How much "mad money" do you have?

[DecemberGoneWild]

Assuming that you are comfortable-ish. I know there are plenty of people who dont have anything. This is for people who are fortunate enough to have some.

By "mad money" I mean "pocket money" or "selfish money" ie money that is set aside for you to blow on whatever you like and doesn't have to be accounted for.

And what do you spend it on?

I get £400 a month. It's meant for haurcits, clothes, nights out etc but I currently fritter it away on crap and then have no money to buy things I need (I need new trainers but spent it all so am currently wearing trainers that are worn and give me blisters).

Sadly I also ran up £3000 on my credit card (mostly non-essentials) so most of my £400 going forward will have to go towards paying that off next year. So I'll still be (relatively) broke!

Please tell me more about manifesting!

Why is everyone being such a dick? Seriously, too many wines ladies??
The average credit card debt is about 2.5k so why are we all trying to pretend OP shouldn't dare do anything until all of hers is paid off?

I was looking forward to a thread about how people spend their pocket money but alas, as usual is decends into a 'how dare you not be perfect and have no debt and only spend on essentials' fest.

Anyhow, I have about 400 per month, it sounds like it should be plenty but depending on what's going on it can feel like it has to stretch sometimes. Holiday and savings funds separate.

🤣

If you dont pay off a credit card and it keeps running the banks class you as in persistent debt your also wasting hundreds a year furnishing that debt the fact many live beyond their means doesnt make it right or sensible.

I don't think that's always the case. I've always had some credit card debt as has my husband (manageable- repayments are £50 or so) and we both have excellent credit. The top score possible. I've know people to have very poor credit due to never borrowing and having little evidence of managing credit well.

But OP was just trying to start a fun thread about pocket money and you've all decended on her to lecture her about how dare she have debt.
Obviously no one would say it was right or sensible to run up debt but a huge percentage of the country have debt, it's a fact. No one should do a lot of things but we all do. It's sad how this place always turns into a lecture instead of a chat between women.

£300 each for me and DH. It's not that we have to use this money but for example I like to buy nice clothes and will usually buy a few things for a season that go together at the same time so maybe £1000 so I can do this maybe 3 times a year guilt free. DH never wants anything so he usually uses his to buy me presents or pay for my Botox because I spent all mine on clothes toiletries holidays etc and gifts are joint and don't come out of this money.

Is it lighthearted to encourage debt or to normalise spending to the point of getting into debt? When someone runs out of "mad" money doesnt know where it went and carries on spending something is wrong and its a fine line before it becomes as problem no matter how much spare you have.

I don't have mad money as such as I hate the idea of frittering for the sake of it. Some months I spend hardly anything. Some months I'll spend a lot depending what's going on. But always within my means (I'm very boring and debt terrifies me).

Meanwhile my husband is a fritterer. He has tried not to be but he's actually really unhappy if he can't fritter a bit here and there every day. He's shocked every month when it adds up to a lot. Then he might see me blowing a large sum on a trip to Paris for me and daughter and get all sad faced because he can't afford it.

We have semi separate finances because of our different spending habits.

You may be able to change your mindset and enjoy your 400 a month differently but it may be harder than you think if you're set in your ways.

I clearly said that's stopped and I'm addressing it. I only mentioned it to start with , because I was asking other people about their spending money.

I think we all know most unpayable debt is bad. No one on here has said otherwise.

Also, FYI I have an excellent credit rating because I pay my credit card each month and the debt is less than whatever % of the total amount I have access to is. That's one of the reasons I am taking strong action now though before it gets carried away.

I also have zero other debt (other than a shared mortgage) and I never use Klarna or any pay later options (apart from the cc obviously!).

£500 a month or so to spend on whatever.

Within reason, whatever I want. No debt. No mortgage.

It will be hard. I'm under no illusion it wont be. I'm hoping that seeing the cc come down will be the dopamine hit instead.

I'm also going to plan what I spend in advance eg rather than saying "I'll allocate some money to get cake", Im going to say "I will have £5 to spend on cake".

But despite paying your cc its now at £3000 and your having to take control of it...thats a problem overspend especially if you have nothing to show for it, people often try to say they dont have a problem to make it seem better you must have spent a lot more than your mad money to get this much on your card. I dont think its right for people to encourage anyone to crack on or to normalise it.

I'm not saying I dont have a problem. I clearly do. There is absolutely no reason for that debt other than my recklessness.

You might have some kind of point if OP was Martin Lewis giving out financial advice but she's not, she's some random lady asking other random ladies how much they spend on unnecessary things on a Friday night.
No one is encouraging anyone. OP has clearly said that's she's on a better path and paying down debt so why do you feel the need to turn it into telling off lecture?

I don't have mad money and don't fritter. However, nominally, I allow myself about £100pw which covers a couple of coffees (tenner), parking (tenner), couple of top up shops (£20), car valet once a month (£30), lunch with a friend, twice a month (£40), supper out with a friend or dd once a month (£80), drinks once a month (£30), cinema/theatre once a month (£60), trip up to London once a month (£16.00).

All nice to haves, all things that could be stopped, mostly, if necessary.

There's no shortage of money here but that's the limit I'd allow myself on incidental spending. Of course if a special dinner came up or a fab play, I'd spend but usually I don't spend all of the nominal £100 so there's always spare.

I take a flask and packed lunch on the days I work

I'm not saying I dont have a problem. I clearly do. There is absolutely no reason for that debt other than my recklessness.

ah who cares op?! I’d rather enjoy life and have a bit of debt (which is what you have, you’re not saying you owe everyone around you money!!) I’ve done years of living within means, cutting cloth etc- it’s a pretty miserable existence!! And thank you for this thread, new goal is to have this fun money, you’ve cheered me up tonight!!

Why not both? We have plenty of savings partly because we budget/restrict what we spend on unnecessary/fun things.

I think you went wrong calling it "mad money". Don't get all the hate.

DH and I are the same as you. We have £200 "pocket money" to spend on what we want to avoid moaning about buying lunch at work etc. Used to be £400 but then we had three kids 😅

Unfortunately its typical for addicts to seek validation and ressurance would you say to an alcholic one wont hurt? The op recognises she has a problem does she need someone to encourage it?

jannier

Thats a very extreme take imo! I’d think she’s been cornered into overanalysing and so damning herself- I personally wouldn’t see it to be in addict territory but I suppose everyone sees things differently

Shoving a top on a cc because it's pretty or getting a take away delivered c/o the cc because I cant be bothered to cook does not make me an addict.

I just need to be more conscious of what I am spending. It's a "oh I fancy a coffee" or "I cant be bothered" rather than "I need a buzz" eg buying lunches instead of bringing my own. I dont like going to the supermarket, I dont enjoy it so Im not getting a high from spending there.

I've been spending about £650 a month. A scary amount of that is on crap food eg buying work lumches take up aboit half my budget. Add in a £40 weekly Uber delivery and that leaves me with £40ish of my original £400 budget without anything else.

Add a hair cut (£50), a required replacement work bag (£70), concert tickets (£60), tea with friends (£30), a pair of required winter boots (£80), new shampoo/deodorant etc and a taxi ride and that's the extra £250 each momth of the banks money.

Obviously it's excessive because I've got into debt but it's not actually excessive dopamime chasing if you see what I mean? I'm not running into TK Maxx every day looking to buy anything I can.

It is this post that, above all, confirms you are addicted to spending what you cannot afford. You're a 'functioning' addict, but you're still excpulating yourself rather than admitting it.

Sorry, that should read exculpating.