Posted on April 7, 2015

Deadline to the Breadline

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It’s a rather morbid thing to dwell on losing a loved one but do you ever think about what would happen, how you would cope if you lost the breadwinner of your family? Being a stay at home Mum I think of this quite often and it is very scary, it’s bad enough that I would lose the man who I love, the father of my children, my very best friend but I would also lose his salary and that would leave me in a terrible position. Not bad enough that I have lost him but that I would have all the money worries to cope with at the same time! It’s really hard to think about but something that really does need to be thought about and things to be put in place so that we aren’t put in that position in case the worst does happen!

 

I often like to challenge myself with money, I will withdraw a certain amount from the bank and try to live on a very low budget for a few weeks to see if it achievable, I always find it pretty difficult even though it’s not real and I have the back up of my bank account. I know that if the worst happens then there are things that I will have to give up in order to keep me and the children fed and watered.

Three things that I consider a necessity at the moment but are probably a luxury and will have to go are…

  1. The car – Luckily we live in a place that we really don’t need a car, the public transport is amazing and I live just a few miles from a city in one direction and a very large town in another. I always have my food shopping delivered and have shops, doctors, dentists etc within walking distance so losing the car would save much-needed money.
  2. Tumble dryer – My tumble dryer is on more than it is off and my electricity bill is huge because of it, I know it’s a luxury and I’d have to let it go if things got bad but right now it’s just so easy.
  3. My home – I know that selling the house and moving to a smaller property would indeed generate some income and also save us money on utilities etc.

This was quite hard for me as I don’t consider myself a big spender, I don’t like spending money on unnecessary things. We have discussed recently living on the lowest amount of money possible to try to pay off the mortgage in 5 years so we may be putting these money saving activities into practise much sooner we may need to.

 

Check out the Deadline to the Breadline calculator from the Legal & General which lets you know just how close to the breadline you would be if anything happened to you or your partners as a result of long term sickness, injury, a critical illness or if the main breadwinner died.

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