"Spending Money"

[JustSittinHereChillin]

Hi alllll!

Reading through a few of these posts and it got me wondering how much people have or allocate themselves as "spending money" for the month. Money that, like, hasn't got to be spent on a bill or an outgoing or a commitment or something like that.

I have £400 but then try to save half of it, unless it's a birthday month or Christmas for the DH or there's some sort of event.

It feels comfortable and not over the top (particularly when I look at what some people do who earn a lot less than me - hair, nails, eyebrows, trips abroad with the gals!) but then there are others who've commented on here who have made me wonder whether that's actually quite a lot.

I have £250 a month and tend to save a lot of it. So £400 sounds a lot to me.

I don't think there is any "right" as long as you can afford it and are happy to spend the money. Some people are more spenders than savers.

I dont really split into "spending money" or not, once bills have come out I leave the rest of my money in my account and spend as and when I want to. I very rarely spend all of it so after a few months I transfer the excess (usually a few grand by then) into savings. However even then if there's something I want I just take it back out of savings. I have "normal" savings to dip in and out of and then an isa which I don't touch.

But I'm a saver by nature and am very rarely tempted to buy "stuff" which is why I'm not more structured about it. If anything I could probably do with spending more money which is why I don't put more restrictions on it!

Agree that there is no real right and wrong as long as you're solvent. If it feels comfortable to you then that sounds about right.

I have £100 I could have a bit more if I wanted but I prefer to save. I don't really buy anything on a monthly basis I might get clothes maybe once a year or the odd thing every 4 months say. I mostly save the 100 towards hair appointments every few months. I'd love to have lots more to spend and save but then who doesn't 😂

My monthly spending money (outside of bills/mortgage/savings) is £450.

I dont have a fixed amount, if ive got they money and I want something I get it. If I can't afford it I do without.

Think amount varies. We just spend what I need to, rest just stays in bank, so savings.

It's interesting what you say about it not being a fixed amount, spending what you need but only if you have it @pocketpairs and @ByQuaintAzureWasp

I've been in debt a few times over the years so make myself stick to a strict budget as I worry that I'll quickly overspend without realising. I guess that mindset hasn't changed despite not having any debt and I'm on track with my saving goals. It just makes me realise how inflexible about spending I am! (Sorry @JustSittinHereChillin if I took your post a little off topic!)

Do you not go out for drinks/dinner, stuff like that? Buy clothes? Appreciate people have different levels of income but these are low amounts.

We have £1000/m "joint spends" and £1000/m each for "personal spends", but we top up our own personal savings out of that amount too. Pensions, ISAs and joint savings are budgeted for separately from joint funds.

Currently I DD £650 of that £1000 into my personal savings, plus scoop over any surplus at the end of the month. Equally, however, I'd take out of personal savings for any big expenses, e.g weekend away with the girls, big personal purchases etc.

I have about £700 for general spending each month for everything me and DD (9) might need. This includes clothes, any hair appointments, meals out, days out, birthday presents etc.
It is enough but I do seem to spend it all and think I fritter away a lot of it, however, this is after all bills have been paid, food has been bought, the car filled up and money put into savings. I generally don’t think before I tap the debit card but quite like that I don’t have to.

£100 a month, purely for 'me'. Mostly goes on coffee/cake and charity shops though I'm trying to stop frittering so much! Only go out for dinner/drinks every couple of months, haircut once or twice a year, don't get nails, lashes etc.
That makes me sound pretty joyless but I don't feel hard done by at all!

We have £250 a month each for purely personal spending. And around £800 for family spending after bills etc.

I don't split it out from grocery shopping really. So it's me that does all of the day to day shopping, we transfer £1500 a month into my personal account, I use that to do food shops, occasionally put petrol in the car and whatever is left is used on personal spending. I don't get my hair or nails done but I love a spa day, have a gym membership and like taking DD to the theatre or going with friends. It mostly goes on stuff like that. I save whatever is leftover every month and we use it as bonus holiday money.

We used to do about £500 but I’m a recent sahm so we’ve adjusted our finances a bit and spending money is £250 each.

Although it’s sort of meaningless really, it’s a general guide for budgeting purposes, but for example I’m getting my hair done next week and it’s £200 and will go on the joint, or when DH’s running trainers are done in he’ll order new ones on the joint.
The spending money is more for little things these days, work lunches, coffees etc

We each take £400 for our own personal spends. This is just for ourselves (my Botox, sports subs, nails etc). I’d like it to be £500 but we have a teen getting closer and closer to uni age so focussing on that saving right now.

That's similar to my spending money. That's after savings (20% to pension, 10% to shorter term savings). DH and I do have a high income though so I'd assume most people can't save or spend as much.

I have about 750 each for me. That’s for clothes, socialising, hair and nails. It’s quite a lot but sometimes doesn’t go very far!

I have £1000 a month but regularly go over this. Hair appts, nails, cleaners days out etc come out of this. I fritter away a lot. I have never given myself less than £500 a month in all my adult life.

I have a standing order of £600 into my sole account each month, my husband gets the same.

Out of this I pay for:
work travel lunches/ coffee whilst there (try to take a packed lunch where possible) £150

beauty and clothes - my hair costs £150 every two months, I like to get my nails done if I am going somewhere nice and I like clothes, although I tend to buy fewer, nicer pieces nowadays - I put aside £250 for that in a separate pot (I could easily go over this so having a separate pot helps me budget).

annual girls weekend - £50 in a separate pot, more if I have a bit spare, we usually go abroad

£150 - usually a night out or a theatre trip each month/ casual coffee with a friend etc.

I feel some of the figures mentioned here are really low but I guess it depends on what that money has to cover.

I allow around £400 per month for general fun money. I easily get through it! I buy books, stuff for my house, days out (coffee, lunch with friends), cinema, talks and events, make up, meals. I don't think I'm particularly extravagant but it soon goes and I enjoy the things I do. They all feel worthwhile and meaningful. I don't have my nails done, rarely pay for a haircut, etc.

What do you consider a high income?

You say you try to say half of it, but do you also say one before that £400? If you aren’t saving anything else then I think it’s quite a high amount and I’d want to be saving most of it. Me and DH have around £700 each spending money each month, and usually we do end up saving a bit of that, but we save £1000 a month in addition to that spending money.

Yeah, we have other savings, too ☺️ I just like to have my own personal savings, as well, so I can have big spends occasionally.

Me and DH share finances. We don't really split money into necessities and savings.

We know how much we get in per month
We know how much goes out per month
The difference between these two figures is for either/both of us to spend on whatever we want.
We never spend it all.
Whatever's left at the start of the next month gets moved to a savings account.
At the start of the tax year, we use this to max. our ISAs and invest elsewhere.

If one of us wanted to make what felt like a 'big' purchase - either in terms of value or frivolity - we'd check with the other one. But anything goes basically. We live a pretty modest life.

I don't allocate spending money as such, I know what my essentials add up to (which includes regular savings and things like gym membership) and anything else is there to be spent within my means with extra put into savings if my current accrues above a certain amount.