Cost of living crisis - how are you all doing?

[BrianW]

Not every EU country can be arsed to enforce the rules. And, indeed, as a sovereign state, it has that right. It can be as lax as it likes.

The UK, as an EU member, was a case in point. Any fucker could come here and take the piss because our government was too lazy and incompetent to enforce EU laws.

But somehow, this was the EU's fault.

 

[paulchapo]

He has apparently done it after Brexit. While it is no doubt more difficult (and not open to everybody), there are ways of staying in many European countries on a long-term basis.

Of course it's doable just more difficult.

 

[paulchapo]

60k deposit ? First time buyers usually put down around 10% so way less than 60k

Maybe they've upped it. I looked on the details when one went up for sale and it was a fair bit more than 10%. Here you go I wasn't imagining it

 

[BlueHammer85]

Maybe they've upped it. I looked on the details when one went up for sale and it was a fair bit more than 10%. Here you go I wasn't imagining it

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But you can put down 10% deposit no ? so 29.5k ... obviously that would extend the repayment term to around 30 years.

 

[paulchapo]

But you can put down 10% deposit no ? so 29.5k ... obviously that would extend the repayment term to around 30 years.

Can you? It says £59,000 unless that's just their recommendation. It won't affect me as mine is paid off so I haven't studied it with a fine tooth comb. I remember it being high. I only nosy to see what my house may be worth now lol.

 

[hammocity]

Mrs H will get the state pension increase in April which gives her an extra £900 per year. However as she does a min wage part time job she will end up paying £364 extra in income tax out of her pay increase of £780.

The income on the state pension is now £11,500 but the tax free threshold is still only £12,570 so any part time earnings for those trying to make ends meet are whacked with a tax liability of 20% on most of their earnings, I think the first few thousand should be tax free for people that have paid into the system most of their lives.

 

[hammocity]

Can you? It says £59,000 unless that's just their recommendation. It won't affect me as mine is paid off so I haven't studied it with a fine tooth comb. I remember it being high. I only nosy to see what my house may be worth now lol.

There’s only a couple of advantages that FOC’s like us have Paul, no or little work (I still do a bit of admin for my old business, about 6/7 hours a week) and a mortgage free house. I’d swap both for my youth though, not in this generation though, I want to go back to mine!!

 

[paulchapo]

Mrs H will get the state pension increase in April which gives her an extra £900 per year. However as she does a min wage part time job she will end up paying £364 extra in income tax out of her pay increase of £780.

The income on the state pension is now £11,500 but the tax free threshold is still only £12,570 so any part time earnings for those trying to make ends meet are whacked with a tax liability of 20% on most of their earnings, I think the first few thousand should be tax free for people that have paid into the system most of their lives.

That's it in a nutshell. Give with one hand take with another. If you can manage cut the hours to keep below the threshold. Alternatively give up the job you may qualify for some benefits.

 

[blueparrot]

Mrs H will get the state pension increase in April which gives her an extra £900 per year. However as she does a min wage part time job she will end up paying £364 extra in income tax out of her pay increase of £780.

The income on the state pension is now £11,500 but the tax free threshold is still only £12,570 so any part time earnings for those trying to make ends meet are whacked with a tax liability of 20% on most of their earnings, I think the first few thousand should be tax free for people that have paid into the system most of their lives.

Not raising the threshold at least in line with inflation is raising taxes every year on those that can least afford it as well as dragging the most vulnerable into paying tax. My mum is also on the minimum pension and when my dad died and that halved the household income, his 2 tiny private pensions worth about £2000 a year, last years pension rise took her over the threshold.
Not sure when the threshold was last raised but it was a fair few years ago now.

 

[paulchapo]

There’s only a couple of advantages that FOC’s like us have Paul, no or little work (I still do a bit of admin for my old business, about 6/7 hours a week) and a mortgage free house. I’d swap both for my youth though, not in this generation though, I want to go back to mine!!

It takes a bit of planning and probably luck to attain. I realised I needed to finish early as the pressure of work and the hours was draining me. I took early retirement seven years ago. The only thing I've missed is the banter and laughs though that became less and less towards the end.

Health and time you can't buy, nor youth sadly.

 

[paulchapo]

Not raising the threshold at least in line with inflation is raising taxes every year on those that can least afford it as well as dragging the most vulnerable into paying tax. My mum is also on the minimum pension and when my dad died and that halved the household income, his 2 tiny private pensions worth about £2000 a year, last years pension rise took her over the threshold.
Not sure when the threshold was last raised but it was a fair few years ago now.

It's a pisstake. The lower end £12,570 should never have been frozen.

 

[hammocity]

That's it in a nutshell. Give with one hand take with another. If you can manage cut the hours to keep below the threshold. Alternatively give up the job you may qualify for some benefits.

Mrs H only works for a bit of luxury money tbh, fortunately we don't need benefits as even though I’ve blown loads of dosh on cars, holidays and socialising (City, golf going out) I’ve been lucky enough to save a few bob, got my private pension and shares. I’ll never drive a Ferrari but I estimate my cash will run out when I’m about late 70’s, I probably won’t get there due to my heart condition but I’ve still got the house to either downsize or take equity out, or both!!

 

[hammocity]

Not raising the threshold at least in line with inflation is raising taxes every year on those that can least afford it as well as dragging the most vulnerable into paying tax. My mum is also on the minimum pension and when my dad died and that halved the household income, his 2 tiny private pensions worth about £2000 a year, last years pension rise took her over the threshold.
Not sure when the threshold was last raised but it was a fair few years ago now.

So out of an income for your mum if she was on say £12k total pensions she will pay almost £300 in tax, its so unfair on people like your mum, proper disparity between those who have huge pensions.

Martin Lewis was saying women who brought up children and lost out on pension credits will shortly be able to claim for lost pension income brought on as a consequence of not having enough contributions, could run into thousands per person he said.

 

[bluesmith]

Maybe they've upped it. I looked on the details when one went up for sale and it was a fair bit more than 10%. Here you go I wasn't imagining it

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You'll probably be able to move that slider down to 5% as there are plenty of 5% mortgages available.

 

[paulchapo]

So out of an income for your mum if she was on say £12k total pensions she will pay almost £300 in tax, its so unfair on people like your mum, proper disparity between those who have huge pensions.

Martin Lewis was saying women who brought up children and lost out on pension credits will shortly be able to claim for lost pension income brought on as a consequence of not having enough contributions, could run into thousands per person he said.

No she can earn £12,570 before paying tax.

 

[hammocity]

No she can earn £12,570 before paying tax.

My bad, meant £14k as his mum get £2k from her late husband’s pension

 

[blueparrot]

So out of an income for your mum if she was on say £12k total pensions she will pay almost £300 in tax, its so unfair on people like your mum, proper disparity between those who have huge pensions.

Martin Lewis was saying women who brought up children and lost out on pension credits will shortly be able to claim for lost pension income brought on as a consequence of not having enough contributions, could run into thousands per person he said.

That’s interesting, I’l look out for that. As you say she just about missed out on pension credits and of course the benefits that go with that.

 

[hammocity]

That’s interesting, I’l look out for that. As you say she just about missed out on pension credits and of course the benefits that go with that.

I think it was the Money Show Live on the 14th November.

 

[117 M34]

Thanks for this.
I need a new phone. Was going to wait until after Christmas but might go for this with it being a good price.
Looks like the £100 cashback might be in a gift card though instead of actual discount.

Edit - you can do it where you get £100 off the price depending on what part of the store you go to - bit strange that you have to go to a specific person in the shop but whatever.
Got the S21 for £249 + a very old broken phone with a smashed up screen. Bargain.

 

[m7mcfc]

Eeh, the number of folk who I bump into in M&S and tell 'em we're getting too much in the pension if we can shop here.

M&S do baked beans at 50p a can. Bread for 80p and eggs for £1.25 can't go wrong.
The other stuff is quite expensive though. But you get what you pay for.