How much do you allocate for spends?

jak

When I did our budget I took into account everything. I want to pay off debts as fast as I can so I didn't put anythng in the budget for spending money/free money. We have allocated £50 pcm for socialising and gifts, home imporvements etc. are all catered for. However, I think it might be easier to keep DH on board if he has some spends each month. We have £400 free pcm for debt re-payment and I don't want to cut into this too much. Any ideas for a budget for spends? What do you spend? Or don't you?Jx

immoral_angeluk

spending/free money? What's that?

jak

That's my attitude too! BUT I need to get an idea of how much to give him. (As little as possible obviously...)

immoral_angeluk

lol. Well the only thing we regularly spend money on for 'us' is band practice at £10 a week. Other than that it's nights out and treats once in a blue and pink spotted moon.

HHH_2

I think I'd go mad if I couldnt ever go out or have the odd treat. What does your OH like doing and base your spends on that. My once a week treat depends on how Im feeling it might be a tenner down the pub or a couple of saturday morning coffees at the deli but by allowing myself something of a normal life I am much more able and willing to budget everywhere else

hypno06

I have never allocated any money in my budget for "spends" as such - if we want anything, we have to take it out of the grocery budget etc.

However, I start a new job in a couple of weeks and will be working in the city centre - however much I try it is going to be nigh on impossible to resist spending every single day.

I think I am going to allow myself £10 from the cash machine every Monday and that HAS to last me all week - coffees and lunches (I will be taking in a packed lunch most days) etc.

Otherwise I will either spend far too much on impulse, then feel very guilty about it, or I will restrict myself to 0 and will make myself depressed.

We shall see!

LilacPixie

I give my DH £20 a week from his wages for his little treats and it's up to him what he spends it on. That £20 is for everything, there is enough food in for a decent packed lunch for him but if he chooses to get a burger then its from his £20

ltm07

We used to allow ourselves £50 a week each,but obviously this is way too high if we want to get out of debt! We now allow ourselves £20 each,which we stick to rigidly. OH smokes so unfortunately all her money goes on fags,but I try to make mine last & put it towards days out,meals,drinks etc. As others have said,you do need some spending money,or you'd end up going crazy!!

Cleosmum

My OH doesnt get any spending money at all, everything is catered for - roof over our heads, food in - so he wouldnt need any spending money. What does your OH want to buy? How much allowance do you give yourself a day/week? Why not use the £400 a month to pay things off quicker and then you can look at spending money. If you paid off the whole £400 pm then you could be debt free inside 10 months.

wendybird

My DH was the same - I suggested 200 per month which I think is waaayyy too much (though we do go out a lot - we're DINKs). He disagreed and then we agreed to ask some good friends of ours and base it on that as incomes, etc. are very similar. They give themselves each 500 per month!!! I was so shocked I couldn't speak about it for a couple of days :eek: . So we've compromised on 300 per month - which is way more than I ever spend - but he's going to struggle.

I know this is still stupidly high, but we don't have much debt and I'm trying to get the money under control and still have a marriage - therefore baby steps!

Burlesque_Babe

I don't allocate any 'spends' money. When I started on my debt free journey, I stopped all socialising, takeaways etc and since becoming debt free have not gone back to socialising etc. We have a takeaway roughly once every 6 weeks or so, OH pays for his own beer on a Sunday after football and that's about it. If for any reason I have some cash in my purse, its usually £10 or so and it often sits there all week!

OK, I need to get a life............... :rotfl: .............

(wendybird - your hubby will struggle on £300 a month 'spends' ?!! - they must be some good nights out!!!!!!!!!)