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Frank Hovis

My Word! Average household monthly spend

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The average for the SW is probably one of the lower ones but is still jaw-dropping at £2.8k.

£685 on mortgage or rent - fair enough

But £622 on other debt interest and repayment? Per month.

I also struggle to see what the £220 of bills comprise if they are separate to the £317 for the home.

 

https://www.plymouthherald.co.uk/news/plymouth-news/how-much-average-household-south-1687281

 

This isn't one of those daft surveys based on internet polls, this is from analysis of transactions.

No wonder people have debts.

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It's tricky though, to see whether the underlining spends are rational or not.  for example, having an annual train ticket through an employers scheme might be a couple of hundred a months easily - would that be repayments?  Likewise a car lease for work?

What SHOULD be a focus is that 'enjoyment' is less than 20% of the total.  That means that spending to stand still (shelter/food/etc) is up about 80%.  Add in tax, and you are looking at a very small leeway for pure discretionary....

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Just worked mine out at just under £1k a month; this includes a £2k holiday this year and £1k depreciation for the car.

Various cash / holiday. £420

Utility bills, council tax, house insurance: £210

Car: £330

Total £960. 

I can see having a family increases it but I have got a £2k holiday in there.

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Posted (edited)
15 minutes ago, Frank Hovis said:

The average for the SW is probably one of the lower ones but is still jaw-dropping at £2.8k.

£685 on mortgage or rent - fair enough

But £622 on other debt interest and repayment? Per month.

I also struggle to see Bil the £220 of bills comprise if they are separate to the £317 for the home.

 

https://www.plymouthherald.co.uk/news/plymouth-news/how-much-average-household-south-1687281

 

This isn't one of those daft surveys based on internet polls, this is from analysis of transactions.

No wonder people have debts.

1 person per month

Bills: rent, leccy, council tax = £700

Car: Road tax, Insurance, Fuel, £100

Food: £100

Clothes: £5

Leisure: £0

Total <£1k  - must cut back

 

Edited by Hopeful

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Posted (edited)
19 minutes ago, Frank Hovis said:

But £622 on other debt interest and repayment? Per month.

I spent £6K on my credit card last year, paid it in full every month, but that's still an average of £500 per month.

I also wonder if they are double counting, IE if buy some clothes for £50 on credit that is counted towards my clothing expenditure and my debt repayment?

Edited by snagger

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Itll be PCP payments on two cars - his n hers.

I think the average PCP is 250/m.

The rest will be store cards and CC - couple of holidays on the never never - You cant take with with you ...

 

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22 minutes ago, Hopeful said:

1 person per month

Bills: rent, leccy, council tax = £700

Car: Road tax, Insurance, Fuel, £100

Food: £100

Clothes: £5

Leisure: £0

Total <£1k  - must cut back

 

1 Person one month:

Rent, Gas,Electricity, Council tax and broadband = £2165 !

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All in on average we spend £1700 a month. Live in the South, rent is £650 for a one bed. £338 on the train a month for my other half is the kicker! We allow ourselves circa £100 a month for enjoyment. Her friends will quite happily spend that in a single outing to an all you can eat/drink brunch. I see in the article the average is over £500. Add in the debt payments from other things that bring "enjoyment"....a dopamine hit is exepensive xD

 

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Posted (edited)

No rent or mortgage (bought house for cash)

No commuting costs (work from home)

Utilities and council tax, inc house insurance = c.£200

Car (inc petrol, depreciation, servicing etc) = c.£110

Clothes (mostly from charity shops, seconds etc) = c.£50

Food = c.£100 (I eat simple meals and grow some of my own food,  make my own wine etc)

Entertainment, beers, going out etc = c.£200

Total c. £660

Edited by Austin Allegro

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Our household monthly spend is ~£4,250-£4,500. No rent or mortgage just covering the bills, school fees and running two cars. Fuel costs are a whopping £480-500 a month! We're in the Midlands. Looking forward to losing the biggest cost (the children) but fear I'll be priced out of the UK anyway, emigration is looking like the only viable option for me in 9 years. 

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Entertainment and clothing is a whopping 4% of our household cost.

Rent and council tax are 67% of our household cost.

When I can reduce the latter I am looking forward to spending at least trebble on the former.

Wonder which situation will be best for the economy?

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Well timed thread - with all the discussion on investments and SIPP's recently, I looked up the tax free allowance, and found out it's £11,850.

I reckon if I tried, I could probably live on not much more than that. What I was thinking was to diversify from cash, spend a year or two moving everything above the tax free limit into a SIPP each year, getting an instant 20% bonus on my investments. If I need an extra grand or two a year, just take it out of my cash savings. Basically stop paying tax for a while.

I'll spend a wee while tomorrow making a budget; be interesting to see how far over £1000 a month my basic spend is.

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Just now, Cunning Plan said:

South West.

Not within a 25 hour commute of Londonistan.

Ahhh right. So fuck knows that the London sorts must be spending per month!

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29 minutes ago, JoeDavola said:

Well timed thread - with all the discussion on investments and SIPP's recently, I looked up the tax free allowance, and found out it's £11,850.

I reckon if I tried, I could probably live on not much more than that. What I was thinking was to diversify from cash, spend a year or two moving everything above the tax free limit into a SIPP each year, getting an instant 20% bonus on my investments. If I need an extra grand or two a year, just take it out of my cash savings. Basically stop paying tax for a while.

I'll spend a wee while tomorrow making a budget; be interesting to see how far over £1000 a month my basic spend is.

Don't forget the Lifetime ISA if you're defintely going to buy!

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1 hour ago, longtomsilver said:

Our household monthly spend is ~£4,250-£4,500. No rent or mortgage just covering the bills, school fees and running two cars. Fuel costs are a whopping £480-500 a month! We're in the Midlands. Looking forward to losing the biggest cost (the children) but fear I'll be priced out of the UK anyway, emigration is looking like the only viable option for me in 9 years. 

Ffs! Have you got a live in lapdancer or something?

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Posted (edited)
17 minutes ago, Sgt Hartman said:

Kids are unbelievably expensive.

Wife, not so much but kids, Jesus Christ it's like paying a second mortgage.

I have some godbothering acquaintances that have five...and want more because God wills it. I have no idea how they can afford that or how they have maintained their sanity.

Kids (the costs thereof) are the only reason I still work.

Other than that, Im with the people on here who reckon they could live well on <1K/month. Dont drink, dont smoke, dont eat out much, most of my entertainment is free or pocket money.

Edited by Melchett

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10 minutes ago, Great Guy said:

Ffs! Have you got a live in lapdancer or something?

school fees/after school fees of £1,750 not a lap dancer in sight unfortunately. The two secondary schools that our village feeds into are either average or in special measures so they go here as it's cheaper than moving to a house in the catchment area of an outstanding one.

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£2.8K is not a million miles off 2 times average wage.

Which means both adults in full time work near enough and spending all they earn near enough. Probably a bit of debt thrown in for good measure.

Is it any wonder the mental health epidemic worsens by the month - there is not much slack in the system is there? 

(I managed to hospitalise myself yesterday after overdoing it on the old rowing machine. I was unable to bring my heart rate down after two hours and was basically having a panic attack brought on by a ton of testosterone and adrenaline and a hard slog with a fat middle aged body. The lovely nurse said she had had a lot of people in over the weekend with panic attacks and the problem was getting worse. I said it didn't surprise me. I was just happy not to be dying and left quite promptly when told my vital signs were AOK)

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