Is £40k outlay a year excessive?

purplebanna

Well I decided to use Lloyds new "Money Manager" which sums up all your money and what you've spent it on, its a good bit of kit.

Anyway one thing that shocked me was my outgoings for 2010, I never thought it would be so high...

I've double checked the figures and everything seems accurate. Anyhow, I have no mortgage and no finance...

I took home just over £53k after tax, but spent £40k :eek: Admittedly I did spend £20k on a car, so that £20k is just on living expenses.

Still I can't see how I've burnt through so much. I pay £350 rent a month, I have a !!!!!! £20 contract phone, I've only spent £800 on food, I had one holiday at £500 and only £600 worth of nights out.

Money manager, nice bit of kit but fairly depressing!!! Think I need to improve my Money Saving techniques lol.

intranicity

I think 20K is excessive when you don't know where you spent it, at least you know where the other 20k went, probably spent loads on fuel and insurance I bet lol, still, look at the plus side, you saved 13K

LillythePink

Is the money manager linked to your online banking?

purplebanna

Mmm, insurance was about £3000 and I've burnt through £3000 worth of fuel in a year. Cars are expensive

Apart from that though, I have nothing to show for my expenditure. No fancy TV, no fancy clothes etc. Will have to break these figures down and have a re-think, may !!!!!! the car off and buy a cheap diesel and buy a house. Can't stay young and foolish all my life

purplebanna

LillythePink wrote: »

Is the money manager linked to your online banking?

Yep, you need to login and "activate it".

LillythePink

Bummber - have just checked I don't have it - it's not available for Lloyds offshore

intranicity

purplebanna wrote: »

Mmm, insurance was about £3000 and I've burnt through £3000 worth of fuel in a year. Cars are expensive

Apart from that though, I have nothing to show for my expenditure. No fancy TV, no fancy clothes etc. Will have to break these figures down and have a re-think, may !!!!!! the car off and buy a cheap diesel and buy a house. Can't stay young and foolish all my life

lol, young and foolish is fun, but as you say, gets you nowhere....

Still, you now know that you've spent at least £26k on the car, so in the end, you've only been spending just over a grand a month on everything else!

Annisele

I don't think £40k a year outlay is excessive if you take home £53k - but I agree that if you don't know where it's gone you could do with making some changes!
If you were spending £54k, or earning £39k, things would be different.

Your post reminds me of Mr Dickens:

Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.

(Have you really only spent £800 on food over a whole year? I probably burn through more than that on buying lunches, but then I'm not very MSE at all when it comes to eating away from home).

rictus123

Surely more than £800 on food anyway! Great salary, at least you have had a bit of a wake up call. £3k insurance on a £26k car lol theres half already

purplebanna

I personally think I spend about £25 a week at Tescos, £30 if I'm pushing the boat out - however Lloyds summed it all up and apparently it only came to £800! I trust its accurate.

Solomon_Broad

£30 a week covers all of your groceries? Or just some?