To ask if £150 disposable income a month means I'm skint

[MissJoeBlogs]

After all bills (including food) are paid for, I have £150 left for myself and 2 kids, this generally goes towards clothing, days out, birthday presents, etc. I'm grateful for what I have and I'm happy, but I have been watching repeats of Rich House/Poor House and the poor house had a similar amount of money left to me. Am I skint?

I e been close to there, I wouldn’t say skint if there’s money left after bills but money’s definitely tight

I don't think anyone can answer that for you.

Some people spend £150 on a pot of face cream without thinking, some people live on £20 a week.

I'd say skint is having absolutely nothing left after bills.

I mean, it's hardly rolling in it obviously, but I think if you can actually pay your bills you're ahead of a lot of people.

We have about that much, and we both work full time.

I personally would find that a bit too close to the wire for me. I have been there early in my career when I had more financial responsibilities than I do now and made a conscious decision to ‘chase the money’ in terms of jobs as a result.

I have about that much and I don't think I am skint. I can live a simple but enjoyable life on that. Have to make some compromises but can still do things I want to.

For me it depends on groceries. You said including food, do you eat well or is it beans on toast a lot, do you count toiletries and cleaning products etc in that... so many variables...

What do you earn?

I don’t think it’s a huge amount tbh

Not skint in the short term, but precarious in the long term. After haircuts, new clothes, new shoes, and any unexpected expenses, it doesn't leave much for fun money. And it certainly isn't enough to build up any savings.

Not skint, but it certainly leave much room for emergencies.

Do you manage to save anything? What happens if the car breaks down or the fridge breaks?

Do you manage to put aside savings for holiday, school uniform, emergency bills? If so then having £150 left is pretty good. Everything is so expensive now though, just getting a few ice creams can come to £20, I’m sure like anyone you would prefer a bit more spare cash.

If it is difficult to cover everything you need to cover then you are skint.

If you end up with some left over then you are not.

@GetUpAgain

For me it depends on groceries. You said including food, do you eat well or is it beans on toast a lot, do you count toiletries and cleaning products etc in that... so many variables...

Really interesting reading the replies :) I would say we eat well. I meal plan and use my slow cooker a lot, we have things like homemade casseroles, curries and pasta sauces which last us for 2 or 3 days so I don't always cook something different every night. Normal things like sarnies for lunch and cereal and toast for breakfast. Plenty of snacks and fruit for the kids. I budget £70 a week for food (this includes nappies, wipes and toiletries) but often it doesn't cost that much, I can get it down to £50-£60 if I need to.

That’s tight to me, but you need to consider the trade off. If you had to make changes to get another £150, what sacrifices would you make? Less time with your children? Move areas for lower rent? We’ve done bare bones tight (soup for dinner with pasta, meatless days etc) and spent a tenner between us weekly, but it wasn’t sustainable long term - it was a short term plan for our house deposit. At the time, £150 a month would have felt extravagant

On Rich House / Poor House their weekly budget has to cover food and I assume some bills as i've seen them go and top up electricity pre-payment keys using the funds. If you can live happily on that then great, but i guess it doesn't allow for many/any "luxuries" or provide you with an sort of security if you have unexpected bills to pay one month.

I'd agree it depends on food, if you count every penny while shopping, buy basics but no more, if the other money pays for a substantial phone bill and tv bill and your kids have hobbies it pays for etc ... I'm putting this badly but basically does the rest of your money mean frugal living or do you have a relatively luxurious lifestyle? Either way still not loads left over

I do put money in a savings account every month, but only a very small amount. When I have finished paying off debt in a year I will have about £350 disposable income pcm. I am a single parent and work part time currently

Do you save anything ?

I felt rich the day I realised I no longer knew exactly how many coppers had fallen down the couch....and poor drinking champagne in a stately castle. Wealth is subjective.

X post , I think as long as you manage to save something then it’s not too bad . You sound very organised to me .

I'm grateful for what I have and I'm happy
I hope this doesn't sound condescending, but that attitude makes you richer than most.

You can be financially rich and very unhappy, jealous of others' success, always wanting more, etc.

I have no dependents and live with my partner and I would be concerned if that's all I had to be honest. So yes, to me it would be skint! I am not a high earner by any means just I would be worrie - but would make it work

@MissJoeBlogs

I do put money in a savings account every month, but only a very small amount. When I have finished paying off debt in a year I will have about £350 disposable income pcm. I am a single parent and work part time currently

See, I don't think that's so bad. Once the debt is paid, £350 a month spare is pretty good going!

Thanks for the replies :) I must admit, I feel lucky to be paying off the debt and having less whilst my DC are young (5 and 1) to them, a trip to the bakery for a gingerbread man and playing in the park is an amazing day out!

It basically means no/very little trears/frivolous spending. Depends on your definition of skint, but it's not a life I'd envy.