Exactly why I’ve got about 15 years left. I hadn’t forgotten about those things, half are included and it’s just a minimum figure for the point of working out my emergency fund. In 6 months I won’t need to buy new clothes, replace my sofa/kitchen etc.
The free cash in that figure would increase by 550 in a few years as well if I pay my mortgage of. I won’t as the odds are investing in an index fund long term will earn more than the 0.95% I pay on interest.
That 550 a month is £6600 a year less I need to pay out once the mortgage is gone, which could easily cover several holidays a year, replacing home goods, clothes and alike. Set aside £1500 a year for a new kitchen every 10 years, £300 over the same period for a sofa, £3000 on holidays and you still have £1800 left a year to play with. Hardly frugal.