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Budget help

(5 Posts)
CamdenTownie Sun 21-Aug-16 16:13:51

Hi everyone,

I have a quick question regarding budgeting, I've spent this morning going through all direct debits, standing orders and general outgoings including food & petrol plus after school clubs.

I'm lucky that we should have a decent amount left in the bank but I'm struggling with how to work out how much should then be allocated to savings, leisure, personal spending and an 'emergency' fund. Is there a rule of thumb for this?

I want to be realistic, I also would like to get some savings put in place.

Any advice appreciated!

Mum4Fergus Sun 21-Aug-16 16:27:30

I think everyone has differing thoughts on this, but as a general rule Id say aim for zero debt bar mortgage, emergency pot of between 3-6 months salary. I've read general rule of 50% needs, 30% wants and 20% savings...

CamdenTownie Sun 21-Aug-16 16:34:02

This is what I was looking for smile just a rough idea to get us going for now, to keep me on track. Thanks!

CamdenTownie Sun 21-Aug-16 16:34:17

This is what I was looking for smile just a rough idea to get us going for now, to keep me on track. Thanks!

BG2015 Mon 22-Aug-16 19:25:37

Money saving expert and the forums over there will give you some great advice.

They suggest a £1000 emergency fund (more if you can)

If you want to start budgeting properly have a look at You need a budget (YNAB) as it's an excellent way of budgeting.

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