How much money for living?

Queen-Mise

pwurple wrote: »

On the disposable income, if it helps, the bank expects you have 1000 per adult, and 500 per child left over after mortgage and any other loans each month for a mortgage application.

How do you know that? We are a long way under that after paying the mortgage.

Stheno

Queen-Mise wrote: »

How do you know that? We are a long way under that after paying the mortgage.

Another guideline is that they stress test you to make sure your mortgage will never be more than 40% of your income.

fits

Why are people assuming doc appointments are regular expense? They're not in my case but I've been hit with them this month.

I was just curious really as to what people set aside as their allowance. But this thread hasn't really been enlightening.

My salary shouldn't really be that relevant, as I have plenty but want to limit what i spend. cost of living is the same as in Ireland.

Oh and flights home are essential:D

IzzyWizzy

fits wrote: »

Why are people assuming doc appointments are regular expense? They're not in my case but I've been hit with them this month.

I was just curious really as to what people set aside as their allowance. But this thread hasn't really been enlightening.

My salary shouldn't really be that relevant, as I have plenty but want to limit what i spend. cost of living is the same as in Ireland.

Oh and flights home are essential:D

So you might as well have started a thread entitled 'How long is a piece of string?' How on earth are a bunch of strangers on the internet supposed to know how much you can limit what you spend and what you're willing to compromise on and how often you go to the bloody doctor? People are assuming doctors appointments are a regular expense because that's the impression YOU gave. What does it matter how much other people spend if they have different needs to you and are on a different salary? Everyone sets aside a different amount for an 'allowance' because people have very different incomings and outgoings. I told you that if I were trying to cut back, I certainly wouldn't be spending anywhere near a grand a month, but apparently that's not 'enlightening'.

Only you know what you earn, how much you're currently spending, how much you need to save and what you can cut back on to save it. This is the kind of thing most people are able to work out on their own, OP.

The mind boggles. Really.

username123

fits wrote: »

Why are people assuming doc appointments are regular expense? They're not in my case but I've been hit with them this month.

Because you listed "occasional medical appointments" in your second post, giving the impression its a regular expense for you.

fits wrote: »

I was just curious really as to what people set aside as their allowance. But this thread hasn't really been enlightening.

This is simply a silly question. Different people have different priorities. I set aside a few grand a year for privately funded 3rd level education, nothing for hairdressers and last year and unusual dental cost me 2k.

Perhaps a more enlightening answer for you is how people manage a monthly salary. I manage it by paying the mortgage and bills first, then setting aside an amount for savings, then living on what is left. Time has shown me what I need to live on. If I have a big unexpected expense (like dental) I take it from savings. I dont go near savings for frivolous matters, I just stay in or drive to a social event and have a 7up.

But I know plenty of people who prioritise it differently, pay mortgage/rent and bills, live for the month, and save whats left - if anything. Ive never been able to live like that, savings are as important an 'expense' to me as any bill is.

fits wrote: »

My salary shouldn't really be that relevant, as I have plenty but want to limit what i spend. cost of living is the same as in Ireland.

Your salary isnt relevant, but only you can put together a spreadsheet of incomings and outgoings and decide what is essential IN YOUR LIFE and what is not.

clairefontaine

Your question and what information you offer is too vague for anyone to give you an answer.

username123

clairefontaine wrote: »

Your question and what information you offer is too vague for anyone to give you an answer.

Its also purely subjective. The OP could state they need 300 euro a month for socialising and I could state I only need 30 euro a month for socialising. People have different needs.

fits

username123 wrote: »

Its also purely subjective. The OP could state they need 300 euro a month for socialising and I could state I only need 30 euro a month for socialising. People have different needs.

I was interested in what different people have or think is reasonable for living.

I don't think some of the responses in this thread are warranted and asked mods to close thread.

The Corinthian

fits wrote: »

I was interested in what different people have or think is reasonable for living.

And as you saw, there's a lot of very different answers out there as different people earn different amounts and are in different circumstances or points in their lives and careers. For some, when they have less to spend, this can lead to resentment, which is why I think you got some of the answers you got.

I've used a spreadsheet to budget, since 1996, and I've found this to be a good way to guage what I spend, what I spend it on and how much I really need.

It began simply enough, as a one sheet workbook - although over the years it's become a bit of a monster - but the basic model hasn't changed.

Each row is a week, which is composed of income, expenditure (split into Sunday - Thursday, Friday - Saturday and Miscellaneous), a running total against total money on hand and finally a comments section. Miscellaneous represents things like rent, bills and unusual expenditure (such as a doctor or significant purchase, like a PC). The daily expenditure is split into two columns because historically I would have socialized on weekends, so the 'Friday - Saturday' entry would have given me a good idea of what I spent in this regard. The comments section would have noted what any unusual expenditure would have been.

All amounts were rounded up to the nearest £5, or later €5 - it's not supposed to be an accurate account, after all, only an estimate for the purposes of budgeting.

Anyhow, however you structure it, over the course of a few months it becomes a very useful guide of how you spend your money. You begin to see what budget actually does work for you and, if necessary, where you can economize. It also, importantly will show you if you're living beyond your means, as many do, as the running total of your assets will go into negative down the sheet if you are.

It's not for everyone, but as I said, I've been using this approach for many years and have found it to be invaluable.

Hope this helps.

fits

I must start doing this. I expect it will be interesting at least.

To clarify I have always paid bills and saved an amount at beginning of the month but recently moved country which interrupted the process somewhat. I have yet to get back to a routine as still adjusting. Not having to spend money on diesel for one is a huge saving. It was 400 euro a month before...

KamiKazeKitten

The Corinthian wrote: »

And as you saw, there's a lot of very different answers out there as different people earn different amounts and are in different circumstances or points in their lives and careers. For some, when they have less to spend, this can lead to resentment, which is why I think you got some of the answers you got.

I'd have to disagree here, I think people have been helpful as much as they can. Stating how much disposable income they have themselves and then offering tips to the OP isn't resentment imo.

OP - I don't really know what you wanted to get out of this thread, to be honest. It's just too vague to ask a bunch of strangers on the internet for tips on how to save money, when they don't know you or anything about you. Unless they have something concrete to work with it's damn near impossible. It just depends so much on your income and lifestyle.
Never mind the fact that when they offered tips you got defensive.

Anyway, there are no tips I can offer you because I know feck all about you - but I second the idea of a spreadsheet to look at your expenses. Hope you get settled into the new country too.

edit: rereading this, if it sounds bítchy it's not meant to be, but I'm just...baffled tbh.

IzzyWizzy

The Corinthian wrote: »

And as you saw, there's a lot of very different answers out there as different people earn different amounts and are in different circumstances or points in their lives and careers. For some, when they have less to spend, this can lead to resentment, which is why I think you got some of the answers you got.

I don't see any resentment from anyone. I just find it rude when I give someone advice and it's thrown back in my face, especially when the OP was so vague in the first place.

I think OP is missing the entire point which is that 'essentials' are different for everyone. You only have to look at the thread to see that. Even regardless of salary, some may spend 900 euro on 'essentials', someone else 100. I personally consider 'essentials' as food, water, transport and little else, but not everyone would agree. Also, everyone has different priorities. My friend thinks I'm mental spending 300 quid on flights when I don't have a smartphone/tablet. I think she's mental spending 300 quid on a piece of plastic when she could be travelling, expanding her horizons etc. Some women would spend their last 150 euro on getting their hair professionally coloured. I'd rather spend money on a nice meal. It's a really personal thing.

The Corinthian

KamiKazeKitten wrote: »

I'd have to disagree here, I think people have been helpful as much as they can. Stating how much disposable income they have themselves and then offering tips to the OP isn't resentment imo.

I agree that many have been very helpful, but you can hardly deny that comments like...

"I wouldnt have that to spend on my whole family"

"I think there are very few people in ireland right now who have 1000 left over at the end of each month after paying bills etc. That is a massive sum for just leisure activities and luxuries!!"

...are a bit judgemental, with the post representing the former comment screaming out resentment (at least in my eyes).

This is not to say that most people have been anything but helpful and that ultimately it's impossible to really answer her question and that she's probably better off judging for herself using something like a spreadsheet, but I do think some of the responses she got were a little harsh.

endofrainbow

I would love to afford to get my hair done every month.....but hey, different strokes...

IzzyWizzy

The Corinthian wrote: »

I agree that many have been very helpful, but you can hardly deny that comments like...

"I wouldnt have that to spend on my whole family"

"I think there are very few people in ireland right now who have 1000 left over at the end of each month after paying bills etc. That is a massive sum for just leisure activities and luxuries!!"

...are a bit judgemental, with the post representing the former comment screaming out resentment (at least in my eyes).

This is not to say that most people have been anything but helpful and that ultimately it's impossible to really answer her question and that she's probably better off judging for herself using something like a spreadsheet, but I do think some of the responses she got were a little harsh.

I think it's pretty tactless to state that you have 'plenty' of money and imply that 1000 euro is pocket change in times like these. I wouldn't begrudge anyone their salary, but I think it's a bit tacky to throw it in people's faces, especially on a thread about budgeting. Asking how to cut back and then basically saying 'ah but I don't NEED to cut back because I'm really well off'. I don't think some of those responses were entirely unjustified. I did even wonder myself if OP was here to boast about her wealth, because she didn't seem interested in hearing what the rest of us do or taking on any advice. Weird thread.

The Corinthian

IzzyWizzy wrote: »

I think it's pretty tactless to state that you have 'plenty' of money and imply that 1000 euro is pocket change in times like these.

Perhaps so, but I came to the conclusion long ago, that it's a bad idea to suggest you've 'plenty' of money in Ireland in times of any kind.

IzzyWizzy

The Corinthian wrote: »

Perhaps so, but I came to the conclusion long ago, that it's a bad idea to suggest you've 'plenty' of money in Ireland in times of any kind.

Ireland or anywhere. It's not terribly good manners to tell people how rich you are, particularly when you know you're talking to people with a lot less who are struggling. That's how I was brought up, anyway.

The_Morrigan

OP I use an application called Ace Money (on my desktop) and Ace Money Receipts (on my phone).

It allows me to put in my scheduled fixed expenses (Mortgage, insurance etc) as well as my fixed income (salary) and it projects your spending over the year. You can put in future dated expenses also, so you can account for anything cropping up in the future and cut back in the weeks running up to that event.
You can have multiple accounts too, so you could schedule in a transfer from your current account to your savings and then see if that would impact your budget over six months.

As I use the receipts app on my phone, I keep a track of all my day to day spending, which I must say has been an eye opener of late and made me change my ways a lot. In the last two months I've budgeted quite severely living on 60 euro a week outside of my fixed expenses and I've been able to buy a new spinning bike and a new tablet from the money left over.

The Corinthian

IzzyWizzy wrote: »

Ireland or anywhere.

Sorry, but it really depends on where and some countries I've lived in have no such problems if one were to go online and seek advice as the OP did. We Irish didn't get our reputation for begrudgery for nothing, after all.

Edit: anyhow, this side debate isn't helping the OP all that much, so I'll bow out for the time being.

Jogathon

I try to live on €200 per week, or €800 per month. All bills eg mortgage, ESB, car insurance etc, savings are not part of that amount. Out of that €200 I have to buy food (I am a good cook and can live thriftily), diesel, and then everything left over is fun money for hair and make-up, meals out, clubbing and taxi's etc.

IzzyWizzy

The Corinthian wrote: »

Sorry, but it really depends on where and some countries I've lived in have no such problems if one were to go online and seek advice as the OP did. We Irish didn't get our reputation for begrudgery for nothing, after all.

There's nothing wrong with seeking advice, but implying that the advice given isn't relevant because you can afford so much more than that and you don't want to be 'scraping the barrel'....isn't particularly cool, IMO.

I'm living in Spain at the minute, where 50% of people in my age group are unemployed. I teach English to people who spend every spare penny they can on English lessons and improving themselves. Most have never left Spain because they've never been able to afford it. Would it have been well-mannered of me to tell them about my Easter holiday dilemma? I had the money set aside and was unsure about where to go. Miami? New York? Istanbul? Amman? Do you really think it would have been fair for me to ask my students for advice, knowing that they struggle to afford a cup of coffee? Would it have been nice if they'd kindly given me suggestions of hostels to stay in and I said, 'no that's not useful, I only stay in 4 or 5 star hotels'?

I think the inevitable negative reaction would have been deserved and it wouldn't have been fair to call them begrudgers. I should have had more tact in the first place.

fits

Jogathon wrote: »

I try to live on €200 per week, or €800 per month. All bills eg mortgage, ESB, car insurance etc, savings are not part of that amount. Out of that €200 I have to buy food (I am a good cook and can live thriftily), diesel, and then everything left over is fun money for hair and make-up, meals out, clubbing and taxi's etc.

Thank you, that was the kind of response I was looking for and also similar to my approach. 200 per week sounds doable. I tried that last month but some exceptional things came up. Perhaps might be a better idea to put rainy day savings somewhere separate to long term savings.

Izzywizzy you have made your point repeatedly. I posted what I thought was a reasonably straightforward question hoping it would generate debate. Of course I was vague about my financial details, its a public forum after all. 1000 euro after rent or mortgage a month is hardly millionaire territory. Anyway I see begrudgery is alive and well and I'll know better in future.

The_Morrigan

fits wrote: »

..... Perhaps might be a better idea to put rainy day savings somewhere separate to long term savings...

fits I do that, I have a 40 day notice savings account and just another current account that I squirrel away money into for my management fees and random unexpected stuff .

To be honest, you're going to have to do a bit of trial and error yourself, it's your income/expenses and ultimately its up to you to decide what you want to spend it on. Using the receipts app day to day I realised I spent 25 euro a week on fancy smancy coffee - that 100 euro a month now goes into my squirrel account and I make tea (which is free) in the office. Small little things like that will add up and make a difference to a savings account over time - just track your day to day spending honestly for a month or two and you may be presented with a cheaper option that will allow you put that 'surplus' into your saving account.

The Big Red Button

fits wrote: »

Izzywizzy you have made your point repeatedly. I posted what I thought was a reasonably straightforward question hoping it would generate debate. Of course I was vague about my financial details, its a public forum after all. 1000 euro after rent or mortgage a month is hardly millionaire territory. Anyway I see begrudgery is alive and well and I'll know better in future.

I have well over €1,000 a month left after rent (I don't have a mortgage, and don't want one.) And it's certainly not millionaire territory... so you're certainly right, in that respect.

So, I certainly don't begrudge you for whatever it is you're earning - far from it.

Honestly, what do you want from this thread? You're not giving enough information for anyone to give you any concrete advice .... and you're dismissing any helpful suggestions.

My advice is to gain a bit of control over your monthly outgoings, learn to recognise what are the essentials and what are the luxuries. Work from there.

You've already made it clear, though, that you're not interested in anyone's opinions or advice.

fits

Fluffy Bunny Rabid wrote: »

and you're dismissing any helpful suggestions.

What? I thanked and responded to many helpful suggestions in the thread. Try reading it again.

You've already made it clear, though, that you're not interested in anyone's opinions or advice.

That is completely untrue and unfair.

Edit: I actually opened a new savings account this evening with 30 day notice as a result of advice on this thread. To keep things separate from my instant access savings. Thank you helpful boardsies..

Queen-Mise

fits wrote: »

Why are people assuming doc appointments are regular expense? They're not in my case but I've been hit with them this month.

I was just curious really as to what people set aside as their allowance. But this thread hasn't really been enlightening.

My salary shouldn't really be that relevant, as I have plenty but want to limit what i spend. cost of living is the same as in Ireland.

Oh and flights home are essential:D

fits wrote: »

What? I thanked and responded to many helpful suggestions in the thread. Try reading it again.




That is completely untrue and unfair.

Edit: I actually opened a new savings account this evening with 30 day notice as a result of advice on this thread. To keep things separate from my instant access savings. Thank you helpful boardsies..

OP - you have made some really snide comments throughout this thread and it is very ungrateful. People have taken time out of their lives to reply to your request for information. The problem here is not begrudgery and it is dissembling to state so.

The unhelpful and the helpful are just as important as each other - because they compare/contrast to each other. If nothing else - it illustrates what you don't want to do.

Different people have different incomes => they have different amounts to live on in a month. People also give importance to different things.

I am bowing out of this thread. Thanks should have been given to everyone who posted not just those who were 'deemed' helpful.

clairefontaine

It reminds me of when someone asks you to do a favour for them, like iron a shirt or something, and then they give out to you about how you did it.

You can't ask people to take responsibility for your stuff and then complain about how they did it. If you want to do that, hire an accountant.

fits

closifer wrote: »

That is a massive sum for just leisure activities and luxuries!!

undecided wrote: »

I wouldnt have that to spend on my whole family (2 adults, 12 yo & 9 yo).

IzzyWizzy wrote: »

So you might as well have started a thread entitled 'How long is a piece of string?' How on earth are a bunch of strangers on the internet supposed to know how much you can limit what you spend and what you're willing to compromise on and how often you go to the bloody doctor?

I certainly wouldn't be spending anywhere near a grand a month, but apparently that's not 'enlightening'.

IzzyWizzy wrote: »

I don't see any resentment from anyone. I just find it rude when I give someone advice and it's thrown back in my face, especially when the OP was so vague in the first place.

IzzyWizzy wrote: »

I think it's pretty tactless to state that you have 'plenty' of money and imply that 1000 euro is pocket change in times like these.

By 'plenty' I mean enough money. Do you want any spuds? No I have plenty.

IzzyWizzy wrote: »

There's nothing wrong with seeking advice, but implying that the advice given isn't relevant because you can afford so much more than that and you don't want to be 'scraping the barrel'....isn't particularly cool, IMO.

.

Fluffy Bunny Rabid wrote: »

You've already made it clear, though, that you're not interested in anyone's opinions or advice.

Queen-Mise wrote: »

OP - you have made some really snide comments throughout this thread and it is very ungrateful. People have taken time out of their lives to reply to your request for information. The problem here is not begrudgery and it is dissembling to state so.

The unhelpful and the helpful are just as important as each other - because they compare/contrast to each other. If nothing else - it illustrates what you don't want to do.

Different people have different incomes => they have different amounts to live on in a month. People also give importance to different things.

I am bowing out of this thread. Thanks should have been given to everyone who posted not just those who were 'deemed' helpful.

Do you think I should thank all of these? Is it any wonder I responded the way I did?

By not enlightening I mean they weren't the type of information I was looking for. It wasn't intended to be a snide comment at all. Perhaps I could have been clearer in the OP.

I was on my phone yesterday and will be today, and I will be limited in how I can reply. Queen Mise you made a good post earlier in the thread and I didn't thank it because I was on the phone.

Anyway, if people are finished with the personality assassination... I think this thread could be a good discussion about money management and how we do it.

Speaking of which, I'd better go to work.

hedgehog21

How long is a piece of string?
It depends on how much you earn and pay out.
Why not start of small start with say 150eur a month into a savings acc, if anything left over at the ned of the month the put that in there too. Simples.