What's your weekly Budget?

Miss149

Hello all

Im just curious as to see what you set your weekly budget at? Ive always been terrible with money, as soon as I get it, I want to spend it But im trying to change my ways in 2012!

My trouble is, i have around £400 average disposable income a month, if I do overtime this can increase to £600-650. But i never seem to save it, It just goes on absolute tosh! A new dress, slippers, subway, wine, dinner, swimming etc....

I really want to have start having a back up 'emergency' fund so I dont have to rely on my boyfriends CC, or the bank of dad!

But what is your weekly budget? There is only 2 of us, we used to be quite bad at going out at weekends, but we've made ourselves regin this in massively, and this weekend we've only done 'free' things! Like the park, walking along the sea front, chilling out, tiding up (eurgh!) and we plan on carrrying on doing this until we go to London for our anniversary in the next couple of months (staying with friends, and got 2 returns tickets for £51!)

So please can you tell me, your budget, and what you include in that?

Really appreciate your help, just want to set myself something to work towards!

xx

JulieGeorgiana

Is it taboo to admit that my weekly budget is £0!!!

We have an emergency fund of £40 a month, which has to pay for new shoes, clothes, haircuts etc etc! basically this pays for anything that isn't a bill or budgeted for. We do free days out which are local. That's it!

wannabee_in_credit

Maybe have a look at the weekly spend challenge?
I aim for 0 during the week when I'm at work, and about £50 a week when I'm not at work.
It's certainly opened my eyes as to how much I was wasting.

Sammie2012

Miss149 wrote: »

Hello all

Im just curious as to see what you set your weekly budget at? Ive always been terrible with money, as soon as I get it, I want to spend it But im trying to change my ways in 2012!

My trouble is, i have around £400 average disposable income a month, if I do overtime this can increase to £600-650. But i never seem to save it, It just goes on absolute tosh! A new dress, slippers, subway, wine, dinner, swimming etc....

I really want to have start having a back up 'emergency' fund so I dont have to rely on my boyfriends CC, or the bank of dad!

But what is your weekly budget? There is only 2 of us, we used to be quite bad at going out at weekends, but we've made ourselves regin this in massively, and this weekend we've only done 'free' things! Like the park, walking along the sea front, chilling out, tiding up (eurgh!) and we plan on carrrying on doing this until we go to London for our anniversary in the next couple of months (staying with friends, and got 2 returns tickets for £51!)

So please can you tell me, your budget, and what you include in that?

Really appreciate your help, just want to set myself something to work towards!

xx

My weekly budget is £70.00 it keeps things simple. I have an app on my phone that I use to track it also. So I work of £10.00 per day and anything I dont spend I put into my savings account or roll over to a day where I know it will cost me more. e.g. every Tuesday I go for dinner with my friend and share a bottle of wine. This costs 15 (20 is we share a 2nd bottle) so today I am going to the pub on a budget of 5.00 as going for 2 hours for a chat with non drinkers. I'm rolling over todays 5.00 saved to tuesday. Tomorrow I am giving myself a 5.00 food budget. (we have a 99p sandwich shop) I am rolling over the 5.00 to tueday :-)

This seems to be working well so far I have done this for a week and have managed to put 24.00 of my weekly budget in my savings account already :-)

ladysparklexx

We have a weekly budget of £15 for bits, this is £15 from our food budget and can be spent however we choose but not wasted. How sad am I that my weekly treat is a paper on saturday lol. If we do not spend this it goes to our savings or is saved up for the extra petrol when we have to go and see family 100 miles away or when the children are on holiday.

Miss149

Thanks Guys, really helpful to see what your spending! Im trying to save so me and fella can buy our own place together in a 4/5 years time, we know we'll need a big deposit in this market.

Will definitely look over the weekly speand challenge thread, seems like a good idea to get me on target.

I think £30/40 a week seems a good target for me based on what you guys are saying, anything left over is a bonus and extra towards the savings pot! Then i can still have the odd 'treat' but nothing extravagant!

Tixy

Is your £400 disposable income after paying for things like food, travel etc? Is it after things like haircuts, presents?
Is it after budgeting for annual costs such as insurances or car tax or similar.

It sounds like your clothes are coming out of this £400 and things like entertainment costs. I'd be tempted to set up a separate budget for essentials like haircuts, clothes (up to a set amount you decide), and then if after all those things you are thinking of allowing yourself say £30/40 a week for going out, activities and treats that should hopefully be more than achieveable.

Mich81

I budgeted £40 for general spends / entertainment per week. Didn't want to restrict myself too much to start with, but only ended up spending half of it in the first week and actually felt guilty at spending most of that.

Miss149

Tixy wrote: »

Is your £400 disposable income after paying for things like food, travel etc? Is it after things like haircuts, presents?
Is it after budgeting for annual costs such as insurances or car tax or similar.

It sounds like your clothes are coming out of this £400 and things like entertainment costs. I'd be tempted to set up a separate budget for essentials like haircuts, clothes (up to a set amount you decide), and then if after all those things you are thinking of allowing yourself say £30/40 a week for going out, activities and treats that should hopefully be more than achieveable.

Hi Tixy,

The £400 left is whats remaining after i pay my half of the bills, car, loan repayment, mobile phone, and food.

I dont include haircuts, birthdays, holidays etc?

But my problem is I dont save, anything, and I really want to try and put £200 a month away as an emergency fund. Most of my money goes on going out and new clothes!

I dont spend much on food, my and OH split this cost and Ive always been once for batch cooking, freezing, being frugal, reduced items etc. I get it from my mother, so our weekly food bill is only around £30 for both of us (this doesnt include weekend alcohol though).

xxx

Tixy

Is it that £400 sounds like a large amount and so its hard to keep track of exactly what is going where?

Maybe start by setting up a standing order into a savings/emergency fund to go out a couple of days after payday. Make it somewhere you can get access to if you need (in case of emergency or whilst you are getting used to bduegting)

Then with the remainder maybe try to allocate amounts so its not just a 'wash' of money (if that make sense), maybe another savings account for saving towards treats/holidays/presents etc (even if its only £50 to start), and then the remainder in your current account for going out etc .

I notice you've joined the crazy clothes challenge - best of luck - I've always wimped out if it, clothes are my weakness!

Miss149

Yep, dragged myself into the crazy clothing challenge! Its my weakness to but Im very fortunate to have a family member who's the same size as me emigrate, and leave me a nice suitcase filled with clothes, so Its like Ive been shopping without spending any money I just need to start re wearing what Ive already got, and not being tempted by the 'ASOS sale...!'

Yep, its that my £400 just seems to go and I cant never account for it! I think thats a good idea to set up another account and transfer some money there and then see how I get on.

xx