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  • FIRST POST
    • Debtfree1014
    • By Debtfree1014 9th Apr 18, 7:20 PM
    • 14Posts
    • 1Thanks
    Debtfree1014
    1250 a month, what to do?
    • #1
    • 9th Apr 18, 7:20 PM
    1250 a month, what to do? 9th Apr 18 at 7:20 PM
    Hello all.

    So as things stand, I've managed to get myself into a position where I have 0 debts (Except my mortgage). After all my bills and outgoings every month, I'm left with 1250.00.

    My problem is, no matter what I seem to do every month I end up having 0.00 left, and very little to show for it. I go out with the OH, friends, meals, takeaways, the odd sports bet at the weekend and other things but I feel like I could do all this on a tighter budget.

    What I'd love to do is use my money in a smart way, or in a way that I can see I'm doing good things with it.

    Any advice or ideas would be great, thanks in advance.
Page 1
    • A_T
    • By A_T 9th Apr 18, 7:25 PM
    • 396 Posts
    • 249 Thanks
    A_T
    • #2
    • 9th Apr 18, 7:25 PM
    • #2
    • 9th Apr 18, 7:25 PM
    Don't bet on sports. Don't go out as much. Don't have so many takeaways.
    • Debtfree1014
    • By Debtfree1014 9th Apr 18, 7:29 PM
    • 14 Posts
    • 1 Thanks
    Debtfree1014
    • #3
    • 9th Apr 18, 7:29 PM
    • #3
    • 9th Apr 18, 7:29 PM
    Hey.

    Yeah that was my point/question, what should I be doing with the disposable income I have. Which is around 1250 a month?

    Thanks.
    • Alistair31
    • By Alistair31 9th Apr 18, 7:36 PM
    • 28 Posts
    • 20 Thanks
    Alistair31
    • #4
    • 9th Apr 18, 7:36 PM
    • #4
    • 9th Apr 18, 7:36 PM
    Putting it in your pension ?
    • rathernot
    • By rathernot 9th Apr 18, 7:37 PM
    • 242 Posts
    • 62 Thanks
    rathernot
    • #5
    • 9th Apr 18, 7:37 PM
    • #5
    • 9th Apr 18, 7:37 PM
    Hey.

    Yeah that was my point/question, what should I be doing with the disposable income I have. Which is around 1250 a month?

    Thanks.
    Originally posted by Debtfree1014
    Save it if you need to be sure you can get at it.

    Invest some/all of it if you can afford to take a long term view.
    • Robin9
    • By Robin9 9th Apr 18, 7:42 PM
    • 2,471 Posts
    • 1,611 Thanks
    Robin9
    • #6
    • 9th Apr 18, 7:42 PM
    • #6
    • 9th Apr 18, 7:42 PM
    Do go out with the OH, friends, meals, takeaways, the odd sports bet at the weekend and other things but be disciplined - limit this to 250. Then its pension (and your wifes pension), over pay mortgage, emergency fund
    Never pay on an estimated bill
    • Zorillo
    • By Zorillo 9th Apr 18, 7:43 PM
    • 101 Posts
    • 59 Thanks
    Zorillo
    • #7
    • 9th Apr 18, 7:43 PM
    • #7
    • 9th Apr 18, 7:43 PM
    Practice with a regular saver. Once you've managed to put 250 a month away regularly, open another one.
    • Westie983
    • By Westie983 9th Apr 18, 7:43 PM
    • 4,292 Posts
    • 14,833 Thanks
    Westie983
    • #8
    • 9th Apr 18, 7:43 PM
    • #8
    • 9th Apr 18, 7:43 PM
    Hi,

    My suggestion would be to transfer some of your money at the beginning of the month into another account, and then spent whats left as your "fun" money then if you need more you can transfer it back, but you may find you don't, and then you have saved that month and then repeat.

    Out of 1250 I would start with 750 - 1000, then you can change according to what you are doing each month.

    You may have a month where there are lots of birthdays so you only transfer the lower amount, and anything left at the end of the month goes in the account too.

    Westie983
    Save 12k in 2018 #10 Total (25,000)+10,000/12,000 = 83.33%
    Sealed Pot Challenge ~ 11 #97 Total (410) + 10/800 = 1.25% ( x 11)
    Xmas 2018 1 a Day #2 Total 62.59/365 = 17.14%
    Virtual Sealed Pot #1 Total 600/1,000 = 60.00%
    2 Savers Club 2018 #16 Total (1,500)+-486/2,000 = 50.70%

    Total 10,686.59/16,165 = 66.10%

    I'm a Board Guide on Budgeting & Bank Accounts, Debt-Free Wannabe, Disability Money Matters, and Savings & Investments. I'm a volunteer helping the boards run smoothly, but I'm not a moderator, and do not read all posts. If you see an inappropriate/illegal post then email forumteam@moneysavingexpert.com
    • rathernot
    • By rathernot 9th Apr 18, 7:44 PM
    • 242 Posts
    • 62 Thanks
    rathernot
    • #9
    • 9th Apr 18, 7:44 PM
    • #9
    • 9th Apr 18, 7:44 PM
    I would definitely move it to a different account.

    Even with the easy of instant (ish) transfers I think psychologically just not seeing it there to spend counts for a lot.
    • djhworld
    • By djhworld 9th Apr 18, 8:15 PM
    • 215 Posts
    • 81 Thanks
    djhworld
    Do you have any savings already?

    If not then your first priority is to build up an emergency fund. If your washing machine broke tomorrow would you have enough money to cover buying a new one/do repairs?

    If you lost your job next week would you have enough money to tide you over for important expenses like mortgage, bills, food etc, until you found a new one?

    Ideally you should have 3-6 months of expenditure saved that can be accessed easily.

    Can I afford to buy? Mortgage Affordability Calculator

    https://caniaffordtobuy.co.uk/
    • A_T
    • By A_T 9th Apr 18, 8:32 PM
    • 396 Posts
    • 249 Thanks
    A_T
    Hey.

    Yeah that was my point/question, what should I be doing with the disposable income I have. Which is around 1250 a month?

    Thanks.
    Originally posted by Debtfree1014
    Put it in a SIPP then you can't get at it until you're 55 (or 57) - at which time you'll be very glad you did.
    • dawyldthing
    • By dawyldthing 9th Apr 18, 9:04 PM
    • 2,852 Posts
    • 2,861 Thanks
    dawyldthing
    Input mine into premium bonds. It's not for everyone but it's always there and a chance to get something bigger. This was after paying the mortgage. If it was me I'd split it into 3 - 1/3 premium bonds, 1/3 off the mortgage, 1/3 on whatever. As still gives you 100 a week for leisure which is a lot of money
    My targets to end 2018:
    1) To get down to 11 stone then treat to a safari. At start 17 stone 7 lbs *61lbs lost* *30lbs to go*
    Started SW16st13lbs tues11/7/17 - 38 weeks in -53lbs
    -> target 11 st 13lbs by mid June -> 11 weeks & 17lbs to go
    2) to find new challenges
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