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  • FIRST POST
    • loey93
    • By loey93 19th Apr 17, 6:10 PM
    • 38Posts
    • 21Thanks
    loey93
    How much spare money do you have each month?
    • #1
    • 19th Apr 17, 6:10 PM
    How much spare money do you have each month? 19th Apr 17 at 6:10 PM
    Hi

    I am interested to know how much money people have spare each month once they have paid for necessities such as rent/mortgage bills, food, fuel etc ? I am not sure if I am being greedy by allowing myself £300 a month to spend on myself this includes "fun/entertainment" money

    I just wanted to get some opinions really

    Thanks in advance
    Aiming to pay debts & save!
Page 1
    • MABLE
    • By MABLE 19th Apr 17, 6:18 PM
    • 3,324 Posts
    • 1,765 Thanks
    MABLE
    • #2
    • 19th Apr 17, 6:18 PM
    • #2
    • 19th Apr 17, 6:18 PM
    I have more than enough!
    • grumbler
    • By grumbler 19th Apr 17, 6:27 PM
    • 51,388 Posts
    • 21,762 Thanks
    grumbler
    • #3
    • 19th Apr 17, 6:27 PM
    • #3
    • 19th Apr 17, 6:27 PM
    £300 is meaningless.
    It's far too much if you are young with an expensive mortgage and just £500 saved.
    It's nothing if you are 50, have a regular income and £500K saved/invested.
    We are born naked, wet and hungry...Then things get worse.

    .withdrawal, NOT withdrawel ..bear with me, NOT bare with me
    .definitely, NOT definately ......separate, NOT seperate
    should have, NOT should of
    .....guaranteed, NOT guarenteed
    • Robisere
    • By Robisere 19th Apr 17, 6:30 PM
    • 1,838 Posts
    • 2,634 Thanks
    Robisere
    • #4
    • 19th Apr 17, 6:30 PM
    • #4
    • 19th Apr 17, 6:30 PM
    We don't have 'Spare money'. No such animal, if we have anything left at month's end, it gets transferred to Savings. Occasionally we splash out on a Theatre or show, but we know our kids and grandkids are going to struggle when the Brexit bomb finally goes off, assisted by the Tory landslide in June and associated continuing austerity. There are bad times ahead, people. Whatever 'spare money' you have now, needs to be used for a cushion against what is coming. The current level of Personal Debt in this country is horrifying and unsustainable, I don't see how it cannot end in tears.
    There may be more than one way to skin a cat.
    But the result is always inedible.

    • ceb1995
    • By ceb1995 19th Apr 17, 6:50 PM
    • 143 Posts
    • 134 Thanks
    ceb1995
    • #5
    • 19th Apr 17, 6:50 PM
    • #5
    • 19th Apr 17, 6:50 PM
    After bills, about £550 but £400 of that goes towards our help to buy isa and for our wedding. After the wedding will just start saving for legal costs and for a bigger emergency fund.
    Earnings 2017:
    Swagbucks £49
    Cashback: £113.04
    • TheShape
    • By TheShape 19th Apr 17, 7:41 PM
    • 1,108 Posts
    • 862 Thanks
    TheShape
    • #6
    • 19th Apr 17, 7:41 PM
    • #6
    • 19th Apr 17, 7:41 PM
    After bills, about £550 but £400 of that goes towards our help to buy isa and for our wedding. After the wedding will just start saving for legal costs and for a bigger emergency fund.
    Originally posted by ceb1995
    Divorce can be expensive!
    • PasturesNew
    • By PasturesNew 19th Apr 17, 7:43 PM
    • 60,665 Posts
    • 354,664 Thanks
    PasturesNew
    • #7
    • 19th Apr 17, 7:43 PM
    • #7
    • 19th Apr 17, 7:43 PM
    £0. After council tax and before bills I've got about £30/week ... so by the time I've bought food and turned the lights on it's gone
    • ceb1995
    • By ceb1995 19th Apr 17, 7:49 PM
    • 143 Posts
    • 134 Thanks
    ceb1995
    • #8
    • 19th Apr 17, 7:49 PM
    • #8
    • 19th Apr 17, 7:49 PM
    Funny when I say legal costs I mean to pay for a solicitor for the mortgage, poa and our wills.
    Earnings 2017:
    Swagbucks £49
    Cashback: £113.04
    • GTR King
    • By GTR King 19th Apr 17, 8:34 PM
    • 719 Posts
    • 134 Thanks
    GTR King
    • #9
    • 19th Apr 17, 8:34 PM
    • #9
    • 19th Apr 17, 8:34 PM
    Each month Once I have paid rent (To mum)/Bills/DD's etc

    I usually give my self £600 (Entertainment/Fun things) to spend on what I like..

    Just before pay day/when I get tax credits etc I usually transfer most of my money I have left (Leave some left in account) (Bills/spending account) to savings account and leave it there until i really need it...

    If I don't have enough £ I save up if I want something or a holiday
    • ani*fan
    • By ani*fan 19th Apr 17, 9:07 PM
    • 1,499 Posts
    • 3,680 Thanks
    ani*fan
    Me and OH have £150 each for clothes, entertainment and the odd bus fare or taxi. It's usually enough.
    If you know you have enough, you're rich.
    • trailingspouse
    • By trailingspouse 19th Apr 17, 9:14 PM
    • 2,361 Posts
    • 3,369 Thanks
    trailingspouse
    We don't even know how much we'll get each month!! That's the downside of running your own business. On the plus side, 6 years in and we haven't starved yet...

    But seriously - we pay ourselves a monthly salary that uses up our personal allowances, and the rest is in dividends. We pay our dividends roughly every three months - so at the start of the three months there is a lot of money in the bank - it takes a level of determination to remember that it needs to last three months and to budget accordingly.
    • DCFC79
    • By DCFC79 19th Apr 17, 9:21 PM
    • 30,268 Posts
    • 19,148 Thanks
    DCFC79
    It depends how much you earn and what your other bills cost.
    Last edited by DCFC79; 19-04-2017 at 9:32 PM.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • EssexExile
    • By EssexExile 19th Apr 17, 10:13 PM
    • 2,423 Posts
    • 1,607 Thanks
    EssexExile
    It depends how much you earn and what your other bills cost.
    Originally posted by DCFC79
    And what you call "spending on myself".

    As grumbler said earlier, it's meaningless without knowing all your circumstances, & the circumstances of everyone you are comparing with.
    Tall, dark & handsome. Well two out of three ain't bad.
    • enthusiasticsaver
    • By enthusiasticsaver 19th Apr 17, 10:46 PM
    • 4,679 Posts
    • 8,783 Thanks
    enthusiasticsaver
    We budget for £200 personal spends for both DH and me. I tend to save for a few months then splurge. It has to cover clothes, hobbies, haircuts etc and personal entertainment. My DH is a fritterer although now he has retired less so.

    All our money is accounted for in categories for gifts, car, house, holiday, entertainment, bills, personal spends, food and fuel and savings. None of it is spare.
    5 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • Poppy9
    • By Poppy9 19th Apr 17, 10:51 PM
    • 17,984 Posts
    • 22,266 Thanks
    Poppy9
    At this stage in our life we are mortgage & debt free so have a lot of free cash. Not so long ago we had virtually no spare cash. I now find it difficult to spend money.
    ~Laugh and the world laughs with you, weep and you weep alone.~
    • Towser
    • By Towser 19th Apr 17, 10:56 PM
    • 1,030 Posts
    • 1,736 Thanks
    Towser
    There is a website where you input all your details, situation, incomings and outgoings. Gross domestic disposable income as well as how much council tax you pay. It works out if you are in the richer decile or poorer decile according to your disposable income. Unfortunately I cannot find it again to give you the link. I thought it was quite telling as to how well off you really are.
    • jimjames
    • By jimjames 19th Apr 17, 11:17 PM
    • 12,180 Posts
    • 10,695 Thanks
    jimjames
    Alternatively you could put money into savings at the start of the month or when you get paid. Then you know the savings are taken care of and you can spend what's left....
    Remember the saying: if it looks too good to be true it almost certainly is.
    • glosoli
    • By glosoli 20th Apr 17, 12:20 AM
    • 673 Posts
    • 386 Thanks
    glosoli
    Living at parents with thankfully very little in the way of monthly outgoings, net monthly income £1600, supplimented by around £500 average per month matched betting income, typically only spend £300 a month, mostly on work lunches and take aways! God I need a life...
    • Sea Shell
    • By Sea Shell 20th Apr 17, 6:47 AM
    • 413 Posts
    • 397 Thanks
    Sea Shell
    None of the money is "spare" - it all has a job, and has to work hard!!!!

    As for true "Disposable income", well that has been up to £2000 pm in the past, but is now about £100 pm now we're starting to wind-down, and draw-down on many years of hard saving.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • Shakin Steve
    • By Shakin Steve 20th Apr 17, 7:19 AM
    • 1,036 Posts
    • 759 Thanks
    Shakin Steve
    Well......if Jeremy Corbyn manages a miracle at the election, we're going to have less than we have now because, according to John Macdonald, we are "rich". We don't feel rich
    I came into this world with nothing and I've got most of it left.
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