52 days to financial ruin?
I don't know how long I could survive, a month maybe? I think the key to avoid financial ruin is to be sensible with your money. Take the time to draw up a budget and plan your meals, don't waste money on unnecessary spending. I think Dickens had it right in his novel David Copperfield:
"Annual income twenty pounds, annual expenditure nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pound ought and six, result misery."
Mon, 28/07/2008 - 12:37
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Not very long at all! If I lost my main source of income I would have to throw in the towel almost immediately (i.e. the house would have to be sold). I'm keeping my head down and hoping that I can get through. My debts will be clear in 3 years (assuming I don't amass any more!) And at that point in time I'll hopefully be able to start saving.
Wed, 08/10/2008 - 15:53
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Luckily I have enough in savings ( safe I hope) to cover the mortgage but as for the rest of the bills, council tax being the bain of my life, not very long at all - maybe not even the 52 days although at first I thought I would be able to! It is not funny to look at standing orders and direct debits that go out without fail and there is nothing we can do about it - water, gas, electric, council tax, telephone, cat tax, tv licence and so on - is that what we have to call surviving these days? None of that actually gets us anything to eat, clothes to wear!!! Not sure how much longer this can all go on and I have no debt (except the mortgage) and still it is getting worse! Let's just hope we have a great time while it all lasts - you cannot take it with you "so get out there and party" is going to have to become my motto!! Keep smiling and maybe a miracle will happen.
Tue, 21/10/2008 - 20:44
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21 Years of helping with your finances
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New research suggests that the average Brit would only be able to survive financially for 52 days if they lost their job or were unable to work.
It found most people have monthly outgoings of £1,445, but only have access to £2,474 in savings – giving them just over £1,000 to live on if their income stream disappeared.
How long could you survive if you lost your job? Do you have enough savings to see you through, or is insurance protection the key to avoiding financial ruin?