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How much do you spend each month and what does your budget look like?

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    #32
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Creamy Goodness wrote: »
    There’s no right or wrong way to do this sort of stuff. If it helps the person “spending hours” on a spreadsheet plan their spending then that’s all that matters.

    Also you’re in a great position to think of your car insurance just in the month in comes up in. Some people’s insurance is €400 some is €2000. It really depends on your circumstances but I’m sure people who can just absorb that cost in the month it falls is very low. Some people can have credit cards, some can’t both for personal or bad credit reasons.

    Paying in instalments for car insurance is awful as they apply interest on it, home insurance doesn’t do this which I found odd.

    Not saying you’re wrong, I’m kinda more like yourself doing things in my head but can totally understand how others may not be able to do this and I’m incredibly lucky that I can.

    In fairness I wasn't really saying there is anything wrong with doing thing the way people do them more just saying there is a good bit of work involved.

    I would use spreadsheets etc for specific things with large and specific budgets for instance our wedding and I will do the same for our house build as we are self building and managing it ourselves. But personally for day to day spending etc I do see the need for tracking and planning everything in detail. I also have to do a lot of budgeting and planning at work and this also puts me off facing into it. I do keep a P+L spreadsheet for my betting tough :-).


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    #33
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    Blair Glamorous Tendinitis wrote: »
    Some people are putting an awful lot of time in doing spreadsheets etc I wouldn’t have the patience for it. I just do most of the in my head.

    Once it's set up, it's 10 mins, once a month. Hardly killer effort to keep the finances on track and avoid nasty surprises.

    I'm clearly not the superbrain you are either. :pac: Everyone's situation is different though. Once you've a smattering of kids on the go, with the expenses you need to keep on track for them (swimming lessons, school expenses, dental, medical yadda yadda) a couple of cars, motorbikes, some properties. Maybe you have gone through a few employers and in the process picked up some shares, insurance policies, pensions etc to keep track of, it gets a little bit complex. I definitely can't keep it all in my bloomin head!

    Plus, we're married, we share the information, so both update it as needed.

    But hey, I'm probably about 20 years older than you if you're on your first house and planning a wedding. Just not there yet maybe ;)


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    #34
    cefh17
    Registered Users Posts: 990 ✭✭✭cefh17


    pwurple wrote: »
    Once it's set up, it's 10 mins, once a month. Hardly killer effort to keep the finances on track and avoid nasty surprises.

    I'd agree with that amount of time. It's nice to have the money set aside for car insurance/tax/birthdays/christmas etc without even realising it. I wouldn't trust my self control to have it there without a use, because you'd fine one :P But to each their own if they don't need to use spreadsheets/a budget app


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    #35
    ELM327
    Registered Users Posts: 21,506 ✭✭✭✭ELM327


    We pool some money into a joint account for shared bills. I earn more so the ratio I put in is higher compared to herself. Generally I pay about 650 into the joint account per month which covers all shared bills like shopping, netflix, esb (which includes fuel as we have a Tesla), sky, internet, amazon prime, etc. In addition to that:

    Mortgage: 395
    Car loan: 1000
    Car storage (vintage car): 70
    Savings: 250, more if available at end of month
    Pension Contribution (excluding match from employer): 100
    ESPP: 250

    Health Insurance: 100 as BIK, approx 50 net


    The rest goes on miscellaneous stuff like xbox games, RKings raffle tickets (lol) and - especially true as we are WFH during covid - anything left goes to savings.


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    #36
    Slanty
    Registered Users Posts: 100 ✭✭Slanty


    Zascar wrote: »
    Fair play to all the people who can live in half nothing and save the other half, I wish I was able to do that. I do however get the impression these are mostly aspirational numbers. No one seems to pay right rent, or have significant car payments etc. What I don't understand is for me almost every month there is some/several non-bugeted expenses, that are often significant.

    For example, just off the top of my head, in the last few months alone I've had 3 birthdays, wife, mother and close friend, all of which have meant I had to splash out - flowers, present and or dinner/drinks out. I've had to put 4 tyres on the car and replace some suspension. I had to buy my wife a new phone. I bought a new desk setup so I can properly work from home. I had to buy some home/kitchenwear like a food processor, and some stuff for the house in Ikea. Then I have a new baby so I also had to buy a cot, car seat, playpen and so much other stuff I cannot tell you. Normally I would travel at this time of year but we did a very short staycation instead. Also, very few here have put down eating out or boozing - yet (pre covid) restaurants and pubs are packed across the country.

    Am I alone in these expenses?

    Exactly the same boat. Every month I have an expense that knocks a junk out of my wages/savings.
    Everybody seems so low for food and shopping! I spend roughly 150€ a WEEK for a family of 2 young kids.
    Then we have school, swimming lessons, cloths every couple of weeks!
    I’m 33 and was always comfortable but the last few months we are finding it tough.


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    #37
    pwurple
    Closed Accounts Posts: 12,449 ✭✭✭✭pwurple


    Mr.S wrote: »
    My banking app does it all for me, automatically. Breeze.

    Your banking app tells you to expect new tyres in 3 months time? Handy.


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    #38
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,778 Mod ✭✭✭✭Zascar


    Blair Glamorous Tendinitis wrote: »
    Some people are putting an awful lot of time in doing spreadsheets etc I wouldn’t have the patience for it. I just do most of the in my head.

    There are some very good apps and website that help you /do it for you:
    https://www.youneedabudget.com
    https://www.spendee.com
    Revolut also gives you some good insights

    EDIT: Spendee connects to your bank and imports all the transactions so you don't have to do it yourself. You just need to categorise when it gets it wrong.


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    #39
    Irish_peppa
    Registered Users Posts: 653 ✭✭✭Irish_peppa


    Copy pasted this from an old boards post for android.

    I use Expense Manager by Bishinews

    https://play.google.com/store/apps/d...expensemanager

    Backup is slightly clunky but works and you can use Google Drive and/or Dropbox.

    Export to Excel or pdf among other options.


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    #40
    Geuze
    Registered Users Posts: 13,105 ✭✭✭✭Geuze


    Fixed costs

    Mortgage 10,070
    Health insurance 2,300
    Car insurance 650
    House insurance 400
    Mortgage Protection policy 260
    Mortgage Protection policy 101 old policy, kept it going
    Life insurance 270 less 40% tax relief
    Income protection 640 less 40% tax relief
    Life insurance (wife) 150
    TV licence 160
    Broadband 600
    Electricity 1,000 at least
    Heating 1,000 at least
    Bins 276
    Motor tax 200
    Mobile phone 300

    Total 18,377, so 1,500 per month, before groceries, diesel, commuting costs, clothes, etc.

    I pay 4771 on 8 insurance policies!!


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    #41
    danoriordan1402
    Registered Users Posts: 694 ✭✭✭danoriordan1402


    I logged everything we spent over a 2 month period - was shocked how much we spent on food. 2 adults and 1 child, 30 Euro a day it worked out to be. Most days you would go to the fridge and there was nothing :)
    Lot more sensible these days.... still, don't get me started on pet cost's..... :)


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    #42
    Fitz*
    Registered Users Posts: 15,249 ✭✭✭✭Fitz*


    I'm kind of lucky with my living arrangements so the bills side of it are lower, but this is my outgoings:

    Rent - 500
    Spotify - 0 (family account)
    TV & WiFI- 70
    Netflix - 12
    Groceries - 180
    Eating out / pints - 150 (this will increase the more the country opens up)
    Gym - 38 (I paid the 500 up front for the year but works out at this per month)
    Leap card / travel - 50
    Loan - 50 (last payment upcoming)
    Clothes - 75
    Travel - ?
    Savings - 600

    Gonna try move some of them around. Some things like eating out / clothes shopping were fairly non existent during COVID so are up the up now. I've changed my savings amount to higher for the next standing order and I'm aiming to absorb the difference from something the loan, clothes shopping or take aways. Travel is a no-go now, but I would travel a nice bit.


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    #43
    Poor_old_gill
    Registered Users Posts: 2,893 ✭✭✭Poor_old_gill


    Everything here is combined between myself & my wife:

    Income €7500

    Mortgage + mortgage protection: 2000
    Car loan: 500
    Credit Union Loan: 700
    Loan to family: 500
    Elec & Gas: 150
    TV, Spotify, Netflix, Broadband: 150
    Food & Alcohol for home: 1000
    Insurances: 450
    Savings: 1200
    Phones, bins & all other miscellaneous: 150
    Living/Entertainment/Purchases: 700

    We've had to run it fairy tight as we have had some big expenses in the last few years - bought & renovated a house 18 months ago, got married last month & now have a sprog on the way.

    Food is a big cost as that includes pet food aswell, while we make all meals at home (even when offices were open)


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    #44
    Antares35
    Registered Users Posts: 3,845 ✭✭✭Antares35


    Kerry25x wrote: »
    I don't know what most people do but for us we were together about 18 months when it began to feel a bit rediculous to be owing each other money so we switched everything to a joint account and pooled our savings together. You'd want to have similar attitudes to money of course, we're both pretty relaxed so it works out well.

    Good point on having similar attitudes. OH and I split costs on big things like rent, mortgage savings and child costs but what's left is our own. I like having autonomy over my own spending.


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    #45
    stinkbomb
    Registered Users Posts: 263 ✭✭stinkbomb


    Blair Glamorous Tendinitis wrote: »
    I’d have thought most people split bills 50:50? Certainly how I have always one things with my wife. Separate accounts and split everything 50:50.

    I wouldn't think it's the norm, at all. What if you earn twice what she does (or vice versa)? You split everything down the middle meaning you have loads left to spend on yourself or save, and she can't afford to do either.....and what if you have kids, and/or one of you has to stop work, what then?

    No, I think its beyond weird to be married to someone and owe them half of every pint of milk they buy....


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    #46
    JustAThought
    Registered Users Posts: 5,323 ✭✭✭JustAThought


    Y but not eveyone has the same attitude to spendingand - more importantly - to debt. I have some friends who have eyewatering personal debt for recreational spending that got totally out of control - they are -or were -passing debt from one credit card to the next and finally getting merged debt cards & teying to take out liabs to pay off the debt. For incidental spending at 18% interest or so. Frightening. I also know someone who years after they broke up with their OH had a solicitors letter calling in a personal guarantee they had made for them in their 20’s - and never dreamed would be called in 10 years after they split up!!

    I’ve gone through different phases of frugal/broke/save/spend but have never even in long term relationships tied up my banking with my OH. I’ve paid my share and been generous and arguably taken advantage of but I don’t have that level of trust nor want that level
    of control over someone. If you want to spend you hard earned money on a fancy car or designer jeans or gambling or booze - then do it - it’s your money and your decision . My mortgage, devts and costs will be paid first and I won’t be in the terrors at the end of the month or running around hysterically banging on doors looking to borrow in a monthly panic. Thank GOD.

    Current monthly outgoings
    Mortgage prefer not to say
    - car insurance eyewatering -70
    - petrol monthly - 80/100
    - coffees monthly - 50 ( yes I know)
    - reading material - 30
    - internet monthly - 70 ( I know)
    -phone bill mobile - 40
    - Food monthly - 180
    - Pet stuff monthly - 30
    - Random purchases - 120
    -Fancy cakes for visiting people - 25
    Electricity just got bill for month - 80
    Gas just got bill for month - 25
    Occasional takeaway splurge - 20
    Wine’o clock - e10/12 per bottle 60
    Car tax due (360 covid arrears)

    Must turn off all gadgets & lights 😱

    Im saving a fortune on cinema & going out and on not oaying meter parking or tolls.

    Next month is going to be boredom fancy book purchasing online - Ive budgeted about e300


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    #47
    Antares35
    Registered Users Posts: 3,845 ✭✭✭Antares35


    stinkbomb wrote: »
    I wouldn't think it's the norm, at all. What if you earn twice what she does (or vice versa)? You split everything down the middle meaning you have loads left to spend on yourself or save, and she can't afford to do either.....and what if you have kids, and/or one of you has to stop work, what then?

    No, I think its beyond weird to be married to someone and owe them half of every pint of milk they buy....
    I agree with this to a certain extent. OH would be very much split everything down the middle. It came to a head one day when I came home with a few bits I had picked us up and he asked how much it cost. When I said thirty quid he said "cool I'll wire you 15" - I just stopped it right there, we can't live like that the rest of our lives! Told him he was treating our relationship kind of like you would a housemate.

    We split the big things but what's left is our own, mostly because we have different things we would spend money on. I've several pets I had before we met and I wouldn't expect him to wade in on food and vet bills. I also like to buy a nice bottle of wine etc. Whereas he is a bit more frugal and would prefer to invest what he has over. So that way, there are no arguments. But we're lucky we are on more or less the same wages. I can see how an unfairness would creep in if our wages were very different.


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    #48
    [Deleted User]
    Posts: 0 ✭✭✭✭ [Deleted User]


    Myself and partner split bills along the lines of the ratios of our take home paycheques. Means I get a benefit if she gets a promotion/pay increase too!


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    #49
    Sunrise_Sunset
    Registered Users Posts: 1,211 ✭✭✭Sunrise_Sunset


    At the moment we spend about 40% and save 60% of monthly income.
    Savings includes sinking funds for things like car insurance, property tax, Christmas, kids expenses (birthdays, school, activities).
    A huge chunk of the savings will be spent on renovating our house.

    Pre-covid we were probably spending about 60-70% and saving 30-40%.


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    #50
    Jim_Hodge
    Registered Users Posts: 10,489 ✭✭✭✭Jim_Hodge


    stinkbomb wrote: »
    I wouldn't think it's the norm, at all. What if you earn twice what she does (or vice versa)? You split everything down the middle meaning you have loads left to spend on yourself or save, and she can't afford to do either.....and what if you have kids, and/or one of you has to stop work, what then?

    No, I think its beyond weird to be married to someone and owe them half of every pint of milk they buy....

    Anything other than a joint account seems strange to me. From we married all accounts and savings were joint. There's no such thing as my money and her money and we each just work away from the accounts.


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    #51
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Jim_Hodge wrote: »
    Anything other than a joint account seems strange to me. From we married all accounts and savings were joint. There's no such thing as my money and her money and we each just work away from the accounts.

    We never really liked joint accounts we have a joint current account which we used to put a set amount each into each month to cover bills but we never really got fully into using it and once we got Revolut we don’t really use it at all anymore.

    We use our own current accountS and Revolut accounts etc, get paid into our own accounts and have our own savings accounts. Shared expenses are split and money sent via Revolut to the person who paid it etc.

    We are a few years married now and I could never see us really starting to use a joint account again and absolutely no way would we consider getting paid into a joint account as we both like to have control of our own salary and just share the expenses.

    I don’t see fairness in a joint account if I’m honest, if one person has more bills than the other then the one with lower bills would feel like they were spending the other persons money if they went out and bought something for themselves etc etc. Much prefer separate money.


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    #52
    Jim_Hodge
    Registered Users Posts: 10,489 ✭✭✭✭Jim_Hodge


    Blair Glamorous Tendinitis wrote: »
    We never really liked joint accounts we have a joint current account which we used to put a set amount each into each month to cover bills but we never really got fully into using it and once we got Revolut we don’t really use it at all anymore.

    We use our own current accountS and Revolut accounts etc, get paid into our own accounts and have our own savings accounts. Shared expenses are split and money sent via Revolut to the person who paid it etc.

    We are a few years married now and I could never see us really starting to use a joint account again and absolutely no way would we consider getting paid into a joint account as we both like to have control of our own salary and just share the expenses.

    I don’t see fairness in a joint account if I’m honest, if one person has more bills than the other then the one with lower bills would feel like they were spending the other persons money if they went out and bought something for themselves etc etc. Much prefer separate money.
    That's what I don't understand. We're a married couple and everything belongs to us both. I don't get why somebody even thinks in terms of 'my money and her money' or wanting control over their own money. All bill are 'our' bills.
    Anyway, whatever works for you but the fully joint everything has worked without a problem for over 35 years for us.


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    #53
    Poor_old_gill
    Registered Users Posts: 2,893 ✭✭✭Poor_old_gill


    Deleted User wrote: »
    Myself and partner split bills along the lines of the ratios of our take home paycheques. Means I get a benefit if she gets a promotion/pay increase too!

    We are the same- bills & savings are on a 60:40 split as that’s more or less the ratio of our salaries to each other.

    However we do have individual personal accounts and, to be honest, I’m a bit surprised some don’t.

    It’s not a case of my money v her money but it is nice to not be monitoring every bit of spending each other makes.

    I’d hate to give away that last vestige of my independence


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    #54
    stinkbomb
    Registered Users Posts: 263 ✭✭stinkbomb


    Poor_old_gill wrote: »
    We are the same- bills & savings are on a 60:40 split as that’s more or less the ratio of our salaries to each other.

    However we do have individual personal accounts and, to be honest, I’m a bit surprised some don’t.

    It’s not a case of my money v her money but it is nice to not be monitoring every bit of spending each other makes.

    I’d hate to give away that last vestige of my independence

    You can still be independent and share fairly. Myself and OH have a big difference in salary, but all income goes into one account, which all the bills and expenses go from. We each then get the same amount to each of our private accounts, with which we can do anything we like, save, spend or splurge. That way we have independent money but everything is paid for and shared equally.


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    #55
    Antares35
    Registered Users Posts: 3,845 ✭✭✭Antares35


    stinkbomb wrote: »
    You can still be independent and share fairly. Myself and OH have a big difference in salary, but all income goes into one account, which all the bills and expenses go from. We each then get the same amount to each of our private accounts, with which we can do anything we like, save, spend or splurge. That way we have independent money but everything is paid for and shared equally.
    Is that not more or less the same?


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    #56
    Antares35
    Registered Users Posts: 3,845 ✭✭✭Antares35


    Poor_old_gill wrote: »
    We are the same- bills & savings are on a 60:40 split as that’s more or less the ratio of our salaries to each other.

    However we do have individual personal accounts and, to be honest, I’m a bit surprised some don’t.

    It’s not a case of my money v her money but it is nice to not be monitoring every bit of spending each other makes.

    I’d hate to give away that last vestige of my independence

    Agree with this. OH and I have different things we like to spend money on. He'd be all into shares and other stuff I don't really get. He can do whatever he likes with his cash once we have split the costs on the big tickets like rent, mortgage, baby stuff etc. Similarly I don't expect him to foot the vet bills for my several pets that I had before we met, or the nice bottle of wine I'll treat myself to! Also I'm usually pretty good to my parents and will give them cash from time to time if I think they could do with it. I definitely wouldn't expect him to contribute towards that nor would I expect to have to do the same for his family. He's the kind of guy that probably would contribute if I needed him to, but I'd rather have the autonomy to just do it myself and not have to ask. If we had a shared account I would feel the need to ask.


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    #57
    Poor_old_gill
    Registered Users Posts: 2,893 ✭✭✭Poor_old_gill


    Antares35 wrote: »
    Agree with this. OH and I have different things we like to spend money on. He'd be all into shares and other stuff I don't really get. He can do whatever he likes with his cash once we have split the costs on the big tickets like rent, mortgage, baby stuff etc. Similarly I don't expect him to foot the vet bills for my several pets that I had before we met, or the nice bottle of wine I'll treat myself to! Also I'm usually pretty good to my parents and will give them cash from time to time if I think they could do with it. I definitely wouldn't expect him to contribute towards that nor would I expect to have to do the same for his family. He's the kind of guy that probably would contribute if I needed him to, but I'd rather have the autonomy to just do it myself and not have to ask. If we had a shared account I would feel the need to ask.

    Yeah my sentiments exactly - funnily enough my sister hit a bit if a hard time I was giving her a few bob but & I agree that I couldnt expect that of my wife.

    I just feel that its good to be in control of your own miscellaneous spending - I do agree with the principle of splitting all the costs and we do that but like my wife will go for lunch with her friends a few times a month and I dont want to be monitoring what she is spending & vice versa if I go out with my friends


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    #58
    JohnEvans
    Registered Users Posts: 1 ✭JohnEvans


    o1s1n wrote: »
    Yeah I've a lot of hobbies that cost money and it would be weird paying for any of it out of a pooled resource. Doesn't seem fair!

    The same here


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    #59
    novica
    Registered Users Posts: 1 ✭novica


    We all have hobbies, sometimes having a hobby might cost you a lot of money on the instance ... if you are planning to do space travel on the instance. :)


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    #60
    Apocalypse3
    Registered Users Posts: 8 ✭Apocalypse3


    My income is €720.62 per week, my outcome is €340.31 per week so I am saving €380.31 per week - details below.

    Income:
    House-mate (Rent & Bills): €125.00 per week
    Base salary: €2330 per month which equals to €537.69 per week
    Salary Quarterly bonus: €190 each quarter which equals to €14.62 per week
    Salary Annual bonus: €1000 yearly which equals to €19.23 per week
    Salary Performance bonus: €1000 yearly which equals to €19.23 per week
    Bank interest (0.9%): €252 yearly which equals to €4.85 per week

    Outcome:
    Food: €70 per week
    Rent: €950 per month which equals to €219.23 per week
    Electricity: €130 per month which equals to €30.00 per week
    Internet: €50 per month which equals to €11.54 per week
    Bins: €28 per month which equals to €6.46 per week
    TV License: €160 per year which equals to €3.07 per week


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    #61
    Zascar
    Moderators, Motoring & Transport Moderators, Music Moderators Posts: 12,778 Mod ✭✭✭✭Zascar


    So you have Rent, bills, food and that's it? You don't spend any money, or buy any things ever?

    I find a lot of these descriptions very hard to believe.


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