healthy bank balance?

DVardysShadow

mommyme wrote: »

Just wondering if i should set a "target" - At the moment my bank doesnt drop below £100 in credit

That is healthy - but leaves things a little short if you have a big problem to deal with in the month. Perhaps £400 in credit at minimum?

Ames

M&S food isn't that expensive. Some stuff is, but a lot of it compares to other supermarkets, especially the ready meals. For a single person it's not much different to Tesco, or especially Sainsbury's.

I'm aiming to be at the point where I have enough basic bill money to cover 3 months, and have a buffer of £100 in my account.

Mimi_Arc_en_ciel

That's what I'm worried about DVardysShadow - I've got a lil excel budget sheet and granted - I'm actually fine (I over budget ) but i thought i would drop below my £100 safety net and paniced which brought on the whole "what should i have?"

I know as much as possible seems a good answer but I wondered if others had an ideal "limit" of what they want it to be - then i could nab their ideas

I do like the "at least one months wages" as a starting point which will be £600 (I work PT)

(and grapes tasting different to other grapes?! hmm - will have to try!)

gonzo127

i am also under the feeling of a perferct 'real' position to be in is to have around 6 months income in savings,

when i get to that point i will stop saving for savings sake - ie not just putting money away for the need to have savings, but will save if i want something such as a new car as i will not use credit for anything, other than that i will spend what i would have normally saved

just going on the lines of your really can not take it with you so may as well enjoy it while you can,

angelicmary85

mommyme wrote: »

(and grapes tasting different to other grapes?! hmm - will have to try!)

So will I!!

I have tried their sausage rolls and they were really good!

I'd like to have loads of money to buy 'proper', good food instead of whatever my budget allows...Just for one month, I don't want to have to budget for food and buy whatever I want

Pee

No, I wasn't being rude at all - or I wasn't intending to be.

Mimi_Arc_en_ciel

no worries Pee (as i said - rude wasnt the word - i thought maybe i had annoyed you and i didnt mean to)

Definitley going for a month's wage to begin with - I think its a good starting point

x

DVardysShadow

mommyme wrote: »

That's what I'm worried about DVardysShadow - I've got a lil excel budget sheet and granted - I'm actually fine (I over budget ) but i thought i would drop below my £100 safety net and paniced which brought on the whole "what should i have?"

I know as much as possible seems a good answer but I wondered if others had an ideal "limit" of what they want it to be - then i could nab their ideas

I do like the "at least one months wages" as a starting point which will be £600 (I work PT)

There is no right answer.

If you have other debts and these include an open CC, then a min balance of £100 in the current account is probably right - £300 of what I suggest is actually on the cards and earning its keep by reducing your interest - and you can take it back from the card for a real crisis. But you do need to have an eagle eye on yourself because too many crises will ruin your debt free plans.

If you have no debts, probably £400 is right as long as you have some easy access savings or a credit card which is paid off every month.

jennyo

Since I became debt free I like to keep one months outgoings in my current account, so many times in the past I've got by on a wing and a prayer, had to go pay cash in at the last minute to cover a DD, now I think if i'm ill or don't feel like it I never have to make that last minute dash to town.