I'm aware how this thread will sound. Please don't come for me too hard.
For background, my parents are very well off. They had their own business and they own multiple rental properties. The attitude towards money when I was younger was "spend it because it comes back to you", there was never any discussion of a budget - food shops would regularly be £300+ a month.
I'm now 25, and I want to sort my life out. I'm still living at home, because I'm studying and training, but I do obviously want to move out before I'm 30.
My parents refuse to accept money off me. In any capacity. I have argued this with them for the last 7 years since I started at university and their attitude is very much against taking any money from us.
I'm aware that I have done thing wrong - I finish university in 2022 and starting working full time about two years ago. My attitude was very much the same "spend it, it'll come back".
Obviously I'm now realising that's not acceptable and I need to change my attitude to money.
My monthly income is £1,390.01 (the penny makes all the difference) - I'm on a four day week to study, this is non negotiable.
My outgoings are as follows:
£150 medication - non negotiable. Private prescription and I won't be giving this up.
£65 university fees - to top up what isn't covered by my student loan
£65 phone contract - was £50 last year when I took it out, its increased and increased. Got a year left on this.
£27 gym - non negotiable for my mental health
£25 contact lenses
£25 into my stocks and shares ISA
£25 to my 0% interest credit card - this doesn't have a massive amount on it and is just set up to clear it.
Minus the medication my outgoings come to around £250, with the medication it's £400
My thinking for the rest of my budget is as follows, working on £900 left (just to leave a small buffer)
£150 transport - train to and from work
£250 into my LISA
Increasing S&S contribution to £100 a month
Contribution to my private pension - £75 a month? I already do the employer contribution which comes to £100 ish per month
That leaves around £300 a month for things like food, spending, etc etc.
I'm also going to challenge myself to a "no buy" rest of the year to top up my current account balance.
Is this okay? I don’t know what I'm doing, my parents never discuss this type of thing with me