I know this question is a bit 'how long is a piece of string', but having just done our annual accounts, i wondered if we should be looking to cut down our spending or not.Last tax year our total outgoings, absolutely everything included, was £32,000.
We are two adults and one pre-school child. We rent, which is £575 pcm. We have a car and pay for 15 hours nursery per week. Other major outgoings that are essential to us are tuition fees for one adult, which are £2000 per year, and travel (we go to countries in Europe once or twice a year but we stay with family there).
We are within our means, but I'm just wondering how it compares, really. Obviously it's possible to spend a lot more if you have a higher income, but does this sum seem more than the average? Ideally we would like to save more.