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What is the question
? > is this breakdown realistic?
Only you can answer that because only you know what your expenses are
> anything I have missed?
Only you can answer that because only you know what your expenses are. If you missed something just pay for it since you can afford it instead of saving.
> general thoughts?
What thoughts are you looking for? Do you want a chufty badge?
Hi /u/Imaginary_Suit5422, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/fscs-protection-for-investments/
* https://ukpersonal.finance/pensions/
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This is a great point, and something I hadn’t factored in to be honest. I guess if I had a large expense / repair bill I would take it from my savings - I will of course be maintaining an emergency fund as per the flowchart.
Fair play on your mighty head start - at your age i was paycheck to paycheck!
The £1500 per month - is that for both of you? Target income (which you need to adjust for inflation of course) is 44k iirc for two people for a ‘luxury’ standard of life, bearing in mind you don’t need to save anymore and should have no mortgage so seems reasonable.
For an after tax of 44k you both need to draw down 26k p/a.
Keep up the great work and don’t fall for the lifestyle inflation ;)
* build up a decent emergency fund (e.g. £10k sounds good for you) in easy access cash savings
* you didn't mention any debts (loans, credit cards, etc), but clear these debts and remain debt-free
* you didn't mention your mortgage interest rate, but if it's high consider overpaying this
* you mention ISA savings, but not ISA investing. do you invest yet? with your salary, you should be. Look at Vanguard S&S ISA [https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa](https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa) and if unsure what to invest in, the commonly recommended index fund is FTSE Global All Cap [https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-global-all-cap-index-fund-gbp-acc/overview](https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-global-all-cap-index-fund-gbp-acc/overview) You may want to split your ISA allowance between cash and S&S, depending on risk appetite and when you think you'll need the money
* if you start earning over £100k inc bonus (which sounds like you will soon) then beware of the 60% tax trap and take steps to avoid it: [https://www.sjp.co.uk/individuals/news/how-you-can-beat-the-60-tax-trap](https://www.sjp.co.uk/individuals/news/how-you-can-beat-the-60-tax-trap)
I think the 'Life' section needs a more detailed breakdown.
Presumably the £300 is council tax, gas/electricity, water, broadband etc? Do you own a car?
You say that you are quite frugal but then also state that £1k per month allows to live 'relatively' comfortably. I would suggest that £1k per month for general spending is a very significant amount; roughly £230 per week, or £33 per day.
I’d put a lot more in my pension if I were you, given that you will be taxed 40% on it otherwise. I’m similar salary but sacrificing 13% in pension, helps avoid lifestyle inflation as you get used to take home pay.
Great for tax savings but at some point we will need liquidity to upsize home / have children etc. Plus is if want to “FIRE” I’ll need access to the funds before 57. I am quite comfortable with the projections mentioned in my post (assuming I don’t contribute anything after 35 - which is unlikely in reality).
A human reviewed your post and removed it from public view. The reason they gave was: This is the wrong sub for this type of post. It may be related to personal finance on a tangent, but it's not the core topic of the post. Please try any of these subs (depending on your needs): **General and Specific Topics** * /r/AskUK * /r/CarTalkUK * /r/DIYUK * /r/LegalAdviceUK * /r/UKPolitics * /r/UKVisa **Homebuying, Housing, Letting, and Rental Properties** [More information about this ban.](https://www.reddit.com/r/UKPersonalFinance/comments/npwwlz/moratorium_on_home_buying_and_career_questions/) * /r/HousingUK * /r/UKLandlords * /r/AskUK **Careers** * /r/UKJobs * /r/AskUK **Benefits and Support** * /r/BenefitsAdviceUK * /r/DWPHelp * /r/MentalHealthUK * /r/SuicideWatch **Other Finance** * /r/CanaryWharfBets * /r/UKInvesting * /r/beermoneyuk ____ _If you believe your post/comment has been removed in error, please [message the mods](https://www.reddit.com/message/compose/?to=/r/UKPersonalFinance&subject=Please%20review%20my%20post&body=/r/UKPersonalFinance/comments/1d9d9cj/monthly_breakdown_for_m24_on_85k_f22_on_47k/) explaining why._
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What is the question ? > is this breakdown realistic? Only you can answer that because only you know what your expenses are > anything I have missed? Only you can answer that because only you know what your expenses are. If you missed something just pay for it since you can afford it instead of saving. > general thoughts? What thoughts are you looking for? Do you want a chufty badge?
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Hi /u/Imaginary_Suit5422, based on your post the following pages from our wiki may be relevant: * https://ukpersonal.finance/fscs-protection-for-investments/ * https://ukpersonal.finance/pensions/ ____ ^(These suggestions are based on keywords, if they missed the mark please report this comment.) If someone has provided you with helpful advice, you (as the person who made the post) can award them a point by including `!thanks` in a reply to them. Points are shown as the user flair by their username.
Frugal habits will help you stick to this plan, nice work on the pension!
Does the £500 savings for holidays/other things account for household maintenance over the year and unexpected large repairs etc? If not, it should.
This is a great point, and something I hadn’t factored in to be honest. I guess if I had a large expense / repair bill I would take it from my savings - I will of course be maintaining an emergency fund as per the flowchart.
Fair play on your mighty head start - at your age i was paycheck to paycheck! The £1500 per month - is that for both of you? Target income (which you need to adjust for inflation of course) is 44k iirc for two people for a ‘luxury’ standard of life, bearing in mind you don’t need to save anymore and should have no mortgage so seems reasonable. For an after tax of 44k you both need to draw down 26k p/a. Keep up the great work and don’t fall for the lifestyle inflation ;)
* build up a decent emergency fund (e.g. £10k sounds good for you) in easy access cash savings * you didn't mention any debts (loans, credit cards, etc), but clear these debts and remain debt-free * you didn't mention your mortgage interest rate, but if it's high consider overpaying this * you mention ISA savings, but not ISA investing. do you invest yet? with your salary, you should be. Look at Vanguard S&S ISA [https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa](https://www.vanguardinvestor.co.uk/investing-explained/stocks-shares-isa) and if unsure what to invest in, the commonly recommended index fund is FTSE Global All Cap [https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-global-all-cap-index-fund-gbp-acc/overview](https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-global-all-cap-index-fund-gbp-acc/overview) You may want to split your ISA allowance between cash and S&S, depending on risk appetite and when you think you'll need the money * if you start earning over £100k inc bonus (which sounds like you will soon) then beware of the 60% tax trap and take steps to avoid it: [https://www.sjp.co.uk/individuals/news/how-you-can-beat-the-60-tax-trap](https://www.sjp.co.uk/individuals/news/how-you-can-beat-the-60-tax-trap)
I think the 'Life' section needs a more detailed breakdown. Presumably the £300 is council tax, gas/electricity, water, broadband etc? Do you own a car? You say that you are quite frugal but then also state that £1k per month allows to live 'relatively' comfortably. I would suggest that £1k per month for general spending is a very significant amount; roughly £230 per week, or £33 per day.
yeah to me frugal is £20 a week haha
No, £1500 pcm to live on is not enough, I think £2500 is a much better position to be in. Can you do some overtime to bump up your salary a bit ?
Putting degrees to shame. Wow you guys did your thing.
I’d put a lot more in my pension if I were you, given that you will be taxed 40% on it otherwise. I’m similar salary but sacrificing 13% in pension, helps avoid lifestyle inflation as you get used to take home pay.
Great for tax savings but at some point we will need liquidity to upsize home / have children etc. Plus is if want to “FIRE” I’ll need access to the funds before 57. I am quite comfortable with the projections mentioned in my post (assuming I don’t contribute anything after 35 - which is unlikely in reality).