Is £300 reasonable on a monthly social budget?

[Deleted User]

haha, you walked into a bank and effectively asked "please tell me about every product you sell and i'll buy it from you". The bank is a very bad place to buy the following things- Insurance/Travel Money/Mortgages/Loans. They have you in a little 'bubble' where you can't compare other products from other firms. Do some shopping around before you commit.

If you have no dependents, why are you spending £480 a year on life insurance? Of course, you're the person who actually buys a TV's extended guarantee!

I usually find the cheapest price for a TV, go into John Lewis, get it price matched, then get their free 5 year warranty. I wouldn't buy a TV in Currys/Dixons/Comet without a very good reason - you can almost always beat the price and service elsewhere.

You sound like you want to be very financially savvy, which is good. However you're falling for a lot of salesmen's tricks.

Reaper

Chasing_cars wrote: »

£40 - Mobile/Insurance
£10 - Phone/Travel Insurance

What's this - are both these just insurance for your phone?
If so £50pm for phone insurance is a bit crazy.

Here's another link for you on getting cheap phone insurance.
http://www.moneysavingexpert.com/insurance/cheap-mobile-phone-insurance

Chasing_cars

ringo_24601 wrote: »

haha, you walked into a bank and effectively asked "please tell me about every product you sell and i'll buy it from you". The bank is a very bad place to buy the following things- Insurance/Travel Money/Mortgages/Loans. They have you in a little 'bubble' where you can't compare other products from other firms. Do some shopping around before you commit.

If you have no dependents, why are you spending £480 a year on life insurance? Of course, you're the person who actually buys a TV's extended guarantee!

I usually find the cheapest price for a TV, go into John Lewis, get it price matched, then get their free 5 year warranty. I wouldn't buy a TV in Currys/Dixons/Comet without a very good reason - you can almost always beat the price and service elsewhere.

You sound like you want to be very financially savvy, which is good. However you're falling for a lot of salesmen's tricks.

Not exactly more so, went in to clear student over-draft (before the insurance king hit me) and walked away with what I thought was reasonable bundle - apparently I was wrong. I shall contact the bank and look at reducing the lot!

Reaper wrote: »

What's this - are both these just insurance for your phone?
If so £50pm for phone insurance is a bit crazy.

Here's another link for you on getting cheap phone insurance.
http://www.moneysavingexpert.com/insurance/cheap-mobile-phone-insurance

That should read:
£10 - Phone/Travel Insurance
£15 - Home Insurance
£40 - Payment Protection/Life Insurance

innovate

I notice "£20 Barclaycard" - - - does this mean you don't pay your card off in full every month? If so, this should be a priority area, before you think of saving any money - - pay off the outstanding amount, and then pay it off in full each month.

[Deleted User]

As long as you learn to not trust banks!

Chasing_cars

ringo_24601 wrote: »

As long as you learn to not trust banks!

If I want to lower the amount on the bundle excluding the loan of course - can I do that? or am I now contracted to pay? :S

PasturesNew

Chasing_cars wrote: »

...after all my bills and everything including food! I am walking away with £300 to live on for the month; ... is £300 ok to live on? or should I look to cut down some other bills, if I can?

You should always look at your current costs to see if there's any wastage.... but, from my experience/life, £300/month for "fun/to live on" is a LOT of cash.

I guess it depends what you're used to, what your mates do, what you expect to do.

There's a great deal of difference between the costs of being a horse-owner/rider and somebody who does jigsaws for entertainment.

Chasing_cars

You should always look at your current costs to see if there's any wastage.... but, from my experience/life, £300/month for "fun/to live on" is a LOT of cash.

See I thought this too! but apparently not, I am confused lol - seriously though, just never want to get myself into a financial hole like before - I mean I never had any red letters or nowt, i always pay bills before anything, still now, but back then I borrowed from a lot of places to survive etc, and in the end my entire wage was all going out on bills. No social life at all, so I am a lot better off today; I just worry still if that makes sense?

PS: Thank you all for spending time on me with this.

[Deleted User]

I'd say £75 a week 'fun money' is enough - and probably a bit too much... but it all depends what you do with your life. Any hobbies/clubs? Do you go to the pub, go out for social meals?

I'd focus on paying off that loan/credit card ASAP before you consider saving any money

EDIT:
Just remember, this money needs to cover birthday and Christmas presents. Not to mention, you've not included anything for clothes.
Also, if you're looking to get a car, you'll have to budget for MOTs, petrol, insurance, repairs, recovery service ...

Chasing_cars

ringo_24601 wrote: »

I'd say £75 a week 'fun money' is enough - and probably a bit too much... but it all depends what you do with your life. Any hobbies/clubs? Do you go to the pub, go out for social meals?

I'd focus on paying off that loan/credit card ASAP before you consider saving any money

EDIT:
Just remember, this money needs to cover birthday and Christmas presents. Not to mention, you've not included anything for clothes.
Also, if you're looking to get a car, you'll have to budget for MOTs, petrol, insurance, repairs, recovery service ...

...I will re-evaluate my spending, saving, best thing I can do really.