What is your percentage?

maharani_m

Now deleted.

Thrugelmir

Much depends on personal circumstances as peoples budgets differ.

Draw up a budget based on your own lifestyle. Below is a link that you may find useful.

https://www.moneyadviceservice.org.uk/en/tools/budget-planner/?&gclid=CL-KhIDe3boCFc7JtAodARcAow

witchy1066

I think that depends on what you are comfortable with,

how much disposable income you want left at the end of the month,

don't forget to allow for mortgage interest rates rising when doing your calculations

hcb42

Ours is about 25% and I find that too high, so the question is irrelevant. what can you live with long term is the key.

getmore4less

Not another one......


there is no right %


Take off from what you earn what you NEED to live on.

with the rest decide how much you want to spend on property, cars, going out, bringing up kids, holidays etc.

Goldiegirl

As others have said, what is right for you is most important and what you are comfortable with.

Don't take too much notice of what other people do, their lives and circumstances might be completely different to yours.

Prothet_of_Doom

witchy1066 wrote: »

I think that depends on what you are comfortable with,

how much disposable income you want left at the end of the month,

don't forget to allow for mortgage interest rates rising when doing your calculations

Indeed, it's not about percentages, it's about whether you can pay the bills, save a bit for the future, put the kids through private education, holiday in the far east, Christmas in South America, (ie live the life you want) or whether you are close to the bone and when the SHTF, you are shafted, right royally.

Note that I may preach caution, but that's because when first married our mortgage went up to 95% of my take home. (It jumped in 2 years from 8.5 (FTB discount rate) to 15.5%.

We HAD to run 2 cars because of where our jobs were and the lack of public transport (bad planning in reality).

Putting figures on it are meaningless, as we are talking 1991, but my wife was a staff nurse, and whilst we survived, we didn't have the life style that we'd planned.

Note : We are now mortgage free, but money is still a bit tight. :rotfl:

Prothet_of_Doom

maharani_m wrote: »

Some people I have asked have said 80%, whereas others say 50%. What is a reasonable level?

If you take home £1200, and your bills, and food are £1000, and that leaves £200 spending and saving money you are pretty close to the bone.
If you take home £12000, and your bills, and food are £10000, and that leaves £2000 for spending and saving, then you have the same percentage, but your life will be different.

For most people on low incomes, they don't have a choice, the cost of living is often 100% or more of thier incomes, so if you can choose, use that luxury wisely.