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  • FIRST POST
    • Miss Moneysaver
    • By Miss Moneysaver 1st Oct 17, 2:49 PM
    • 194Posts
    • 136Thanks
    Miss Moneysaver
    How would you split £3900/month?
    • #1
    • 1st Oct 17, 2:49 PM
    How would you split £3900/month? 1st Oct 17 at 2:49 PM
    Hi,

    Our bills (not including food and car fuel) come to just short of £1300. We are a family of four (2 adults, a 13 year old boy and a 9 year old girl) and our food shopping bill ranges from £75-£90 a week (depending if I do it or the hubby does it - he spends more).

    With the £2600 left how would you split it? We run 2 cars (both paid for in full) and put in £25 a week in fuel per car.

    How much should I save? I save £1300 at the moment but hubby thinks this is too much.

    What does everyone else do with a similar income?
    Interest rate 1.25%, offset mortgage Woolwich

    Mortgage balance £37k October 2017
Page 1
    • mt99
    • By mt99 1st Oct 17, 3:08 PM
    • 399 Posts
    • 178 Thanks
    mt99
    • #2
    • 1st Oct 17, 3:08 PM
    • #2
    • 1st Oct 17, 3:08 PM
    Could you clarify what you mean by 'split it'. Do you mean how much of the £2600 should you spend and how much save?
    • JuicyJesus
    • By JuicyJesus 1st Oct 17, 3:32 PM
    • 3,012 Posts
    • 3,110 Thanks
    JuicyJesus
    • #3
    • 1st Oct 17, 3:32 PM
    • #3
    • 1st Oct 17, 3:32 PM
    If I could both save and spend £1,300 a month without breaking a sweat I'd cream myself at how lucky I was.

    Honestly - see an IFA and discuss your needs and goals with them. You're well beyond the point of anything that MSE can realistically assist with.
    urs sinserly,
    ~~joosy jeezus~~
    • bigadaj
    • By bigadaj 2nd Oct 17, 3:56 PM
    • 10,339 Posts
    • 6,637 Thanks
    bigadaj
    • #4
    • 2nd Oct 17, 3:56 PM
    • #4
    • 2nd Oct 17, 3:56 PM
    Hi,

    Our bills (not including food and car fuel) come to just short of £1300. We are a family of four (2 adults, a 13 year old boy and a 9 year old girl) and our food shopping bill ranges from £75-£90 a week (depending if I do it or the hubby does it - he spends more).

    With the £2600 left how would you split it? We run 2 cars (both paid for in full) and put in £25 a week in fuel per car.

    How much should I save? I save £1300 at the moment but hubby thinks this is too much.

    What does everyone else do with a similar income?
    Originally posted by Miss Moneysaver
    Have you done a statement of affairs, seems an odd way of splitting spending between bills, cars and food.

    Once you know how much you spend and why, then a 50% savings ratio from disposable income seems quite good.

    The way to look at things is to include your whole financial position. What do you have and contribute to pensions for example, as that is part of your family balance sheet.

    The other point I'd make is that saving or spending aren't necessarily targets, surely spend on what you deem to be valuable and worthwhile, see how that looks relative to income and rationalise the split.
    • Shakin Steve
    • By Shakin Steve 2nd Oct 17, 6:15 PM
    • 966 Posts
    • 685 Thanks
    Shakin Steve
    • #5
    • 2nd Oct 17, 6:15 PM
    • #5
    • 2nd Oct 17, 6:15 PM
    Hi,

    Our bills (not including food and car fuel) come to just short of £1300. We are a family of four (2 adults, a 13 year old boy and a 9 year old girl) and our food shopping bill ranges from £75-£90 a week (depending if I do it or the hubby does it - he spends more).

    With the £2600 left how would you split it? We run 2 cars (both paid for in full) and put in £25 a week in fuel per car.

    How much should I save? I save £1300 at the moment but hubby thinks this is too much.

    What does everyone else do with a similar income?
    Originally posted by Miss Moneysaver
    Tell your hubby that, as long as you are paying your bills and comfortably getting by each month, you can never save too much.
    I came into this world with nothing and I've got most of it left.
    • Anthorn
    • By Anthorn 3rd Oct 17, 9:26 AM
    • 3,160 Posts
    • 813 Thanks
    Anthorn
    • #6
    • 3rd Oct 17, 9:26 AM
    • #6
    • 3rd Oct 17, 9:26 AM
    Hi,

    Our bills (not including food and car fuel) come to just short of £1300. We are a family of four (2 adults, a 13 year old boy and a 9 year old girl) and our food shopping bill ranges from £75-£90 a week (depending if I do it or the hubby does it - he spends more).

    With the £2600 left how would you split it? We run 2 cars (both paid for in full) and put in £25 a week in fuel per car.

    How much should I save? I save £1300 at the moment but hubby thinks this is too much.

    What does everyone else do with a similar income?
    Originally posted by Miss Moneysaver
    What I do is very simplistic: What I have left in my current account at the end of the month I transfer to savings. But I always finish every month with a surplus so apart from those simplistic savings I actually don't need to budget unless I make a large one-off purchase which is out of the ordinary.

    I think the answer is obvious: If you have funds left at the end of the month save it. For me planning savings and budgeting for it never works unless I have a goal. So the other part of the answer is set a goal.
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