Wise mumsnetters, looking for your views on how to get the balance between saving and spending right...
Two late 30s working parents with decent incomes, two young kids in early stages of private primary school. Sizeable mortgage (for non Londoners!), and we run two cars. This combination means we have significant long term financial committments.
So, how do I get the right balance of spending v's saving in the short / medium term? I put money into both our pensions, ISAs and kids savings accounts every month and hold a smallish amount accessible.
I think we are a fairly frugal family - the Tesco bill is not cheap, but we don't often eat out, we go to the cinema once every 3 months (approx), don't buy a lot of clothes (and no designer stuff!) or other things, and have nice but not extravagant holidays twice a year.
How do you know if you've got the right balance between spending and saving? I could save less and increase the lifestyle spend, or could be more frugal and save more. But how do I know how much savings are enough?
Wise words appreciated :)
PS - I'm comfortable with my investment choices, the split between cash / stock, and have private medical cover, life cover etc in place.