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  • FIRST POST
    • Nubnub
    • By Nubnub 18th Oct 16, 12:41 PM
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    Nubnub
    Living alone, spending money question.
    • #1
    • 18th Oct 16, 12:41 PM
    Living alone, spending money question. 18th Oct 16 at 12:41 PM
    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.
    Last edited by Nubnub; 18-10-2016 at 1:15 PM.
Page 1
    • Stevie Palimo
    • By Stevie Palimo 18th Oct 16, 12:47 PM
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    Stevie Palimo
    • #2
    • 18th Oct 16, 12:47 PM
    • #2
    • 18th Oct 16, 12:47 PM
    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.
    " I refuse to censor myself because it may offend someone. If you don't like me that's ok, I don't need your approval. "
    • suki1964
    • By suki1964 18th Oct 16, 12:53 PM
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    suki1964
    • #3
    • 18th Oct 16, 12:53 PM
    • #3
    • 18th Oct 16, 12:53 PM
    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
    if you lend someone £20 and never see that person again, it was probably worth it
    • Ilona
    • By Ilona 18th Oct 16, 12:59 PM
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    Ilona
    • #4
    • 18th Oct 16, 12:59 PM
    • #4
    • 18th Oct 16, 12:59 PM
    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
    I love skip diving
    • Nubnub
    • By Nubnub 18th Oct 16, 1:13 PM
    • 2 Posts
    • 1 Thanks
    Nubnub
    • #5
    • 18th Oct 16, 1:13 PM
    • #5
    • 18th Oct 16, 1:13 PM
    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
    Originally posted by 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
    • By determined new ms 18th Oct 16, 1:14 PM
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    determined new ms
    • #6
    • 18th Oct 16, 1:14 PM
    • #6
    • 18th Oct 16, 1:14 PM
    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!
    Debt to Bank of oh Mum: £4200/£5700
    Wombling 2016 £263.42 Roadkill £27.21
    • Bedsit Bob
    • By Bedsit Bob 18th Oct 16, 1:14 PM
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    Bedsit Bob
    • #7
    • 18th Oct 16, 1:14 PM
    • #7
    • 18th Oct 16, 1:14 PM
    So after EVERY outgoing I can think of (such as Mortgage, Food, bills, fuel for car, dog, credit card, home insurance, etc)
    Originally posted by Nubnub
    Have you included servicing, MOT etc. ?

    How about an Emergency Fund?
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1015-50
    • enthusiasticsaver
    • By enthusiasticsaver 18th Oct 16, 3:19 PM
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    enthusiasticsaver
    • #8
    • 18th Oct 16, 3:19 PM
    • #8
    • 18th Oct 16, 3:19 PM
    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.
    Debt and mortgage free and saving for early retirement
    • katy_ann
    • By katy_ann 18th Oct 16, 4:00 PM
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    katy_ann
    • #9
    • 18th Oct 16, 4:00 PM
    • #9
    • 18th Oct 16, 4:00 PM
    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.
    Officially Debt Free on 10/12/2015 | Married on 02/07/2016 | Baby Boy Due on 21/11/2016
    November NSD 0/6
    • Sanctioned Parts List
    • By Sanctioned Parts List 18th Oct 16, 4:03 PM
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    Sanctioned Parts List
    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
    • By Pablosammy 18th Oct 16, 4:25 PM
    • 522 Posts
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    Pablosammy
    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.
    Last edited by Pablosammy; 18-10-2016 at 4:27 PM.
    • MallyGirl
    • By MallyGirl 18th Oct 16, 4:32 PM
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    MallyGirl
    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
    Originally posted by Nubnub
    your CC is just a payment vehicle, it is not an outgoing. Anything that gets put on it should feature against a proper heading in your budget. Setup a DD to pay in full each month so you don't get hit with interest or late charges.

    I would plan to have a very careful first few months till you see how much the bills really are. You are moving in just as Winter really kicks in so bills could surprise you. Then there is Christmas.
    Have you included TV licence, water rates, council tax, home AND contents insurance, phone land line, pet insurance, a small decorating fund?
    Do you have furniture for your new place - freecycle/gumtree can really help here. Same goes for white goods - fridge, washing machine, kettle, toaster.
    Do you have curtains, bedding, towels?
    Then there is all the little stuff - an airer, pegs, tea towels, cutlery, pans, crockery.
    Maybe you have all this stuff already but I know that I didn't when I bought my first place.
    • EssexHebridean
    • By EssexHebridean 18th Oct 16, 8:38 PM
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    EssexHebridean
    Loads of great advice above. I'll second the suggestion to put together a Statement of Affairs too - they really aren't just for those in debt - they can help you budget as well. Remember you'll have a lump sum when you first start for your buildings & contents insurance (You said a house - if it's a rental then the landlord will probably cover the buildings insurance but you still need contents. If you decide to do your first years insurances paid over 12 months remember to put the same amount again into a savings account so that when they are up for renewal you have the money there ready. The same applies to your car costs - open a specific savings account and set aside money each month for your next year's insurance & tax, plus servicing costs, MOT and depreciation on things like tyres.

    Set your CC now to clear the full balance every month - that or simply don't use it. If you're already thinking about "needing to put things on the CC" then you're thinking in the wrong direction already and potentially steering yourself into trouble. Think of a CC as a useful device for gaining extra consumer rights on some essential purchases, NOT as something to get you out of trouble if money is tight - that is the very last situation in which you should use a CC in my opinion.

    Setting yourself on the right road now with proper budgeting will set you up for life - good luck in your new home and remember if you want another set of eyes over your budget we'll be happy to help!
    MORTGAGE FREE 30/09/2016
    • Ilona
    • By Ilona 18th Oct 16, 9:31 PM
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    Ilona
    Loads of great advice above. I'll second the suggestion to put together a Statement of Affairs too - they really aren't just for those in debt - they can help you budget as well. Remember you'll have a lump sum when you first start for your buildings & contents insurance (You said a house - if it's a rental then the landlord will probably cover the buildings insurance but you still need contents. If you decide to do your first years insurances paid over 12 months remember to put the same amount again into a savings account so that when they are up for renewal you have the money there ready. The same applies to your car costs - open a specific savings account and set aside money each month for your next year's insurance & tax, plus servicing costs, MOT and depreciation on things like tyres.

    Set your CC now to clear the full balance every month - that or simply don't use it. If you're already thinking about "needing to put things on the CC" then you're thinking in the wrong direction already and potentially steering yourself into trouble. Think of a CC as a useful device for gaining extra consumer rights on some essential purchases, NOT as something to get you out of trouble if money is tight - that is the very last situation in which you should use a CC in my opinion.

    Setting yourself on the right road now with proper budgeting will set you up for life - good luck in your new home and remember if you want another set of eyes over your budget we'll be happy to help!
    Originally posted by EssexHebridean
    Good points EH. The OP said it's a mortgage.

    Ilona
    I love skip diving
    • Bedsit Bob
    • By Bedsit Bob 18th Oct 16, 9:39 PM
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    Bedsit Bob
    The OP said it's a mortgage.
    Originally posted by Ilona
    Then they'll need both building and contents insurance.
    My job is Top Secret. Even I don't know what I'm doing.

    Amount I have so far denied the BBC - £1015-50
    • Helvetica Van Buren
    • By Helvetica Van Buren 19th Oct 16, 9:16 AM
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    Helvetica Van Buren
    now is this enough to treat myself with?
    Originally posted by Nubnub
    It depends how much you want to spend on treating yourself.

    I think you'll be sailing too close to the wind.

    What about putting money aside for repairs?
    An emergency fund for if you lose your job?
    The price of food is going to rise - have you factored that in?
    The weak pound will mean the cost of other things will rise also - have you got a tolerance in for increased energy costs?

    You don't sound as ready as prepared as you ought to be.
    • EssexHebridean
    • By EssexHebridean 19th Oct 16, 9:26 AM
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    EssexHebridean
    Then they'll need both building and contents insurance.
    Originally posted by Bedsit Bob
    The contents insurance will need to be arranged and put in place on exchange of contracts so for this first year it will need to be split policies too - that may increase the costs a little unless the OP is going for a simultaneous exchange/completion.
    MORTGAGE FREE 30/09/2016
    • e13
    • By e13 21st Oct 16, 1:21 PM
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    e13
    The contents insurance will need to be arranged and put in place on exchange of contracts so for this first year it will need to be split policies too - that may increase the costs a little unless the OP is going for a simultaneous exchange/completion.
    Originally posted by EssexHebridean
    I was given free buildings cover from exchange of contracts by my insurance provider. I just rang them up and they sent a covering note explaining that I was covered from exchange of contracts for no extra cost.
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