{"id":892,"date":"2019-05-21T04:21:32","date_gmt":"2019-05-21T03:21:32","guid":{"rendered":"https:\/\/evolvemyretirement.com\/blog\/?p=892"},"modified":"2019-05-21T04:21:33","modified_gmt":"2019-05-21T03:21:33","slug":"budget-charles-dickens","status":"publish","type":"post","link":"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/","title":{"rendered":"The Budget According To Charles Dickens"},"content":{"rendered":"\n<p>Mr Micawber <a href=\"https:\/\/www.telegraph.co.uk\/finance\/personalfinance\/9066005\/What-Charles-Dickens-said-about-money-12-memorable-quotes.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"said this about making a budget (opens in a new tab)\">said this about making a budget<\/a> in Charles Dickens\u2019s book David Copperfield:<\/p>\n\n\n\n<p><em>Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.<\/em><\/p>\n\n\n\n<p>For those too young to remember old money, nineteen nineteen and six is \u00a319.97\u00bd. And twenty pounds ought and six is \u00a320.02\u00bd.<\/p>\n\n\n\n<p>This maxim illustrates a deep truth about money. Riches won\u2019t necessarily make you happy, but being able to live within your means can.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">A budget for the long term<\/h2>\n\n\n\n<p>Making a short-term budget is relatively easy. Taking Mr Micawber literally, you\u2019d save 5% of your income every year. Nowadays, that\u2019s very little to buy a comfortable future.<\/p>\n\n\n\n<p>So just living within your means is not enough. During your working life, you need to live well below your means. Anything you don\u2019t spend on consumables becomes your retirement fund. But once you stop working, what you\u2019ve saved will need to support you for the rest of your life. You may have a future guaranteed pension (for example your state pension). But anything more will need to come from your savings. So how much or how little should your budget be?<\/p>\n\n\n\n<p>This sounds like a complex problem, and it is. And to make it harder, there\u2019s no guaranteed right answer to it. That\u2019s because there are many uncertainties.<\/p>\n\n\n\n<p>The biggest uncertainty is how long you\u2019ll live. A budget based on living for 30 years after retirement may well fail if you live any longer. You might remove the uncertainty by buying an annuity to cover all your expenses. But in that case your budget will need to be very modest, and you may not be able to leave a legacy.<\/p>\n\n\n\n<p>Then there\u2019s the uncertainty of investment returns. You might eliminate most of this uncertainty by choosing very low risk investments. But in that case your investment returns will most likely be very low, as will your budget.<\/p>\n\n\n\n<p>Inflation is another uncertainty. Maybe your budget will fail to keep pace with increasing prices. But predicting inflation is an uncertain science.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The right balance<\/h2>\n\n\n\n<p>It\u2019s only natural to adapt your standard of living to your income. But it\u2019s less natural to adapt it to your long-term financial situation. That\u2019s because understanding your long-term financial situation is difficult. To adapt sensibly you need to understand your attitudes and motivations. You also need to take into account how all the present and future uncertainties interact. Ideally you should get professional and independent financial advice; and certainly before making important investment decisions. <\/p>\n\n\n\n<p>As the first step to understanding your financial future there\u2019s no better place to start than <a rel=\"noreferrer noopener\" href=\"https:\/\/evolvemyretirement.com\/\" target=\"_blank\">EvolveMyRetirement<\/a>\u00ae. This intelligent app will give you an unbiased steer towards what discretionary spending you can afford now and in the future. It bases this on a unique analysis of your current financial position. From this it creates a strategy that\u2019s optimised to achieve your goals.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Mr Micawber said this about making a budget in Charles Dickens\u2019s book David Copperfield: Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery. For<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":843,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[11,7,9],"class_list":["post-892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-budgeting","tag-cash-flow","tag-retirement-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Budget According To Charles Dickens - EvolveMyRetirement<\/title>\n<meta name=\"description\" content=\"Living within your means is necessary but not enough to fund your retirement. 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Learn how EvolveMyRetirement helps you set the right budget for the long term.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/\" \/>\n<meta property=\"og:site_name\" content=\"EvolveMyRetirement\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/evolvemyretirement\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-21T03:21:32+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-05-21T03:21:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/evolvemyretirement.com\/blog\/wp-content\/uploads\/family-gathering-3068994_640.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"640\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@evolvemyretire\" \/>\n<meta name=\"twitter:site\" content=\"@evolvemyretire\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/\"},\"author\":{\"name\":\"Nick\",\"@id\":\"https:\/\/evolvemyretirement.com\/blog\/#\/schema\/person\/927febeaea45f5b77b454c800da0e5b8\"},\"headline\":\"The Budget According To Charles Dickens\",\"datePublished\":\"2019-05-21T03:21:32+00:00\",\"dateModified\":\"2019-05-21T03:21:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/\"},\"wordCount\":505,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/evolvemyretirement.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/evolvemyretirement.com\/blog\/wp-content\/uploads\/family-gathering-3068994_640.jpg\",\"keywords\":[\"budgeting\",\"cash flow\",\"retirement planning\"],\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/\",\"url\":\"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/\",\"name\":\"The Budget According To Charles Dickens - EvolveMyRetirement\",\"isPartOf\":{\"@id\":\"https:\/\/evolvemyretirement.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/evolvemyretirement.com\/blog\/budget-charles-dickens\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/evolvemyretirement.com\/blog\/wp-content\/uploads\/family-gathering-3068994_640.jpg\",\"datePublished\":\"2019-05-21T03:21:32+00:00\",\"dateModified\":\"2019-05-21T03:21:33+00:00\",\"description\":\"Living within your means is necessary but not enough to fund your retirement. 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