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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:
OldTinHat · 09/08/2021 07:20

£500 a month is all I have to live off, all bills, food, petrol...everything.

Notradespeopleareavailable · 09/08/2021 12:16

@OldTinHat

£500 a month is all I have to live off, all bills, food, petrol...everything.
That must be really hard and neatly puts into perspective how fortunate I am that I can afford the same amount just for icing on the cake.
OP posts:
Plumtree391 · 09/08/2021 15:21

@OldTinHat

£500 a month is all I have to live off, all bills, food, petrol...everything.
That's unfortunate but well done for being able to manage on it. However that has nothing to do with the op, we are not in competition and just work with the circumstances we have.
NoBetterthanSheShouldBe · 09/08/2021 15:30

I may budget that much for personal spending, but it includes (non-work) travel and going out - whether coffee or a meal & theatre. If you aren’t including those I certainly don’t spend £500 most months.

Notradespeopleareavailable · 09/08/2021 16:05

This thread is a real eye-opener for me. I have limited myself to £500 a month on fripperies because I'm trying to cut down my spend on non-essentials. I have too many clothes and things, which are filling up the home, so I can't afford to keep shopping the way I am.

I would also like to save some more money for one-offs like holidays and weekends away (having had 2 years without mainly due to Covid).

Shopping is a distraction and something I'm aware I do to alleviate boredom, stress and to satisfy a craving for something new to be delivered to the home. Fortunately my partner is so much unlike me in this respect (and so he can manage his life quite happily on a lot less money).

OP posts:
Plumtree391 · 09/08/2021 16:23

I get you, Nottradespeople. Spending certainly is a diversion.

However I do think you are managing quite well so don't worry about it. I expect you are generous too.

Wroxie · 09/08/2021 16:29

I absolutely do not begrudge myself anything and I would struggle to spend that much. Save it and you've got an amazing five-star holiday this time next year.

PrimeraVez · 09/08/2021 16:31

We have a separate allocation for travel/holidays, birthdays/Christmas etc so our money for ‘fripperies’ is purely for that.

DH and I each give ourselves ~£400 a month and I always seem to spend mine each month, although admittedly on crap that I could cut back on if needed - manicures, coffees, books, lunch from the canteen at work etc.

It’s only around 5% of my take home salary each month though so I feel comfortable blowing it. I guess as long as everything else is covered, including savings, why not? You can’t take it with you!

JaninaDuszejko · 09/08/2021 17:45

Save it and you've got an amazing five-star holiday this time next year.

Depends how many people in your family surely. We spend £5K on self catering in Florence in Oct 2019. Fabulous holiday in a beautiful and large airbnb flat in a central and historic location and we went to lots of art galleries and ate lunch out every day so weren't exactly roughing it but not most peoples idea of 'five star'. 3DC and flights from a regional airport in the school holidays means expensive holidays.

Diddumz · 09/08/2021 17:46

BiscuitBiscuitBiscuitBiscuitBiscuitBiscuitBiscuitBiscuitBiscuitBiscuitBiscuitBiscuitBiscuitBiscuitBiscuit

Notradespeopleareavailable · 09/08/2021 17:47

@PrimeraVez

We have a separate allocation for travel/holidays, birthdays/Christmas etc so our money for ‘fripperies’ is purely for that.

DH and I each give ourselves ~£400 a month and I always seem to spend mine each month, although admittedly on crap that I could cut back on if needed - manicures, coffees, books, lunch from the canteen at work etc.

It’s only around 5% of my take home salary each month though so I feel comfortable blowing it. I guess as long as everything else is covered, including savings, why not? You can’t take it with you!

Wow, you must have a formidable take-home salary there, good for you. I would carry on spending your £400 on 'crap' if you enjoy these. I certainly also love manicures, coffees and books!
OP posts:
bouncydog · 10/08/2021 07:15

Set aside enough to cover hair cuts/colour, nails, facial etc each month and then you’ll see what you actually have left. Usually you would look at last 12 months bank statements and analyse it, but with COVID won’t be realistic. I would save as much of that as possible and only spend what you need to. Life can change in an instant so always need as much back up funds as possible. Not to a miserly extent - you still have to have treats. Take a look at moneysavingexpert expert for a real eye opener on what a years coffees cost!

PegasusReturns · 10/08/2021 07:22

I’m not sure I’d count holidays, clothes and presents as “fripperies” and regardless it seems odd to account for a sum of money to be used for the sake of it.

PostMenWithACat · 10/08/2021 07:41

£200 into an account for Xmas/big treats
£ 80 hairdressers
£ 25 cosmetics
£ 45 Sainsbury gift card (Jan shopping after Xmas
£100 clothes (this winter I need a new bag, coat and winter boots)
£50 theatre/concert tickets

That's £500 and I allow myself £100pw for out of pocket spends: parking, coffees, book, occasional lunch out, drinks with friends (during Covid there have been weeks when I have not touched this but when I am not wfh it all goes)

Pensioned to the max; mortgage paid, save at least two thirds of my salary. However, if I rewind the clock 25 years when we had small children, I used to try to keep my out of pocket expenses, including birthday cards, etc, to £5pw and had my hair cut and coloured twice a year. In those days my winter wardrobe was a pair of leggings and a couple of long jumpers.

Notradespeopleareavailable · 10/08/2021 07:42

More food for thought. Can I ask you what would be your priority frippery spending in a month in descending order? Mine would be -

Hobbies
Clothes
Beauty treatments
Holidays
Presents
AOB odds and sods.

OP posts:
Bryonyshcmyony · 10/08/2021 07:43

Clothes aren't really fripperies

Notradespeopleareavailable · 10/08/2021 07:47

@Bryonyshcmyony

Clothes aren't really fripperies
Probably not for a lot of people but I do have a weakness for brand new clothes unfortunately, and higher end cost of the high street. I also make a lot of my own things too which has helped reduce the amount I spend, hence one of my hobbies.
OP posts:
Winemewhynot · 10/08/2021 07:54

I spend a similar amount, we call it knocking about money Grin mostly spent on clothes, love to keep up with the latest trends, I like to regularly try new make up and beauty products so a chunk goes on that. I like to buy my toddler new toys and books and clothes weekly. We order lunch in at work so some on that. It all adds up 😂

Winemewhynot · 10/08/2021 07:55

Holidays and days out nights away etc comes out of a different pot.

sandgrown · 10/08/2021 08:03

@PrimeraVez . Wow that’s a serious salary . I guess you can well afford to spend on yourself . Enjoy . I am very envious of all these people with so much spare income . I left DP last year and DS and I had to start again furnishing another house. I hope in a few years we will have money to “waste” on ourselves.

Feelingmardy · 10/08/2021 08:15

I think it's loads but I just totted up what I spent this month:

Tea and scone with friends: £6
Night out with work friends: £60
Shoes: £8 (sale bargain)
Mc Flurry (£1)
Stuff for the house (£7)
Book (£4)
Cards (£3)
Present (£25)
Bras (£20)

£134 I think. Some months I will spend more - clothes or hair cuts. I don't have the expensive nights out some people obviously do (the £60 night out was much more than I normally spend in a night out). But I think I probably spend around £300 a month on average. You certainly won't struggle but as you're obviously pretty well off, if you're already saving £750, maybe there is no need to restrict your spending beyond the £500 a month?

BarbaraofSeville · 10/08/2021 08:20

Clothes are fripperies for adults who have a reasonable selection of clothes that fit, are in good condition and are suitable for the circumstances that we find ourselves in, which is a position that most of us are probably in.

I think we're just using fripperies as shorthand for anything that's non essential and I don't think the OP is talking about spending her £500 every month, more about separating this money out as an affordable amount she can spend without worrying that she's not saving for essentials.

If it's not spent, it can roll over until it's needed. Some time in the future she might decide to buy an expensive piece of hobby equipment, or a good coat and boots for winter or something else where £500 might not be enough. And because she'll have a pot of money available, it will allay the 'can I afford this' worry. If you want something expensive and have a pot of money available, you can afford it.

We pay for joint holidays and meals out from the joint pot, and anything we do ourselves/with friends out of our own spending money. Presents for family come out of joint money, but we don't buy much, we don't really exchange significant gifts with anyone.

My money goes on posh gin, lunches out, kindle books, odd spa day just to sit in the hot tubs mainly, occasional diving trip away or diving kit, some clothes, but not many, I have far too many because I never throw anything away. I don't spend anything on hair, make up or treatments.

HandScreen · 10/08/2021 08:22

Seems fine to me, OP

TalkingOutYerArse · 10/08/2021 08:26

Couple of hundred a month in a trip/holiday account seems the most sensible option.

Plumtree391 · 10/08/2021 12:49

[quote sandgrown]@PrimeraVez . Wow that’s a serious salary . I guess you can well afford to spend on yourself . Enjoy . I am very envious of all these people with so much spare income . I left DP last year and DS and I had to start again furnishing another house. I hope in a few years we will have money to “waste” on ourselves.[/quote]
You will. Finances generally improve as one gets older.