How much money per week should i spend?

Question

i work part time and earn about $680 a week, i live on my own and after paying rent, car repayment, utilities, groceries etc etc things i have to pay i find i am left with between $150 and $300 a week depending on bills at the time. it has just occured to me that this may be too much perhaps to be spending on alcohol, taxi's, pizza, movies, restaruants, gambling etc.... but maybe not ? a half ok night at the pub costs in excess of $100- alone... should i be trying to save money u think as i got no savings and blow every cent im left with each week, but i really dont think i make enough to save? share your thoughts with me and have a great day :)

Answer 1

Wow you should be investing some of that before taxes for your retirement.  The earlier you start the better off you'll be later in life.  Plus since they do it before taxes you could investe it and not see much of a difference in your check.  Put some away in a savings account  for emergencies.   Good luck.

Answer 2

Two ideas  -  

1.  Budget for the week.  Allocate one amount as your 'pocket money' to play with, and put away ALL the rest.

2.  Get some of it stopped from your wages and redirected straight into a savings account.  Say $100.  That leaves you with between $50 and $200 to play with.  And maybe you could hold tight to some of that, so you are not just frittering away as much as $200 any week.

Even if you don't meet "the one" just yet, and therefore thinking of a future for two   -    when you have some savings put by, other things are possible  -  a special holiday or concert, or someday a replacement car.  And if you ever had time off work sick, it would be one worry less to have your savings in hand.

A rough guide would be to divide your income by 3  -  one third to cover rent and bills, one third for shopping  and entertainment, and one third into savings.   Based on your figures, that would be roughly $223  in each sector.

Answer 3

You're earning about $2700 a month and you're left with about $600 to $1200 a month in disposable income. A general rule of thumb is that you should save at least 10% of your take home pay and pretend it doesn't exist. If you were to put away, say, $300 a month in a savings account (automatic deposit), you would have $3600 after a year. You would then just adjust your lifestyle to pretend that money doesn't exist, spend what you want of the disposable income you do have, and be building a savings that might come in really handy one day.

Answer 4

It would be cheaper to pick up the beer and stay home.  No pub bill or taxi bill that way.  Also less chance of being pick pocketed or mugged.

Yes, you need to be saving more.  Stop and think, if you met "the girl" would you be proud to show her your current life style?  If not her, what about your mom or other adult figure in your life.

Answer 5

You have no control over non-discretionary expenses like rent, utilities, commuting, groceries, etc.  You should save a good portion of the rest, in my opinion 100%.  Choose some no-load mutual funds (say, from Fidelity Investments), and sign up for some kind of an "account builder" option.  Even before that, look into maximizing your 401(k) contributions, Roth/traditional IRA contributions, etc.  If you are renting, consider buying a home - especially it's a good time now to do so.  Soon enough you will be amazed to see how much wealth you can amass./

Answer 6

Well, I find that it is rather important to have some money set aside. I would say to pick a safe amount saved. So, let's say $1500. The reason I say save at least $1500 is just in case your car dies, something bounces, you hurt yourself or whatever god forsaken event may take place, you have some money to help you out with in a big bind. Once you have that $1500 set aside, then just cruise on the rest or just add to it, you never know when you meet that right someone and wanna just splurge like crazy but don't want to go into debt.

Think about it, it may help!

Answer 7

Sure you make enough money to start saving. If you spend it in the pub or gambling then you have it to save.Try taking $20-$40 out of your check and put it into your savings and forget it's there. It very wise to have something to fall back on, b/c life throws all kinds of things at you, and it's nice to be prepared. For the month, try to write down EVERY SINGLE thing you spend your money on, don't leave out anything. Then at the end of the month, look through your list and you'll be suprised to see how much money you just 'throw away'. Doing this will help you to decide where you need to cut back. I hope I helped and good luck!

Answer 8

If you have between $150-300 per week after you've paid ALL your bills, you should definitely be saving at least half of it.  

Alcohol, taxi's, pizza, movies, restaruants, gambling etc is a lousy way to spend your money...you have NOTHING to show for it. It's ok to reward yourself with something special but geez.  When my son was in high school, he didn't think he had time for a job until I stopped being his ATM machine. You have more than enough money to start a savings or investment account. You will have to discipline yourself.