Many of us conflate spending with simply moving money between assets. A house, a boat and a van are all assets with a resale value in the future. We merely give up a (hopefully) appreciating home asset for alternative wasting assets.
Think of the future in 5 year chunks. If I don’t make the decision to downsize now, will I still be able to make that decision 5 years from now? If you leave it much later, will you no longer dare make that big decision at 85? Could you handle the boat/yacht 10 years from now? If not do it whilst you can. Will you be able to obtain travel insurance post age 80 to visit India?
Break your expenditure down into must haves - pavement costs- like utilities food etc and like to haves -clouds- experiences and other discretionary spending. Without debt many of us could survive on a couple of state pensions. That makes our savings pure spenders if we dare. I bet you can’t run out of money if you tried. We’re boomers, every bit of spending is an internal fight.
The models that are constantly regurgitated, use never ending inflation across the board and 4% drawdowns. We will spend next to nothing if we manage to get to our nineties - just a daily crossword and cups of tea for most. Our 80’s even if healthy are becoming a struggle to take on long trips. Our spend in our 70’s, if we look after ourselves, should be much higher than in our 80’s and 90’s combined - if not now when?
Enjoy yourselves, it’s later than you think.
I have a question. If both the boat and the van move, are you “no fixed abode”? Do you still need to pay UK income tax?
Thanks for reading and commenting Howard! We don't have a permanent address, but we have a forwarding 'boatmail' address for bank accounts, driving licence etc and yes, we do pay tax. My mum in law is 97 and she said today she's just accumulating money and as she's confined to a chair now, the only money she spends is on carers. We sold the house and had the boat built when we did precisely because if we didn't, it would be more difficult to manage a more physical lifestyle. We've bought the van because we want to access places we can't get to on the boat and time is getting on. Insurance and stuff gets more difficult to obtain as we get older and despite being fit and well, at 67 and 73, we're still considered 'old'.
I am 65 and I am debt free because I only own a small 1 bed room fisherman’s cottage in France and so I can travel unfettered. Also co own a sailing boat been learning to sail in French !!
I love how you reframed abundance — not as luxury or excess, but as freedom, presence, connection, and deep appreciation for this one precious life. That’s the kind of wealth that nourishes the soul. I can also relate to the generational mindset of frugality — although I’m a generation younger, my parents (born in '42 and '47) carried on the same wartime mentality of valuing every penny and not wasting anything. That mindset, handed down from their parents, is deeply ingrained in me too, even though we’re in very different times now.
We’re currently looking at making some of the same shifts you’ve described... downgrading from a three to a two bedroom as our eldest (24) has fled the nest. We’re also looking towards the idea of getting a campervan within the next five years... like you, we want to experience more freedom without the weight of excess, but our youngest (16) will need us for a few years yet.
Thank you for sharing your journey with such vulnerability and honesty. It’s reassuring to know we’re not alone in questioning the old ways and rethinking what really matters as we move through life, but also looking at how to economically navigate that new reality 💛
Thank you for your kind words and comments Dana. That scarcity mindset (regarding money) goes so deep with me and I really want to let it go. For the first time in my adult life, I have few restrictions on how I spend my time, other than the time I want to spend with family and friends. I've no desire to accumulate 'stuff', only experiences; I've always been searching in some way and our lifestyle now allows me to be curious and explore the bigger questions about life. Hold on to your plans and make them happen. Time goes so quickly! 🤍
Yes, I feel the same about accumulating experiences and memories over things. I'm definitely keeping hold of that dream as, I agree, the last 20 years have just disappeared 🤍
Loved this, and your writing in general, but this was so on point for us at the moment. We regularly discuss how much we should/should not be spending, it’s a constant balancing act, and we are lucky to be in a position of having that option. At ages 63 and 71 how much do we need to ‘keep in the bank’ so to speak…. And no I don’t have the answer. That article was swinging between absolutely hilarious and downright depressing! As always there is no one size fits all , at the moment we are happy that we are healthy and working hard to stay that way for as long as possible and lucky that we still enjoy each others company. So for now I’ll take those wins. 😊
Thanks Alison and our lives sound very similar. We're 67 and 73 and also keep active to maintain our health and wellbeing. It's a balancing act isn't it and we're never going to be irresponsible with money, buy we do want to enjoy what we've worked for. Like you, we appreciate the fact we enjoy each other's company and like doing the same things, so we're just grateful for every day 🙂
A very interesting subject and something I think about a lot as we get older and the pot dwindles. I advocate spending it all and enjoying life, but at the same time don’t want to run out and reach a point where I can’t afford a pair of knickers! Yes, this happened to my grandmother - so sad. Like you I don’t have the answer. Although the way the world is now, I do think we should just spend it all while we have the chance!
It's such a dilemma isn't it and something I talk about with friends quite often. So many people I know seem to be reluctant to spend any money, but have no one to leave it to which seems crazy to me. We're trying to find a balance, but we could literally drop dead anytime, so live life and enjoy ourselves I reckon!
Interesting writing here. I agree with you re that Sunday Times article - I think they are behind the times (no pun intended!!). We have nothing like that amount and manage to live a (simple) life that we choose to live. Also includes a (shared) campervan, funnily enough! Have you read The Soul of Money by Lynne Twist? I think you might enjoy it if you haven’t already read it.
I haven't read that book Jane and I'll certainly check it out. We've got nowhere near that amount of money, but like you enjoy our life and just focus on one day at a time.
Loved your post! Money is a tricky topic on so many levels. The amount needed to retire that is often quoted is so random because it depends on so many factors and every individual has different wants and needs. It is enough to make your head spin! I believe, like you, that it is so important to live the life that you choose and do the things that make you happy. Unfortunately, there is no crystal ball letting us know the years that we have left or what are circumstances will be. What is that mystical balance of saving enough to get us to the end of our lives worry-free and secure and spending what we want to be happy???? Thank you for your thoughts!!
Thanks Lisa, I agree with everything you say and we all choose different ways of spending our time and money when we retire. We haven't got a house and everything we own is on the boat (or in the van!). People often ask what we'll do in the future if we can't manage the boat anymore, but we'll have to cross that bridge if it happens !
Bless you for that Amanda. We bought the van primarily to come to Scotland and it'd be great to see you. We'd be able to stay in the van, but would definitely visit. Will keep you posted xx
I always laugh when I hear those financial figures for retirement; over twice our current joint income? Why?! I am a 'Gen x' and just snuck into being able to buy a house fairly young. I am grateful for opportunities and choices this has allowed and am very conscious that things are harder for young folk now. I love reading your posts, thank you
I know exactly what you mean Alison and thank you for reading and commenting on my posts. Something comes into my head and I wonder if anyone would be interested in my ramblings, so I'm grateful 🙏
I have a similar attitude to money and always feel poorer than I am because of my working class upbringing. So my answer now im my sixties is to say to myself..., "when you are on your deathbed what will you regret...buying that camper van, giving that person some money - or regret not doing it? The answer usually frees me up
I'm really happy living a simple life Steve and our largest expenditure has been on our boat and motorhome. Good health and contentment are my priority now.
Such a great post... resonated with my husband and I. Our mantra..'subvert the status quo'! Keep it coming....
Many of us conflate spending with simply moving money between assets. A house, a boat and a van are all assets with a resale value in the future. We merely give up a (hopefully) appreciating home asset for alternative wasting assets.
Think of the future in 5 year chunks. If I don’t make the decision to downsize now, will I still be able to make that decision 5 years from now? If you leave it much later, will you no longer dare make that big decision at 85? Could you handle the boat/yacht 10 years from now? If not do it whilst you can. Will you be able to obtain travel insurance post age 80 to visit India?
Break your expenditure down into must haves - pavement costs- like utilities food etc and like to haves -clouds- experiences and other discretionary spending. Without debt many of us could survive on a couple of state pensions. That makes our savings pure spenders if we dare. I bet you can’t run out of money if you tried. We’re boomers, every bit of spending is an internal fight.
The models that are constantly regurgitated, use never ending inflation across the board and 4% drawdowns. We will spend next to nothing if we manage to get to our nineties - just a daily crossword and cups of tea for most. Our 80’s even if healthy are becoming a struggle to take on long trips. Our spend in our 70’s, if we look after ourselves, should be much higher than in our 80’s and 90’s combined - if not now when?
Enjoy yourselves, it’s later than you think.
I have a question. If both the boat and the van move, are you “no fixed abode”? Do you still need to pay UK income tax?
Thanks for reading and commenting Howard! We don't have a permanent address, but we have a forwarding 'boatmail' address for bank accounts, driving licence etc and yes, we do pay tax. My mum in law is 97 and she said today she's just accumulating money and as she's confined to a chair now, the only money she spends is on carers. We sold the house and had the boat built when we did precisely because if we didn't, it would be more difficult to manage a more physical lifestyle. We've bought the van because we want to access places we can't get to on the boat and time is getting on. Insurance and stuff gets more difficult to obtain as we get older and despite being fit and well, at 67 and 73, we're still considered 'old'.
I totally agree
I am 65 and I am debt free because I only own a small 1 bed room fisherman’s cottage in France and so I can travel unfettered. Also co own a sailing boat been learning to sail in French !!
We only have 1 life
Live it
That sounds fantastic Sona!
I love how you reframed abundance — not as luxury or excess, but as freedom, presence, connection, and deep appreciation for this one precious life. That’s the kind of wealth that nourishes the soul. I can also relate to the generational mindset of frugality — although I’m a generation younger, my parents (born in '42 and '47) carried on the same wartime mentality of valuing every penny and not wasting anything. That mindset, handed down from their parents, is deeply ingrained in me too, even though we’re in very different times now.
We’re currently looking at making some of the same shifts you’ve described... downgrading from a three to a two bedroom as our eldest (24) has fled the nest. We’re also looking towards the idea of getting a campervan within the next five years... like you, we want to experience more freedom without the weight of excess, but our youngest (16) will need us for a few years yet.
Thank you for sharing your journey with such vulnerability and honesty. It’s reassuring to know we’re not alone in questioning the old ways and rethinking what really matters as we move through life, but also looking at how to economically navigate that new reality 💛
Thank you for your kind words and comments Dana. That scarcity mindset (regarding money) goes so deep with me and I really want to let it go. For the first time in my adult life, I have few restrictions on how I spend my time, other than the time I want to spend with family and friends. I've no desire to accumulate 'stuff', only experiences; I've always been searching in some way and our lifestyle now allows me to be curious and explore the bigger questions about life. Hold on to your plans and make them happen. Time goes so quickly! 🤍
Yes, I feel the same about accumulating experiences and memories over things. I'm definitely keeping hold of that dream as, I agree, the last 20 years have just disappeared 🤍
Loved this, and your writing in general, but this was so on point for us at the moment. We regularly discuss how much we should/should not be spending, it’s a constant balancing act, and we are lucky to be in a position of having that option. At ages 63 and 71 how much do we need to ‘keep in the bank’ so to speak…. And no I don’t have the answer. That article was swinging between absolutely hilarious and downright depressing! As always there is no one size fits all , at the moment we are happy that we are healthy and working hard to stay that way for as long as possible and lucky that we still enjoy each others company. So for now I’ll take those wins. 😊
Thanks Alison and our lives sound very similar. We're 67 and 73 and also keep active to maintain our health and wellbeing. It's a balancing act isn't it and we're never going to be irresponsible with money, buy we do want to enjoy what we've worked for. Like you, we appreciate the fact we enjoy each other's company and like doing the same things, so we're just grateful for every day 🙂
A very interesting subject and something I think about a lot as we get older and the pot dwindles. I advocate spending it all and enjoying life, but at the same time don’t want to run out and reach a point where I can’t afford a pair of knickers! Yes, this happened to my grandmother - so sad. Like you I don’t have the answer. Although the way the world is now, I do think we should just spend it all while we have the chance!
It's such a dilemma isn't it and something I talk about with friends quite often. So many people I know seem to be reluctant to spend any money, but have no one to leave it to which seems crazy to me. We're trying to find a balance, but we could literally drop dead anytime, so live life and enjoy ourselves I reckon!
Interesting writing here. I agree with you re that Sunday Times article - I think they are behind the times (no pun intended!!). We have nothing like that amount and manage to live a (simple) life that we choose to live. Also includes a (shared) campervan, funnily enough! Have you read The Soul of Money by Lynne Twist? I think you might enjoy it if you haven’t already read it.
I haven't read that book Jane and I'll certainly check it out. We've got nowhere near that amount of money, but like you enjoy our life and just focus on one day at a time.
Loved your post! Money is a tricky topic on so many levels. The amount needed to retire that is often quoted is so random because it depends on so many factors and every individual has different wants and needs. It is enough to make your head spin! I believe, like you, that it is so important to live the life that you choose and do the things that make you happy. Unfortunately, there is no crystal ball letting us know the years that we have left or what are circumstances will be. What is that mystical balance of saving enough to get us to the end of our lives worry-free and secure and spending what we want to be happy???? Thank you for your thoughts!!
Exactly!! Worrying about problems that may not happen is a waste of time. Enjoy!
Thanks Lisa, I agree with everything you say and we all choose different ways of spending our time and money when we retire. We haven't got a house and everything we own is on the boat (or in the van!). People often ask what we'll do in the future if we can't manage the boat anymore, but we'll have to cross that bridge if it happens !
If you would like to visit Skye and head over to Harris and Lewis or to the Outer isles you are welcome to stay with us xx
Bless you for that Amanda. We bought the van primarily to come to Scotland and it'd be great to see you. We'd be able to stay in the van, but would definitely visit. Will keep you posted xx
I always laugh when I hear those financial figures for retirement; over twice our current joint income? Why?! I am a 'Gen x' and just snuck into being able to buy a house fairly young. I am grateful for opportunities and choices this has allowed and am very conscious that things are harder for young folk now. I love reading your posts, thank you
I know exactly what you mean Alison and thank you for reading and commenting on my posts. Something comes into my head and I wonder if anyone would be interested in my ramblings, so I'm grateful 🙏
I have a similar attitude to money and always feel poorer than I am because of my working class upbringing. So my answer now im my sixties is to say to myself..., "when you are on your deathbed what will you regret...buying that camper van, giving that person some money - or regret not doing it? The answer usually frees me up
I'm with you Eileen. When we decided to sell our house and have a narrow boat built, we said we'd rather regret what we did do than what we didn't do!
Beautifully put, my experience is that as we get older we spend less and that applies to everyone I know and have known.
I'm really happy living a simple life Steve and our largest expenditure has been on our boat and motorhome. Good health and contentment are my priority now.