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Annual total outgoings for a family of three: how much is it usually?

(3 Posts)
eastwest Thu 28-Jan-16 22:22:58

I know this question is a bit 'how long is a piece of string', but having just done our annual accounts, i wondered if we should be looking to cut down our spending or not.Last tax year our total outgoings, absolutely everything included, was £32,000.
We are two adults and one pre-school child. We rent, which is £575 pcm. We have a car and pay for 15 hours nursery per week. Other major outgoings that are essential to us are tuition fees for one adult, which are £2000 per year, and travel (we go to countries in Europe once or twice a year but we stay with family there).
We are within our means, but I'm just wondering how it compares, really. Obviously it's possible to spend a lot more if you have a higher income, but does this sum seem more than the average? Ideally we would like to save more.

BackforGood Thu 28-Jan-16 23:49:01

Well clearly its more than "average" as the average wage is somewhere around £24K before tax.
There are just so many different considerations to factor in though, it's not really a meaningful question.
Ultimately, if you are earning more than you are spending, then you are probably fine.
From where I'm sitting, that sounds like a lot of money to be spending with just one dc, but there's plenty on MN who earn lots and they will no doubt spend a lot more too.

caroldecker Fri 29-Jan-16 00:12:42

Your costs

rent - 6,900
car - 2,500?
nursery - 3,250
tuition - 2,000
council tax -1,500
gas/electric - 1,200
groceries - 5,200
total - 23,550
voluntary spend - 9,000

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