Where does most of your money go?
By maximax8
@maximax8 (31046)
United Kingdom
November 2, 2012 3:01pm CST
I have been working out a budget and it shows my largest expense is my mortgage. The next highest expenses are food and drink costs. Food and drink prices are going up all the time. I buy loads when I find a special offer like buy one and get one free. Like my favorite cranberry drink was two for three pounds. I loved getting in loads of those. My kids liked it when it was two strawberry soya drink packs for one pound and fifty pence. Lately a jacket potato has been made and it can be microwaved. It is on a special deal for two jacket potatoes for one pound. I decided that in two years of mortgage payments I had only payed off a small amount of money. I changed my mortgage to ten years instead of twenty three years. This should save me seventeen thousand pounds in interest. I know overpaying a mortgage can save lots of money long term.
Where does most of your money go do you think?
Do you buy lots when a supermarket has special offers?
Are you getting on well paying for your home with a mortgage or a rental payment?
5 people like this
21 responses
@adnileb (5276)
• Philippines
3 Nov 12
Most of my salary goes in for our house rental and bills because we are working far from home so we have to reant. Next is for our maid's salary at home. Lastly for my needs like food and other stuffs. I am so thrifty for my own needs because I have to pay other important things. It's so sad to spend a little amount for myself. 
@maximax8 (31046)
• United Kingdom
3 Nov 12
House rental can be expensive. In the road I live in are two bungalows for the rental market. They cost around six hundred and fifty pounds a month. I prefer having a mortgage because then every payment I am that bit nearer owning my own home. It is a shame you have little money left for yourself.
@adnileb (5276)
• Philippines
3 Nov 12
Really, it's a shame.
I told my mom before that I cannot really help her paying the maid. So one day, she got fired up and my mom told me she doesn't have money anymore to pay her. I felt guilty so I am saving for the maid's salary. And in return, I have to spend a little amount for myself. 
@lkbooi (16070)
• Malaysia
3 Nov 12
I always do my best to purchase real property buy paying long term mortgage. The interest accumulated is highly high. The amount of interest I have paid after the all the installments are settled, it will be a great amount and it depends on how long the installments would be. It would be a quarter, or one third or half of the cost of the real property. So it's wise to purchase by shorter mortgage. It's worthy to pay our house with a mortgage than rental payment. At least we would own our real property finally 
Certainly I will get items with offer price from hypermarkets to save daily expenses. I would buy those necessary stuffs only 
Certainly I will get items with offer price from hypermarkets to save daily expenses. I would buy those necessary stuffs only @lkbooi (16070)
• Malaysia
3 Nov 12
Oh no, not long term mortgage payment! I prefer to make less installments in buying apartment or any other real properties. I feel reluctant to pay the great amount of interest piling up unconsciously after decades of years. It's safe to calculate everything detailed and carefully before purchasing expensive items in mortgage payment.
@maximax8 (31046)
• United Kingdom
3 Nov 12
Maybe I will treat myself to a special vacation once my mortgage is paid off. By that time my disabled son will be 15 years old and my daughter will be 13 years old. The shorter the mortgage means a low amount of interest. Many young people take out a 30 year mortgage because property prices are high. The medium price is seven times the average person's salary.
@wolfie34 (26771)
• United Kingdom
3 Nov 12
A lot of my money goes on my car, because as you know petrol prices are still sky high, but if I don't use my car then I have to use public transport and that is not cheap either, I figure that the car is door to door whereas public transport isn't. I go to the gym three times a week and need my car to get me there. I don't socialize so I probably save a fortune not drinking. I don't smoke either so I am able to save that way. I do spend a lot on food because I work out I need to have plenty of protein drinks and food etc, but if I shop around I can get them cheaply. I also bulk buy when shopping and go for the BOGOFs which can save a lot of money.
@maximax8 (31046)
• United Kingdom
3 Nov 12
Hi Wolfie. In October I ran out of petrol for my car. Next time I go out in it my first place to go will be the petrol station. The dial is close to red so I know I have limited fuel left. I only fill my car up with 40 pounds a month. I use public transport to take my disabled son to appointments 20 to 30 miles away. I have a Friends and Family Railcard and it is fantastic for off peak discounts and Plus Bus tickets. I am glad that you shop around to get cheaper food and drinks that have vitamins in them.
@urbandekay (18278)
•
3 Nov 12
We spend £50 a week on food and the same on running both cars, doing the repairs myself and including tax and insurance. 3 dogs cost £7 a week. About £15 on television, broadband and mobile phones. Council tax, gas and lecky and other costs bring our total outgoings to about £600 a month. I own our home outright, never having had a mortgage, which is most people's biggest expense I think. We use several different supermarkets for best deals
all the best, urban
@urbandekay (18278)
•
3 Nov 12
Many things we need I can make or repair or find, soon we will grow food
all the best, urban
@pecito (303)
• Bulgaria
3 Nov 12
Almost all of my money goes to pay bills and taxes. In my country the government keeps increasing the cost of electricity over and over again and it's devastating to pay $100 just to keep warm in winter for using an air-conditioner when your average salary is $300. I have completely forgotten what it's like to buy a few small things that bring you joy in your everyday life just to pamper yourself.
@maximax8 (31046)
• United Kingdom
3 Nov 12
I usually have four electricity and gas bills a year on a paper that I rush off to pay at a bank or the post office. The gas bill is huge in the winter and zero in the summer. I find the electricity bill is high every month of the year. I ration how much I have the central heating on knowing in December and January is can be essential. In October, November, February and March I try to go without it, dressing warmly and putting on the lounges electric fire on if it gets very cold. Now I am about to change companies to get a fixed deal to pay monthly by direct debit. It will begin anytime so I am delighted. Thanks for your wonderful response.
@Dominique25 (9464)
• United States
2 Nov 12
I would agree with you. Most of our money goes towards food. I'm trying to work on planning our meals out more thoroughly. This will save us a lot of money. Especially during those times when I'm trying to figure out what to throw together and we end just ordering out. I also think the next thing that we spend a lot of money on is gas. My husband has to drive a good distance to get to work. And the prices of gas is always changing.
@maximax8 (31046)
• United Kingdom
3 Nov 12
The price of petrol has risen considerably in my home country too. It is a shame your husband has to drive a long way to get to work. My car is small and fairly economical compared to larger cars. Really I should get a wheelchair accessible car for my disabled son. At the moment I try to spend up to 40 pounds per month on petrol for my car. I walk my kids around a lot pushing my son's wheelchair and for many of his appointments 20 to 30 miles away I take the train and the bus.
I am delighted that you are working hard on planning your meals in order to save money. I wish you lots of luck in doing that.
1 person likes this
@Dominique25 (9464)
• United States
3 Nov 12
I'm sure that taking the train to your son's appointment does help out a lot. Especially if you have to go on a fairly regular basis. I think too that planning our meals better will help a great deal. I'm looking forward to being able to know more often what we will be having for our next meal.
@cutepenguin (6431)
• Canada
3 Nov 12
Most of my money goes to our rent. Then it's food, and then bills.
@gitfiddleplayer (10362)
• United States
2 Nov 12
Most of it goes to rent, that's the biggest part of our budget. Having somewhere to live is important so that's where the bulk is focused. The next biggest thing is food, the cost of eating keeps going up but you need to food to live. We have an entertainment budget as well but it fluctuates from month to month depending on what we want to do. We don't have a mortgage so we don't have to worry about property taxes thank goodness.
@maximax8 (31046)
• United Kingdom
3 Nov 12
I like where I live now because it is wheelchair accessible and in a quiet location. It has enough room for my family. I work hard to make sure there is always sufficient money to pay my mortgage in the bank every month.
It is such a shame food and drink prices are going up where you live too. I believe you can feel relaxed with some entertainment. I used to pay for Sky Go on my laptop so I could watch 60 Minute Makeover. Then I saw on the Martin Lewis Money Saving website a deal for half price Sky TV for one year lower than the Sky Go cost.
Thanks for your wonderful response.
@silverfox09 (4708)
• United States
2 Nov 12
Most of my money goes toward rent , and then clothes . I wish I dindt have to pay rent then I could spend my money on things , I like to do . Also having to buy food well , that is not too bad because it just me and my fiance and because our pay combine its not bad .
@maximax8 (31046)
• United Kingdom
3 Nov 12
It is great your pay and your fiance's is combined to pay for the food and drink. I try to buy clothing from cheap clothes shops. The large supermarket offers cheap children's clothes. I got my disabled son some clothing with Fireman Sam on. Good luck with paying your rent.
@ShyBear88 (59347)
• Sterling, Virginia
5 Nov 12
Most of our money goes to bills and diapers and formula.
@thewonderboy (7501)
• India
3 Nov 12
I am an one who is very conscious about my dresses. So due to this simple reason I just used to buy new dresses. It doesn't matter what cost or brand it is. I just used to buy the best one which suits for me and I could easily that that most of my money goes for buying new clothes
@subhojit10 (7375)
• India
2 Nov 12
Thanks a ton for posting this discussion. Well once you start working out on a budget then you will get a head spin and u will be shocked to discover how money goes so fast from our hands. In fact i have never done any money budgeting as i have never felt to do so. I am very bad at savings and that is the reason most of the money i have goes to shopping and getting some books for myself.
What say?
@maximax8 (31046)
• United Kingdom
3 Nov 12
Yes, it can be shocking to see exactly how much is going to different things. In my home is where I spend: my mortgage. I have 9 years and 10 months left to go on that. Many people in my home country don't wish to save since interest rates are so low. Three percent interest would be considered high which is awful. I also like buying books but I will curb this for now.
@watchamacallitz (1171)
• Philippines
2 Nov 12
We own our house and most of my paycheck goes to my son's milk and diapers and vitamins. I gave my mom my share in our household expenses and some goes to my father as well. I also spend some of my money on my manicure and pedicure and hot oil :)
@maximax8 (31046)
• United Kingdom
3 Nov 12
The National Health Scheme gives my disabled son four free diapers every 24 hours. I have to buy extra ones because he can use lots more than that. They give free catheters, hand wipes and diaper bags. I have to buy night diapers for my daughter and for my disabled son wipes, cream for soreness and non latex gloves for his classroom assistant.
Thanks for your superb response.
@mariaperalta (19073)
• Mexico
2 Nov 12
Most of mine goes to my son. I work 14 hour days for him here.
@suspenseful (40193)
• Canada
3 Nov 12
I do not have a mortgage, but I pay a lot for insurance property tax, savings, savings for house improvements, cable, phone and food. I have not figured out what I spend the most on, but I know I spend a lot fo food right now as I live alone. I cannot understand how your children love soya drink packs as the only soy I can take is soya sauce. I heard that soy is bad for you unless it is fermented. Oh we paid out our mortgage on the bi weekly plan.
@marguicha (223297)
• Chile
3 Nov 12
Hi Maxine,
The mortgage for my house is all paid for and that`s the main reason why I can travel in spite of having a retirement pension. I think that my main expenses go out to pay for bills. The worst is a package of phone, internet and light cable TV. They are heavier than food bills as I live alone and don`t spend so much in food.
@Metatronik (6199)
• Pasay, Philippines
3 Nov 12
For now I have no responsibility but for pete sake I only have below minimum of my salary which I can't save well. 
or even earn higher. It is actually frustrating and on December hoping that I would have additional bonus of my salary. Some of my earnings are going to my transportation which is kinda huge if I am going to deduct it to my salary.
or even earn higher. It is actually frustrating and on December hoping that I would have additional bonus of my salary. Some of my earnings are going to my transportation which is kinda huge if I am going to deduct it to my salary. 
@jvincent_129 (4994)
• Philippines
3 Nov 12
Well, most of my expenses come from transportation fees, meals and groceries. I try to budget or pick out discounted items from groceries. Luckily for now, I am not paying for my rental because I can't afford it yet. In meals, it's really very expensive. I am not earning much to keep up my expenses covered.
@riyauro (6421)
• India
3 Nov 12
My money goes in food as well. We have own house and do not need to pay rent or mortgage so at least that is good. we do not have a child as yet and I know kids stuff is so expensive. Bringing up a child is very expensive now. Thanks for sharing and have a wonderful day ahead.
