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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 2
    • Zanderman
    • By Zanderman 20th Apr 17, 8:44 AM
    • 1,203 Posts
    • 3,597 Thanks
    Zanderman
    £300 per month to spend on myself?! Sounds a lot to me!

    We budget for less than £200 per month between two for 'personal' spend. I'm not sure how I'd spend £300 a month!

    Depends on how you define 'on myself' of course, but OP I think you have plenty to spare - and should consider yourself fairly lucky. But, if you're not already doing this, you should perhaps be considering putting more into savings and pension.
    • mandySaver12
    • By mandySaver12 20th Apr 17, 2:23 PM
    • 20 Posts
    • 19 Thanks
    mandySaver12
    I'm aiming to use 10% of my post tax salary for fun stuff. I earn an average amount and that comes to about £200 a month which I'm finding hard to stick to because the numbers add up so quickly
    • teddysmum
    • By teddysmum 20th Apr 17, 3:40 PM
    • 7,873 Posts
    • 4,696 Thanks
    teddysmum
    We have nothing left each month, as being the miser I am, anything not spent is savings.
    • zippygeorgeandben
    • By zippygeorgeandben 20th Apr 17, 11:37 PM
    • 567 Posts
    • 660 Thanks
    zippygeorgeandben
    I have £673.28 left at the end of each month after all DDs come out. The only thing which has to come out of this is food and then the rest is mine. However, take a look at my signature and since September I've been using whatever surplus I have to pay debts off quicker. This month I have £100 to last me until the 30th because I've paid another £500 off one of my loans.
    End Sep 2016 End June 2017
    £8236.57 £5989.54
    (Tesco 4.8%) £222.61pcm
    £6185.75 £1165.92 (Zopa 4.0%) £62.25pcm

    £5344.50
    £3170.04 (Sainsburys 0% until 06/19) £71.32pcm
    £2000.00 £1600.01 (Sister 0%) £133.33pcm

    Total debt
    £19.766.82 £13,505.42 Original DFD May 2019.
    • Whoknowskt89
    • By Whoknowskt89 21st Apr 17, 8:13 AM
    • 251 Posts
    • 603 Thanks
    Whoknowskt89
    I do have what you would probably class as spare money at the end of the month.
    I've budgeted each month depending on what is planned and this includes thinking of savings or credit cards as a bill.
    For example, my debt will be gone in 3 months.
    After my bills, grocery shopping, money to credit card, christmas fund etc there is usually around £240 ish unallocated for... This covers petrol as I walk to work, going out, any take out or lunches out, treats for the cats, clothes etc.
    If I don't spend all of this money or spend less on groceries, money goes to a saving account.
    Mortgage £67 615
    Debt free date 30/06/17 (excluding mortgage...)
    Emergency fund £853/£1000
    Christmas fund £80/£160
    Savings aim (including EF fund) Jan 2018 £3050 Jan 2019 £9450
    • loey93
    • By loey93 21st Apr 17, 11:01 AM
    • 38 Posts
    • 21 Thanks
    loey93
    Thank you everyone for your responses! It's very interesting to hear different peoples views

    I think I would go crazy if I didn't allow myself a certain amount of money each month that I can spend purely on myself but thats just me

    I might reduce my disposable income and up my savings instead!!
    Aiming to pay debts & save!
    • Sea Shell
    • By Sea Shell 21st Apr 17, 1:44 PM
    • 352 Posts
    • 286 Thanks
    Sea Shell
    Luckily there are very few things that I want....and even less things that I need.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow "
    • grumbler
    • By grumbler 21st Apr 17, 2:07 PM
    • 51,388 Posts
    • 21,755 Thanks
    grumbler
    I might reduce my disposable income .... !!
    Originally posted by loey93

    disposable income
    income remaining after deduction of taxes and social security charges, available to be spent or saved as one wishes.
    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
    • Livelongandprosper
    • By Livelongandprosper 21st Apr 17, 3:23 PM
    • 550 Posts
    • 1,619 Thanks
    Livelongandprosper

    disposable income
    income remaining after deduction of taxes and social security charges, available to be spent or saved as one wishes.
    Originally posted by grumbler
    That makes all my income disposable as I don't earn enough to pay either

    Plus it's variable as I'm on zero hours and work between 15 and 30 hrs a week, depending on the needs of the business

    Some weeks I have just enough to pay for the groceries, petrol for my car, and money put aside to bills, other weeks I have loads left over. That gets put aside for the weeks when I'm short. Personal spends are extremely miserly. I had a haircut this week, first since Feb 2016 because these past two weeks the hours have been good. Oh and a five pack of knickers bought half price And I'm looking to buy a new foundation next weeks wages

    I could work more, earn more, have more spare money, but wth, I'm happy with my lot
    • teddysmum
    • By teddysmum 21st Apr 17, 5:08 PM
    • 7,873 Posts
    • 4,696 Thanks
    teddysmum
    Luckily there are very few things that I want....and even less things that I need.
    Originally posted by Sea Shell


    My parents were always careful with money and I'm the child who inherited the inclination. I have money from doing surveys which really is my treat, but I'm reluctant to waste it on what is not necessary.


    Lots enjoy eating out, but I tend to think about how little I could do the meal for, without the parts that I dislike and with no temptation from the desserts which I really shouldn't have.


    Perhaps I am a miserable miser, but seeing people splashing out on takeaways (that look horrid anyway), alcohol(which I don't like), days out which I wouldn't enjoy (health reasons) and indulging children only to have the items wasted, makes me cringe.
    • debtfreeforlife
    • By debtfreeforlife 7th May 17, 7:42 AM
    • 16 Posts
    • 20 Thanks
    debtfreeforlife
    It depends on what you mean by 'spare', but I allocate £100 a month on entertainment and £200 a month on living expenses (that living expenses budget rarely gets used up, and more often than not I nick money from it to cover extra costs in the gifts or petrol budget). Entertainment is meals out, theatre trips, special family events, etc. Living expenses includes clothes (rarely bought), body care stuff, things for the house, parking, and I withdraw cash from that budget each month for small food spends and to have cash handy if needed.
    • Bloomberg
    • By Bloomberg 7th May 17, 8:52 AM
    • 659 Posts
    • 268 Thanks
    Bloomberg
    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.
    Originally posted by Robisere


    Such wise words, so many people are oblivious to the problems which lie ahead. Although I myself am a proponent of Brexit I readily acknowledge that it won't be painless. The personal debt time bomb, inflated house prices and stagnant wages are a recipe for disaster. The housing market is going to crash at some point, rates cannot stay this low forever.


    For the last eight years people who have saved have had to risk their capital for their savings to beat inflation. Mortgage payers have had it too good for too long.
    Money is a wise mans religion
    • SallySunshine
    • By SallySunshine 7th May 17, 2:57 PM
    • 601 Posts
    • 186 Thanks
    SallySunshine
    Towser, is this the link you were looking for?

    http://www.stoozing.com/calculator/soa.php
    • RG2015
    • By RG2015 7th May 17, 6:17 PM
    • 207 Posts
    • 74 Thanks
    RG2015
    I am so sad. Spending on myself means putting as much as possible into my savings. My main aim is to combat inflation which is becoming more and more challenging.

    I have some small investments (originally PEPs and now ISAs) but they plummeted in 2008. They have now recovered but I don't think I could stand the stress of losing on larger amounts. With all of this uncertainty around I now fear a serious erosion of my savings.
    • Eco Miser
    • By Eco Miser 8th May 17, 12:47 PM
    • 2,889 Posts
    • 2,677 Thanks
    Eco Miser
    I have some small investments (originally PEPs and now ISAs) but they plummeted in 2008. They have now recovered but I don't think I could stand the stress of losing on larger amounts.
    Originally posted by RG2015
    I understand your fear. i too saw a loss in 2008, and stopped investing. But I started again in 2009 and have seen eight years of rising prices and dividends. No doubt prices will drop again, but probably not as low as 2008, and there is nowhere offering good interest on substantial sums with capital guaranteed (although 3 - 4 times bank rate might be considered better than a kick in the teeth).
    Eco Miser
    Saving money for well over half a century
    • bertiewhite
    • By bertiewhite 8th May 17, 1:25 PM
    • 391 Posts
    • 366 Thanks
    bertiewhite
    After everything else has been accounted for (including food, car fuel etc.) I have around £400 left but then £100 goes straight into savings and the rest is split between DIY/house improvements and then entertainments.
    • phillw
    • By phillw 9th May 17, 12:43 PM
    • 611 Posts
    • 270 Thanks
    phillw
    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
    Originally posted by loey93
    I don't have any spare, I'm not dead yet & I might need it.

    I make spending decisions on a case by case basis, setting a budget just means you will spend it. So I do have fun, but I don't spend anything like £300 a month. Which may explain why I'm single, but that is definitely cheaper.

    Lots enjoy eating out, but I tend to think about how little I could do the meal for, without the parts that I dislike and with no temptation from the desserts which I really shouldn't have.
    Originally posted by teddysmum
    I went from eating out 2-3 times a week, to 2-3 times a year and my bank balance is healthier and so am I. Doing it less often makes it more special, I was bored with eating out. I can still reminisce about baked new york cheese cake etc.
    Last edited by phillw; 09-05-2017 at 12:49 PM.
    • liltzero
    • By liltzero 9th May 17, 8:17 PM
    • 68 Posts
    • 18 Thanks
    liltzero
    Around 5.5k a month. All goes into my savings though
    • ALPedro
    • By ALPedro 9th May 17, 9:50 PM
    • 17 Posts
    • 5 Thanks
    ALPedro
    about £260 - after rent, bills and student loans. i usually just reinvest it. the amount usually increases by 100 if i manage to avoid deadbeat friends at the end of the month
    • TheEffect
    • By TheEffect 10th May 17, 7:23 PM
    • 2,227 Posts
    • 1,753 Thanks
    TheEffect
    £2230 net income a month, £350 rent, £50 mobile, £50 on Amazon/Netflix/Spotify etc, £150 on food, £50 on random things.

    So maybe £1600 remaining, but I still live at home with my parents.

    You'd think by 26 I'd have flown the nest.
    Last edited by TheEffect; 10-05-2017 at 7:36 PM.

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