To think that £500 is substantial to most people? Or is it just a drop in the ocean these days?

[ThisCheekyLemur]

It seems like in some circles, £500 can be a lot of money but in others, it’s just pocket change. Curious to hear other people’s thoughts on this - whether it feels like a significant amount or if it’s really not that much anymore, especially with rising living costs and other factors.

What do you think?

Obviously it’s not nothing but it’s also not a huge amount relative to the our monthly outgoings.

If there's anyone who thinks £500 is nothing...I'll have it!

It’s a lot of money to me. More because of what I could do with. If I got an extra £500 a month in my salary it would make a big difference.

It’s a lot of money to me. Not because if I had to spend it I’d not have it to spend. But because it’s a lot of money - a months food shop for a family of 4 is not an inconsequential amount of cash.

I would be happy to get £500 but it is not life changing. If that fell into my hands it would pay for a few family days out or maybe a splurge on new tech.

Drop in the ocean to me

Depends to an extent on what it's for.

I've got £500. The money is there in my savings account, I'd miss no meals or bills by spending it. But it would feel different for something that usually costs more than for something that usually costs less.

Either way, it's a significant enough expense that I'd think about it. But not so significant that I don't spent that amount and more a few times a year for various things.

Like another pp, I'd also regard it as significant if I happened to come into £500 too!

I don’t really see it as a significant amount, we could spend that on something and not really notice. It’s also a lot less than our mortgage, childcare and bills, and less than each of our spending money each month.

10 years ago a £500 unexpected spend would have been a big concern, we’d have had to borrow it from somewhere, nowadays it would be an annoyance only. Not because of cost of living or inflation or anything else, but the fact we are much more financially comfortable these days.

@ThisCheekyLemur

are you coming back?

In relation to what?

If I had to replace the washing machine, not a big deal. But I wouldn't spend that much on a night hotel accommodation. So it just depends whether it's worth it to me or not.

Neither really, would depend entirely what it was for surely

It’s more than 1/4 of my monthly income. I don’t have a spare £500 on top of the basics. I work full time.

I’d be very annoyed if I dropped it in the street, someone didn’t pay a loan of that amount back to me or I was fined that amount. I’d be pleased if I won it too! It wouldn’t impact my life in any way if given it but I’d still be grateful.

It really does depend on context as well as earnings/wealth. Would I think £500 for a two-night school trip to Paris for one of my kids was easily affordable for us and spend it without much thought? Yes. Would I go and spend £500 on eg just a pair of jeans or a dress? No because to me that’s not a good use of money even though technically I could afford it.

Annoying but manageable expense here. A new shower, getting the car through MOT, a holiday. Things have gone up over the years but we are managing. I know we are luckier than many / worse off than some.
Inequalirty will get worse under Trump. People need to stop voting for right wing parties if they want things to change for the better.

500 is more like 200 was about 2 years ago- feel like the average ammount for a simple car repair or unexpected cost.

not life changing

I could spend it without giving it a second's thought - but still I would think it's much too much to spend on a handbag/shoes/perfume/bunch of bananas. So yes, context is important.

I’d be very happy to be given £500 for frivolous spending…

… but compared to my monthly outgoings, it’s a small amount. Two and a half days of childcare, or 5 days of mortgage repayments.

You're basically asking people how much they earn and whether they have assets and savings, and the inflationary effect on currency in their country. That gives you people's perception of £500.

It's a huge amount of money for me and if I had an extra £500 in the bank it would make my life a lot easier for a while.

Holy crap your expenses are high!!

Completely pointless question.

It's relative to income, outgoings and savings.

And £500 for what? A bottle of wine? Extortionate? An engagement ring? Inexpensive. A holiday? Depends where to and for how long.

If I received an unexpected £500, it would be nice it would be nice but wouldn't change my life. I'd be a bit pissed off if I lost £500 but I wouldn't be destitute.

It obviously depends on your finances first. It will feel differently to a disabled person living off benefits only , to a working class couple, to a middle class couple, to a banker that gets bonuses in the millions, to King Charles. It’s all relative.

Context is also important, are you spending it or receiving it? If you’re spending , is it a one off necessary purchase, several fun purchases, a holiday, or a dress? Was saving for it necessary?

I’d spend £500 on a weekend away/mini break. I would never spend £500 on a dress.

It's a lot, more than I have left over after bills/rent each month, so that includes food and anything not a regular bill.
An unexpected £500 bill would have me screwed!
Trying to better myself financially but it's not easy!

This I guess.
It is a lot of money. A whole months food, a weekend away.
We are lucky though that we can afford that amount if we need to.