Just finished my mortgage application with Abbey and the guy said that the average monthly expenditure incl food and clothing and all basics is around 650-850 per month!!! (for a couple and two children) Well....I am pretty sure mine is nearer to a thousand...am I just really extravagant or are they wrong?
I really want to be able to cut down and have refused before to really sit and "budget" as I am sure I would hate it and get very depressed but I do not also want to be wasting money away....
Do you all spend about that amount?
I try to spend 200 quid a week on food, petrol, bits and bobs, clothes for kids, coffees etc... and I fail every week to stick to it!! There are 4 of us and I think we need 250 quid a week for basics...
apparently the guy has worked there about 12 years and seems to know his stuff....I agreed with everything else he said! It does not include rent/mortgage payment, but does include food clothing going out magazines, I think petrol, not other car maintenance though,
I am not sure if it is Abbey's guide based in what people tell them (abbey) in the hope of convincing them that they can afford the monthly mortgage or whether it is set by some national guideline of what expenditure is, on average?
Right crossed posts. Am I right in assuming it doesn't cover utilities then or childcare?
Would say that most months we were in that bracket. Food £250 a month. Petrol £100 a month. Then the rest must get eaten up in clothes, cash, presents, cash for kids activities, vending machine at work etc. And we will end up somwhere near your low figure most months but nearer the top end on an extravagant month.
Dh, ds (4) and I: around £200/month on groceries (have really got it down since starting to do weekly menus, shop at Lidl and only go to Sainsburys every 2-3 weeks for what Lidl doesn't stock/I don't like). About £50/month on alcohol. £90/month petrol. £100/month spending money/miscellaneous. £250/month council tax
Utilities etc on top of that - not sure how much(although I do know we have just got a very big gas/electricity bill). Plus the childminder (only £80/week, now that ds is at nursery in the morning).
By the way - we are foodies, and enjoy good food, so my food budget isn't just for baked bean on tast - although we do eat a lot of pasta/risotto/home made soup during the week (more for conveneience). Have goo meals atweekends - lamb from the local butcher (dh's favourite) or free range roast chicken (great for left overs duirng the week).
Don't know where the resto fothe money goes though . No, I tell I lie - nice holidays (South Africa in November, skiing in January), dh's golf club membership, decorating the house......
.... and very occasionally, LK Bennett shoes for me!
Well it seems quite realistic to me. Im on an average salary and after paying the mortgage we only have about 700 left so cant actually spend more than that. I think quite alot of people up and down the country are in the same if not worst position as me so it seems to me quite a realistic figure.