Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Original poster

Realistic weekly budget for spending.

15 replies

Blankscreen · 13/04/2018 12:42

We are in the process of trying to clear off debts following a rather large over spend on our house renovation.

Looking at a lot of threads on here we need to set a budget but dh and I can't agree what is realistic. We seem to haemorrhage money and have norhing to show for it.

I have suggested to dh that we withdraw £120 a week for spends and see how we go. He thinks this isn't enough.

This is just money to enjoy and it's not for petrol or food shopping just money to spend on doing stuff/pottering around doing stuff with the kids.

I know ome people have nothing left and this isn't a stealth boast.

There is me dh and 2 dc- 7 and 4.

Is it realistic?

OP posts:
1AngelicFruitCake · 13/04/2018 13:51

Will it include birthday presents,new clothes, paying for clubs etc?
If it's just £120 for all of you for free spending then it depends on how often you go out socially but £60 each is more than lots of people would have and (without meaning to sound rude) you haven't actually got £120 per week, you're spending money when you have other debts. I'd say £120 is the limit but try and save what you can.

Original poster
Blankscreen · 13/04/2018 16:32

Yeah it's not for clothes or clubs literally just if we fancy a takeaway or going to sofffplay with the kids or similar.

We'll be paying about £1200 a month off the debt but I feel like we need to live a bit too.

OP posts:
Makingworkwork · 13/04/2018 16:38

Sounds like loads.

AdoraBell · 13/04/2018 16:40

Try it and see if it works. If it does then stick to it, or increase it if needed.

charityhallet · 13/04/2018 16:46

During the school term I budget £20 a week for my spends. Everything else is paid for - school dinners/school milk/clubs/birthday presents/clothes etc - this is just for coffees/soft play/£1 to give to the kids for charity bucket etc. Sometimes it's enough, sometimes it's not. During the holidays, my budget is £20 a day (so I save for this in non holiday months if you see what I mean) - some days out might cost £80 for entrance and food and ice creams but some days we have friends over and buy a pack of biscuits and spend no other money so it all evens out.

charityhallet · 13/04/2018 16:46

£120 sounds like loads to me!

BarbaraofSevillle · 14/04/2018 05:09

It sounds like quite a lot if you are in debt. But it could also easily be 'not enough' if you do things like buy lunch at work, visit coffee shops, get takeaways, pay to get in attractions and buy food while you are there etc etc.

Whether the £120 is realistic or not depends entirely on your income, outgoings, whether it is truly disposable, ie is it after allowing for all annual and unexpected expenses, including pensions etc, how long it is going to take to pay the debt off and how much it is costing you.

If you need to restrict your spending to be able to pay the debt off, you might need to cut down on these sorts of spends and seek cheaper alternatives like packed lunches, picnics and supermarket pizza or curry deals etc at least some of the time.

Some reading between the lines here, but also have a think about whether this £120 is a good use of money. You say you haemorrhage money with nothing to show for it, and are possibly spending £500 pm or six grand a year on 'not very much' and your DH wants to spend more than this. If a large proportion of that is food and drink outside the house that is sometimes not as nice as what you would make at home and vastly more expensive, it's a prime candidate to cut down a bit and have the money available for something that is more worthwhile.

Homemadehopeful · 14/04/2018 08:53

We have done similar very recently and £60 per week is what we have allowed ourselves. This is purely for us, anything related to the children comes out of the house money. However this has to cover all our personal spending so clothes, hair cuts, coffees, all socialising, take aways, meals out etc etc. I have found it harder than I thought. It is easy until something comes up like a friend's hen do which includes an overnight stay at the end of the month or an invitation for dinner out.

DH does a lot of sporting events (running and cycling) so he has decided to have £50 a week to effectively save £10 per week to cover this. A friend was visiting her parents locally this week so DD and I met her and her DD for dinner after work - £40. It's DH birthday on Monday so we are going for a curry with friends this eve - it is amazing how quickly it all adds up.

I have thought many times over the last few weeks "why am I imposing this" as there is more disposable income available but essentially I also felt like we were haemorrhaging money (the exact word I used with DH), have a high household income and I wanted more to show for it in terms of savings etc.

My sister doesn't think we'll be able to stick to it (she is a nurse) my friend thinks it is tight but that we will stick to it (she is a teacher) and my Mum also thinks it will be tight but doable. None of the above are loaded, though all are probably 'comfortably off'

I agree with BarbaraofSeville coffees, lunch at work etc all add up quickly. I have another friend who buys on average 12 take away coffees per week, roughly half of my allotted £60 just on that!

Sorry I am waffling but have had this conversation so much recently. Basically you need to retrain your brain, stop and actually think about it every time you are about to spend money, be strict with yourself whilst also balancing this against "living a bit" too.
Good luck!

MessySurfaces · 14/04/2018 11:17

Our belts are very tight at the moment, and I'm down from about 80 per week spending money to now being on about 80-100 per month. It took several months of edging down, and I did no-spend-January very strictly, which recalibrated me totally, and it feels easier since. And I hope it's not forever.
YNAB also helps (you need a budget- a piece of software) as it makes it very tangible that you can choose to do something more worthwhile with money than coffees and soft play!
You can do it!

TalkinPeece · 14/04/2018 18:26

On the spreadsheets thread on this board, I have recently tidied up the Budgeting spreadsheet
download it and play

you are looking at your money the wrong way around by the way

luxuries money is however much you have left AFTER paying for essentials

you do not decide on the luxuries and then make the essentials fit

well not unless you want to stay in debt for ever

mdizzy · 19/04/2018 11:16

Charityhallet that is such a good idea, I will definitely be trying this coz I always fall short during the holidays

CurlyRover · 24/04/2018 09:10

We each have £150 per month to spend and very rarely spend it all.

£120 a week sounds loads!

Jackyjill6 · 24/04/2018 15:20

Why does your DH think it's not enough?

twinkledag · 28/04/2018 17:47

I've just started this too. We've gone for £100 a week between me, DH & DS.

Anything leftover I plan to put to one side and save/throw at debt.

This week we will manage this comfortably (only soft play and a couple of coffees have been brought) and we have brought in lunch from home every day.

Next week we have I have a meal out with friends then the 3 of us have lunch out with friends so it will be tight!

KitKat1985 · 02/05/2018 16:40

£120 a month just for fun stuff is loads in my opinion.

New posts on this thread. Refresh page