How much do you live on!!

hannahlo84

Hello I am new on this great site so I hope this is not an inipropriate thread, Ok so I am I starting to aave, when I get paid in June I am hoping to save 500 per month.
I have been a bit shell shocked by looking through this site as I see people are saving 800-1000 per month I just wondered how much people budgetted to live on per month now I understand that many people may get paid a lot more than me but I jsut wondered what you lived on and how you went around budgeting per month.
Thank you
Any advice would be great!!!

MyLastFiver

We are a 2 adult, 1 child household (with another on the way!)

Salary = £2670
Monthly living expenses = £1175

Everything else goes into various savings pots:

Short term - savings account: Holidays, car servicing, annual bills ie insurance
Medium term - cash ISAs: Paying the mortgage off in the next 4 years
Long term - stocks & shares ISA (putting the kids through university)
Spread betting on Forex and commodities

We are lucky in a few ways:
1. Living in the north of England = small mortgage for modest but pleasant house
2. Tracker morgage = (currently) ridiculously low rate
3. In a public sector final salary pension scheme
4. I cycle to work = low motoring costs
5. The wife is a full-time mum = no childcare costs

But then:
1. I work bloody hard
2. I enjoy my job but it will never make me a millionaire!

Eco_Miser

I'm single, fully own my own home, have no travel expenses and spend less than £300 pm, actually £3253 for the 12 months ending April 30th.

snooping_around

...........

DavidHayton

Have a look at the debt-free wannabees board: there you will learn loads about people and how they budget. If you want to live on very little, it must be possible because some people have to live on very little. But do you want to? It would make some people miserable, and if the sole point is to build up financial reserves that you never intend to spend or give away, then it is meaningless (see Luke 12:16-21)

My wife and I were both students for a long time and got used to living on not very much. As our family income has increased over the years we resolved not to increase our expenditure to match. So, whilst we could have bought a detached house, we have never left our first terraced home; whilst we could buy a new car, we keep the old one running; whilst we could buy food at Waitrose, we stick to Aldi; whilst we could buy coffees at the motorway services, we take our flask... As such we are able to live on half our income. The rest we save or give away.

Best wishes
David

margaretclare

We're a retired couple, not as poor as some but not rich either. We live in a 2-bed bungalow in south Essex. Council tax is probably our biggest expenditure - £113 a month for 'C' band. We each tip in £340 a month to a separate account and that covers everything including power, water, insurances, food, petrol and most costs associated with the car. So, £680 a month.

I save £150 a month in Hargreaves Lansdown's stocks-and-shares ISA, also £50 a month in Market Harborough BS.

gozomark

snooping_around wrote: »

Earn > 2K a month net.

I live at home so no need to pay for rent/bills/food so spend about £200 a month. Hmm I could quite easily live on JSA!

If someone else paid all my bills I could live on nothing as well :-)

Lokolo

I will be saving £800-£1k a month when I start my job. I will be living at home and Mum agreed that if I am saving for a house deposit she won't charge me any rent. My take home will be £1,755. Commuting will cost £400, so that leaves £300-£500 for petrol and car expenses, plus going out and partying.

Dave101t

i earn £1500 a month net, save £800-£1000/ month due to owning house with no mortgage. bills and food are £400 for two of us, tho i often spend another £400 on leisure.

rictus123

Some very different situtaions...i still live with parents, only 19. I could afford to rent no problem but just do not want to. I want to get my first place and pay it off asap. The sooner i get it, the more il pay towards it. I mean i wouldnt save as much monthly as i could if i paid mortgage...as once its gone its gone.

I could get by on £400 a month, including £100 digs...if it wasnt for debts/car. Soon i have a forecast budget im working towards for next year that will allow me £1,000 all in monthly expenses...when only set expenses will be £100 digs, £40 phone and £150 fuel...The rest will be for mot/insurance/going out etc. Allowing me to save £2k per month.

malik999

hannahlo84 wrote: »

Hello I am new on this great site so I hope this is not an inipropriate thread, Ok so I am I starting to aave, when I get paid in June I am hoping to save 500 per month.
I have been a bit shell shocked by looking through this site as I see people are saving 800-1000 per month I just wondered how much people budgetted to live on per month now I understand that many people may get paid a lot more than me but I jsut wondered what you lived on and how you went around budgeting per month.
Thank you
Any advice would be great!!!

Unfortunately it is going to be different for everyone as no two circumstances are the same as youve seen by the replies.
Additionally its all relative. Someone in the same situation might also save £500pm. They earn £8000 per month and have £7500 outgoing.
Im sure there must be a 'recommended' average monthly savings percentage figure out there somewhere. Perhaps someone here knows it?