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thedebtisreal

If You Lost Your All Your Sources Of Income Today

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It's something I've been thinking about more and more recently. For the record, if myself and my wife lost our jobs, I worked out that we could last about two years at the current rate of rent.

However, we could move somewhere cheaper (an option not available to those on mortgages) and push it to three or four years before having to move back in with the parents. Needless to say, home ownership would have to be put on the back burner for a few years if this was to happen.

If one of us keeps our job then with a bit of scrimping and cutting back (and probably moving) we will be able to live off one wage.

I'm curious to see how prepared other posters are. I asked this one at work, quite a number could not last more than three months!

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About a year at the current lifestyle.

If we took less holidays and went out less, probably two years.

10 years I reckon, but we would have nothing to buy a house anywhere with.

Mind you if I was out of work for 10 years, buying a house wouldn't be likely anyway.

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About 10 years if I was sensible but my wife is not, so change that to 5 years. We could alway eat the kids. :(

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It's something I've been thinking about more and more recently. For the record, if myself and my wife lost our jobs, I worked out that we could last about two years at the current rate of rent.

However, we could move somewhere cheaper (an option not available to those on mortgages) and push it to three or four years before having to move back in with the parents. Needless to say, home ownership would have to be put on the back burner for a few years if this was to happen.

If one of us keeps our job then with a bit of scrimping and cutting back (and probably moving) we will be able to live off one wage.

I'm curious to see how prepared other posters are. I asked this one at work, quite a number could not last more than three months!

About 3 years. (Less if inflation of vital goods and services keeps going up as it has been).

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About 5 years (supporting wife and child) if we lived frugally but as others have said that would leave nothing for a house at the end of it.

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Guest Skint Academic

We already have moved back in with the parents for precisely this reason. We've found that it takes about a year to recover from being ripped off by amateur landlords, to pay for the moving expenses and a month's rent as deposit. And then the same thing happens again.

I've had enough.

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About 10 years, renting in a houseshare. Not exactly where I see myself in my forties though!

Ps, and I'm at least savvy enough to know that if my *current* source of income disappeared I have skills that will make me money in any climate (be they picking potatoes or painting buses or consulting to small business)

Edited by stillill

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Running at a total dead loss (in other words, no "benefits" income) and without moving, about 18 months. Then again, if we both lost our incomes, absolute job #1 would be Move To A Shoebox, as my need for an office at home would have been removed.

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With only minor cutbacks, about 6 years.

If you take away my STR funds, 2 years.

If neccesary, I could move in with parents and be rent/bill free. Then I could last indefinitely on the interest. Hmm, maybe I'll get on the phone and start sucking up...

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Between us me and the other half could last about two years... but if she sold her house and released her equity and we moved abroad she could buy a better place, be mortgage-free, and our savings would probably last three years or more owing to lower living costs. If it were just me losing my income I could probably scrape-by for a year, though if the other half kicked me out it would be back to parents or I'd be lucky to last a few months!

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12-18 months without dipping into my deposit fund, 2-3 years if I was forced to spend that to live on.

The relevant question is not how long the kind of financially responsible types this website attracts could survive, but how much the hordes of sheeple could. I wonder how many would be completely sodomised within a few weeks, especially those who are servicing big consumer debts as things are and can still only just keep afloat?

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I think we will find many people who have bought recently and extended themselves to the limit in a very similar position soon. This includes those in full time work. :(

Not much chance of selling either :(

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Guest DissipatedYouthIsValuable
Approximately 3 years.... I have to say that it scares me when someone has only a couple of months, especially if they have kids.

I've got a pretty face and a webcam.

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Just over a year including mortgage payments for that year and just cheapo holidays, though after couple of months I think I would be putting cut price house on the market and moving somewhere cheaper where I might last couple of years with savings I've already got not including anything from house sale (which could be nothing if prices fall 80%! ;))

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  • 297 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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