Dibden Purlieu Saint Posted 27 March, 2013 Share Posted 27 March, 2013 Obviously I am not delving into your finances, but am more trying to work out whether or not people feel they are worse off than say 5-10 years ago? There is a lot said about an increase in fuel prices, cost of food, clothes etc, but also with low interest rates a reduction in the cost of mortgages etc. Is it a case that credit is harder to go by so it's harder to borrow more (good thing in my opinion). Do YOU personally, feel worse off? Link to comment Share on other sites More sharing options...
Tokyo-Saint Posted 27 March, 2013 Share Posted 27 March, 2013 SNSUN isn't, he just got given 50 grand yesterday! Link to comment Share on other sites More sharing options...
Clunge Posted 27 March, 2013 Share Posted 27 March, 2013 Personally worse off. 10 years ago (I was 19) I pretty much spent all my cash going out having a good time with mates etc, always just thought I'll settle in a few years time. Now that few years time has come I fully regret my choice. Renting a place with my other half pretty much rules out ever buying which is so frustrating, I wish I'd jumped all over the mortagage offers of 10 years ago! So although I'm not financially struggling the dead money I put into renting I wish was going into a property I bought. Link to comment Share on other sites More sharing options...
bridge too far Posted 27 March, 2013 Share Posted 27 March, 2013 I'm a pensioner. Fixed income = worse off. Link to comment Share on other sites More sharing options...
egg Posted 27 March, 2013 Share Posted 27 March, 2013 Not struggling but worse off. The boom years were good but those days are gone. It's obvious that there is much less money in the system and those who have money want to keep hold of it. This is a very deep recession (triple dip or otherwise) that will linger for a very long time. Link to comment Share on other sites More sharing options...
Saint Luke Posted 27 March, 2013 Share Posted 27 March, 2013 Worse off than 5 years ago. Not sure about 10 years ago. Smaller mortgage then. Link to comment Share on other sites More sharing options...
JPTCount Posted 27 March, 2013 Share Posted 27 March, 2013 i was a student 5 years ago, so i'm far better off than i was. but i'm not as well off as those who we're in the same position 10 years ago. Link to comment Share on other sites More sharing options...
ecuk268 Posted 27 March, 2013 Share Posted 27 March, 2013 Better off as we paid off our mortgage a couple of years ago. However, with 65 on the horizon, I'm starting to think about retirement income. Annuities are rubbish at the moment so my personal pension won't be very generous. Probably try to negotiate a 3-day week with my employer when I get to 65, draw my state pension but not the private one and hope annuity rates improve. Also, you stop paying NI after 65 so that'll save a couple of grand a year. Link to comment Share on other sites More sharing options...
LGTL Posted 27 March, 2013 Share Posted 27 March, 2013 i was a student 5 years ago, so i'm far better off than i was. but i'm not as well off as those who we're in the same position 10 years ago. Same as me. People in their mid to late 30's don't know how good they had it. Link to comment Share on other sites More sharing options...
Whitey Grandad Posted 27 March, 2013 Share Posted 27 March, 2013 Worse off now. All the overheads have rocketed, Council Tax, energy bills, water bills, insurance, fuel.... Oh dear, now I feel miserable. Link to comment Share on other sites More sharing options...
JPTCount Posted 27 March, 2013 Share Posted 27 March, 2013 Better off as we paid off our mortgage a couple of years ago. However, with 65 on the horizon, I'm starting to think about retirement income. Annuities are rubbish at the moment so my personal pension won't be very generous. Probably try to negotiate a 3-day week with my employer when I get to 65, draw my state pension but not the private one and hope annuity rates improve. Also, you stop paying NI after 65 so that'll save a couple of grand a year. is this because you feel you can't work a full week over 65, or work don't think your up to it, or because you feel you're entitled to it? genuinely curious, as i will probably be well into my 70s before i will be able to claim a state pension, if it even still exists then Link to comment Share on other sites More sharing options...
Hamilton Saint Posted 27 March, 2013 Share Posted 27 March, 2013 Better off. Salary has risen steadily. Mortgage will be paid off in a couple of months. No other debts. Rarely use credit card; pay for things with debit card. Link to comment Share on other sites More sharing options...
Dibden Purlieu Saint Posted 27 March, 2013 Author Share Posted 27 March, 2013 Same as me. People in their mid to late 30's don't know how good they had it. I finished uni in 2006, but we missed out on the good years unfortunately as well. Link to comment Share on other sites More sharing options...
CB Saint Posted 27 March, 2013 Share Posted 27 March, 2013 Same as me. People in their mid to late 30's don't know how good they had it. I actually feell sorry for you lot - I am in the brackte you refer to. I am back to where I started five years ago. I have to say recession really suck and I will not be participating in the next one. Link to comment Share on other sites More sharing options...
KelvinsRightGlove Posted 27 March, 2013 Share Posted 27 March, 2013 Hard to say really, as I was 14 ten years ago. But living/working in London, I struggle to see how I am ever going to buy my own place. Looking to move out of the rents again (had to move back in a couple of years ago due to ill-health/finances), and it's just so expensive! Will have no life whatsoever after tax/rent/bills/food etc. The gf is a Doctor though, so probs just need to tie her down sharpish, am trying to push her towards plastic surgery. I'm a modern man, I could handle being kept me thinks. Link to comment Share on other sites More sharing options...
South City Si Posted 27 March, 2013 Share Posted 27 March, 2013 Earn far more than did 10 years ago as was just finishing uni. But even from 5 years ago when we bought our house (lucky with Missus' parents lending us deposit) bills etc are alot higher. I earn much more but with everything else catching up it doesn't feel like I do. Nicely though just renewed moertgage after 5year fixed rate and interest is now almost half of what we were on so saving just under £200 a month! Hoping for promotion soon so hopefully will have some spare cash. ironically looking to move now as well as want to move before we have kids as certainly can't afford them at mo! My mum retired on less than I am on now and we lived in a bigger house than I'm in now, strange really but shows inflation. Link to comment Share on other sites More sharing options...
ecuk268 Posted 27 March, 2013 Share Posted 27 March, 2013 is this because you feel you can't work a full week over 65, or work don't think your up to it, or because you feel you're entitled to it? genuinely curious, as i will probably be well into my 70s before i will be able to claim a state pension, if it even still exists then I'm in IT and a lot of our functions have been moved to our European HQ so I'm a bit bored and, to be honest, probably overpaid. I'd like to combine the extra free time with still earning a reasonable salary at least for a couple of years. 60% of my current salary + my state pension + the removal of NI contributions would keep me comfortable for that period and I could have long weekends. Link to comment Share on other sites More sharing options...
solentstars Posted 27 March, 2013 Share Posted 27 March, 2013 getting a private pension at the moment and work part time and will have to work a extra year when it comes to my state pension in 8 years time,my biggest gripe is that all this quantitative easing is devaluing my pension and that the pound has been devalued big time over the last few years leading to big price rises in my weekly shop. compared to alot of people i have a good standerd of living own my house and i always have budgeted and not been one for brand names which saved me a fortune. Link to comment Share on other sites More sharing options...
stu0x Posted 27 March, 2013 Share Posted 27 March, 2013 Much worse off than 5 years ago. In that time there have been no pay increases, massive reduction in benefits, massive increase in salary deductions and a corresponding massive reduction in what those deductions get me, and no promotional opportunities so no opportunity to offset any of that with an increase in salary. In real terms I'm probably 15-20% worse off short term, and about 40% worse off long term. And it's set to carry on for at least another 2-3 years. Pretty sure that the arseholes that got us in this trouble in the first place are okay though, so that's alright. Link to comment Share on other sites More sharing options...
Saint_Pedro Posted 27 March, 2013 Share Posted 27 March, 2013 Much worse off as well. Just into my fifties, mortgage not yet paid off, dreading retirement, and currently on a 10% pay cut "to help the company through the recession" so it doesn't have to lay off lower paid factory workers. As a result, I am extremely cynical about taxes, banker bonuses and all politicians - haven't got a good word for any of them.. Link to comment Share on other sites More sharing options...
Doctoroncall Posted 27 March, 2013 Share Posted 27 March, 2013 Better off as we paid off our mortgage a couple of years ago. However, with 65 on the horizon, I'm starting to think about retirement income. Annuities are rubbish at the moment so my personal pension won't be very generous. Probably try to negotiate a 3-day week with my employer when I get to 65, draw my state pension but not the private one and hope annuity rates improve. Also, you stop paying NI after 65 so that'll save a couple of grand a year. Isn't there a choice you can make, I can't remember precisely something like income drawdown. Link to comment Share on other sites More sharing options...
Saint-scooby Posted 27 March, 2013 Share Posted 27 March, 2013 Its a struggle, 4 teenage kids, self employed, so doing other things to bring some money in. Link to comment Share on other sites More sharing options...
Huffton Posted 27 March, 2013 Share Posted 27 March, 2013 Definetely worse off. Recently have had to give up self employment as for the first time in a long time taking up proper employment is actually a better situation. Link to comment Share on other sites More sharing options...
aintforever Posted 27 March, 2013 Share Posted 27 March, 2013 As a result, I am extremely cynical about taxes, banker bonuses and all politicians - haven't got a good word for any of them.. I'm better off than I was 5-10 years ago, mainly because the other half's salary has ballooned, but i agree with this. The whole system is f*cked up. Link to comment Share on other sites More sharing options...
View From The Top Posted 27 March, 2013 Share Posted 27 March, 2013 10 years ago will had no kids so were minted. Now we have 3 kids but a mortgage of only £60k (which we over pay by a significant amount) so manage to have a decent life but a very different life to before. Money is tighter but we are much cannier but money has never been the main driving force for us. The mortgage will be paid off in 7 years, so after that things will certainly feel easier *****il she buys somewhere abroad). Link to comment Share on other sites More sharing options...
Manuel Posted 27 March, 2013 Share Posted 27 March, 2013 About the same. No pay rise for 3 years. Food, petrol, electric, gas more expensive. But, interest rates being so low has encouraged me to invest in a buy-to-let property to rent. Also government budget changes regards PAYE % seem to have worked slightly in our favour. Overall I'd say better off. Link to comment Share on other sites More sharing options...
AussieDog Posted 27 March, 2013 Share Posted 27 March, 2013 Waaay worse off. 10 years ago was half way through paying off the mortgage, and on a reasonable wage and married to someone with an even better paid job and great pension lined up. Gave her the flick and moved to Australia with next to nothing. I'm now 53 and just taken out a new 30 year mortgage which is 4 times the size of the one I had 10 years ago. Remarried, and in local terms, earning below average for a couple. At current rates will still be working at 75, maybe even 80 if I live that long and anyone will still have me! Don't regret moving for a second though. Link to comment Share on other sites More sharing options...
The9 Posted 27 March, 2013 Share Posted 27 March, 2013 I'm much worse off than in 2003 : mortgage on my (sole) 2 bed flat was £125, I could work overtime at my discretion and got paid £200 a week for carrying a phone in my pocket. Lived 2 miles from work so barely any fuel costs, petrol was about 80p a litre, spent less than £40 on petrol a month, and I went out most nights in new clothes. I was earning about £10k less than I am now basic, but due to the add-ons I was getting loads more than my basic, almost on a par with my current wages, and back then 50% of my wages were disposable income. 2008, just bought a new house with the now-ex, then lost half the £60k that I'd just made selling my flat, by selling at a huge loss. Moved out, and from 2009 for a year I was paying a mortgage and rent - and then the year after, a wedding and honeymoon with the wife. But we lived 4 miles from work, petrol was not much over £1 and I spent under £50 a month on petrol, and we could just about manage it. Was getting about £5k less than I am now, got a loan to pay off the £4k overdraft accrued in this time. Still managed to find a few quid to spend on t-shirts though. Now... got a bit more disposable income, but the cost of petrol and fuel generally offsets that immediately as I have to drive 30 miles round trip most days and petrol is around £130 a month. Can't justify buying new clothes though, I'm still wearing the ones from a couple of years back... haven't had a pay rise other than a pay increment for 5 years, and guaranteed not to get one at all for 3 years from next month ! Link to comment Share on other sites More sharing options...
ecuk268 Posted 28 March, 2013 Share Posted 28 March, 2013 Isn't there a choice you can make, I can't remember precisely something like income drawdown. There are options but I'll probably get some professional advice next year. Anybody know a good pensions IFA in Southampton? Link to comment Share on other sites More sharing options...
eurosaint Posted 28 March, 2013 Share Posted 28 March, 2013 I refuse to divulge my personal details on here as the young lefties would have a field day ! Suffice to say that I retired in my late 50s and now spend a month or so each winter in the southern hemisphere and have just bought a brand new £40k Jag ! Better not say that I spent my winter fuel allownace on a couple of cases of wine from Majestic, otherwise they will become apoplectic Link to comment Share on other sites More sharing options...
Gorgiesaint Posted 28 March, 2013 Share Posted 28 March, 2013 Much worse off, been made redundant twice in last 6 years & had to take a lower paid job each time so now being paid less than I was 6 years ago. Link to comment Share on other sites More sharing options...
thefunkygibbons Posted 28 March, 2013 Share Posted 28 March, 2013 Not really Probably earning less overall But I have always saved so this downturn is reducing the amount I save but is not making any difference to my day to day life Simples really, from an early age I always made sure I spent less that I earned and over theyears as salary has increased my spending has increased at a slower rate so as to open a buffer Link to comment Share on other sites More sharing options...
toofarnorth Posted 28 March, 2013 Share Posted 28 March, 2013 Better off. Salary has risen steadily. Mortgage will be paid off in a couple of months. No other debts. Rarely use credit card; pay for things with debit card. You should use a cashback credit card if you get those over there. Link to comment Share on other sites More sharing options...
Seaford Saint Posted 28 March, 2013 Share Posted 28 March, 2013 No I am accumulating wealth....don't need to work any more....will carry on till I am 60 in under 3 years time then hang up my boots. My wife and i will retire on £35K a year between us........National Trust, garden centres.....cottage by the sea... Link to comment Share on other sites More sharing options...
Dibden Purlieu Saint Posted 28 March, 2013 Author Share Posted 28 March, 2013 No I am accumulating wealth....don't need to work any more....will carry on till I am 60 in under 3 years time then hang up my boots. My wife and i will retire on £35K a year between us........National Trust, garden centres.....cottage by the sea... There really is a large demographic that use this forum. Link to comment Share on other sites More sharing options...
Hamilton Saint Posted 28 March, 2013 Share Posted 28 March, 2013 You should use a cashback credit card if you get those over there. Easier to pay directly from a chequing account - and no risk of paying interest on the purchase, if you neglect to pay off the credit card balance on time. Link to comment Share on other sites More sharing options...
Dimond Geezer Posted 28 March, 2013 Share Posted 28 March, 2013 Not had a pay rise for 4 years so with rising costs etc personally worse off, family wise, about the same as Mrs DG has almost doubled her working hours. Will be royally screwed in a couple of years time though as No.1 son will be on his way to uni. Link to comment Share on other sites More sharing options...
buctootim Posted 28 March, 2013 Share Posted 28 March, 2013 Broadly neutral. Only had one 2% pay rise in four years and in that time inflation has pushed prices up by about 14%. On the other hand the enduring record low of mortgage rates (I'm paying 0.99% over base) has offset that. Link to comment Share on other sites More sharing options...
Saint137 Posted 28 March, 2013 Share Posted 28 March, 2013 On day to day expenses, worse off. 20% pay cut by relocating back to God's Own City, increase in expenditure on basics and fuel. But overall better off due to mortgage being paid off thanks to a redundancy payoff 4 years ago. In terms of quality of life, much better off. Swapped Reading for the New Forest, relaxed pace of life, easy commute in to Southampton, and a lovely woman to share all that with. Link to comment Share on other sites More sharing options...
LGTL Posted 28 March, 2013 Share Posted 28 March, 2013 There really is a large demographic that use this forum. Indeed. I'm sure they've all earnt it, but I hope they realise how lucky they are. Link to comment Share on other sites More sharing options...
Barry Sanchez Posted 28 March, 2013 Share Posted 28 March, 2013 (edited) I am lucky, but feel for others, me and my wife do the usual, give to food banks and charity, this is and it hurts to say is a broken Country. Edited 28 March, 2013 by Barry Sanchez Link to comment Share on other sites More sharing options...
Barry Sanchez Posted 28 March, 2013 Share Posted 28 March, 2013 I refuse to divulge my personal details on here as the young lefties would have a field day ! Suffice to say that I retired in my late 50s and now spend a month or so each winter in the southern hemisphere and have just bought a brand new £40k Jag ! Better not say that I spent my winter fuel allownace on a couple of cases of wine from Majestic, otherwise they will become apoplectic It makes sense, it all equals out, you have money but live on the Isle of Wight and before that Belgium..........and you take a holiday in Australia/New Zealand, you are hardly Branson but carry on. Link to comment Share on other sites More sharing options...
adrian lord Posted 28 March, 2013 Share Posted 28 March, 2013 Earning more but overheads and tax (overt + stealth) make us feel worse off. Hard to see where or when the next boomtime is coming for the UK. It's like the 70s all over again for those old enough Link to comment Share on other sites More sharing options...
Colinjb Posted 28 March, 2013 Share Posted 28 March, 2013 10 years ago I was a student. Now I have a career and lifestyle I can sustain and afford. Link to comment Share on other sites More sharing options...
eurosaint Posted 28 March, 2013 Share Posted 28 March, 2013 It makes sense, it all equals out, you have money but live on the Isle of Wight and before that Belgium..........and you take a holiday in Australia/New Zealand, you are hardly Branson but carry on. Never claimed to be Branson and I go to South Africa in the winter but still love the lifestyle here on IoW, sailing, golf etc.. ! Have lived in Liverpool in my day so can compare to IoW and I'm quite happy here, hope the same goes for you up there also ? Link to comment Share on other sites More sharing options...
Barry Sanchez Posted 28 March, 2013 Share Posted 28 March, 2013 Of course would not live anywhere else at the moment, happy here, when children arrive that may change, I just dont feel the need to feel smug about money, I can assure you money is not evrything. Link to comment Share on other sites More sharing options...
Danish Saint Posted 28 March, 2013 Share Posted 28 March, 2013 Better off since I moved to Norway four years ago Link to comment Share on other sites More sharing options...
suewhistle Posted 28 March, 2013 Share Posted 28 March, 2013 I think it helps not having dependants and not having too many expensive tastes, but although I'm careful I'm not struggling. Ten years ago I was living off redundancy money, then bits of pieces of employment (as I didn't want to stay in IT) and then an early (hence reduced) pension kicked in when I was 50. I still work, though the local economy is a bit ropey and I've lost most of my teaching hours in the last year. Can't complain and if I get an additional private lesson I know I have a little extra to spend. I'll be moving back to the UK this summer, and to be honest it may well be more difficult to get the supplementary income I want, but it's not something I worry about. Might have to forgo the season ticket I had when I last lived in the UK though.. PS: Eurosaint, know anybody needing crew? :-) Winching and rail work... no foredeck stuff... Link to comment Share on other sites More sharing options...
Shroppie Posted 28 March, 2013 Share Posted 28 March, 2013 The answer to the OP is no. But financially life takes many turns. I'm secure and comfortable thanks to a very successful sale of development land left to me by my father who sadly never realised its potential. Having said that, I feel the increased cost of living but, with a mortgage paid off and successful daughters no longer depending on me, I'm lucky. I took redundancy from my management job 10 years ago with a good package and pension and now work part-time which suits me, undertake consultancy which pays well and have developed a sideline in property rental. At my age, I don't feel guilty about being comfortable because I've earned what I've got. But I sympathise with those on fixed earnings with mortgages and families. They must be feeling the pinch. Link to comment Share on other sites More sharing options...
eurosaint Posted 28 March, 2013 Share Posted 28 March, 2013 Of course would not live anywhere else at the moment, happy here, when children arrive that may change, I just dont feel the need to feel smug about money, I can assure you money is not evrything. I agree that money isn't everything, I was honestly trying to respond to the question in the OP ! Clearly some have done better than others in the last decade or so and inevitably that has come out in this thread ! Glad you don't feel smug about wealth because neither do I (I started with nothing and have done reasonably well but that's life, it could easily have gone the other way!). Link to comment Share on other sites More sharing options...
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