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So how much do you spend each month on 'other stuff'?(15 Posts)
Worried about the amount DH and I spend on random stuff. To set the scene, we're not in any financial trouble, put money away each month in savings and overpay our mortgage. After all bills, mortgage, nursery, food ( 3 of us) savings etc we each have £700 a month to spend as we wish. Our own mobile bills and travel costs come out of that and DH pays diesel out of his (but company reimburses most of that). We're not flashy but like going out for food and I'm a bit of an Amazon and online shopping addict....just popped into supermarket for a card and spend £20 after wandering for 15 mins.
I'm sure we could put more into savings but both of us spend this each month.
Just wondering what's normal...
The amount that other people spend will vary massively depending on their circumstances - some would be thrilled to have even £100 a month to spend on themselves.
What would happen if you set up a standing order to put more into savings at the beginning of the month? Would you naturally curb yourself?
I find that writing down everything I buy naturally makes me buy less because I am much more aware of what I'm spending.
It's impossible to say what is 'normal' - some people earn less than £700 in total a month so your 'casual' spending of £700 a month would seem unbelievable - but others on a very high income would probably spend that much on 'other stuff' every week.
If you are saving, have pensions plans, overpaying mortgage, no outstanding debts, never go overdrawn etc etc then you are doing fine.
We give each other £50 a week for spending on ourselves (travel costs aren't included in this). Everything else goes straight to the mortgage or savings. I am overpaying £1000 a month on the mortgage as I hope to clear it by the end of next year once my endowment matures.
£700 a month each is a lot. I would trim some of that off and divert money elsewhere. However, it's your money so you can spend it how you wish :-)
How do you pay for the 'other' - cash, credit or debit card? Can you track what it's actually going on?
Why are you bothered?
If you're overpaying your mortgage and putting money into savings you've got your bases covered.
Seems like bragging. Up to you how you spend it.
We pay bills. No debts. Feed 3 adults - one who is pregnant and 4 children for around £40 on average a week. Live in a 4 bed flat.
We are happy but everything is tight, no spare money at the end of the month. If there is spare we put it in a jar for next months travel or food.
If you have so much free money save it in case circumstances change or donate it to a small charity or donate extra groceries to a food bank. We should always be as charitable as we can be. We should always create a safety net for the future.
Honestly enjoy it but realise some folk don't have other stuff, just the basics.
I'm interested in this post, we spend about the same, absolutely no idea where it goes! I think we should cut it significantly but I'm not willing to unless partner does and he's not on board. Although some of my spends inevitably go towards food shopping / family birthdays etc, his is completely spent on going out / crap bought online
£110 equivalent per month (not in UK) each for DH and I, after all bills and some modest savings. If I still had £700 'disposable' per month as I did before we changed our circumstances, I wouldn't use it all for disposable income and would save part of it, perhaps in a separate kind of savings. eg 'holiday' or fun stuff savings rather than rainy day savings.
I think you are absolutely fine. It sounds like you earn quite a lot and do sensible things with your money, ie overpay mortgage and save every month. I think it is important that you have the generous pocket money at your disposal - it you earn a lot, you might as well have fun with it. We have a similar arrangement in place - I would see no point in working hard just to squirrel every penny away.
Having said that, I do have a pretty strict budget within my pocket money to avoid blowing too much on random coffees/fast food on the go etc. Instead, I like to prioritise dining out properly, spa trips or a designer bag every now and again.
It may be more helpful to work out what your free cash is as a % of income and costs, rather than an absolute sum. As pp have said, the £700 figure is meaningless unless you compared it to a bunch of people with the same incomings and outgoings and a similar lifestyle.
For what it's worth, I have a savings account I put fun money in every month, as one of my 'bills' when I get paid. I find I don't spend it for months on end, and then I see something I want and the money is just there for it.
I started that because I just fritter cash away and don't even know what I got for it.
Hi, I spend about the same but it's not even on fun stuff! I spend around £700 a month on things like:
kids school trip payments £50 (2 kids in high school - theres always a trip to be paid for!!)
spending money for 2 kids £25
hair for kids - DD has afro hair so takes an awful lot of looking after £25
DS haircut once a month £10
Eyebrows £25 (this is an absolute MUST for me)
hair £50 (£100 every other month) (again, this is a MUST)
mobiles for kids £20
birthday presents (nieces,nephews, friends, kids friends) £50
Nails £40 (every 2 weeks, £20 a time)
I know that doesn't add up to £700 and I do spend some on myself but most of it is spent on the kids.......random extras such as cricket club fees, football club fees, school uniform bits, clothes (when needed).
I always try and look at ways of cutting back but i feel that everything i spend is necessary - i've recently stopped having my nails done to save a bit (£40 a month) but then i look at my awful nails and they depress me when they're horrible!
We put most things on credit card but I recently did a detailed analysis of cheques coming out and cash and found we take £200 out in cash each month. I'm not sure what that's being spent on: barbers, occasional bus fare, collections at work, Big Issue most weeks and the rest? We are due to increase our mortgage soon so want to be sure we can actually afford it.
I have a very decent disposable income but the key to financial success is not to fritter. DH friend who works in the city has about a thousand a week to spend as he wishes, he pretty much spends the lot.
Popping in to buy just a card and spending £20 shows a lack of self control and impulse buying. It means unless you change your mindset you will always waste money.
I have no money worries whatsoever but I still make an effort not to waste.
I don't actually spend that much on me....apart from some clothes every once in a blue moon, some Clinique lotions and potions and going for a £20 massage once a month...average of about £150? I do put £500 into my own account each month but then spend it on the kids...
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