How much do you spend each Month?

jor3000 · 29-05-2009 02:47PM #1

Folks,

I’ve got a big question regarding monthly spending – I think that my household spending is enormous, but don’t have any reference point. I’ve outlined my basic numbers below – anyone care to share their numbers / thoughts?

My goal is to really understand what the monthly cost of living is for a “normal” family, and understand where I can cut back to stretch a decreasing income further.

The Demographics, etc –

- Single Income Family – self-employed
- 4 kids, all in teenage years with the eldest First Year in College – living at home.
- Mortgage – call it 1200 per month right now
- 2 cars

Total Monthly Spend averaged over the past 12 months = €11000

Main Monthly Costs that I’m coming up with right now

- Mortgage – 1200
- Food – 1400
- Petrol – 500
- Health Insurance – 150
- Life Assurances – 300
- Critical Illness Cover – 350
- College Fees – 833 (10k per year)
- Phones – 200
- Sky – 75
- Weekly Take Away - 50

I calculated the overall monthly spend as follows:
Note exactly how much net Income comes into the bank accounts each month.
Note the closing balance of every bank and credit card account on the last day of each month – this then becomes the opening balance for the 1st of the next month.
By simply calculating how each account changed over the month and adding in the net income you can get an exact number on your monthly spend each month – and you only need to input 4 or 5 numbers to get to it.

JOR

TarfHead · 29-05-2009 02:51PM

2 cars

€ 500 pm in petrol

Are you sure, or are you doing significant driving ?

Flamed Diving · 29-05-2009 02:51PM

Wrong forum.

jor3000 · 29-05-2009 03:15PM

TarfHead wrote: »

Are you sure, or are you doing significant driving ?

Self-Employed - Significant Driving!

jor3000 · 29-05-2009 03:15PM

Flamed Diving wrote: »

Wrong forum.

Apologies if that is the case - can you advise where should I post this?

Flamed Diving · 29-05-2009 03:35PM

One of those forums under 'Biz' to the top-left, I think.

Time Magazine · 29-05-2009 04:12PM

Moved from Economics to what I think is the most-suited forum.

Flamed Diving wrote: »

Wrong forum.

Use the Report Post function please, we might miss it otherwise.

Lizzykins · 29-05-2009 04:33PM

We're in much the same position-4 kids,one in college. One and a half incomes as I only work part-time.

Mortgage -350
Life Ins- 50
Health Ins 100-kids are not covered.
Phone-mobile and lineline-80
Petrol for 2 cars-100
Food-1400
NTL-30

That's only off the top of my head. Food costs are horrendous. Thank God our mortgage is small and we only have a couple of small credit union loans. We manage to save a small bit in the credit union too.

Increased college reg fee will kill us. Plus decrease in income from levies. We will manage ok if we both keep our jobs and they look safe in the medium term.
Hard to know where you could cut back OP though I do see you have large insurance bills. Prob if you are self employed it's a must.

oldyouth · 29-05-2009 11:25PM

Jaysus, how can you spend that a month and more importantly, how do you earn that a month. I'm going to leave out the mortgage, 'cos after 25 years the bugger is nearly gone

Family Health Insurance €150
Food €750 (usual supermarket per week, all meat from a quality butcher and then the bread, milk etc from the petrol station)
Petrol €100 (2 cars)
Mobiles €50 (2 phones)
Rent €410 (son in college in Dublin who worked all summer and pays his expenses)
Sky €60
Wife's Gym €30
My Gym €40
Car/House Insurance €80 (in the business, so I get deals)
Heating Oil €100
Electricity €100
Phone/Internet €30
Car Tax average €75 (bloody '99 Audi)
Pub Drink €100

I live well, buy what I need and some of what I want.

€4,200 per year for critical illness cover, are you mad? And how can you spend nearly €50 a day on food, regardless of the size of your family

rameire · 30-05-2009 09:24AM

2 adults, 1 dog. no kids.

Health Insurance €77
Food €400 includes alcohol for home drinking
Petrol €180 (1 motorbike, car is company car)
Mobiles €40 (2 phones)
Sky €22.50
bike and house insurance €70
Gas €60
Electricity €60
Phone/Internet €55
Bike Tax €20
Pub Drink €10
Mortgage €800
Life Insurance €80 (includes critical illness)
Health Insurance €78

Trampas · 30-05-2009 09:25AM

2 of us

Health Insurance €100
Food €200 (Aldi or Lidl)
Petrol €70 (2 cars)
Mobiles €40 (2 phones)
Sky €60
2 Cars/House Insurance €70 (in the business, so I get deals)
Gas €50 on avg goes up and down with weather
Electricity €100
Phone/Internet €50
Car Tax average €30 (bloody '99 Audi)
Mortgage €1000 pm

samhail · 30-05-2009 11:27AM

If you are self-employed i assume you are putting a bit of that through your company (or have you registered)
probably could be making a bit of saving

Toots · 30-05-2009 12:23PM

Interesting thread. Unfortunately seeing as this forum is more for discussions and advice on Banking products, I don't think it belongs here, so I'm moving it to After Hours.

AH mods, apologies if that's the wrong forum.

My name is URL · 30-05-2009 12:30PM

Depends on the quality of prostitute available

srsly though - about 900 euro total outgoing per month for just me and my cat & dog

edit: OP you're spending alot on personal insurance, can those premiums not be consolidated?

Graham_B18C · 30-05-2009 12:48PM

jor3000 wrote: »

College Fees – 833 (10k per year)

What college is that?! Christ, that's a lorra money. I paid 800 quid a year when I was in college, not that long ago

Super-Rush · 30-05-2009 01:22PM

Insurance 52

Broadband 60

Loans 92

Petrol 200-300

Food 500

Sky 60

Phone 100

Other 600-700

mickdw · 30-05-2009 01:24PM

Lizzykins wrote: »

Petrol for 2 cars-100

Petrol for 2 cars for a month. Do you drive at all? I spend 80/week on one car.

SV · 30-05-2009 01:32PM

My monthly outgoings..

rent/housekeeping - 250
food - 200
petrol - 200(1 car)

and I'm done.

consultech · 30-05-2009 03:09PM

Grahamo999 wrote: »

What college is that?! Christ, that's a lorra money. I paid 800 quid a year when I was in college, not that long ago

I think the fees in the University of Insufficient Leaving Cert points are about €10k per year.

Wish my mommy and doddy paid my fees when I was in college; I'm an independent adult as a result though so all's well ...

30-05-2009 03:49PM

consultech wrote: »

I think the fees in the University of Insufficient Leaving Cert points are about €10k per year.

Wish my mommy and doddy paid my fees when I was in college; I'm an independent adult as a result though so all's well ...

Yep......I can't imagine how a student living at home needs nearly a grand a month of parents' money. That's insane. The food bill is insane as well, HOW on earth can anyone spend that much? My parents only used to spend about 600-700 a month when all of us lived at home and they don't even shop in Aldi or Lidl. Some serious savings can surely be made there.

Graham_B18C · 30-05-2009 03:51PM

consultech wrote: »

I think the fees in the University of Insufficient Leaving Cert points are about €10k per year.

Wish my mommy and doddy paid my fees when I was in college; I'm an independent adult as a result though so all's well ...

Enen the private colleges aint that much, like Griffith, DBS or ACD are about 4000 or 5000 a year, ten grand a year for college is insane money.

6ix · 30-05-2009 04:34PM

Hmmm, this has me thinking so I'll chip in from a slightly different perspective. Details:

Single guy, mid 20's, renting (sharing) in Dublin 6, no kids etc. The bills quoted refer to my portion only, I'm sharing with 2 others, and we split them.

Food €200
Rent €460
Electricity €30
Gas €40
TV €20
Broadband €50 (I'm the sole user - have to sort this!)
Car insurance €70
Car Tax €30
Petrol €200
Mobile €35
Road Tolls €20

Then there's all the other stuff like going out, restaurants, going to gigs/shows, buying clothes which vary from month to month, but certainly add up to quite a bit. I do manage to save a small bit but with wages decreasing due to the levies etc, that's becoming harder.

The numbers for 3/4 kid households are frightening!

TaxiManMartin · 30-05-2009 04:45PM

jor3000 wrote: »

Apologies if that is the case - can you advise where should I post this?

Try here.

http://www.askaboutmoney.com/forumdisplay.php?f=62

Leprachaun · 30-05-2009 05:21PM

About 15 thousand a month I'd say.

useful_contacts · 30-05-2009 06:26PM

Rent 540
Food 100 (we dont eat much it seems:)
partners gym 60
tv and internet 45

all i can think of atm

Trampas · 01-06-2009 08:50PM

mickdw wrote: »

Petrol for 2 cars for a month. Do you drive at all? I spend 80/week on one car.

You must drive from one end of the country to the other every week.

old boy · 01-06-2009 11:24PM

the old girl has moved from lidil/aldi to dunnes, she claims she is saving a tenner a week. so now my weekly bottle of scotch from lidil is only costing roughly euro 6.40,

Lilyblue · 01-06-2009 11:37PM

Per month for 2 Adults, 2 kids, 2 cars, 2 incomes /*touches wood

Mortgage 2200
Loans 530
Petrol 300
Life Assurance 90
Health Insurance 145
Car Insurance 80
Sky 50
Food & sundries 400
Mobile phones 40
School expenses ie bus etc.. 100
Then ESB, Bord Gais & Internet bills

cooperguy · 01-06-2009 11:39PM

OP how do you spend €200 on phone bills!

02-06-2009 02:11AM

Flamed Diving wrote: »

Wrong forum.

Wrong message board tbh, askaboutmoney may be more appropiate.

gaeilgegrinds · 02-06-2009 02:46AM

Own house, have lodger, also bf but I'll write just my own portion of bills.

Mortgage-800-120 tax relief- 280 rent= 400 per month.
Car-50 petrol, also put 60 aside for insurance and tax.
Vivas health-50 per month.
Phone-talk a lot-100.
House insurance-20.
Broadband-30.
Clothes-100.
Pill, cosmetics etc-30.
One beauty treat, hair or something-60.
Waxing- 30- 15 times 2.
Food-150.
Nights out- thanks to training v.little drink-120.
E.S.B.-20.
Bins-20.

So...1240...hmm...

How much do you spend each Month?

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