Adult 'pocket money'

meritaten

The main thing is that you both work out a fair plan! Go with what you both think you can stick to and feel is right for you!
good luck!

Kynthia

There are lots of different methods of managing money as a couple, but it's quite common to have a 'pocket money' amount each if budgeting, saving and controlling expenditure. It also means that each person can spend on frivolous things without feeling guilty or being questioned by the other person. The main thing is that both agree to do it and both help decide the amount, as this really increases the 'buy in' of both parties and makes it much more likely to be a success. Also it's possibly worth having a review after four months to see how it's going and whether the amounts are right, ie. does each person have enough (or even too much which could be saved), are all the bills covered, is there still enough going into savings, etc.

lovely-cup-of-tea

I totally agree Kynthia, it's OH's occassional frivolous spending that drives me up the wall but if it was his money to spend how he wanted then it wouldn't worry me a bit. I'm often too hard on myself and don't buy myself things that I want (rather than need) because I see the money we have as ours rather than 'mine'. This is as much about the way I feel about OH's spending as it is about our finances.

Lunar_Eclipse

We don't smoke, but I would say cigarettes should come out of pocket money, since they are a luxury item, like alcohol.

We have £100/month max in the budget for adult pocket money. It doesn't include clothes, but financially I could definitely cover my clothing spend with it. Hubbie's tends to go on books/gadgets and pints at the pub with work colleagues.

I spend much less than £100, mainly on coffees, a monthly magazine and the odd lunch out. I would guess that I typically spend £20/month and £50 max.

(Occasional) meals out as a family are covered elsewhere in our budget.

We splurge on holidays ...

Any

hazyjo wrote: »

While I'm here, one that everyone seems to do is pay the Council Tax (or season tickets) over 10 months. I know you get two months 'off' at the end by overpaying, but I do find a set amount each month, every month (over 12) is much easier to budget for.

Jx

I do that purposely. The 2 months we have a break is like "savings". Acts as a buffer for months where I might overspend on nice wine on deal or to buy new sheets, or pots & pans or something else pretty for the home.

Gloomendoom

Lunar_Eclipse wrote: »

We don't smoke, but I would say cigarettes should come out of pocket money, since they are a luxury item, like alcohol.

Ha ha! Not in our house. No tobacco but the alcohol is lumped in with the groceries.

HappyMJ

I'm quite amazed at the low amounts here.

I couldn't get by on much less than £600 per month for everything (clothing, mobiles, gadgets, going out, personal debts...etc) except household bills. I could technically get by so to speak but I wouldn't be happy as I wouldn't be able to go out anywhere at all. My OH allocates £800 a month for herself and spends it all. I save £200 a month into a personal savings account. The essential bills (rent/mortgage, council tax, gas, electric, water and £50 a week groceries) come to about £800 a month. I pay for broadband as it's one of my "needs" and she pays for Sky as she feels it's one of her "needs". Mobile expenses come out of pocket money. Costs for travelling to/from work come out of income before it's put into the main pot...so technically I suppose they are shared.

I don't think our joint income is that high...is it??

Any

Gloomendoom wrote: »

Ha ha! Not in our house. No tobacco but the alcohol is lumped in with the groceries.

Same here. But then we both drink wine etc. I think with tobacco it could be unfair if 1 person smokes 20 a day at £4 a pop and the other cannot then afford favourite posh biscuits.

Any

HappyMJ wrote: »

I'm quite amazed at the low amounts here.

I couldn't get by on much less than £600 per month for everything (clothing, mobiles, gadgets, going out, personal debts...etc) except household bills. I could technically get by so to speak but I wouldn't be happy as I wouldn't be able to go out anywhere at all. My OH allocates £800 a month for herself and spends it all. I save £200 a month into a personal savings account. The essential bills (rent/mortgage, council tax, gas, electric, water and £50 a week groceries) come to about £800 a month. I pay for broadband as it's one of my "needs" and she pays for Sky as she feels it's one of her "needs". Mobile expenses come out of pocket money. Costs for travelling to/from work come out of income before it's put into the main pot...so technically I suppose they are shared.

I don't think our joint income is that high...is it??

I suppose it is needs must!
We have similar amounts to you left to spend, but then we do earn it and have no children.. some people are not as lucky, or pay for private school for children or save hard to retire at 50...

And just my mortgage is the size of your monthly bill budget!! So I suppose that is why you also have a lot left, evewn though you don't feel your income is so high...

hgotsparkle

HappyMJ wrote: »

I'm quite amazed at the low amounts here.

I couldn't get by on much less than £600 per month for everything (clothing, mobiles, gadgets, going out, personal debts...etc) except household bills. I could technically get by so to speak but I wouldn't be happy as I wouldn't be able to go out anywhere at all. My OH allocates £800 a month for herself and spends it all. I save £200 a month into a personal savings account. The essential bills (rent/mortgage, council tax, gas, electric, water and £50 a week groceries) come to about £800 a month. I pay for broadband as it's one of my "needs" and she pays for Sky as she feels it's one of her "needs". Mobile expenses come out of pocket money. Costs for travelling to/from work come out of income before it's put into the main pot...so technically I suppose they are shared.

I don't think our joint income is that high...is it??

I wish I saw Sky TV, new clothes every month and gadgets as a need!
I'm currently saving up for a Tesco Hudl which is only £119 but its something I can't afford to pay out in one lump.
Though, I am very happy with my lot. A nice house, good social life and we eat well. And our household income after tax is £1900 a month.