How much would you put into savings with this monthly income?

[Booooot]

In a Great position after years of hardship of selling a property which means we will be mortgage free, debt free and have 50k to go straight into savings. Our combined monthly income is going to be 5000, our outgoings around 900.

I’m a “can’t take it with you! Might as well enjoy it!” Kind of person while my husband is a “No we must be sensible and not spend anything and save it all.” Kind of person. I want to meet in the middle somewhere.

what would you do?

This is exactly why finance needs to be taught at school/ during childhood. I'd be so embarrassed if my 19 and 17 year old sons didn't understand their annual spends and the need to include them in your monthly budget. At 29 years old, a mother and trainee nurse, I'm shocked at your lack of financial understanding.

that's a bit harsh!

Where are you if you’re hardly there? Don’t you take packed lunches to work & school? If not, have you included lunch costs? You must be living super frugally so you can eat better now if you want to.

Where do you think we are? At work! We leave the house at 6:30am and get home at 6:30pm.

But what people are saying is work out what that "nice life" you want is going to cost, on average, across a year. (Most of) The rest can go into long term savings. The stuff that is left, you keep a thousand (probably a bit a lot more) as cash for spending that month, and the balance going into an easy access saving account for expensive months e.g paying for a summer holiday.
You can't know what can go into long term savings like pensions and isas without knowing how much you spend.

It’s ok I’ve already seen conflicting replies from you on this 😂 on one you said you don’t eat at work and another you get you get fed so I’m not gonna bother replying further.
£900 which includes childcare for 2 children for 6am - 7pm and all food and household bills for a family of 4 :/

This is a good way of putting it.

And that requires you to account for things like haircuts, Christmas, clothes, kids shoes etc. Work out roughly what you spend on that across the year- doesn't have to be really accurate, just broad brush. Then divide that up by 12 and take it away from your monthly budget. That way you know what you genuinely have spare and only then can you have a sensible discussion about how much to save and how much to have as quality of life money.

It would also enable you to make your days out money go further too, if you know what the budget is. You can think about things like annual passes.

Id probably also make sure you do stick at nursing as on another thread you were saying how much you hated it and were considering leaving as you’re so stressed your hair is falling out.
You’ll need more savings than 1k a month if you’re going to quit / do yet another degree and therefore be unemployed for longer.

£900 which includes childcare for 2 children for 6am - 7pm and all food and household bills for a family of 4 :/

it's a bit unbelievable tbf

If you actually did read the thread you’d see that our childcare costs are covered so aren’t part of our monthly expenditure.

How the heck does 12 hours per day childcare for two very young children, with all 3 meals covered, included in the £900?

Also, your children are only that age once... I'd seriously consider going part-time if you can afford it. You must barely see them awake and they'll hardly know you!

Read the thread.

Ok, sorry, just read your last post, but that begs the question, who is covering what must be astronomical childcare fees?

i want to know how to access this cheap childcare?! 😆

To convince your husband to spend the 'spare' money then you need to know what is actually spare and show him that all the regular stuff is covered.

That's one of the reasons I started YNAB is that I'm unbearably right as was always saving for annual and just in case spends but without a clue what they were.

Now I can clearly show I have covered all the essentials including all the cars (currently over 2k on fucking repairs / service / tyres this year!!!) / Christmas / insurance.

Then I am happy spending the 'spare' on fun stuff eg holidays / decent quality stuff for the house / meals out etc.

Here's our budget for March based on 4.4k total income - this is pretty realistic as I've been doing this for nearly a year. Kids are 10 and 8.

Look at how much is 'assigned' to 'spending savings' pots compared to how much is actually 'saving' to increase our net worth.

This "allows" me to spend £300 on fun stuff without feeling guilty. Without this I'd feel pressure to save it just in case to cover all the monthly 'bump' spends that inevitably happen.

Remember you won’t be getting free school meals as the children get older and you earn £5k.

you sound like you aren’t keen to take some of the advice given here. There theme has been pensions, a good amount of saving and the rest to enjoy but you have been in debt before so I would suggest an IFA is a wise idea to discuss this with a professional.

I’m the weirdo but 5 days ago you applied for a mortgage and were worried about not being accepted.

Where do you think we are? At work! We leave the house at 6:30am and get home at 6:30pm

"I work part time but I’m doing a nursing degree as well so I am full time, just not being paid full time"

So are you not out of the house 12 hours a day some days? and you get fed at work & training?

I have taken advice on pensions and savings pots.

Don't think it's a lack of understanding. Just different ways if doing it. Op has the essentials covered and plenty left to pay Christmas with just one months money.

I prefer a monthly budget myself not a yearly one.

It's not just cheap, it's free apparently, including the meals! I've given the benefit of the doubt, but this thread is very likely complete b/s. Come on OP, if you're going to make stuff up, at least make it about a more sexy topic than budgeting!

Has I’ve ALREADY said. Our childcare costs are covered by STUDENT FINANCE.