how much do you save/pay off debt/live on per month

JAMIEDODGER

hi all,

just wondered how everyone else split their monies.

i currently have an income of 1556 per month.

i save £280 per month towards yearly expenses (car tax, mot, clothes, xmas and birthdays etc)

i put away £876 for all bills and debts including extra payments off debts

i spend £400 on everything else (saving whats left at the end of the month)



what do you do?

edited to say...i am hoping when the debts go to be able to start saving some decent money.

i am hoping to get rid of my next account in february currently owe £39.61
when that has gone i would like to clear my barclaycard. i owe £400. when that is finished i want to pay off other credit card £520. which will then leave my computer and car loan.

Conor_3

£1200 income.

No debts anymore but raised my mortgage payments £100 a month to knock 11 years off.

£900 in living costs including mortgage and all frivolous stuff.

£20 a month in each of the kids savings accounts.
£50-£100 a month into a joint ISA.

black-saturn

Income £600 per month
Bills and other expenses £300 per month
Shopping £46 per month
Save £100+ per month

JAMIEDODGER

thats quite inspiring conor. although at this current time i am not in a position to be able to buy a property (i rent a 4 bed h/a house), and i cant see me able to afford it until kids all leave home (ages yet!) i would love to be debt free...was your road to debtfreeness (if thats a word) a hard slog?

Quasar

Variable income but about £1400 per month. Since my job requires me to be on the move quite a lot, I get an average of 20 meals per month paid, ditto for all my transport.

As I live in London I dumped the car years ago and even though public transport is very expensive, it is ALL paid for me.

I have no debts and on the whole I'm able to put £400 per month to savings.

Can't complain.

Conor_3

JAMIEDODGER wrote:

thats quite inspiring conor. although at this current time i am not in a position to be able to buy a property (i rent a 4 bed h/a house), and i cant see me able to afford it until kids all leave home (ages yet!) i would love to be debt free...was your road to debtfreeness (if thats a word) a hard slog?

Not quite. Was declared bankrupt 5 years ago, but have been debt free ever since and can't see anything that I need to borrow for in the forseeable future - something that is going to get less and less likely as the savings go up.

It WAS a hard slog for the first few years remaining debt free, especially as the cause of my bankruptcy was 10 months off sick with a spinal injury so I was living off next to nothing for quite a while until I could persuade an employer I was fit to do the job.

postingalwaysposting

£670.00 income (varible if i do overtime)
£253.00 bills (including housekeeping to my mother)
£150.00-£200.00 isa
£267.00 usually left, if some is unused at the end of my 'month' then this is put in the isa too

FrankieM

£3304 per month income


£1008 mortgage
approx £940 for all other bills
£360 for food, petrol and spends
and £1000 per month to pay off CC. This will hopefully be paid off at the end of jan so then that money will be saved. Got to buy new car engine and do house renovations. As well as save for those yearly expenses!

*Louise*

Income: Partners wage: £1500
My money - £364
Child Ben - £113.
= £1977

Outgoing:

Mortgage/Main Bills/phones etc:£900
Council Tax: £112
Kids bank: £25
Petrol: £100
Savings: Child Ben + £100
=£1350

The rest goes on Food shopping, and all other bits and pieces, including paying off some credit .

Anything left goes into the savings as well

Xbigman

Income = 1162 per 4 weeks.

Min needed to live (run car, pay mortgage, xmas and birthday prezzies, shopping, utilities, etc.) = 624

Spending money = 77

Saving 461

Savings are split up into several pots for replacing electricals that wear out, replacing car, house maint and (biggest pot) extra mortgage payments. I hope to pay 10% lump sums off my 50k mortgage balance in years 2 to 7 of my new 7 year fix.

Its taken 16 years since bankruptcy to get into this position and the struggle has been worth it.
Regards


X

Debt_Free_Chick

JAMIEDODGER wrote:

i am hoping when the debts go to be able to start saving some decent money.

In the future, you should be able to save the amount you are currently paying towards your debts. The trick is, not to look forward spending this amount, instead. You can spend money several times over in your head, so start to think about saving it.

It might help if you use an online savings calculator to show how quickly your savings would grow