Budgeting - How much do you save/spend?

ms_london

I have been thinking about when i am debt free, and am interested to hear how other people spend their wages. (those who are debt free). Do you save, say 10% and spend the rest, spend £100 a week or just spend as you feel/dont save at all. I am interested thats all. I am taking about "fun money" - money just to spend as you please, clothes, going out, socialising etc etc.

I wonder if people around me are living off less than i think or are blowing all of their wages (and more) on living a particular lifestyle.

Sorry this is a bit of a ramble!! Not sure if it makes any sense.... :0)

For example, once i am debt free i will have £890 a month disposable income (supposing my circumstances say the same). I couldnt justify not saving any of that each month, and as i have said before, will probably save around £400-£500 a month. Initially since i want to go travelling it will go towards that, but afterwards, where will it go. I expect it will depend on my circumstances at the time.

Tell me about you, how old are you? Whats your monthly income? How much do you save each month? Whats your budget? Or are you regularly using your plastic and cannot Live Within Your Means?

Ms_London

(thinking out loud - hope you dont mind me posting!!)

davepugh1981

Not gonig to go into too mny details but i'm 24, my girlfriend is 22. We own our house (with mortgage), run 3 cars, and a cat.

We pay all our bills out of our salaries including food, tv lic, council tax, rates, cars etc, we then both get £200 permonth o spend how we like. i.e. clothes, going out, cds etc.

The remainder which is probably £300 permonth on average is saved.

Items to note - we are overpaying on our mortgage by £250 per month on a 20 year mortgage. We see that cutting your debts is as importnant as saving in the long term.