The £1,800 amount includes a theatre ticket for one, your train fare of £20 and a meal once a month. This includes shopping for clothes, shoes, accessories and Christmas shopping. We've put down an annual figure of £1,800 - what you spend this on is up to you. If you like staying fit, the average gym membership is about £600 a year. Total costs for running the car and saving for a new one every year is £3,800 + £2,300 = £6,100. Assuming yearly depreciation is £2,300 a year on the car, resale value of the car after 5 years is £4,200 and if you want to replace it every five years you'll have to save £2,200 a year towards it. Running and buying a new car every 5 years worth £15kĪ new petrol car costing £15,000 will set you back £3,800 a year in running costs (based on a person doing 10,000 miles) taking into account road tax, insurance, breakdown cover, replacement costs including tyres, servicing costs, petrol and parking costs. Running repairs, redecorating, new fixtures and fittings – we've allowed £4,000 a year to keep your home looking good. Note: Some of these costs may already be covered in the basic cost of living. We've assumed a total figure of £2,400, made up of eating out once a fortnight, drinks, lunches and takeaways. If you like to go out regularly, you don't want that to change. If you want European sun, we've assumed you'll spend £1,800 on all-inclusive holiday per person. The £3,900 we've quoted is for a four-week stay in an Indian three star resort, per person, including flights and £390 spending money per week. The figures have been increased in line with inflation to June 2022. They can never be precisely tailored to your existing circumstances, but are simply meant to be a prompt as to the kinds of things you should consider in your retirement budgeting. The remaining figures were sourced from some simple research originally conducted by Fidelity in September 2014. For example, whether you need the latest mobile phone, and the level of Council Tax rates for the area you live in. Everyone's ideas of what constitutes an acceptable standard of living is different and we all live in different circumstances. Some of the figures in the research vary depending on whether you're a man or a woman. It doesn't take into account internet access, paid for film channels, cigarettes. The figure assumes that, come retirement, people should be able to visit the cinema, pay bills, get around, run a home and buy alcohol etc. These costs include basic costs for food, alcohol, clothing, water rates, council tax, household insurances, gas, electricity, other housing costs, personal goods and services, travel costs rent etc. We then increase this in line with inflation to June 2022 and have rounded to £18,500, consistent with the other figures in this tool. The Foundation provides a minimum income standard figure of £325.26 per week, for a single person of working age. Based on these answers they have worked out what income people need to achieve this. Their report (July 2021) assesses what the public feel counts as a minimum acceptable standard of living. This figure has been based on a report from the Joseph Rowntree Foundation, a respected charity. We have not taken account what you'd need to earn, before tax is deducted, to pay for this lifestyle. This is not a personalised recommendation - the figures are indicative and could be less or more for you depending upon your individual circumstances. The final cost figure we show is the amount that your desired lifestyle may cost you.
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