Personal question about money

[V12biTurbo]

Seeing as it's mostly socially unacceptable to talk about these things, I thought I'd ask here and hopefully get an honest response (no doubt some funny pretend willy waving too!)

I've been doing some sums about my financial situation as I'm thinking about taking a permanent job instead of a reasonably well paid contract role like I'm used to. This means some lifestyle changes, and I'm wondering how well or not I might get by or find it. I don't know what the 'norm' is and obviously it has many many variable factors depending on each persons situation.

After all of your essential bills - rent/mortgage, utilities, fuel, food, loans etc, how much 'spare' cash do you have left each week or month to save or spend as you wish?

[vikingaero]

Depends on how much work I do. If I'm lazy and go out on road trips and holidays I'll be digging into my savings at the end of the month. If I knuckle down, nothing breaks on the cars and at home then I can save a couple of thou at the end of the month after bills.

[Robbo 27]

Total monthly outgoings are 40% of income.

[johnwilliams77]

V12biTurbo said:

Seeing as it's mostly socially unacceptable to talk about these things, I thought I'd ask here and hopefully get an honest response (no doubt some funny pretend willy waving too!)

I've been doing some sums about my financial situation as I'm thinking about taking a permanent job instead of a reasonably well paid contract role like I'm used to. This means some lifestyle changes, and I'm wondering how well or not I might get by or find it. I don't know what the 'norm' is and obviously it has many many variable factors depending on each persons situation.

After all of your essential bills - rent/mortgage, utilities, fuel, food, loans etc, how much 'spare' cash do you have left each week or month to save or spend as you wish?

Actually was in the exact same position. I am fortunate that I still have plenty to do what I want one but not save as easy as before (perm to contract) - (>1500 spare) Figure out if it is enough for you and if it is, go for it.

[rossub]

Sorry, but there are so many variables that it's pointless asking this on a forum. Not meaning to be an arse or anything.

[CaptainSlow]

I usually end up with two grand in my account at the end of the month. This gets swept up and put into savings and forgotten about.

[Blakeatron]

We are at currently breaking even every month and have been for a while, however we are doing a huge renovation.

Bills, living costs etc come to around 50% income.

[ClaphamGT3]

On monthly drawings spend/save is about 50/50. Annual profit share is all savings or major one-off expenditure

[85Carrera]

V12biTurbo said:

I've been doing some sums about my financial situation as I'm thinking about taking a permanent job instead of a reasonably well paid contract role like I'm used to. This means some lifestyle changes, and I'm wondering how well or not I might get by or find it.

As expected, there is some of the usual risible willy waving but I think you're looking at it from the wrong angle.

Your salary/take home may be less but do you get any benefits in the permanent role included and that you are currently having to pay for/do not have such as life insurance/death in service, pension, medical cover, etc

Once you factor the cost of these in (plus job security/regular income, if relevant, after probation period) you may find the discrepancy is not as much as you first think.

[djc206]

How much do you need for spending to maintain a lifestyle acceptable to you is the question you need to ask yourself.

What I or anybody else has left may be way more than you need or not even close, delete as appropriate.

But to break with the PH trend I don't save anything, it all gets blown on holidays.

[johnwilliams77]

85Carrera said:

As expected, there is some of the usual risible willy waving b.

Really? It's people answering a question which was asked.

[Cotty]

rossub said:

Sorry, but there are so many variables that it's pointless asking this on a forum. Not meaning to be an arse or anything.

I agree, the OP mentions rent/mortgage. I know that lots of older guys on these forums don't have rent/mortgage so their outgoings are miniscule to someone starting out.

[Doofus]

Surely the question should be 'what do you spend' rather than 'how much do you have left'?

[anonymous-user]

johnwilliams77 said:

85Carrera said:

As expected, there is some of the usual risible willy waving b.

Really? It's people answering a question which was asked.

Wait till '6-figs' Audemars pipes up.

[johnwilliams77]

Doofus said:

Surely the question should be 'what do you spend' rather than 'how much do you have left'?

Probably. Some months I spend a lot (holiday, lots of eating out) or a weekend away and quite a few months of the year I spend next to nothing beyond lunch out and a few items online. So it varies between a few hundred extra and a few thousand.

[Dixy]

OP you have failed to mention whether you have the most expensive utility to pay for each month, a wife.

[Tim-D]

Well not sure this'll help but as single wage slave Dad to one imminently off to uni and with the house up to scratch and paid for, a reasonable car, a total aversion to any kind of debt (been there done that and not going there again so...if I haven't got it I don't spend it and if I want something it doesn't get bought until I've got the money in the bank - bit of a dated approach it seems but works for me..
I'm no way profligate but not a skinflint either I can live, make max pen scheme conts, pay the bills, support jnr and save on about 40% of my net income .

Taking a permanent won't be as lucrative but will dump a reliable and constant amount in your a/c....

[HumanDoing]

V12biTurbo said:

Seeing as it's mostly socially unacceptable to talk about these things, I thought I'd ask here and hopefully get an honest response (no doubt some funny pretend willy waving too!)

I've been doing some sums about my financial situation as I'm thinking about taking a permanent job instead of a reasonably well paid contract role like I'm used to. This means some lifestyle changes, and I'm wondering how well or not I might get by or find it. I don't know what the 'norm' is and obviously it has many many variable factors depending on each persons situation.

After all of your essential bills - rent/mortgage, utilities, fuel, food, loans etc, how much 'spare' cash do you have left each week or month to save or spend as you wish?

Difficult to provide a helpful answer as it depends what you consider acceptable. Some people are happy if they end the month having saved £1, others 'need' a grand spending money a month plus to save £500 to feel comfortable/affluent.

Personally my outgoings come to about 40% of my take home. I save about 25% and once that's done I'm quite happy with blowing everything else on whatever takes my fancy. I would feel things are a bit tight if I was spending more than 50% of 60% on necessities because I like having a few quid spare - e.g. I'd rather save up for a car and it take longer than have £200 or £300 a month going out on it, even if the end result is essentially similar.

[designforlife]

after everything is paid for i usually have about £300 left a month for fun/activity/treat purchases.

that's on a £34k salary.

[buggalugs]

Bugger all at the moment though I do have the odd good month at work. My partner stopped working two years ago when our daughter was born and we have a big stupid house. I pay for a few days of nursery a week so my partner can work on a business she's starting. Things should be looking better in a year or so.

Pre kid we had my partners salary plus two lodgers and less outgoings - fk knows what we did with all the money!