Poll: Could you quit your job and have 12 months backup?

[wez130]

Yes, but not to the standard we do now.

In fact, we'll have enough saved to last us 12 months in NZ when we move over there, however, that may well end up going on a deposit for a property.

 

[wesimmo]

Probably.

I earn half decent money but live in a **** hole as it really doesn't bother me.

I've also been made redundant twice in the last 3 years and taken decent pay offs which are sitting around making money in various ways.

I think i save around £1.5k a month unless i do something daft like take the daughter to London and put a roll bar in my track car like i did this month.

 

[Roar87]

Me and my girlfriend earn enough to pay the bills if one of us is out of work, but I don't have mountains of savings to live for 12 months without her help

 

[novaenough]

I could probably survive for 12 months but not to the same standard I currently do.

 

[danielanthony]

If I had no family to support then, yes, 12 months in the bank would be relatively easy.

But, unless you have large amounts of unearned income, putting money into a SIPP is a much better use of your saving capacity. I should be set to retire at 55

 

[Dis86]

Tend to keep 2 to 3 months salary in the bank which is enough for my bill payments for a year. Could SORN the car which would prolong them or even sell it which would give me enough to live off for a good few years.

 

[Jez]

My outgoings are minimal, just household bills and minimal occasional car bills. Could easily live indefinitely off independent income without working.

I wouldn't exactly be flush though, and I'd probably get quite bored.

 

[Malevolence]

Yes, it's called the dole.

 

[The_Abyss]

Yes, we paid our mortgage off a couple of weeks ago, have good savings and always planned on being able to survive on one salary if we had to. Our retirement plans would take a bit of a dent after a year out though.

 

[On Holiday]

Yes.

 

[vincent1989]

Not 12 but we keep about enough money to cover 3 months worth of bills in the bank.

 

[atpbx]

Yes, without touching our savings.

We couldn't do a lot else other than live and cover the bills mind.

 

[jkb]

I did this back in September 2010. Had three years of money saved up so decided to quit my job since I didn't like my new boss or the culture of the company that acquired the company where I worked. I was surprised how many job offers I got from people I knew through work. Took six months off then went back to work.

 

[Luckystrike123]

Not by a long shot. The wife is on maternity leave at the moment and due to reduced income we are plowing through our savings (although we did plan for this).

I could sell the house / car but considering how long it took save up a house deposit I'd be absolutely gutted if I had to do this.

 

[GTanny]

if i was made redundant the standard company enhanced redundancy plus immediate access to my shares would give me access to over a year in salary but if i was to choose quit my job i would only manage 6 months or so so i voted no.

My bigger problem would be readjusting to a new salary when i did get a new job, i know i get well paid for the job i do where the average salary for similar jobs is much lower then i currently earn.

 

[Rroff]

Ooh I'd completely forgotten about redundancy pay out - If I kept my lifestyle basic that would probably keep me going a couple of years as I've got quite a few years worth built up there.

 

[chaparral]

if I left or lost my job I could sell my car to pay the car loan off and with my savings I would have around 15k to live on
How long 15k would last I have no idea as my rent alone is around £800 per month

But I do have a loads of stuff I could Easily sell that would bring quiet a few thousand if I needed it.


But am always thinking about how long I could go with out a JOB with no income...

 

[DB_SamX]

Assuming you meant mortgage+bills+essential expenditure, I reckon I could do around 9 months.

Thankfully I also have my parents and brother who could bail me out in an emergency.

I want a new car but the above is what is stopping me splashing out.

 

[leoncuprar]

I could do a year and with the number of redundancies going on at work recently it has made me think about "what if its me next time"
I have no income insurance product but have no knowledge of them..do most people buy into that sort of insurance ?

 

[regulus]

Yep. Only up to 180 days and only in the event of a redundancy. Which I realistically won't ever need but as I get that paid through work, I might as well.