How much "mad money" do you have?

Thanks.

You can't be surprised at sarcastic answers when you start out with this:

Assuming that you are comfortable-ish. I know there are plenty of people who dont have anything. This is for people who are fortunate enough to have some

and then go on to say that you have thousands in credit card debt.

Exactly. Pots are brilliant.

It's a really helpful budgeting tool recommended by our financial advisor. You sound sneary. Surely your monthly direct debits are predictable, as is knowing you need to save a certain amount for Christmas and birthdays etc?

As a couple we’re both paid into our joint account.

All bills, food shopping, car or vet expenses etc comes from there and we are also both transferred £400 each pocket money.

I rarely spend all of mine and end up putting into my own savings account.

I don't have mad money. Equally, I don't have debt.

Exactly this! What an odd post from the OP, she has no mad money at all yet seems to think she does. 🤷‍♀️

I don't understand...if you have £3000 debt why isn't the "mad money" paying that off?

My dh worries about paying his tax bill. Doesn’t stop him frittering money on mad holidays. I prefer to save for a rainy day but we’re in our 50’s and now seeing friends who never get to see that rainy day, so that explains my dh’s attitude!

Basically this.

Best thing to help with the buy it now mindset it to never check out immediately online. The reason my monthly spend is low is I have a rule where I never check out online the same day. I leave it in my basket and go back three or four days later, often by then the impulse to purchase has gone and I happily walk away. If I still want it, then crack on!!

My husband and I give ourselves around £250-£300 each for personal spending. Simply so it’s fair. We could have a bit more but we choose to save a lot of our income. I find it really useful to have pots for different things. When it’s gone it’s gone, so it makes us think twice about what we are spending. It’s way too easy these days to waste it.

Nothing

You must realise that people who have enough money to just go out and buy what they want, are mostly in this position because they don’t splurge money.
You really need to get out of the habit of just buying things for the sake of it until you have cleared your credit card debt and have some savings in the bank.
We have been careful (not mean) for most of our lives but have no desire to go out and splash our money all around. Our biggest expense is lovely holidays with business class travel.

I probably have about £3500 spare each month, and put whatever I don't spend into savings. My discretionary or fun spend is probably about £250 looking through my last credit card bill. Obviously can spend more, just couldn't think on what. I haven't been to a hairdresser since before covid and I sort my own nails and brows. I by high end make-up but tend to buy a few christmas sets that work out good value then last me through the year.

We pool all money. If we need something we buy it. We don’t really buy things we don’t need because we’re savers. We spend socially, I.e. will go to the pub with friends and buy rounds etc, but wouldn’t be as wasteful to buy daily coffees etc. we’d never say “how much did you spend on that?” because neither of us would fritter any money away so any spend is considered and needed. We have £200k in savings and pay heavily into pensions as we want to retire early, but that option is open to the OP too if she stops wasting money.

I don’t know the term “mad money” but I spend about £400 per month on average on me. Most of which is health and beauty. Gym & classes, yoga, haircuts, occasional massage…. So I really wouldn’t say it is “mad” or even frivolous to look after my health although it is a privilege to be able to afford to.
Probably about £150 on going/eating out and £50 buying things like books and towards clothes (which I don’t buy anything like every month).

I never had any such thing. If I really wanted or needed something, and we could afford it, I’d buy it. If we couldn’t afford it, or money was generally tight anyway, or needed for other things, I wouldn’t.

No ones business, what i have.

My fun money varies each month after everything else is paid.

We’re a virtual pot household, I find it really helps me visualise what I can spend. We have joint ones for groceries and a pet expenses then I have them for celebrations, beauty and holidays. I top up pots if there’s not enough for an imminent birthday/holiday, pay any one off expenses and enjoy what’s left which can be £300 - £600.

I ran up a lot of CC debt in my 20s on frivolous spending and spent many years paying it off so I only use credit for big purchases now e.g house, car, etc.

OP I also give myself a pot of money, I transfer it to a Revolut account each month and that is my 'spends'. I give myself around £70 a week usually, but usually spend it all well before payday. DH and I love eating out, coffee shops, visiting the bakery each Saturday for pastries and lovely bread.