Now here's an SOA i'd love to do!

Options
andyfromotley
andyfromotley Posts: 2,038 Forumite
in Debt-free wannabe
Average household spending

http://www.conservativehome.com/highlights/2015/08/how-we-spend-it.html
£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
!
«1

Comments

  • nicp60
    nicp60 Posts: 457 Forumite
    Debt-free and Proud!
    Options
    Lol!!! Where's the savings? Where's the emergency fund?!
    Fritterati Challenge for 2013:
    £2202/£3000 saved (73%) :j
    Take lunch to work and stop frittering!



  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    Combo Breaker First Post
    Options
    nicp60 wrote: »
    Lol!!! Where's the savings? Where's the emergency fund?!

    Pension contributions are savings.

    Paying the capital off a mortgage (i.e housing) is also saving.

    Education is an investment which could be considered savings.

    I think there's enough...
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • andyfromotley
    andyfromotley Posts: 2,038 Forumite
    Options
    HappyMJ wrote: »
    Pension contributions are savings.

    Paying the capital off a mortgage (i.e housing) is also saving.

    Education is an investment which could be considered savings.

    I think there's enough...

    Ha! Yes that pension contribution will build a pot of @180K over 40 years. Good luck living on that after an income of £39kpa. I hope they are inventive with mince! Really what could possibly go wrong with putting away less than 3% of your income for retirement?

    Housing is only saving to the extent that once you realise the asset, (which many people are reluctant to do) you still have to make provision for housing costs out of that money. So the 'savings' element is often far less than people imagine.

    Still digging in the numbers it would appear that the average income is 39k and they are only spending 37.5K so hopefully the excess represents savings.
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • bexster1975
    bexster1975 Posts: 1,576 Forumite
    Photogenic First Anniversary First Post Bake Off Boss!
    Options
    I suspect a lot of people on here would question an average salary of 39k! Mind you, conservatism at its best :rotfl:

    Bexster :)
  • andyfromotley
    andyfromotley Posts: 2,038 Forumite
    Options
    bexster1975 wrote: »
    I suspect a lot of people on here would question an average salary of 39k! Mind you, conservatism at its best :rotfl:

    Bexster :)

    Its average household income ONS figures. ;-)
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • purdyoaten
    purdyoaten Posts: 1,159 Forumite
    Options
    More spent on recreation, culture (?) and holidays than on food and drink?
    There are 10 types of people in the world - those who understand binary and those who do not. :doh:
  • andyfromotley
    andyfromotley Posts: 2,038 Forumite
    Options
    Yes, well i suspect in real terms, that food has rarely been cheaper?
    £1000 Emergency fund No90 £1000/1000
    LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
    !
  • FireWyrm
    FireWyrm Posts: 6,557 Forumite
    First Anniversary Combo Breaker Debt-free and Proud!
    Options
    £306 a month spent on Food, drink, tobacco and narcotics :eek:
    £328 a month spent on recreation, culture and holidays...really? and another £175 spent on restaurants and hotels.

    Says it all really. Spend more on frivolous rubbish than putting food in your mouth. Yeah, no wonder people cant manage to save a deposit for a house. I mean, between the narcotics and hotels, it must be hell trying to keep your head above water.
    Debt Free! Long road, but we did it
    Meet my best friend : YNAB (you need a budget)
    My other best friend is a filofax.
    Do or do not, there is no try....Yoda.

    [/COLOR]
  • Ebe_Scrooge
    Ebe_Scrooge Posts: 7,320 Forumite
    Name Dropper First Anniversary Combo Breaker First Post
    Options
    In addition to the excellent comments made so far - which I wholeheartedly agree with - it struck me that by far the biggest chunk is "Income Tax, NI & Council Tax". I'm not saying we shouldn't pay tax, of course it's essential in a "first-world" country, but it just struck me as to how large a proportion it actually was.
  • bexster1975
    bexster1975 Posts: 1,576 Forumite
    Photogenic First Anniversary First Post Bake Off Boss!
    Options
    Apologies Andy. Still stronging it, especially when households are of one income earner!

    Bexster :)
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.3K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608.1K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 248K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards