Does anyone live on £1,000 per month?

OP doesn’t mention savings or other sorts of investments - to my mind that that would make a huge difference. I’ve just totted my monthly outgoing up and they’re more than £1K a month! I do run a car but tax and insurance come in at less than £50, but a round trip to babysit my DGS costs over £10 in diesel alone. Octopus have hiked my energy payment up to £250 and my single person council tax is £230. However, I’ve savings and happy to rely on those for big bills, holidays, and house maintenance. I’m sure I’d be much better off if I sold the grandchildren and stopped donations to wonky donkeys and other charities!
I’d say go for it OP - life really is too short.

Thank you all for your thoughts and advice on this. I think the suggestion that I try and live on this amount for a couple of months is a good one.

we rent and have a little under that coming in each month, very tight, no room for luxuries but was doable before these price rises...............

If you have a spare bedroom then take in a lodger (eg. a police officer or student doctor) . The extra £600 per month will fix any deficit.

Yes, quite comfortably, like you we have no mortgage and cleared all our cards and only kept one and we saved quite a bit not going out during the pandemic

Some of us (and our colleagues) manage on far less - and we are working.

Hi, will you get a lump sum alongside your pension, that could provide a float for unexpected expenses.

Also, if you need some extra money later you could get some part-time work. Since lockdown my expenses have dropped significantly and I've reliased I don't need to spend like I did pre lockdown

MawtheMerrier

I think there are many people living on less!
Is this net or gross income? That would make a difference of course.

If it is gross I think you'd pay very little tax, if any, on it.
I think my adult son lives on less and he has a hefty management fee to pay on his flat.

I don't run a car but I live on 700

GrammyGrammy

If you have a spare bedroom then take in a lodger (eg. a police officer or student doctor) . The extra £600 per month will fix any deficit.

I think the tax free limit is around £84 per week. We used to have a Monday to Friday lodger who lived elsewhere at the weekend

You have to consider what you would do with your time. That can take money or you could do a few hours work - something different from your current job.

LaCrepescule I did a very similar thing to what you’re describing. I was in a very stressful job and decided to retire, with 10 months to go to state pension age. I drew my small work pension (about the same amount as yours) and was worried about money at first. I had some savings as back-up, if necessary. I need not have worried. I managed perfectly well. It was the best thing I ever did! I’m so much more relaxed, I don’t need to keep ‘rewarding’ myself now, buying things I don’t need, so I spend far less money. I would say ‘go for it’ - you’ll manage and your state pension is within reach anyway, so it won’t be for too long. From my experience, the quality of life you’ll gain is priceless.

I live on it no problem quite comfortably. You learn to live on what’s in your pocket. I mean don’t expect to go night clubbing every week lol. I used to live on 3 grand a month. Just take a look at your out going’s and you will see where you waste money. You will surprise yourself. As Martin Lewis says can you live without is it essential if not get you can get rid. Write down your out going’s and incomings

Do you have holidays, days out, pub lunches, cinema, theatre, gym membership???

I live on that amount and feel I live comfortably. I don’t drive but live 10 minutes from a railway line.
An area to watch is spending too much by DD on things you don’t really need. Expensive mobile phone and TV packages are easy to spend too much on.
Good luck.

when I first became ill and unable to work a few years ago, I had to live on £700 a month benefits, my mortgage was £300pm that left me £400pm for bills and run a car (which I needed due to mobility issues - no public transport nearby) I mainly lived on food that had been reduced in price in supermarket, used freesat for tv so no monthly cost, lived very frugal lifestyle, was hard but coped

I agree with Tizliz. Try living on that amount just now and see how you manage.
It’s not a lot but achievable. Frugal lifestyle is a way of life but it can be done.

Of course you can. But, as has been repeatedly stated - it is according to your expectations and living costs.

So, before you do anything, start to list those clearly - showing them both annually and monthly - utility bills, broadband, mobile phones, insurances, etc. etc. Car costs if you intend to continue to run a car, and this would need to include tax, insurance, servicing and some for repairs.

Are any major appliances at home, coming to the end of their lives and need replacing. Perhaps sort that out first.

Retirement would mean that you would have the extra time to shop for food more carefully - and time to prepare cheaper items, so can probably cut back on those costs and enjoy a healthier diet.

Heating costs could rise, if you are going to be indoors more.

Socially, well libraries are still free at point of use, as are parks, etc. But most groups (u3a, WI, etc. etc.) do have fees - allow for these. Think about other things such as window cleaners, gardeners, do you use them, do you need them? Do you take holidays away from home If so, allow for these.

Allow money for presents for AC, g.children, friends. Do allow a small savings element - never know when something untoward may occur.

But,, without a mortgage (and definitely - if no car), then a grand a month is ample to live pretty comfortably.

You cut your cloth.......etc. etc.

It's the unexpected bills that cause problems.

LaCrepescule

I’m thinking of retiring a year early due to ill health and my combined pension would be just under £1,000. I’ve paid off my mortgage. Do you think this is enough to live on? When I reach state pension age in just over a year’s time, this will go up to just under £1,600 so would only be doing this for a year.

blog.moneysavingexpert.com/2022/06/martin-lewis--the-one-thing-every-aged-over-66-needs-to-know/?fbclid=IwAR2EOrSpi0vOmOAVfnJxTe85Y6_8rgG1orHWGarxKrNNNipgsklYOyqW2LQ

I retired in 2014 and currently live comfortably on about £1200 a month. Most of that is state pension plus NHS pension, plus about £120 a month from part-time work and £280 a month from my lodger. I don't: drive, have a TV, take holidays, nor buy anything new. I prefer to spend money on my DGCs! Yes, a savings account for any emergencies is good. Though I've not had to raid mine it's comforting. Yes, retire early, protect your health and let a younger person have your job.

I've been living on less than this for years. I am disabled, I pay some rent and some council tax (rest paid for in benefits). I pay for my own care, transportation etc and save for private medical help from time to time. If I have an unexpected financial problem I request a Social Fund Loan from the DSS which is interested free. Don't panic, it is possible.

I have around £1100 a month and I pay rent, run a small car and so far I’m managing the rising cost of living although I’m not confident that will last. My monthly direct debit has just doubled. So, I’d say you could live in comfort on your income and even afford treats, holidays and save some too.

If your retiring due to ill health have you tried claiming PIP? You would need to claim for it now before turning 66 but if you got it you then have it after you are 66 with just light touch revues now and again. Also you would possibly be entitled to ESA under the age of 66. Once you retire if you’ve got bad health if you managed to get PIP great if not after 66 you would be entitled to attendance Allowance and care allowance.
Citizens advice or age concern would help you with any benefits you are entitled too. I think you are like me one of the 50’s children who has lost thousands of pounds due to the government stupidity of suddenly upping the state pension age and not giving one jot that us ladies might have health problems in their 50’s / 60’s! Good luck and enjoy your retirement.

If you live on your own and are realistic about treats and luxuries you probably can but I would add up your monthly outgoings and as someone else has mentioned I think it's wise if possible to have at least £5000 in a savings account for emergencys .
If continuing to work is causing health problems for you is it possible to apply for any benefits to get you through the next year . I do sympathise with you . Give it a go for a couple of months first and bear in mind the cost of living is very unpredictable at the moment