Monthly Budget/Table of Spends

musicmaker29

Hi all,

To help me budget better (and shift some smallish debts I have on credit cards) - I started logging everything I spend a few months back. The biggest surprise in my results is that my car (when you include repairs, fuel, tax, AA etc.) costs me about 22% of my income every month!

I wasn't surprised by the 50% my mortgage removes, but this 22% is a shocker - its only an old banger (no massive repairs either, 100quid on a new radiator and a few MOT niggles in the two years Ive had it!).

Do other people spend a similar amount on their car?

cheers!:money:

AnonymousForObviousReason

2 years ago I was spending about £1,500 of my income (expensive to repair, insure and run merc). However I only used it to drive to and from work and the occasional UK based holiday.

I actually go by public transport now and the costs are a bit higher than this but I get an hour of reading done each day

anna42hmr

i know what you mean that doing a spending diary can give you a huge shock. i used this one http://www.spendingdiary.com/ for 6 months last year, i like it as you can set your own catergories and is very easy to use.

my big shock was the amount i spent at the work vending machine and starbucks on the way to work lol!

Xbigman

I guess there are a lot of things that can bump up a cars running costs. How far you travel is the biggest and most obvious variable. Petrol or Diesel is a killer. But the cost of insurance can be worse if you are younger or a new driver.

Still, 22% sounds high.




X

terakris

I think it depends on what your monthly income is, what you drive, and how well you budget. Every month i put aside £250 for my car - over the month/year that will cover insurance, tax, service (with mot), petrol and any extras like tires or general bits that need replacing every now and then. reading a lot of SOA's i see so many people underestimate their maintenance costs and then when they see they need to spend a couple hundred on maintenance one month they get intro trouble.

Couldnt live without my car though.... broom broom