how much do you need a week to live on

L

LBT

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just want to know after mortgage/rent, monthly bills and savings how much do you have to play around with weekly/Monthly?
 
Re: how much do you need a week on live on

I haven't started paying mortgage yet but when I do I've calculated that once I've paid mortgage, life insurance, management fee, food and bills, I'll be left with approximately 200euro a week.

Interesting thread actually.

Edited to add that I'd like to save about 50 of that a week so I'm left with about 150 for entertaining myself - clothes shopping, cinema, books, nights out, etc.
 
Re: how much do you need a week on live on

My husband and I pool most of our salaries to cover joint expenses such as mortgage, bills, grocery, savings, etc... and keep back about €600 each as personal disposable income. This covers clothes/make up/meeting the girls/weekend away with girls, etc. for me, and nights out with the lads/latest pc gadget/cd's, etc. for my husband. We also do our own savings out of this if we want which we do for things like a weekend away with friends, that kind of thing. Some months I'll have nothing left, others I'll have half left. So the €150 per week seems to do us fine. Granted because of toddler we don't get out socialising too much but we had this amount before he came along too. It depends on your lifestyle - we're not into designer stuff, we like the odd meal out/cinema/books etc. but don't spend a fortune on holidays, clothes. You'll also possibly notice that once you have your own house you'll go out less and if your friends are homeowners too you'll do more 'come round to us for dinner' which cuts down your extra expenses too.
 
Re: how much do you need a week on live on

Was/is there a rule of thumb held when considering lending/borrowing etc. of mortgage should be < 1/3rd salary, bills/repyaments <1/3rd and "disposable income the other third?
 
Re: how much do you need a week on live on

I really thought I didn't have that much to play around with but I have about 250 a week! thinking I will start paying more into my savings! Get around 2700 a month all my expenses mortgage etc including savings of €450 a month amount to €1700...
 
Re: how much do you need a week on live on


Lash it into your pension you'll be one of those lavish OAP's that go on luxury cruises
 
Re: how much do you need a week on live on

LBT - this sort of gossip is for Letting Off Steam.

It is not A Great Financial Debate which is for discussing key financial issues not lifestyle.

brendan
 
Re: how much do you need a week on live on

Hmmmm.... it depends really. I do not have a mortgage but have quite high rent for one person. After I've paid the rent, bills, two car loans (one installment left on one), VHI sub, saved about €650, paid off my credit card, etc. it leaves me with between €400 and €800 a month, depending on the credit card bill. Some months it's a bit tough but it's grand most of the time.
 
We are in the fortunate position of having no mortgage and no debts of any sort. Since retiring some 10 years ago My income has reduced to £35000 or approximately 50,000 euro per year, but this is quite adequate to enable us to go on holiday whenever we wish, pay all utility bills etc, pay into the grandson's Child Trust Fund and the high interest savings account for him that I have set up for him at my bank. Our second grandchild, due in two weeks' time will have the same arrangements made for him/her.
 
I'm not sure that I'd be able to get by on a mere €50K p.a. and no debts. I'd probably have to give my man servant the boot to economise...
 
I pay myself €300 per week to cover food, petrol, clothes, gifts and non-essential items. I usually have a good amount left over to save up for anything not covered by the list below.

A separate weekly €175 pays all utilities, insurance, management fee, tv licence, car loan, tax & service (total about €9k per year). Investment savings & pension avcs take up everything else.
 
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