sossij Posted March 12, 2008 Share Posted March 12, 2008 (edited) Great thread. I reckon I could last about 2 years if I had to live off nothing but savings. One silver lining if I lost my job would be the end of a massive commute each day. Edited March 12, 2008 by sossij Quote Link to comment Share on other sites More sharing options...
General Melchett Posted March 12, 2008 Share Posted March 12, 2008 Now go and ask the same question on MoneySavingExperts forum :-) Too right..... Surely they are breaking the Trades Descriptions act on 2 counts Quote Link to comment Share on other sites More sharing options...
FreeFall Posted March 12, 2008 Share Posted March 12, 2008 At current rate of spending about 4 years on savings / investments. Much more if we count redundancy payments & allowances which would be quite high for both myself and partner... Quote Link to comment Share on other sites More sharing options...
Megablastic Posted March 12, 2008 Share Posted March 12, 2008 About 1 month, seriously I couldn't last more than a month. I'm just getting us out of the hole we dug with my other half when she went to Uni for 3 years. We are both working now 41k gross between us and trying to save hard after we pay off the 4k of credit cards we foolishly had to live off. I spent those 3 years designing audio software has just gone on the market in January 2008. It should make me 25k over 2 years, but now I know how to do it the next one will take 4 months to make Quote Link to comment Share on other sites More sharing options...
gravity always wins Posted March 12, 2008 Share Posted March 12, 2008 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) Same, 10 years at current consumption. Highly adaptable which IMO is as important as savings and frugality. Quote Link to comment Share on other sites More sharing options...
gravity always wins Posted March 12, 2008 Share Posted March 12, 2008 Me and Mr EG are used to hard times, but the kids haven't got a clue. They think it's child abuse if I havent got ten flavours of crisps in! LOL Quote Link to comment Share on other sites More sharing options...
DrGUID Posted March 12, 2008 Share Posted March 12, 2008 4 months, but I'm still rebuilding capital reserves I have many revenue sources though, so losing it all simultaneously is very unlikely. Got a 3 month notice period in my day job as well. My brother and sister live a hand to mouth existence despite earning the same as I do, I don't know how they can live like that. My brother didn't even have the cash for a mother's day gift! Megablastic: I've also set up my own small software company, it's a great way to earn a 2nd & 3rd income! Quote Link to comment Share on other sites More sharing options...
sossij Posted March 12, 2008 Share Posted March 12, 2008 Megablastic: I've also set up my own small software company, it's a great way to earn a 2nd & 3rd income! Interesting... I'd like to do something like that. I have a 2 hour commute each way (i.e 4 hours a day) where I'm just sitting on a train. Would be great to actually earn some money instead while doing it! Quote Link to comment Share on other sites More sharing options...
bobthe~ Posted March 12, 2008 Share Posted March 12, 2008 I spent 6 weeks in Summer '06 "between contracts". It was great, and although it was a slightly different situation, as it was unlikely I would be out of work for long, I wonder whether anyone here would actually believe that they would be out of work for 2, 5, 10 years. We found that our spending didn't really decrease as we weren't expecting to be out of work. So, would people move to a cheaper house straight away? Would you take your kids out of private school straight away (those that do)? Quote Link to comment Share on other sites More sharing options...
Monopoly Posted March 12, 2008 Share Posted March 12, 2008 With the current rent of £1250 and 2 kids and both adults not working and spending the same 5.5 years...but much longer if we would move to a cheaper area outside London and cut down a bit.. The thought gives me a nice, warm feeling ..mind you hubby has a save job..as save as it get's Quote Link to comment Share on other sites More sharing options...
subby Posted March 12, 2008 Share Posted March 12, 2008 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! 1 month or less, actually struggling now if I'm honest Quote Link to comment Share on other sites More sharing options...
Guest Skint Academic Posted March 12, 2008 Share Posted March 12, 2008 About 1 month, seriously I couldn't last more than a month. I'm just getting us out of the hole we dug with my other half when she went to Uni for 3 years. We are both working now 41k gross between us and trying to save hard after we pay off the 4k of credit cards we foolishly had to live off.I spent those 3 years designing audio software has just gone on the market in January 2008. It should make me 25k over 2 years, but now I know how to do it the next one will take 4 months to make Same here. And once you're in the hole the banks (businesses and BTL'ers too it seems) do everything they can to keep you in there. I found not paying the last month's rent, not claiming a deposit back and moving back in with my parents left me a large chunk of money to pay off one overdraft. With so little disposable income we realised that we weren't going to pay off the debts in time otherwise. Quote Link to comment Share on other sites More sharing options...
subby Posted March 12, 2008 Share Posted March 12, 2008 House paid for. No debts. Enough savings to last for about 30 years after meeting all utility bills but it would be a struggle because I do enjoy my comforts. aaaah didums god love you.... Quote Link to comment Share on other sites More sharing options...
Austin Allegro Posted March 12, 2008 Share Posted March 12, 2008 About a year at current expenditure. If I had no income for more than a couple of months though I would probably move back with the parents - classic boomer house with three spare bedrooms. I have a small writing business which makes me about £70 a month (LOL!) but I could probably expand that a bit. I also worked out I have enough clothes to last me for ten years, and I've got a book called 'Make do and Mend' from the war which tells you how to fix them. BTW I agree about allotments. In the event of serious economic crisis, these will just be plundered. A friend farms in Yorkshire, and during the miners' strike people regularly stole potatoes from his field, but there wasn't much he could do to stop them so he turned a blind eye. What would be easier is to grow food indoors. That way you don't have to worry about the seasons, hard physical work or people stealing stuff. It's dead easy to grow things like mushrooms and beansprouts indoors - a good book on the subject is 'Self Reliance' by John Yeoman. Quote Link to comment Share on other sites More sharing options...
General Melchett Posted March 12, 2008 Share Posted March 12, 2008 ..mind you hubby has a save job..as save as it get's Undertaker? Quote Link to comment Share on other sites More sharing options...
Monopoly Posted March 12, 2008 Share Posted March 12, 2008 Undertaker? NATO.. Quote Link to comment Share on other sites More sharing options...
gilf Posted March 12, 2008 Share Posted March 12, 2008 All depends on circumstances of course, at our current rent/outgoings we could last about a year or so, however if we found ourselves in that position I think we would look for jobs in the very short term and if nothing came up we would move back in with my parents, move in to my wifes Grandmothers house which is currently empty or move in with mother in law (not as bad as it sounds as she lives in France 50% of the time and is often away). We live the life of Riley if truth be told but our combined income allows us to, we could manage no problem on one income in need be, wouldn't be ideal but we would still be relatively comfortable if we did that. If we lost our jobs we would both get statutory redundancy, it's a pitance if you consider the effort you put in but I think in our case it would be enough to clear credit cards etc (we only owe a few hundred) so we would have a clean slate debt wise to move forward. My general view on the housing/debt situation in this country has always been that if me and my wife are suffering then things would have to be really bad in the wider economy. Quote Link to comment Share on other sites More sharing options...
Freeholder Posted March 12, 2008 Share Posted March 12, 2008 (edited) According to Credit Action, report out today, the average person in this country could survive financially just 17 days if they lost their income. I could do about 3 years at current rates of expenditure. Edited March 12, 2008 by Freeholder Quote Link to comment Share on other sites More sharing options...
waitingandsaving Posted March 12, 2008 Share Posted March 12, 2008 BTW I agree about allotments. In the event of serious economic crisis, these will just be plundered. A friend farms in Yorkshire, and during the miners' strike people regularly stole potatoes from his field, but there wasn't much he could do to stop them so he turned a blind eye. What would be easier is to grow food indoors. That way you don't have to worry about the seasons, hard physical work or people stealing stuff. It's dead easy to grow things like mushrooms and beansprouts indoors - a good book on the subject is 'Self Reliance' by John Yeoman. The allotment is the other side of town, we're increasing production this year (no dig method, so making less composting beds, and having more crops beds), and hopefully we'll get to see some of it! I've given up on the mushroom boxes, I just can't seem to get them to "happen" (any secret tips?) I gave up on one box just before we moved - sprinkled the compost and seeds over the patch of grass out the front of the house - we go past every now and then when back in the area, driving very slowly, just to see if we can see any mushrooms! There's also upstairs windows to plant from without the chance of pilfering (at least you'll hear the ladder anyway!) the Window Box Allotment is a good start, and cut and come again lettuces indoors in a nice pot are good - and very impressive to poncy friends when you put it in the middle of the table and let them pick their own salad straight to their plate! Quote Link to comment Share on other sites More sharing options...
Freeholder Posted March 12, 2008 Share Posted March 12, 2008 http://www.creditaction.org.uk/mhttp: Quote Link to comment Share on other sites More sharing options...
Austin Allegro Posted March 12, 2008 Share Posted March 12, 2008 The allotment is the other side of town, we're increasing production this year (no dig method, so making less composting beds, and having more crops beds), and hopefully we'll get to see some of it!I've given up on the mushroom boxes, I just can't seem to get them to "happen" (any secret tips?) I gave up on one box just before we moved - sprinkled the compost and seeds over the patch of grass out the front of the house - we go past every now and then when back in the area, driving very slowly, just to see if we can see any mushrooms! There's also upstairs windows to plant from without the chance of pilfering (at least you'll hear the ladder anyway!) the Window Box Allotment is a good start, and cut and come again lettuces indoors in a nice pot are good - and very impressive to poncy friends when you put it in the middle of the table and let them pick their own salad straight to their plate! Sorry waitingandsaving - I've not actually tried the mushroom growing! Just read about it. I do get wild mushrooms from my garden though. Foraging is a good way of getting free food without having to grow the stuff! Quote Link to comment Share on other sites More sharing options...
waitingandsaving Posted March 12, 2008 Share Posted March 12, 2008 Ah well, it was worth a try! I'm far too frightened of picking a "duff" mushroom, although my mother is particularly adept at foraging, I have happy childhood memories of a giant puffball - slices as big as the frying pan they were cooked in! It's just coming up for wild garlic season though - that one's pretty difficult to get wrong!! Quote Link to comment Share on other sites More sharing options...
dredwerker Posted March 12, 2008 Share Posted March 12, 2008 I would last about 2.5 months. Still struggling from being a student and losing it all in the y2k. As long as the g/f worked it would be painful but we would have to lose one car. My play is to try and work for more than one person as that brings inherit stability. Obviously for lots of money is a good idea. I cant imagine working for some of the wages that people I work around earn. Some with degrees earn circa £15k. Working up to £25k and houses are £225-£300k terrace to 3 bed semi. Quote Link to comment Share on other sites More sharing options...
Freeholder Posted March 12, 2008 Share Posted March 12, 2008 Ah well, it was worth a try! I'm far too frightened of picking a "duff" mushroom, although my mother is particularly adept at foraging, I have happy childhood memories of a giant puffball - slices as big as the frying pan they were cooked in!It's just coming up for wild garlic season though - that one's pretty difficult to get wrong!! Its the wild fruit season I look foreward to most. Great year for damsons, blackberries and wild strawberries last year. Quote Link to comment Share on other sites More sharing options...
Austin Allegro Posted March 12, 2008 Share Posted March 12, 2008 it would be painful but we would have to lose one car. Oh the humanity! Quote Link to comment Share on other sites More sharing options...
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