How much pocket money do you give yourself each week?

[CosmicUnicorn]

Hi,
I’m conscious of frittering money away in the likes of a popular coffee shop. Not good for my bank balance or my waistline! I was thinking that I should give myself a set amount of money per week for a treat (once a week).
How much does everyone give themselves, if at all, for pocket money?

None is allocated specifically, I spend when I want but do not buy anything weekly as a treat. I try not to see spending money as a 'treat', it is a means to an end.

When I had a restricted budget, I would not have had any treats that cost much - so would have put time into other treats e.g. hot chocolate made at home must cost about 1/6 of what it costs in a cafe? I would have done that and counted the savings. I think being properly thrifty does require a mindset where saving becomes more pleasurable than spending?

My husband and I budget £25 per week each for work lunches/coffees (for worst case eg buying a stupid Pret sandwich lunch when caught short) and have £200 per month each for unconditional spending/fun money. I do aim to spend less than this though, as I appreciate it is a lot (to me).

The trick for us was to get into a saving mindset and also to get prepared - waking up slightly earlier to make a coffee for the journey into work, or preparing lunches the night before. Being prepared and investing a small amount of effort has really helped us fritter less money away on silly spends.

When in the office, we are also lucky to have access to a microwave, storage space for cereal etc and free milk/drinks which helps cut the costs of impulse purchases for breakfasts en route.

If it's a particular coffee shop OP, perhaps you could load cash onto a gift card (eg Starbucks, Pret etch, so you only spend the money on the card?

Costa

@CosmicUnicorn

Costa

Nice

You can buy a Costa gift card, and top it up (including online). Plus, if you do go regularly, join their Costa Club so you get your 8th drink "free" (this also works if you pay for the first 7 using their gift card apparently).

gifting.costa.co.uk

@SnoopsCaliforniaRoll
I’m in the Costa club and collect the beans. I usually get 8 beans a week!

@CosmicUnicorn

Costa

How much do you spend per year there?

No one can set the rules but you and every person is different, to me takeaway drinks seem a waste of money, to others they are not.

But once per week is presumably over £100/year, it just depends if you want to spend that amount or would rather save it, or use it for something else.

I think if I really enjoyed coffee out the best way to do it would be to put the current cost of your monthly habit into a bank account:

e.g let's say you have 1 per day, and it costs £2.75 then that's £82.50 per month.

Then every day you don't have one, that month builds up. So if you didn't have a single one all year, at the end of it you'd have £1,000 for a holiday or Christmas or whatever would make you happy. You need to get the benefit of stopping or there's no incentive to.

In reality, maybe you want one every other day - but even if you just cut your consumption by half, you'd still have £500 left at the end.

We give ourselves £200-250 each a month to do with what we want. This is for lunches (if we don’t take from home), clothes, days out, coffees, anything else we want etc. Don’t get me wrong we can take more out of savings if needed but we both tend to make it last.

My husband and I budget £25 per week each for work lunches/coffees (for worst case eg buying a stupid Pret sandwich lunch when caught short) and have £200 per month each for unconditional spending/fun money. I do aim to spend less than this though, as I appreciate it is a lot (to me). Too me this is also a lot, assuming standard rate taxpayer, it requires over £9k salary to cover that.

We both have £350 for individual spending each month but we typically save a lot of that on top of our other savings.

Fortunately both of us have similar financial traits so we do treat ourselves but don't see the monthly amount as a target.

Coffee shop drinks are such a waste of money. I only really buy them if I’m out with a friend or my partner and we stop for a break.
Certainly not a regular habit or treat.
Saying that I get either a takeaway ( could be chippy not expensive ones) or cheap pub meal out most weeks so I can’t talk

However I can afford it if. We have no children and I save and we overpay the mortgage I also have a pension. We have separate finances. So after bills and joint commitments etc my money is my own.

Life’s hard and if a treat gets you through and if you can afford it then do it. But maybe a set amount will help you to be more focused on what you spend.

Some of you have healthy allowances each month!

I allocate £120 to myself which has to cover hair, beauty, days out, nights out, clothes, everything personal to me.

I make lunch daily for work and never buy coffee on the run. The only time I drink a hot drink out is when I am eating out/specifically meeting a friend for coffee. I know this would be a miserable existence for some.

A lot of my colleagues buy breakfast, hot drinks and lunch daily. They must easily spend £200 to £300 each month. My workplace provide hot drinks so I take advantage of this.

8 a week!? Just do the maths. How much is this costing you and is it worth that to you?

Forgot to add I save £300 per month. I realise this is not life changing. It is an ongoing sacrifice as I am always budgeting and looking for cheaper versions of what I like (clothes, shoes) but the idea of having no access to money scares me.

@rrhuth

My husband and I budget £25 per week each for work lunches/coffees (for worst case eg buying a stupid Pret sandwich lunch when caught short) and have £200 per month each for unconditional spending/fun money. I do aim to spend less than this though, as I appreciate it is a lot (to me). Too me this is also a lot, assuming standard rate taxpayer, it requires over £9k salary to cover that.

Yes, it is a lot (particularly for lunches) but we do aim to take lunch in most days (made easier with WFH more often now). The spending money is for hobbies and days out (such as theatre tickets). We are lucky to have high incomes currently and are London-based which adds some weighting.

Think of a number, multiply it by 50 and then see if you can justify the annual spend from your budget.

If you are happy with that figure, we'll it's your money.

Although I've done it in the past, and justified it by saying I earn it, it's my money, I deserve a treat, I've realised that spending £1000 a year in a coffee shop is an indulgence.

I take my water bottle with me when I go out and make myself a nice coffee when I get home. For the cost of one coffee out, I can have five coffees at home.

@rrhuth

None is allocated specifically, I spend when I want but do not buy anything weekly as a treat. I try not to see spending money as a 'treat', it is a means to an end.

When I had a restricted budget, I would not have had any treats that cost much - so would have put time into other treats e.g. hot chocolate made at home must cost about 1/6 of what it costs in a cafe? I would have done that and counted the savings. I think being properly thrifty does require a mindset where saving becomes more pleasurable than spending?

I think this is a really good shift in mindset - not thinking of spending money / buying stuff as a treat.

I don’t need any at the moment, but when I worked in the office about £10 a week. Generally a hot chocolate from the canteen every day and a treat at lunchtime once a week.

I promise I don't work for Pret but their subscription is amazing value, if made the switch from Costa!

£20 a month for up to 5 coffees a day and first month free 😊

I got out of the habit of this at all. Bought a really good thermos thermal coffee cup, thermoking flask, and have the habit of taking hot drinks out with me. I give myself about £20-30 per month 'fun money' (YNAB term). Sometimes it's more or less.
If it's particularly coffee shops you want then if you check and use quidco every time you make an eligible online purchase , you can choose to have your cash back paid on a costa card.

What do you mean by "pocket money"?

I have a Costa on site where I work (hospital) hence why I go there. When I’m off my daughter likes there bacon buns and toasters so we usually go at the weekend too! I know it’s expensive and I do own a million thermos flasks. I must be strict!

@TowerOfGiraffes
I mean what money you allow yourself for personal spends/fun money like lunch out or cinema trip.

I bought a Tassimo machine and now buy the Costa pods and take to work in a thermos.Before this DH and I were buying 1-2 costas a day and spending £6 a day. Now we spend £6 a week between us on coffee, and we get to have a nice posh coffee at home!

Other than than I would say I don’t allocate myself pocket money each week. I get my haircut twice a year, we get a takeaway or eat out once a week / fortnight and I allow myself £100 a month for me spends like clothes, make up, beauty.