Living alone, spending money question.

Nubnub · 18 October 2016 at 12:41PM

Hi i'm new here and this coming November i'll be moving out on my own for the first time ever, now im only slightly panicking about how much i'll have left to spend each month.

So after EVERY outgoing i can think of (such as Mortgage, Food, bills, fuel for car, dog, credit card, home insurance, etc) i'll have about £180-£210 left a month depending on what deals i can get for home insurance, now is this enough to treat myself with? like treat myself to new computer games, take out food, cinema, new clothes etc

any advice will be appreciated

*Edit*
just so people know, im not a go out and party kind of person, i prefer my days staying in, or if i do go out its usually for a walk with the dog, im just looking for an idea of if some people find that amount too little or too much or plenty.

Stevie_Palimo · 18 October 2016 at 12:47PM

The question here you ask as to £180 to £200 being enough to have as income left after all expenses are covered is like asking how long is a piece of string.

For some 180 left will a lot of money and for others will be a night or weekend out, Budget for £50 a week and if you don't spend it then put it away in a pot or account as you will have emergencies cropping up and also other things like birthdays and so on, Plus money on clothes can soon add up, I took my OH shopping for new clothes last week and didn't see much change from around £300.00.

suki1964 · 18 October 2016 at 12:53PM

If it's not enough, then do as so many have done before and are doing right now, get a second part time job

When I left home I had barely £50 a month left to feed, clothe and entertain myself. I soon found part time work for the evenings and weekends

Ilona · 18 October 2016 at 12:59PM

Hello Nubnub and welcome to the forum. I think it might be a bit premature to be thinking about what money you will have left over to spend on treats, before you have worked out all your outgoings. The reality is never the same as the predictions you make.

You mention petrol for car. Have you included in that figure the cost of tax and insurance, and depreciation, and saving up to change the car in a couple of years time perhaps.

I suggest you start a spending diary now, write down every penny you spend, down to the last bar of chocolate. Then read it weekly to see how all the little spends mount up to whopping big ones.

When I moved into my first house I had no spare money for years, every penny I had went into the house. You might find that you have to make a lot of lifestyle choices, there comes a time when you can't have everything you want.

You list credit card on your outgoings. I am curious, do you owe any money on that? Or do you clear it every month? If you clear it, how do you know how much it is going to cost you per month?

Sorry to put a dampener on it, I can see that you are excited, but take things one step at a time, wait until you know exactly how much all your house related costs are. Give it three or four months, before then assume you won't have anything to spare.

Ilona

Nubnub · 18 October 2016 at 1:13PM

Ilona wrote: »

Hello Nubnub and welcome to the forum. I think it might be a bit premature to be thinking about what money you will have left over to spend on treats, before you have worked out all your outgoings. The reality is never the same as the predictions you make.

You mention petrol for car. Have you included in that figure the cost of tax and insurance, and depreciation, and saving up to change the car in a couple of years time perhaps.

I suggest you start a spending diary now, write down every penny you spend, down to the last bar of chocolate. Then read it weekly to see how all the little spends mount up to whopping big ones.

When I moved into my first house I had no spare money for years, every penny I had went into the house. You might find that you have to make a lot of lifestyle choices, there comes a time when you can't have everything you want.

You list credit card on your outgoings. I am curious, do you owe any money on that? Or do you clear it every month? If you clear it, how do you know how much it is going to cost you per month?

Sorry to put a dampener on it, I can see that you are excited, but take things one step at a time, wait until you know exactly how much all your house related costs are. Give it three or four months, before then assume you won't have anything to spare.

Ilona

currently my credit card isn't cleared, but will be cleared by the time of the move, and im my rough budget plan i have allotted £50 a month to be put on there if needed, my car i've set as 50-70 a month and for calculations i've used the 70, and have worked out miles for commuting, so with todays fuel prices its £61 a month just for commuting to work,

out of the £180-£210 a month for spending on myself i forgot to mention that i'd be using some/all of the to put into savings for emergencies.

also i should mention if i do find it tight living alone i have the option to get in a lodger as i've got a 2 bed house.

determined_new_ms · 18 October 2016 at 1:14PM

I'd say yes if your not extravagant. I have less than this as spending money (£120 pm), but I really don't spend very much on day to day things - don't buy new clothes, only second hand but more often than not am happy with what I have. This month with my spending budget I have been to a spa (to use the facilities for an hour), going out with friends for dinner, meeting with a friend for drinks on Friday and met up with my sil for a glass of wine and to catch up, coffee with another friend and the rest has just been frittered on small incidental spends over the month (about £40).

But if I was buying clothes, spending more indiscriminately then it wouldn't be enough!

[Deleted User] · 18 October 2016 at 1:14PM

Nubnub wrote: »

So after EVERY outgoing I can think of (such as Mortgage, Food, bills, fuel for car, dog, credit card, home insurance, etc)

Have you included servicing, MOT etc. ?

How about an Emergency Fund?

enthusiasticsaver · 18 October 2016 at 3:19PM

I would say yes if you are not overly extravagant. Knock the computer games on the head until you see where you are financially. My advice would be to save half of this in an emergency fund and see if you can manage with say £25 per week spending money. I easily make do with that just for haircuts, the odd bit of clothing or day out.

katy_ann · 18 October 2016 at 4:00PM

Personally I survive on less than this a month once all my essentials are paid, I usually have about £150 a month to myself, I try and budget £30 a week however if I go over one week then I know I have less for the next week etc I'm pregnant at the moment though so I'm not going out drinking or buying new clothes at the moment. However I do go for days out with my husband or for dinner with my friends.

Personally I would try it out, if you find that you cant get by with that amount of money each month you may need to look at getting a second job or some part time work.

Sanctioned_Parts_List · 18 October 2016 at 4:03PM

Video games are a surprisingly expensive hobby if you always go for the latest - as well as £50+ for a new release game, you'd need to be saving now to make the next XBox, PS or whatever not make your wallet bleed when it comes out. Worse if you play on PC.

When I started out, I gave up even trying to buy new release games and instead trawled the SoldOut section, bargain bins, markets and computer exchange for something to keep me occupied. I spent less money, but there were occasional side effects.

Anyway, from my own experience, moving anywhere, alone or not, is always a lot more expensive than it looks, even if you're moving with friends or family, so try to live carefully for 6 months and see what your real spending looks like before trying to make any plans*.

* A young SPL failed to check the meters on his first independent house, so had no come-back when the estate agent dumped the 6 months the house was empty with the heating on full onto him, thus wiping out his meagre "surplus" for several months running.

Pablosammy · 18 October 2016 at 4:25PM

Hard to tell. Definitely start a spending diary, as you may spend more (or less!) than you realise on various things. If you genuinely do have £200 or so a month left over, I'd try and put some of it aside - at least £100.

The other thing many people do is fill in an SOA (Statement Of Affairs) and post it up on here - we're all in it together, all anonymous, and people might even be able to suggest areas you can free up more money.

Good luck, and don't get carried away - left over money can disappear VERY quickly!

p.s. unless you're at school and need the latest computer games to stay current, stick to older games that have become 'classics', or even second hand games. There are some fantastic games out there that are just as good as the day they were released, but are a third of the price.

Living alone, spending money question.

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