LA Business Daily
How much disposable income do you have per month per household?
Hi. I am about to get buy a house and trying to figure out how much disposable income to allow ourselves to have each month. By disposable income, i mean how much you have that doesn't need to go towards the mortgage, bills, food, petrol etc etc. Money that you can save for a holiday, or hobbies, or spend on clothes or DIY or going out etc etc. Please only answer if you have a mortgage and based on the total for the whole household per month. Thanks!
Public Comments
- When i pay all the bills we only have enough money left for shopping and the odd night out.
- Well i know from experience that you have to have atleast 2-3 times the mortgage to be considered disposable income but thats not always true it all depends on what you can afford in these time with the economy being the way it is but the best thing i can say is when you buy your house make sure you get a low apr like under 5% and make sure it's fix not an ARM adjustable rate mortgage...good luck hope this helps
- I dont have one right now but I did have one. I think you need at least £200pcm each totally uncommitted each month. Crap happens like the car breaks down, the washing machine blows up etc. You need to have about £3000 saved as a cushion at all times to cope with any eventuality. Do you have unemployemnt insurance for example. Even if you do it never pays out for the first 30 days you are unemployed and it only pays about 60% of your wage. You'll need a cushion to get you through till you get another job. Also life is no fun when you dont have enough spare cash to buy stuff like new towels when the old ones wear out. God any number of things. But just from personal experience, its about £200 a month each that you will need to leave free. To live, rather than just exist. Have fun!
