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Discussion in 'Personal' started by DrResource, May 15, 2019.
Welcome to the life of the 'working poor'. Get out of teaching if you want to earn more..
What a helpful post .
ate less, and walked for miles to save bus fare, until they grew up
Do you have a car? can you do without it?
Do you have children?
I fear the OP may have turned away from the screen and stuck his bottom lip out.
Maybe...it's hard sometimes to accept the reality of why you're skint. I remember being in the same position years ago...just starting out, new mortgage new job etc and my dad sitting down with me and making me write down all my out goings,taking it away from my earnings and showing me the minuscule amount that was left after all possible expenditure had been accounted for.I didn't want to face it at all and felt annoyed with him for making it obvious.
It was the best thing he taught me,however. I still do it even now finances are more flush...helps with making savings and planning for the future.I never use credit.
There are wesbites and free advice for money saving tips. Plus it depends on personal choice. I'd like a Range Rover, but I have a perfectly good car. I'd like a mega big telly that does everything, but I have a perfectly serviceable one. I wouldn't mind buying one of those Russian or Thai brides to look after me in my old age (and the rest, we could play ping pong). I don't want a yacht, I get seasick. I'd like a Honda CB1100. I'd like a classic mini. I've always fancied some hand-made Italian shoes, especially now as I have dodgy feet. You learn to be a tightar*e, when you can't afford all these things. Consumer society pushes your buttons all the time. Suck it up, as the Americans say. Look up the words "stoicism" and "pragmatic".
When I was skint, it wasn't due to poor budgeting or spending money on anything I could do without. It was because all the plans went wrong when my wife of the time became unable to work through ill health, followed by massive increases in the cost of the mortgage and the cost of commuting.
I've known since I met Maleficent.
Also learn to say no. If friends invite you somewhere you can't afford,politely tell them not this month or whatever or suggest something less expensive.
I would imagine quite a few people get into debt because they don't want to be seen to be anti social or whatever but you have to draw the line somewhere if you need to take control of your finances.
I still remember those sky high mortgage rates...the Thatcher years yes? It nearly killed us. First mortgage ever...fixed for 5 years so we were going to be OK...just. And then they did something to the tax relief or something..can't remember what which put the mortgage up anyway. It was a terrible time. At one point I was holding down 2 jobs just to make ends meet.
Yes, that was a terrible time from 1979. We went from saving £20 per month to having nothing over.
They removed MIRAS, which was the tax relief on mortgage interest payments. We were lucky because Mr.jubilee went abroad for work 4 or 5 times per year (for several weeks at a time). That allowed him to continue claiming tax relief on a pro-rata basis on his income tax.
I used to cancel the newspapers when he was away and the cost of his cogarrettes was met by the company on his travel expenses. I would fill my small freezer with portions from meals that I made from scratch and that would feed me for about 10 days or so when he was away.
I made my son's clothes from remnants of material from the market and also made all the bedding for the cot and pram from offcuts or old sheets. I turn the good bits from a rotten door into a two storey garage, with a ramp, for my son's birthday. It lasted him for about 8 years and was then sold at a school's toy fair to raise funds.
I liked the way that mr.jubilee was paid. It was 4-weekly, which meant 13 payments per year. We treated each payment as needing to cover a month's bills and expenses and then had a 13th payment that allowed us to pay for Xmas and to get jobs done on the house that were beyond my DIY skills.
when I was skint it was nothing to do with budgeting either. It was the cost of mortgage + the cost of childcare + cost of life insurance + cost of council tax > the salary of a teacher.
Many months we had to economise on food, bus fare, heating, electricity, clothing, etc, and still borrow at the end of the month.
I was several years without a coat.
still, we were perfectly happy, none of these things are necessary for happiness.
It caused hardship for lots of people and I don't know why it was necessary. The thing I remember most about those days is that everyone with a mortgage was in the same boat and understood if you said you couldn't do something or other because money was tight.
I'm wondering whether mortgage rates rose as a plan to get more people to sign up to credit cards. Only those who remember those times will appreciate how debt was frowned on by poor people. If they hadn't been conned into getting stuff they could do without on hire purchase themselves, they'll have known someone who did who warned them to wait until you had saved up enough to buy it outright.
If that was the plan, it worked out very well for the banks. I expect there are Tories on here who will want to tell you that high interest rates were necessary to curb the rampant inflation of the 70s or other such nonsense, but it's interesting to compare this against the absurdly low interest rates we've had since the 2008 financial crash, ain't it?
Anyway, I was determined not to get into debt and as I mentioned earlier, was among those who had the good fortune of being able to survive the Thatcher years by not having to pay people to fix anything in need of repair, by fixing it myself.
In some ways, the awful Thatcher years were the making of me, because I wasn't going to see my family go without, just because we had to put up with her idiotic policies. Because I knew I had to survive on my wits and skills, whenever anyone asked what I wanted for Christmas, it would be a tool of some sort. And when engineering workers were being made redundant in the Thatcher era, I bought tools from them that I would later use at the prices they hoped they would fetch.
I remember the mortgage rate rise to 15%. Mr E was made redundant, I was working 0.6 teaching and Miss E was 6. My salary didn’t cover the mortgage. I went straight into the Head and told him I needed to work full time and, bless him, I was temporary full time and then permanent the next academic year. I made everything- clothes, duvet covers, curtains. I turned a remnant of fabric into Miss E’s new duvet and roman blinds using Mr. E’s old student era duvet as the backing.
Thinking back to my childhood, my parents had eight kids, but only five survived more than one year, basically because medical technology in the forties wasn't what it is today and their first kids were born at the height of WW2 when everything was rationed.
With five kids to look after, very little in the way of support from the state, compared to modern day standards, poor educations as it was common when my parents were at school to leave at 14.
They had the war to contend with when they were young adults, but somehow survived it using their wits. After the war was over and they had the chance to raise their family decently, my parents never wasted an opportunity to find the money to feed and clothe us, something I shall be eternally grateful for.
My dad was an ironfighter, leaning the initial skills in this by being apprenticed at the age of 14 to a blacksmith. Most of his life was subsequently spent in the construction industry, where specialised metal working skills were required.
My mother took whatever jobs she was offerred and was pretty good at anything she undertook. I remember her working as a cook in the transport cafe across the road and then taking the job as manager of a works canteen which fed around 100 workers.
She had no education in catering and relied on her skills to cook what went down well with her family.
When the factory closed, she took a cleaning job for the doctor's surgery. One of the doctor's son's was a disapointment to him, since he dropped out of Cambridge, but the kid knew which side his bread was buttered and opened up a boutique in Carnaby Street when at the start of the swinging 60s. In a conversation with my mum, he learnt that she had been making clothes for her kids since the days they were born and although she wasn't a seamstress, she's learnt how to be handy with a sewing machine.
So he asked her if she thought she could make shirts and ties for his boutique. She said she's have a go; and for a few years, I picked up through the grapevine that lots of pop stars had bought the shirts, ties and other things she'd made to order from that Carnaby Street shop. I remember the guy who owned it asking me whether I wanted him to get me the Rolling Stones autographs, but I said no thanks. Even at that young age, I felt sure there'd be a catch.
My father on the other hand, supplemented the family income by making wrought ironwork with the skills he's learned as an appretice. His day job was doing the metalwork that enables skyscrapers to be constructed, but he was in high demand to do what the rich thought would keep the poor out when he time at the weekend.
Like my parents, the good fortune to get me out of poverty came by accident. I just happened to be someone who knew how to make stuff at the right time. They wanted someone who could make flow transducers. I knew how thet could be made and before you knew it, I was earning three times more over the weekend than the day job in medical physics paid. I have loved my NHS job before Thatcher made it impossible to do properly so the decision to take my chances with something that Thatcher wasn't able to be involved in had so much more attraction to me.
All I've seen from education since my own schooldays has been measures that prevent a kid like I was doing as well as I did. Who wants to talk about whatever the point of the curriculum now is, when all it does is tick boxes that lead to debt?
My mother-in-law was born in 1924. Even into her late eighties she would open presents very carefully so as not to damage the wrapping paper. She'd smooth it out and fold it nearly for re-use. Elastic bands and string from parcels were also saved, as we're buttons from clothing that was too worn to wear. I inherited her tin of buttons.
She couldn't be persuaded to run more than 2 inches of water in her bath. She was beside herself with the luxury of a full bath of water at my house when I prepared it for her in her later years.
When we looking for a mortgage, in 1980, I remember being given a 'low' figure of 14% interest, a mid-range one of 16%, and high one of 18%!
Dad was incredibly tight fisted (still is) - it hasn't always served him well but it was good training for me as I've always been able to manage money (especially when I didn't have any).