Finances Question...

What’s your break-even per month, roughly?

Obviously feel free to not say, or to give an extremely vague answer. General SSP rules apply, etc.

I’ve been looking at my finances in the New Year. Trying to trim a bit off each bill, cancel what i can, be a bit more sensible, etc.

After doing all that and spreadsheeting it i now know that the first £1,100 every month that comes in goes straight back out. That does include food and some non-essential subscriptions, etc.

Is that good/bad/about right for a single person, no kids, doesn’t drive? Seems like a fair chunk to me. Pretty sure i’m a shit grown-up.

Not really able to say whether it’s good/bad/normal/etc. It’s all relative and depends on what your ambitions are, what you want your savings to go on, whether you feel like you’re only keeping your head above water each month, the extent of your debt, etc.

If you feel like you’re living within your means and able to save up for the things you want, then that’s a pretty decent state to be in.

Edit: Oh and generally speaking if you’re lucky enough to be earning more than you need/want to save each month, giving a bit to charity is well worth considering.

Edit 2: I apologise for my extremely boring answer. I dunno, bet it all on black??

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JAM

About £1100 including childcare but £300 of that is a loan on account of being a total fucking moron with money. Split with wife who pays about £700 but isn’t in a union, no gym membership etc.

We are all shit grown ups to a certain extent. That’s why we post on her asking for advice all the time :grinning:

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Does it include rent/mortgage?

Aye, i guess a better question would have been whether people find their income:expenses managable.

Money’s confusing as fuck, they really should teach kids about it properly at school. I feel like i’m quite poor, never go short of a meal but regularly have to juggle direct debits and standing orders to not get in debt, etc, but when i look at what comes in versus essential bills i should be fairly comfortable, so it’s more a sense of bad planning than nothing coming in.

When i’ve got my good head on i think “no, you’re just a bit of a bad bell and actually poor people are relying on foodbanks whilst you’re out having pints”, but then…bad health, depression, shit job - it’s hard not to want to escape your thoughts.

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Have 2 joint accounts with my darling partner.

One for mortgage, bills etc. Running at a surplus for potential big one off expenses like the car or boiler going kaputt.

One for day to day spending. Food and petrol etc.

Across the two I pay in about 1000 per month

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^ this

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Edit: Is this SSP?

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I guess there’s a difference between what we absolutely need as a family to avoid going hungry / being evicted / being cut off, and what we need to sustain a basic level of family life in the long term (including saving for house repairs, car costs etc) I’ve been fortunate enough thus far to never have experienced the former, but I reckon £2000-£2200 is probably our break-even point for the latter (as a family of four in a mortgaged property)

It is, just not been tagged yet

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I’m still living on my graduate account overdraft. When I get paid (approx. £1300 per month plus £120 tax credit) it clears me back to 0 pretty much. Extremely lucky that we don’t pay rent or mortgage atm but pay bills, council tax etc and have some stuff on finance that generally leaves me with about £700 per month of the bank’s money for expenses, of which there are many; food, clothes, petrol when I use my parents’ car etc. Mrs F can’t work so we live on my minimum wage plus tax credits. It’s shit and I hate it.

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Done.

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Moved it.

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Really shit with money, me. Pay the majority of the rent, council tax, most bills and subscriptions, travel to and from work, all the shopping and some CC repayments. Wife tops the rent up, pays childcare and car insurance and may get a shop in once every 7/8 weeks. Must learn to be better with money this year.

Had to take the cat to the vet between Xmas and new year to the tune of £146, combined with a 5 week month. Fucking dreading the last 2 weeks of Jan.

Used to frantically save £300-500 a month because I know I didn’t really have a safety net, impossible to do that now I work less but with the student loan on top I more or less break exactly even.

My expenditure is basically nothing though (except bills), don’t eat out, don’t buy any records/books, no games consoles, no expensive hobbies, basically buy 2 items of clothing a year at best, rarely go on holiday etc
Going out is the only thing I spend money on that isn’t vegetables

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