To ask how much spare money you have a week and what do you spend it on?

[Gymsoundslikewine]

My finances need a makeover. Spending too much on crap and not saving enough.

I spend about £40-50 a week on unnecessary items, coffees, magazines, new clothes, make up etc.

So what's your spare money budget and what do you buy?

[justilou1]

Spare money??? WTAF is spare money???

[NerNerNerNerBATMAN]

DH and I have about £150 each per week spare. This is after saving over £1000 per month, all food and fuel.

It's only recently been like this. I had a significant pay rise at work after fully qualifying in my field. I wanted us to feel the benefit of having so much spare cash, as we've scrimped and saved for years.

I've replaced most of my wardrobe as I've had the same skanky underwear/poor quality clothes for donkeys years. I've invested in better quality clothes that hopefully will stand the test of time a bit. Nothing fancy.

I spend mine on hair cuts (£50 per month), clothes (£2/300 per month) and days out. I also save quite a bit in a separate savings account just for me. DH spends his on vinyl and hobbies, but in reality saves most of it.

It's been nice to have but it's time to reign it in now and save more.

I found that I was spending too much money on takeaway coffee, so I bought myself a coffee cup thermos for about £18 and treated myself to some nicer coffee which I now make at home and take with me. Has worked really well!

[SilverSpot]

Food, travel, eating out, drinks, clothes, stuff.

[reetgood]

Stop calling it ‘spare money’, that would be my first tip. Use a budget to help you keep track of the known unknowns - things for emergencies, annual bills, etc.

I disagree that setting a budget will make you spend to the limit. It really depends who you are. Setting zero would enable the scarcity/ failure response in me. So I budget according to reality rather than wishful thinking. Budgeting is telling your money that you have a purpose for it, not telling yourself to spend the money. For example, in work budgets I estimate how much travel will cost. Reducing the budget will not change the fact that travel costs money. Sometimes I can spend more, sometimes less. I need a plan for what will happen with the money, otherwise it’s quite possible to either spend the money twice in my head or to just fritter money.

I am a fritterer. I set myself a spending money budget of £150 a month. That has to cover coffees, lunches, socialising, hobbies (apart from fitness which I put in another category). If I want a night out, I have to balance that with less lunches out.

I use Ynab which is a zero based budget system to keep track of finances. It’s a subscription, I find the value I get goes beyond cost of subscription though (works out about £4 a month). Other budgeting systems are available. But basically, no money should be spare. It can only be spent once, so you need to give use it with intention.