and child allowances we should really have home finance mentors to offer help and advice and keep the state payments for those genuinely down on their luck.

This isn't about making poverty acceptable rather making people understand what isn't poverty. Happy stress free lives don't tend to come from the next big purchase. I think fair living wage was based on all outgoings plus other outgoings for pleasure activities etc so overall a contented life.

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NATURAL ANKLING
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Re: Minimum Standard of Living

Postby NATURAL ANKLING » 6 Dec 2017, 10:54am

Hi,
I must be thick because I could not get the link to work unless it just askes how many live in the house.

Would you be happier with less or more disposable income :?:
No brainer.....................
If You Don't Try You Don't Do.....Don't Do You Don't Get...I'm Still Trying....Well Very..
You'll Find Me At The Top Of A Hill...............Somewhere...After Dark..

mercalia
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Re: Minimum Standard of Living

Postby mercalia » 6 Dec 2017, 11:53am

tatanab wrote:Retired and single with no dependents, so the calculator shows I need about £8.5k, just a little more than the state pension. With workplace pensions I am somewhat better off than this, but I know for a fact that £8.5k is quite comfortable because that is more than I've been spending for a few years now. No mortgage or rent, a lifetime being tight fisted (except with cycling bits), means I am quite ok.


me 2

£8k might not be enough if you drink/smoke/club/eat out alot at expensive restaurants/travel at last minute etc I dont spend any where near £8k a year and I have just replaced the harddiscs of my Media Center with 2x 8TB drives @ £220 each no sweat :). If I won the lottery I dont think I would know what to do with it :lol: I suspect buy a very large plot of woods and grassland some where so I can camp at my leisure :D and buy one of these -

http://www.safaritents.net/

brynpoeth
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Re: Minimum Standard of Living

Postby brynpoeth » 6 Dec 2017, 12:11pm

There is a certain level of income above which happiness does not increase so much

Even rich people can be unhappy if they are lonely or unhealthy
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old_windbag
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Re: Minimum Standard of Living

Postby old_windbag » 6 Dec 2017, 12:30pm

When Whicker interviewed Paul Getty billionaire tycoon it showed the disconnect between having money beyond needs and happiness.

http://www.bbc.co.uk/programmes/p00nw1t5

He was as miserable as sin but supposedly changed his attitude towards the end of his life.

I know many well off individuals who are simply never content.

This was a good tv series by alan de botton. I think the epicurus episode is very good. It seems they are still viewable:-

http://www.channel4.com/programmes/philosophy-a-guide-to-happiness/episode-guide

Tangled Metal
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Re: Minimum Standard of Living

Postby Tangled Metal » 6 Dec 2017, 12:49pm

Whilst a lot of money doesn't ensure happiness in happy to take the risk!

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Mick F
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Re: Minimum Standard of Living

Postby Mick F » 6 Dec 2017, 1:49pm

I'd be happier with more income, but we're managing ok. There's only the two of us. Service pension, just become an OAP, and Mrs Mick F has a small pension from work. She doesn't reach OAP age until she's 66 shortly before I reach 70! :shock:

No debt, no mortgage, no rent, no HP, no loans, all bills paid when they arrive, and money tucked away for a rainy day. We're not wealthy by any means, but live within it.

I consider ourselves very very lucky indeed.
Mick F. Cornwall

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al_yrpal
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Re: Minimum Standard of Living

Postby al_yrpal » 6 Dec 2017, 3:09pm

Watched that TV programme that doles out advice to people who overspend on food etc. I find it staggering how some folk waste so much money. If the rest of their finances operate on the same basis they must be bonkers. I assume that the programme makers pick extreme examples to illustrate a point?
You can become comfortably off over a lifetime by being careful with money and saving a little over a long period for your retirement, but I guess there will be those who fall through the net because of illness, divorce and bad luck. Its heartening to see young children now being taught how to handle money, its about time. Some will probably end up being more financially savvy than their parents. I read today that we have the lowest State Pensions amongst the league of leading nations and we pay less than Mexico! Only 29% of average post tax earnings! 19% of over 75s are below the poverty line. However when occupational pensions are taken into account we do better. Respect to anyone who manages on eight grand, thats when a bike becomes essential

Al
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tatanab
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Re: Minimum Standard of Living

Postby tatanab » 6 Dec 2017, 3:37pm

al_yrpal wrote:Respect to anyone who manages on eight grand, thats when a bike becomes essential
Not at all. I include running a car in that. Total cost is somewhere between £500 and £600 a year, insurance and RAC membership make up more than half of that. I drive only about 1200 miles a year, using it only for long distance or taking stuff to the tip, certainly not for the 3 mile round trip to the supermarket which I simply walk.

The big expense, which is not included in that £8k, is when I have to replace half the roof on the house for example. But those are not recurring costs.