Originally Posted by mcdevin1970
I definitely understand that I am right up against my budget with my expenses and do understand that the money I make from part time work will essentially be my discretionary spending money i.e. entertainment, emergencies, car repairs, house repairs, lawn maintenance, toiletries etc. For me though, that's the idea, I don't mind working for $1000 to $1500 a month at a low stress part time job that provides me with my spending allowance.
The thing is that emergencies, car and house repairs, lawn maintenance, basic toiletries aren't really discretionary in most instances. There may be some that can be deferred if relatively minor.
I am actually big into budgeting and keeping track of spending. I used to be big into budgeting, but I did it in a pie in the sky kind of way. That is I would record spending that was saying I was spending $X on something and had been for a long time. Then I would budget for 80% of it with no real plan of how to reduce that expense by 20%. So, of course, it didn't actually get reduced. I always was going over budget, largely because my budget wasn't realistic to how I wanted to actually live my life. I did this a lot with groceries, for example. I always theoretically wanted it to be less, but didn't actually want to make many of the changes to make it less.
In your case, I don't know if these numbers you area giving are realistic or not given your past spending. I think you need to go through (if you haven't) your actual spending and then make any adjustments based upon when you don't have kids that you are supporting.
I use the program YNAB to track spending and budgeting and it has been invaluable to me if you don't already have something to help you with those things.
I also don't think it is very helpful to do a budget based upon these things come out of pension and these things come out of part-time income. What some YNAB people do, however, is to set up their budget based upon priority rather than item categories. That is they budget first for things that have to be spent and then what is left over goes to discretionary.
In your case the reason for this is that part-time income is much more instable and can fluctuate greatly. I semi-retired 3 years ago and it has been great but it is very hard to project specific income at a specific time. And, if you need a car repair, then the repair doesn't really care that you are between part-time jobs.
So, I think you need to first figure all
your desired spending. Assuming that amount is enough to be covered by pensions and part-time work realistically expected then that's all good. If it isn't enough then start seeing what you could cut.
Then, go through all that spending (this should include spending for things that go wrong or long term capital expenditures), and figure out what you could cut if you had a long-term time when you were between part-time jobs. If you can't cut to make it at least for a time without a part-time job then I think you have to be cautious.