Savings allocations

[Buggeroffboss]

Really boring one but interested in people's opinions, DH and I approach savings very differently and I just wondered how others do it?

Amounts and pot names are made up, but the premise, and "dilemma" (can't think of a more appropriate word) is real.

Let's say after payday and you've allocated money to all your bills and expenses you have £500 left over to save. You have the following pots:

1.Long term savings (for like of the boiler breaks or you lose your job)

1. Bike licence (hobby)
2. House redecorating (house is ok but needs a freshen up/ jobs finishing off)
3. Holidays
4. Cosmetic stuff (e.g. getting haired coloured, Botox, make up)

How would you allocate that £500 to those pots? Proportionate to the required amount in each? Equal? Fill one then move on to the next?

Assume all other expenses are covered e.g. savings for Christmas spends, kids uniform.

200 for holidays and 100 for everything else

You need to work out the "cash flow" timings. I.e. if your holiday is 2 months away it's no use saving 1/12th per month. Allocate money where it's likely to be needed first so you can actually save the amount you need.

It’s entirely dependent on so many variables.
Having enough money to replace a boiler is more important than holidays or Botox, if you’re still saving the amount of a boiler it’s pretty reckless to put the same amount towards hair and Botox but not be able to cover relatively small emergency repairs on your home.

So the emergency fund pot already has money in it but not the 3-6 months salary recommended.

This year's holiday is paid for, we don't have one booked for next year - it'll be dependent on savings.

We have pots for everything like holidays which we pay into monthly ,Christmas , school meals , school extras , hobbies for DC , dentist ' car insurance , tax , etc etc food ,petrol !
As well as pm saving , stocks ISA and cash ISA and general savings. Each month every penny flies into a pot.
He pays more for some I pay more for others

Sensible advice: Fully fund your emergency fund first. Have 3 to 6 months of total household expenses. Only then save for fun stuff

Realistic advice: Save a couple of £k in the emergency fund before saving for anything else. Then save £250 a month into it untill it's fully funded. Priotise your wants more than you have done already. Is the house decorating more important than botox? Do you have to go on a holiday? You'll be saving forever and getting nowhere if you try to split the remaining £250 between all those things.

Yeah sorry I didn't realise you didn't have your emergency fund sorted - that has to be the priority.

Yes we already have loads of pots for all those things, this is purely for savings - one pot is a stocks and shares ISA and one a regular ISA but I'm interested to see how people would split the currently unallocated money.