Spare Money

comex.matt

Hi all,


Just wanted to ask a quick question to get everyone's angle on this.


I am currently in a plan that will see my £6k debt paid off by Nov15


The thing is, with all my payments im left with around £15 per week spare cash. I get free meals at work (2 meals 5 times a week) so my food bill is for 2 days a week. I struggle when it comes to socialising etc.

I just wondered what's everyone else's spare cash amounts? And how do you manage to keep your spending within this amount. Any tips?


Also I know its off subject but when everyone comes up with their total debt, do they include mortgage on this? or is this classed as investment/arranged debt?


Thanks for all your input

determined_new_ms

I would just take out that cash and keep it in my purse and when it's gone it's gone

rockm87

I think you need to change your perception of calling it 'spare' cash, and allocate it to something in your budget.

Either £15 a week for yourself and your socialising budget for example. That way if you dont spend it, you can just save it for future social occasions.

Or you could use half to pay off more debt?

just giving it a job rather than just leaving it to float around as 'spare'

sugarcube84

I have a surplus in my budget and I use it to pay for a treat each month and then anything that is left the day before pay day goes on an overpayment to the credit card. I find this works quite well, last months treat for example was a cinema trip for my ds and a £150 overpayment, this month it was a date night for me and the hubby with a forecast overpayment of £100.


If you don't have an emergency pot then I would start one with your 'spare' cash, if you have allocated money already for entertainment/socialising then, if I were you, I would be putting it to one side with a view to making a lump sum payment towards your debts.

abbiesmom

Spare cash - is that the same as leftover wine?! :rotfl:

andyfromotley

Every YNAB user just had a sharp intake of breath. What is this spare cash of which you speak??!!

Give it a job to do, emergency fund, holiday, getting !!!!ed money, anything. Its yours, tell it what to do or it will tend to disappear!

katejo

andyfromotley wrote: »

Every YNAB user just had a sharp intake of breath. What is this spare cash of which you speak??!!

Give it a job to do, emergency fund, holiday, getting !!!!ed money, anything. Its yours, tell it what to do or it will tend to disappear!

Absolutely ! (from another YNABBER)

Georgina180590

I have £50 a week to spend on food/petrol and/or socialising.
Doesnt go far and means I don't get the sicialise very much!
xx

havecourageandbekind

I definitely agree with everyone else, allocate the money to somewhere. Sounds like you want to do a bit more socialising so how about allocating £10 of the spare money to going out and putting the remainder into a savings account?

I live in a city and could socialise twice a week on a budget of £10. Things I might do include grabbing a coffee/tea with a friend and going to the cinema on their 'bargain' day. Alternatively I might just go out once in the week for a couple of drinks! I manage to keep my spending to a specific amount mainly by making plans ahead of time.

Any weeks that you spend less than £10 socialising, the money could be added to the savings account.

rockm87

I feel like a hunter!!

take that scammers!! kapow!!

clint_S

Debt usually comes about due to unknown\unaccounted issues and quickly becomes a problem. Any spare cash should be placed in an account which provides a good rate of interest, I prefer an account that punishes lots of withdrawals to prevent me dipping into it.


In cases of emergency you then have a pot to dip into and stop any major money crisis.