Budgeting

[Bibiuser]

Budgeting

my husband and I take home £8300 between us

bills food and petrol are £3800

4500 left. We owe a family member some money so will pay 1000 a month off leaving 3500

we plan to have 750 each a month “fun money” and save 2000 a month which will pay for holidays etc and investments. Once debts paid we will increase this to 4000 a month

question

1. is 750 each too much ?
2. how do people invest their money?

I appreciate to some we are earning average money but to me this is fortunate and want to make sure investing wisely and not wasting money

Op we have a main joint account which pays bills and my DH has some savings pots in there for DC clubs /school food and so on.
Then we have a joint Monzo which has more pots for all rolling expenses we each pay into each month for car insurance , holidays ,Christmas , dental work and so on.

Once every thing is done we pay into stocks ISA , pb and cash ISA.

Investing is def the way to go, this is money podcast , reading about the fire movement even if have no desires to do it is still worth it.

Pay into stocks 100 or more a month .

Our salaries get allocated down to the last penny incl petrol and food we have a food budget.
Our fun money for weekends is 75 and yours looks like 187.

£1500 a month on "fun money"? That's utterly insane. I would throw it all at the mortgage (if you have one) and pay it off faster, you'd save a fortune in interest. Other than that, open ISA's and NS&I bonds.

OP-No way is that average money!

Pay it to your family member who was kind enough to dig you out of a hole!

How do you know they had to “dig us out of a hole” massive assumption there!l!!

Thank you is that 75 between you or each?

€1000 a month is a lot to be paying back when you are earning that much.

£1500 a month fun money is a lot when you owe someone money, I’d get rid of that debt and really focus on saving more so you don’t have to borrow off family again

We do a zero based budget like this. This is our “base” pay with no overtime. Any overtime is automatically personal spends. Our base personal spends is 200.

Me 3100
DP 4100
CB 280
Total 7480

Housing
Mortgage: 1900.
Insurances(life, house): 150
Property tax: 50
Total Housing: 2100
Utilities
Electricity 150
Waste collection: 25
Broadband & TV: 70
Mobile phones x3: 60
Total Utilities: 305
Food & Groceries
Groceries & household food: 500
Dining out / takeaways: 200
Total Food: 700
Transportation
Fuel: 150
Car insurance & tax: 150
Maintenance & NCT: 100
Public transport / Parking: 20
Total Transport: 420
Education & Kids
School books, uniforms, fees: 50
Activities, sports, clubs: 55
Pocket money/treats: 60
Total Kids & Education: 165
Entertainment & Lifestyle
Family outings, hobbies, gifts: 250
Subscriptions: 20
Miscellaneous expenses (haircuts etc): 60
Personal spends:250x 2 = 500
Total Entertainment: 830
Savings & Miscellaneous
Emergency fund / Savings: 2,000
Holidays (monthly allocation): 500
Clothing: 200
Miscellaneous buffer: 300
Total Savings & Misc.: 3,000
TOTAL MONTHLY SPENDING: 7,480

Investment wise we focus on paying into our mortgage and pensions. We keep savings in savings accounts with the best interest we can get.

I wasn’t asking for commentary on what we owe i was asking for comments on fun money and investments. The debt is interest free and we are paying nearly 2000 a month on it which family are happy with. People always like to pick on you instead of help don’t they

Thank you this is really helpful

You’re welcome, the key is revisiting it every 6months at least.

wtf?? You asked if it was too much fun money and I said I think it’s a lot right now so I’d redirect some of that to paying debt faster and rebuilding savings. I wasn’t rude, I literally answered the question you asked! There’s no need to reply to posters like this when they are literally just answering your question.