Posted by
housed
17 yrs ago
How much do you allocate each month in HK for household spending?
I'm giving up work soon to become a full-time mom and am trying to work out a monthly budget for the household. With two incomes, we never really planned but I used to pay for the household stuff while my husband took care of the big ticket items. Now that i am about to give up my own paycheck, i need to figure out how much he needs to allocate for our monthly spending. Just wanted to hear from others (esp those who are stay-at-homes) to see how you work out the budget with your spouse. Thanks!
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JJALD
17 yrs ago
Kind of hard to say without a ball park figure of income and rent, plus any other vital outgoings - loans etc...
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It depends so much on your income.
I would say start with fixed items like rent and other vitals. Remember long term saving for retirement.
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You can start by doing an itemized listing of all your expenses now. At the end of the month, you and your husband can sit together or you can present to him your actual expenses including the ones that were not incurred during the period. You can then see which ones to tick off as non-essential and etc.
Be warned though that it's not as easy as it seems.
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One thing which helps us is having money deducted automatically each month to our investment account for retirement. Then the rent goes. We can only spend what is left. Even if we spend it all we know we will have saved to our target. So we don't feel bad about blowing it all. ;)
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