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Original poster

Critique my £500 a month pocket money

93 replies

Notradespeopleareavailable · 08/08/2021 13:10

I'm working on household budgets and figure after all my essential expenses, savings and re-occurring bills, I have £500 left to fritter on fripperies each month.

This money will be used for:
Clothes
Beauty treatments
Books
Hobbies
Presents and gifts
Biggies such as holidays and days out.

Does £500 seem a lot for 1 person to spend each month?

OP posts:
NotRainingToday · 08/08/2021 13:12

Yes, it's loads. I would save some (most) rather than frittering it on fripperies.

CanIHaveAHolidayPlease · 08/08/2021 13:14

I would say that's a lot but I'm used to having a lot less to live off.

Maybe take £250 and chuck the other £250 in a savings account. That'd work for me but it all depends on what type of lifestyle you lead.

UserStillatLarge · 08/08/2021 13:15

If you can afford to pay everything essential and want to spend £500, then, no it's not too much. Are you paying enough into savings/pensions/insurances etc?

It sounds a lot to me but you might have expensive hobbies or go on lots of holidays or days out, for example.
Other people will have more expensive lifestyles and think it's nothing.

HumdrumGuga · 08/08/2021 13:15

How much savings are you putting aside? I'd save £300 a month for hols etc and spend the rest.

FallingStar21 · 08/08/2021 13:16

"Critique my £500 a month pocket money" Biscuit

SweatyBetty20 · 08/08/2021 13:17

It depends whether it’s just for you, or you and the kids, and whether Xmas and holidays for the family come out of that (if you have one). I have a Food/Fuel/Fun account that I use for day to day stuff, and separate Monzo accounts for holidays, presents, home and garden etc. If it covers all that, then no, I don’t think it’s excessive.

AnotherOne4 · 08/08/2021 13:17

How old are? It does seem rather alot. I'd definitely think about saving at least half of that.

Comedycook · 08/08/2021 13:18

Well it's not enough to eat out every night, go away to Paris every weekend and jet off to Barbados several times a year but you'll be able to manage I'm sure.

CanIHaveAHolidayPlease · 08/08/2021 13:18

@FallingStar21

"Critique my £500 a month pocket money" Biscuit
GrinGrinGrin
senua · 08/08/2021 13:20

Does £500 seem a lot for 1 person to spend each month?
And how long is a piece of string?

NuffSaidSam · 08/08/2021 13:21

I wouldn't 'fritter' any money tbh.

I'd buy what I wanted/needed and save the rest.

I wouldn't approach it like you've got to fritter away £500 a month that seems silly to me. Don't treat it like it's burning a whole in your pocket.

How much you spend on 'extras' will depend on you budget. If £500 works for you, then it's fine.

Just spend it on stuff you actually want or need.

namechange30455 · 08/08/2021 13:25

I'd budget for all those things individually and annually tbh - otherwise you'll find yourself short in August (or whenever you go on holiday!) and December!

I would feasibly spend £4-5k on all these things throughout the year some years, so nearly your £6k, but about £3k of that would be on holidays and days out.

Floralnomad · 08/08/2021 13:25

Does anyone actually set aside an amount of money to spend ? Surely most people get paid , put aside any savings , pay any bills and then whatever is left you spend from if you need something / go shopping . I don’t think I’ve ever looked at my account and thought I’ve got 500/800/1000 to spend this month on ‘fripperies’ .

AnotherOne4 · 08/08/2021 13:30

@Floralnomad

Does anyone actually set aside an amount of money to spend ? Surely most people get paid , put aside any savings , pay any bills and then whatever is left you spend from if you need something / go shopping . I don’t think I’ve ever looked at my account and thought I’ve got 500/800/1000 to spend this month on ‘fripperies’ .
Good point! If we all took OP's approach then I've got a few grand to go out and spend and have a jolly good time on. Grin
DurhamDurham · 08/08/2021 13:31

I mean I wouldn't actively try to spend the whole amount each month. Surely just recognise that you're fortunate that you have it and use it as you see fit but I wouldn't be worrying about totting up your receipts to ensure you've spent £500, that's just wasteful Confused

NotMyCat · 08/08/2021 13:32

It'll be fine!
After paying my bills I have £400 left - that's for food, petrol, e cig, cat food/litter, and clothes

NuffSaidSam · 08/08/2021 13:32

'Does anyone actually set aside an amount of money to spend ?'

I think lots of people have a budget, yes.

It's a luxury to not need one.

burritofan · 08/08/2021 13:34

"Critique my £500 a month pocket money" Biscuit
Imagine the number of biscuits you could get for £500!

Anyway OP, that’s an insane amount of money for most people. I’m on another few threads about climate change atm – one critique I’d have for your budget is that you don’t need new clothes/beauty treatments/gifts/STUFF every month, especially not £500 worth.

Peanutsandchilli · 08/08/2021 14:03

Clothes, beauty treatments, books and hobbies come to about £500 per year for me (if that, I don't actually do beauty treatments, books or hobbies at all), so yeah, it seems a huge, unnecessary, amount.

grapewine · 08/08/2021 14:07

It's a lot of money, OP. Presume you don't have to spend it all each month. Just be thankful it's there, I guess.

MiaRoma · 08/08/2021 14:22

Is the £500 spare even though you've paid into your pension, ensured you have 6 months salary in easy access savings and saved a chunk in a monthly save/ISA?

If so , then do what you like with it

I'd give some to charity each month.

Chihuahuacat · 08/08/2021 14:34

It’s fine - I have about £300 a month but not including holidays.

I’d put the holidays into a separate budget - as they need to be saved for longer, so maybe do £300 for you, £200 for holidays.

£300 a month for me is fine but also can go quickly if you’re not careful - a typical month might be:

Work night out - £60
Dinner and drinks with friends - £70
Dinner with husband - £50 (he’ll pay for his half).
Beauty (eyebrows / lip wax) - £20
Contact lenses £25 (high prescription)
Gym membership £30
Misc travel expenses £80
(Above is £335 but you get the idea!)

Bryonyshcmyony · 08/08/2021 14:36

Buy a horse. 500 a month will seem like fuck all.

HermioneWeasley · 08/08/2021 14:38

It depends - is your pensions maxed out, do you have savings, are you still paying a mortgage?

If so, it’s a ridiculous amount to spend. If they’re all good, spend away

DiscoDown21 · 08/08/2021 15:03

Op I have similar spare after bills and saving around 30 percent of my wage. I also have a work pension. I live with my partner we have no kids and a mortgaged house which we overpay monthly.

I’m not on a high wage (24k) but we live comfortably thanks to a small mortgage. I don’t necessarily spend it all but some things I may use it for: days out, towards holidays, social meals/drinks with friends or family, the odd takeaway, gigs, haircuts, clothes and toiletries, gift buying. I’m not materialistic or high end but I and don’t buy lots of things but after being skint and in debt ten years ago I like having the money available if I need it. Whatever is left which can be £250 if a low spend month, is saved.