Conflicted between saving for the future and enjoying the present

[Lostsoul121]

Hi
I am 29 and have 14 month old twins and live with DH.
I am due to return to self employed work soon, working alternating 1-2-1-2 days a week.
After contributing to the bills pot and paying my dad a small loan back, I will have around £1100 a month left.
I want to put £350 into a SIPP, £350 into a general savings pot (my DH will top this up to £1000) and £375 spending money each for socialising/ lunches/ family days out/ miscellaneous purchases for me or we both cover the twins.

Would you think this is a good balance? I don’t want to prioritise one or the other as I used to just save a lot and found myself burnt out.

It’s doable, but with so much time to fill socialising/activities (5-6 days a week?) I’d personally want more wiggle room and do more of a 50/50 split between savings and fun money (assuming you have an emergency fund etc already and no upcoming plans you’re saving for!)

Unless I've misunderstood, that adds up to more than £1100

£350 into your SIPP
£350 into general savings
£375 x2, ie £750 for your general spending money

Total £1450?

But in any case, it's a good balance and good position for your stage of life as many people struggle to cover the basics during the 'childcare years'

Presumably when DC start school, childcare costs will reduce and you'll also be able to work more, plus possible career progression/more profitable self employment meaning your disposable income and hence amount you can save will grow?

Hi
so basically the £375 is my spending money and DH has £375 from his own wage as his spending money.
So from my own part time wage I add in £350 to SIPP £350 to my savings and £375 personal expenses. I pay a small amount towards household bills but DH will cover most of it. He will also add into the savings pot too.

£350 isn’t enough for SIPP.
DH must be making lions share of wages, so it seems better if you put £750 in to SIPP and £325 on frivolous spends. If he’s putting in £650/mo into family savings that is likely enough for all of you.

Hi
Really? It’s just I thought because I’m 29 and will hopefully have many years of adding to my SIPP that £350 a month right now would be okay and I can save for general things too in the mid term future

Is everything for the kids in included in the pot you bought contribute to? Parties, clothes, entertainment, etc, house repairs, holidays?

Does the 375 includes clothing for you, outings, travel, nails, hair, hygienist, makeup, etc?

I would say at least £500 savings and £500 spare.

Hi yes we both contribute to a various pots that include all of that.
and for my £375 yeah all those but tbh I don’t really spend much on nails hair makeup etc every month. It’s mainly for coffees lunches socialising ever so often and treats here and there.
On my wage I wouldn’t be able to put £500 for myself and £500 savings as my SIPP pension would suffer

In my opinion, yes.
Retirement is the most expensive thing you will ever fund. The longer you wait, the more you will have to set aside to get the same final pension pot. In addition, there are no guarantees in life. You can’t depend on being able to work another 38 to 40 years.