How much money left over per month?

SweetPotatoPie

Apologies if this is not in the right forum (I presume it would come under budgeting). I also realise that this is one of those how long is a piece of string questions. I’m just wondering what percentage of people’s wage is consumed by bills? 

I know that some wages vary greatly and this will be taken into account. 

50% of my wage is consumed by all my bills (I am a single parent). I have not included food shopping or fuel in this as that varies. I also need to try and get my food bill down as I spend 90 a week for me and my daughter. 

I am just wondering if 50% of wage is “the norm” or is this high? 

Many thanks! 

phillw

SweetPotatoPie said: 

I am just wondering if 50% of wage is “the norm” or is this high? 

It depends on where you live, some people spend more than 50% of their wages on rent. Comparing to other people is completely pointless, it will either make you feel bad because some people are better off or complacent because some people are worse off.
Whether yours is "too high" would depend on whether you can reasonably reduce your outgoings, or increase your income.
You shouldn't exclude bills from your calculations just because they vary.

Malkytheheed

Also totally depends on what stage of your life you are at. I'm in my 30s with 2 kids, I'm chasing my career and have a nice home in a nice area with a fairly hearty mortgage. 

As such we have very little money left over after bills (at the moment). But I accept that and it's where we are in life. 

If I was 70 on the other hand and had such bills vs income I would be very worried. It just depends. 

SweetPotatoPie

I understand that there are so many contexts to this. 

I think I just wanted reassurance that 50% of income isn’t a ridiculous amount to be spending on bills. 

I have a home, I’m looking at a loan for an extension to my property and that is what the tipping point would be for my bills to hit the 50% mark. 

Notepad_Phil

I'm retired now so don't really have a wage, but during my life there were stages when I was spending well over 50% of my wage on bills.

If like me you're checking to make sure that you're not overpaying for things or spending unnecessarily on things you don't need then  spending 50% of your income is what you need to do so is definitely not ridiculous.

However if you're not doing those checks then there is the possibility that it is.

fozz010

90 a week seems excessive for just you and your daughter per week.

We have three in our house, myself, partner and daughter and we spend £45 a week

SweetPotatoPie

fozz010 said:

90 a week seems excessive for just you and your daughter per week.

We have three in our house, myself, partner and daughter and we spend £45 a week

I know it’s ridiculous. I have tried to reduce it but I can never seem to do it. 

coachman12

SweetPotatoPie said:

Apologies if this is not in the right forum (I presume it would come under budgeting). I also realise that this is one of those how long is a piece of string questions. I’m just wondering what percentage of people’s wage is consumed by bills? 

I know that some wages vary greatly and this will be taken into account. 

50% of my wage is consumed by all my bills (I am a single parent). I have not included food shopping or fuel in this as that varies. I also need to try and get my food bill down as I spend 90 a week for me and my daughter. 

I am just wondering if 50% of wage is “the norm” or is this high? 

Many thanks! 

50% sounds pretty good to me , as long as it covers the roof over your head. And what is life if you can't use the rest on higher food bills , presumably to get better quality. Of course , precise budgeting details would be needed to give a definitive answer; and you do not mention if you are trying to make regular savings for the future and emergencies. But, on the basic figures you mention, you and your daughter are among the lucky section of the population. And long may it remain so.

Tooskint

I think depends whether includes your rent or not.  I think that using the 1/3 works well in that a 3rd for rent or mortgage a 3rd for Bill's and whatever left for food travel etc.  I think you could really get food Bill's down but takes a few months to get into stocking up cupboards and freezer.  Maybe get books from library for meal ideas 

fozz010

SweetPotatoPie said:

fozz010 said:

90 a week seems excessive for just you and your daughter per week.

We have three in our house, myself, partner and daughter and we spend £45 a week

I know it’s ridiculous. I have tried to reduce it but I can never seem to do it. 

We shop mainly at Lidl, that's the first step into getting your food bill down. Anything we can't get there we go to Morrison's which is very little.
When we cook meals we usually make enough for at least 3 adult portions, sometime four. Then we freeze them and use them for meals the following week or so. You'll find that one week out of four you aren't buying anything for main meals and you'll soon see the food bill reduce.

nicetomeetyou

I pay about 10% of my wage on gas/electic/water/tv/internet.