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Budgeting for mortgage and disposable income

(10 Posts)
Metalgoddess Mon 25-Mar-13 10:41:54

Madmog, is that money you have left per mth? How do you find it? Do you go out much and is it enough to enjoy yourself on??!

After a recalculation, it seems if I drop to 2 days of work per week, we would have £ 550 disposable income per mth. Just wondering if its worth doing this as 2 days of work per week would suit my family much better. It just seems a big drop in money as if I stay on 3 days then we would have £850 left per mth!

Madmog Wed 20-Mar-13 14:00:39

After all the bills, we have £125 each which we use for our own clothes, going out, treats for ourselves and buying eachother presents. On top that that we tend to have on average £250 left over, we don't just spend this, we save it for a rainy day. Luckily we haven't had too many rainy days, so our savings are building up - the main one was when the boiler packed up last winter and we had to get a new one. It was great having funds to dip into without having to worry.

Metalgoddess Wed 20-Mar-13 10:30:51

We have factored in pensions and car/home/life insurance. We have approx 6mths salary saved too. I think I could live on it but not sure about the lower figure if I reduce to 2 days a week, probably better staying on 3 although I really wanted to do 2, still can't have everything I guess! Thanks for repliessmile

MichaelaS Tue 19-Mar-13 21:19:23

Message deleted by Mumsnet for breaking our Talk Guidelines. Replies may also be deleted.

BarefootBaritone Tue 19-Mar-13 17:43:58

I've always tried to work it out as 1/3 Mortgage, 1/3 household (and car) bills and 1/3 other (shopping and general spending). Anything left gets swept into my savings at the end if the month for emergencies/holidays etc

I like the Moneysavingexpert spreadsheet which helps me divide one off/annual spends, like car tax and birthday presents etc, over the year. (Helps reduce surprises!)

Pootles2010 Tue 19-Mar-13 11:50:25

Whether it would be enough for anyone else is irrelevant really - is enough for you? How much disposable income do you have now, and do you get through it? I'd suggest having a month or so 'practising' living with the proposed budget, and see how you get on.

Certainly as others have said though, make sure you budget for savings and pensions.

specialsubject Tue 19-Mar-13 11:47:42

good for you - so don't forget to save or invest a large proportion of that. No-one has a secure job.

noisytoys Tue 19-Mar-13 11:44:24

I have your disposable income before house and bills costs. You'll be fine. It's over £200 a week for just stuff. Why are you worrying?

Toasttoppers Tue 19-Mar-13 11:28:04

Replies will vary from your rolling in it to I spend that much on eating out per month.

Have you really added everything in to your costs, such as car breakdown and other insurances. Just check you have accounted for absolutely everything. Go on money saving expert and have a look for the outgoing expenses spreadsheets.

Factor in mortgage interest rate rises as well. Also have you applied for your new mortgage yet? See what rate you will be offered.

Do you have a cushion of savings, ideally six months salary, I know lots of people cannot achieve this but if you actually can through choice then do that first.

I am of a cautious nature as you can see by my post.

Metalgoddess Tue 19-Mar-13 11:18:44

Hi, we are looking at moving house and getting a bigger mortgage. Worked out finances last night using new mortgage figures for monthly payments and with all the bills paid for including food, holiday fund, Xmas/ birthday etc we are left with £725 disposable income per mth to use for fun or unexpected events etc. in addition to this we also get £146 per mth child benefit.(2 kids) Is this enough?

I was also thinking of reducing my hours at work to 2 days per week but that would leave 425 per mth plus child benefit. I know people's disposable incomes will vary greatly but wondered if people thought these figures were do-able.

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