Do you think this is a reasonable budget?

[Ratemybudget]

My pay in is 3480 (sometimes a bit less)

1500 is used for my portion of bills etc
950 is put into savings
This leaves 1030 for me to use on whatever I want, fuel for car and anything the dc need.
Anything leftover at the end of the month after that is also put into savings.

What do you think?

Which shows you are bumbling along, which is fine if that how you want to do things. On the other hand if you want to make your money work for you, making life easier then you're not going to achieve that as you are presently running your finances.

Mortgage will be included in the bill amount surely ?

Plenty of dosh for what you want. I manage on roughly that amount and pay my bills out of it

I'm not really sure what you are asking? What are your money goals?

If you want to make your money grow, you need to not just save but also invest. Look up Rebel Finance.

This.

My income is very similar. I have no mortgage or rent so my bills are minimal and I have no children. Not sure how you manage.

Not sure how I manage what?

Sounds okay, maybe a bit low depending what your partner pays for. We budget £1200 a month for the whole family including all groceries, petrol for two car commutes, kids stuff, recreation etc,
plus £150 “personal spend” each for clothes, hair, solo socialising. Basically anything that isn’t a bill or a something like a car service which we have a separate pot for.

Bills, saving pots and investments are separate. What are you doing with the savings? At that savings rate you should have a good buffer so I’d be looking long term into pensions/SIPPs.

I think this is manageable @Ratemybudget- I am a single parent with 2dc still at home and we manage fine on this. I think you’ve been given a bit of a hard time here, if you knew loads about personal finance you wouldn’t be asking on Mumsnet would you!

In my personal experience, learning about how to budget with my discretionary money- what to spend/save on, which areas need money setting aside for and so on- has only been achieved through cash stuffing for about a year and then translating that learning into normal banking rather than having to do everything with cash which was a bit cumbersome. But the lessons I learned were so, so valuable. And I’m 50. It took me until I was 48 to get the basics 🤣

I’m an educated woman with degrees and life experience but had never learned how to manage finances. It’s made a huge difference to my life.

What are you actually asking? Only you know if that’s enough or not.

I think you need to make an actual budget with proper plans for your spending rather than just knowing you're spending £1000 on "whatever" each month.

What are your savings for?

I never asked if it was enough…I never used the word “enough”

Savings are split into two pots. Personal and joint. Joint are for house emergencies. Personal are for whatever I see fit tbh

This^^

Instructions unclear/need more info

You probably need to do more investing than “saving”. Pension and ISAs.

what are your goals? Do you want to move house, pay for anything significant? When do you want to retire?

don’t know your age or total pot sizes.

prioritise pension saving when young.

FACT: pay £5k a year age 25 to 35 and never again, 10 years only, into a pension and you’ll retire at 67 a millionaire. Start doing £5k a year at 35 and you will still be paying that in 32 years later and still not be a millionaire. Time and compounding (and paying in more than minimum) are your solution to retiring early and living a great life.

Why don’t you see an IFA who can work through all this with you?

I think a key question is how much do you have in savings already? Are these long term savings or do you dip into them? If you have enough savings already (say 6 months salary) could you think about upping pension contributions? Do you invest anything?

What did you mean by "is this a reasonable budget" then?

We just bought a house last year so I have about 38k left saved. Dh has about the same and we have joint of another 20k.

£58k savings, £1k pm disposable income, surely you don’t need advice on a budget?
Some ppl have £1000 to actually live on each month.
These posts of faux naïveté regards money (when they have plenty) are dreadful.

🥱

Sounds like your just trying to boast when so many are struggling right now with the cost of living etc. think there are bigger problems in people's life and the world than to be concerned about if your saving enough etc. be grateful you have money to save, many dont even have a fiver to save each month.

I have similar incomings and outgoings as you, although I don’t have a partner to share bills/ mortgage with so I don’t have anywhere near the amount of savings you do. Never would I ever post “what do you think”. For a start it doesn’t even make sense, what do we think to what and what are you looking to get out of this post? It comes across as very braggy.

I never said I wasn’t grateful. Not for one second did I even imply it.

Maybe I phrased the question wrong then, was looking for advice/others experiences and what they do. Not bragging…