Spending Money?

theoretica

It really depends on personality too - if one of you likes spending bit by bit on clothes or nights out and the other prefers to buy the latest electronics every few months then a situation where pricey purchases are talked over could rankle and a monthly limit that could be saved up make more sense than a per-purchase one.

Goldiegirl

Georgiegirl256 wrote: »

We don't have a set amount, we just buy stuff as and when we need it, we don't have a limit each month, we know what's in the account and spend within our means.

Any smaller purchases such as clothes, make up, blurays, Xbox games, bits and bobs for the house, we just buy without consulting one another, but any big purchases, we usually run it past each other first.

As others have said, it all depends on how much you both earn.

That's pretty much how we do it.


We have an approximate figure that we COULD spend.


Some months we might spend more than that. In other months we might spend less than that.


It's all quite fluid, and we've never done set allowances.


We have similar tastes and aspirations, so there's never any issues about one person spending more than another, most things are regarded as joint purchases. With clothes, we just buy what we need when it's needed, but it's never an issue if one person gets more than another, in a few months time the other person will buy what they need

maman

I agree that the amount will depend on what money's coming in.


It also depends on what your attitude to money is like. I have 2 DDs with totally different attitudes to money. One just spends what's essential and saves the rest so she's always got the money there if she wants to treat herself to something. The other is potentially dreadful with money so my SIL sets tight budgets. She's the sort who if she has money she has to spend it.


As OP has debts to pay off first then the spending money question is for the future. I'd be wanting to prioritise other things before worrying about spending money. I'd say save for a rainy day so that you have savings for when the washing machine packs up etc. Do you have a plan for the future? House deposit/pay off the mortgage quicker? Do you put holidays on cards, what about saving for something special? What about around the home, do you need any new furniture? new car? IMO so many things need planning for before worrying about spending money.

lollypopswater wrote: »

For me the 700 is too much so I save some and spend some. For hubby it's normally not enough due to expensive holidays....

Personally I would need more than 125, to cut and dye my hair is around 85 every 4-6 weeks and then there is make up, skin are, clothes, nights out etc etc...

I was curious about this: are you saying your husband takes lots of expensive solo holidays or that you both go but he pays?

lollypopswater

Sorry expensive hobbies is what that was meant to say! Golf and cycling are the main two..

Mrs_Soup

Depends how much money you have coming in and what financial responsibilities. We have everything paid into a joint account (husband brings home at least 3x my contribution as I am part time and lower paid) Then have a monthly standing order out to our individual accounts which is currently £230-£250 each (this does cover one life insurance policy each and our mobile bills, everything esle including petrol comes from the joint account). I seem to spend hardly any of this and husband is barely getting by so no idea what he does with it.

Pepperoni

Wow, thanks for all the replies everyone!

We should have a fair bit left (£1,000 or so, but guesswork as husband is currently changing employment). I guess my fear is more that if we just allow us to 'have' all of that money then we will whiter it. Using spare money to pay off debt has made me realise how much money we just wasted before.

Perhaps we need to consider saving 50% and allowing ourselves the other 50% to enjoy life or something. Savings would be for 'emergencies', holidays, maternity leave.... not really sure what else!

theoretica

Pepperoni wrote: »

Perhaps we need to consider saving 50% and allowing ourselves the other 50% to enjoy life or something. Savings would be for 'emergencies', holidays, maternity leave.... not really sure what else!

I would suggest mentally separating out your savings:
Really big stuff and major emergencies: maternity, redundancy, maybe house deposit, hopefully not all being used and turning into retirement savings.
Things that will happen sooner or minor emergencies such as car bills, washing machines, roof repairs, redecoration.
Bigger fun stuff, holidays, electronics, new car because you want one. Will this come from your enjoying life pot or your savings one?

minerva_windsong

Buzzybee90 wrote: »

How much do you collectively earn?

That's obviously got a direct correlation to how much you can spare, guilt free.

What we do is put a figure in our deposit account, £250 in a bill account then pay rent and food - what's left is ours to spend.

Ours is similar to this - we pay our rent, then put £500 each in the savings account, and then I do a big food shop and my OH gives me his share of the money (the other household bills are included in our rent). Everything left is ours to spend, although that does include 'personal' bills like travelcards and mobile phone bills. For small purchases we normally leave each other to it, but if it was a big purchase - a new piece of furniture, say - we'd run it by each other and split the cost.

Anatidaephobia

Pepperoni wrote: »

Wow, thanks for all the replies everyone!

We should have a fair bit left (£1,000 or so, but guesswork as husband is currently changing employment). I guess my fear is more that if we just allow us to 'have' all of that money then we will whiter it. Using spare money to pay off debt has made me realise how much money we just wasted before.

Perhaps we need to consider saving 50% and allowing ourselves the other 50% to enjoy life or something. Savings would be for 'emergencies', holidays, maternity leave.... not really sure what else!

I think it depends what type of people you are. Can you have access to £500 each month but only spend £100 because that's all you need to spend on a particular month - or would you find yourself spending the full £500 simply because can.

We don't have a budget on spending money, just an aim to keep it down to a minimum while also allowing ourselves nights out and luxuries in moderation. It works for us. But if you are prone to spending then I would enforce a limit. If not sure what you need, you could start with a low limit - ie, (picking a random number out the air here) you could try a month on £100 and then review at the end of the month and look at what you spent the money on and how much of it was well spent and how much was wasted - or perhaps you'll find that £100 is nowhere near enough for your lifestyle and then you can look at your finances to see whether or not you can afford to give yourselves a little more.

FatVonD

Nothing to add other than interesting user name, Anatidaephobia, I've learned something new today!