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  • FIRST POST
    • nasim19
    • By nasim19 13th Sep 17, 1:53 AM
    • 3Posts
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    nasim19
    I'm earning £1300 a month, will I survive on my own.
    • #1
    • 13th Sep 17, 1:53 AM
    I'm earning £1300 a month, will I survive on my own. 13th Sep 17 at 1:53 AM
    Hello everyone

    I know it may sound silly but I really need some advise:
    I have decided that I finally want to move out. I earn £1300 minimum every month my biggest expense is my car £300 a month for loan and insurance.

    I have worked out after my rent n car expenses i will be left with £400 for everything else.
    Is that enough?

    Thanks
Page 1
    • dawyldthing
    • By dawyldthing 13th Sep 17, 2:44 AM
    • 2,535 Posts
    • 1,698 Thanks
    dawyldthing
    • #2
    • 13th Sep 17, 2:44 AM
    • #2
    • 13th Sep 17, 2:44 AM
    You need to work out what you need and what's a must each month. I live on less than £400 a month but I don't drive a car, use the bus and don't buy new clothes that often. Others might do it completely differently and spend £400 in a flash
    My targets to end 2018:
    1) To get down to 12 stone then treat to a safari. At start 17 stone 7 lbs 36.5lbs lost 40.5lbs to go.
    Started SW16st13lbs 11/7/17 - 10 weeks in -28.5lbs
    3/9 to NYE 2.5lbs down / 12.5lbs to go
    2) to find new challenges
    • dawyldthing
    • By dawyldthing 13th Sep 17, 2:45 AM
    • 2,535 Posts
    • 1,698 Thanks
    dawyldthing
    • #3
    • 13th Sep 17, 2:45 AM
    • #3
    • 13th Sep 17, 2:45 AM
    It's like everything - you need to plan
    My targets to end 2018:
    1) To get down to 12 stone then treat to a safari. At start 17 stone 7 lbs 36.5lbs lost 40.5lbs to go.
    Started SW16st13lbs 11/7/17 - 10 weeks in -28.5lbs
    3/9 to NYE 2.5lbs down / 12.5lbs to go
    2) to find new challenges
    • cjdavies
    • By cjdavies 13th Sep 17, 6:59 AM
    • 2,575 Posts
    • 2,520 Thanks
    cjdavies
    • #4
    • 13th Sep 17, 6:59 AM
    • #4
    • 13th Sep 17, 6:59 AM
    Yes I have roughly less after, been doing it 9 years.
    • glasgowdan
    • By glasgowdan 13th Sep 17, 7:12 AM
    • 2,395 Posts
    • 2,676 Thanks
    glasgowdan
    • #5
    • 13th Sep 17, 7:12 AM
    • #5
    • 13th Sep 17, 7:12 AM
    I'd look for cheaper rent or a flat share for a while. But yes you'll manage on that if you're careful. I was on 950 when I first moved out.

    Go for it...life is too short to stay with mum and dad!
    Last edited by glasgowdan; 13-09-2017 at 7:15 AM.
    • LandyAndy
    • By LandyAndy 13th Sep 17, 7:24 AM
    • 23,831 Posts
    • 50,479 Thanks
    LandyAndy
    • #6
    • 13th Sep 17, 7:24 AM
    • #6
    • 13th Sep 17, 7:24 AM
    Can you cook? Making your own proper meals can be a big cost saver as well as being good for you.
    • davilown
    • By davilown 13th Sep 17, 7:35 AM
    • 1,450 Posts
    • 936 Thanks
    davilown
    • #7
    • 13th Sep 17, 7:35 AM
    • #7
    • 13th Sep 17, 7:35 AM
    £400 is enough but is even easier when you can cook - £30 a week on shopping will provide you with some good meals that you can batch and freeze (i.e. Bolognese costs about £4 (mince, sauce, pasta though a home made ragu is slightly more) and will split x 4).
    Going out - don't buy rounds or if you do just have 2 or 3 people in them, many a time I've spend £50 on a round for 10-15 people only for them not to buy one back...
    Charity shops for furniture as well as free cycle - just because it's not new or looks old fashioned dent mean it won't do its job perfectly well.
    Back in Debt £1830,545/£225,000 on a mortgage, Overpayment £96 pm - Aim to be Mortgage free by 2028
    £27000/£27000 paid off Feb 2010 since LBM Jan 2007!
    • Lauralou79
    • By Lauralou79 13th Sep 17, 7:48 AM
    • 97 Posts
    • 66 Thanks
    Lauralou79
    • #8
    • 13th Sep 17, 7:48 AM
    • #8
    • 13th Sep 17, 7:48 AM
    Depends on what kind of lifestyle you lead and what you are willing to cut back if needed. If you for example shop a lot, socialise frequently or spend money on technology sometimes things have to give so that you can pay your bills and buy food. Or you have to learn to budget and save for the things you want. ( try not to go down the too much credit route, you end up with even less money money to month!) Alternatively you may be a homebody with very little interest in spending much money. Moving out and learning to budget yourself and your lifestyle can be a learning curve but totallyworth it in the end.
    • marliepanda
    • By marliepanda 13th Sep 17, 7:58 AM
    • 4,660 Posts
    • 9,321 Thanks
    marliepanda
    • #9
    • 13th Sep 17, 7:58 AM
    • #9
    • 13th Sep 17, 7:58 AM
    You say £400 after rent and car expenses.

    Does this mean out of the £400 you are paying council tax, utilities, internet, food, petrol, any mobile phone bill, contents insurance?

    I'd say it's not enough at all...
    Survey Earnings 2017 - £163
    • maisie cat
    • By maisie cat 13th Sep 17, 8:01 AM
    • 222 Posts
    • 264 Thanks
    maisie cat
    £400 left over is plenty, I lived for a while on £100 month after bills & cutting food bills is easier than most things.
    I found that going out less wasn't necessarily understood by friends with more disposable income, but the freedom is worth it.
    • getmore4less
    • By getmore4less 13th Sep 17, 8:24 AM
    • 29,775 Posts
    • 17,803 Thanks
    getmore4less
    DO full SOA for now and moved out.

    Where is the 1300 going now that's your starting point because that is what will change.

    If all £1300 is going on spends and you have a new one like rent what will you be giving up to pay that rent.

    The trick then is to practice as if you had moved out, which usually means saving money as the costs at home get replaced with bigger costs and you need to save the difference and life off what is left.
    • ProDave
    • By ProDave 13th Sep 17, 8:50 AM
    • 270 Posts
    • 331 Thanks
    ProDave
    £300 per month for your car is the first thing I would change. I assume that's a lease deal, you don't own it?

    My last car I BOUGHT for £3000, used it for 9 years, then sold it for £600 so it cost me £2400 over that time, or £266 per year or £22.22 per month. the one I have replaced it with cost me £3100, if I get a similar period of use from it, I will he happy. Granted that does not include insurance and serciving.

    Reducing your car costs will increase the amount you have to live on. you just have to accept it won't be a brand new car, but it needn't be a wreck.

    This is something todays generation never seem to want to do. To buy my first house I had to sell my decent car and ger a very old tatty rusty old banger. That was the only way I could afford it. It was then a few years before I saved up (note saved for not borrowed) for something a bit better.
    • getmore4less
    • By getmore4less 13th Sep 17, 8:55 AM
    • 29,775 Posts
    • 17,803 Thanks
    getmore4less
    my biggest expense is my car £300 a month for loan and insurance.
    Originally posted by nasim19
    £300 per month for your car is the first thing I would change. I assume that's a lease deal, you don't own it?........
    Originally posted by ProDave
    young driver? the insurance could well be a big chunk
    • BBH123
    • By BBH123 13th Sep 17, 10:07 AM
    • 405 Posts
    • 543 Thanks
    BBH123
    For me its not nearly enough, its all very well saying how to keep costs to a minimum and I agree with those but its the sheer cost of things these days and I certainly wouldnt do it without an emergency lump sum behind me.

    My first thought is why have a £300 per month car if you cant afford to do anything else, or plan for a move closer to work where you can do without a car or buy a run around.

    For me the budget is too tight , it doesnt allow any flexibility and costs are going up quicker than wages IME so another round of council tax / electric increases and that £100 becomes 90, 80 and so on.
    • PasturesNew
    • By PasturesNew 13th Sep 17, 10:18 AM
    • 59,894 Posts
    • 350,155 Thanks
    PasturesNew
    It depends on many factors. The car is the biggest issue - ALWAYS try to pay cash for cars. If you do that it's yours and not a financial headache.
    If you own your car and it breaks down, you've got to find the money to get to work AND pay for it to be fixed. If you owe money on it you also have to pay for a car you can't use!

    When you rent anywhere you also need to start saving for your next move - as you don't know when that might be thrust upon you and so should be considered a "priority save". If rent is £500/month then to move you'd need to find fees, new deposit, rent up front - so from day one you need to be saving towards that "in case", which could be £1500-2000.

    How can you get to work without the car if it breaks? Where's the money coming from to fix it?

    Anybody can live on £1300/month ... unless something changes. What if you lost your job/how much is LHA for you? What if the car breaks down/how could you get to work?

    If you own the car outright and live Ĺ a mile from where you work ... then £1300/month is very doable. If you drive 20 miles to work and were "lucky to get this salary" and if the car breaks down you're stuffed.

    It's rarely ONE individual life event that pushes people to the edge and beyond - it's an unexpected 2-3 events occurring in short time that's all too much to recover from.

    After rent and car = £400. That doesn't really leave enough.
    Council tax might be £100-120/month. Other bills £100-120.
    Beans on toast with cheese on toast and cleaning stuff, loo roll, etc, is £100/month.
    Last edited by PasturesNew; 13-09-2017 at 10:21 AM.
    • TBagpuss
    • By TBagpuss 13th Sep 17, 10:52 AM
    • 5,867 Posts
    • 7,618 Thanks
    TBagpuss
    As others have said, it depends an awful lot on what your other outgoings are. I'd suggest that you do 2 things.

    1. Sit down and drawn up a budget, (i'd recommend using a spreadsheet , then you can 'tweak' it easily!) list all of the outgoings you will have when you move out, including bills, food, travel costs, clothes, hair, social life etc. Obviously you won't have exact figures for eveything now, but ask friends who are living in the sort of property you are thinking of if they would be willing to give you an idea of what they apy for gs, electricity and water, look up the council tax bands for the area etc to get a good idea.

    2. make a second list or spread sheet of where your money is currently going. Be completely honest with yourself, and if necessary make notes every date of exactly what you spend (including things like coffee and small spends)

    This will give you some idea of how much you would need to cut, or change, your current spending habits to be abl to afford to move out.

    I would also suggest, once you have rawn up you budget for when you move out, that you aim to live to uit for a couple of months. Put the money you expect to spend on bills, rent, food etc into a savings account (less anything you current pay to your parents). Again, be disciplined about it and actually put the full amount away each month.

    This will give you a 'dry run' for how much you will be left with for day to day spending, and it will also mean you have some money saved up to use for things such as your deposit, or as an emergency fund once you do move out.

    My own view is that £400 per month after rent is do-able but tight. I live alone and my gas, electricity, water and council tax come to around £180 per month - I could live off £120 for food, petrol and personal expenditure if I had to, but it would be difficult and it wouldn't leave much for a social life. However, my house is pretty well insulated and energy efficient - you may well find that your bills are higher even in a smaller property, if the property is not well insulated or energy efficient.

    Do also think about where you are planning to move to. Bear in mind that your car insurance may go up significantly depending on where you live, particularly if you don't have off-street parking at the new place.

    If you decide that you can't afford to move just yet, then try to set aside money every month - this will build up savings which will give you more choices, and will also help you to get used to living on a tighter budget and make it easier once you do move out.

    I suspect that you may need to look at a house share as a first step, before renting alone.
    • moneyistooshorttomention
    • By moneyistooshorttomention 13th Sep 17, 11:44 AM
    • 13,422 Posts
    • 36,577 Thanks
    moneyistooshorttomention
    It depends on many factors. The car is the biggest issue - ALWAYS try to pay cash for cars. If you do that it's yours and not a financial headache.
    If you own your car and it breaks down, you've got to find the money to get to work AND pay for it to be fixed. If you owe money on it you also have to pay for a car you can't use!

    When you rent anywhere you also need to start saving for your next move - as you don't know when that might be thrust upon you and so should be considered a "priority save". If rent is £500/month then to move you'd need to find fees, new deposit, rent up front - so from day one you need to be saving towards that "in case", which could be £1500-2000.

    How can you get to work without the car if it breaks? Where's the money coming from to fix it?

    Anybody can live on £1300/month ... unless something changes. What if you lost your job/how much is LHA for you? What if the car breaks down/how could you get to work?

    If you own the car outright and live Ĺ a mile from where you work ... then £1300/month is very doable. If you drive 20 miles to work and were "lucky to get this salary" and if the car breaks down you're stuffed.

    It's rarely ONE individual life event that pushes people to the edge and beyond - it's an unexpected 2-3 events occurring in short time that's all too much to recover from.

    After rent and car = £400. That doesn't really leave enough.
    Council tax might be £100-120/month. Other bills £100-120.
    Beans on toast with cheese on toast and cleaning stuff, loo roll, etc, is £100/month.
    Originally posted by PasturesNew
    I would agree with this.

    Though I'm assuming that the £400 per month is absolutely clear - ie after absolutely all bills have been covered.

    Assuming an absolutely clear £400 - I would agree that it's manageable subject to living a pretty modest lifestyle. It wouldnt include "living the high life" or spending much on clothes, etc.

    It also wouldnt include "Sh*t Happening" and it is the case that Sh*t does have a tendency to happen at intervals and sometimes 2 or 3 what I call "S*dding Things" (ie things that shouldnt happen) do happen at once.

    Hence the need for either a bigger disposable income than that or some savings to one side "just in case".

    I know I'm just in process of spending out a "S*dding Thing" that has come up myself - and I can manage it out of a monthly disposable income of £670 (that's after allowing for bills and a couple of temporary debts) but I'm feeling rather nervous about having to spend an anticipated £300 or so out of £670. I'd have forty fits if I had to spend it out of £400 and couldnt do it at all and would have to have savings to draw on for it. Yep....a second "S*dding Thing" has happened at the same time = my watch has given up the ghost totally on me and that £150-£200 I will be spending on a similar new one is just going to have to wait. So Pastures is right - S*dding Things are like buses and you get none for a while and then 3 come along at once
    If there's "4 tendencies" type of people (Gretchen Rubin) = yep....Questioner type here
    - Meets an expectation only if they believe it's justified and resists anything arbitrary or ineffective
    • bouicca21
    • By bouicca21 13th Sep 17, 11:52 AM
    • 3,097 Posts
    • 3,825 Thanks
    bouicca21
    I second TBagpuss's suggestion of practising living on the budget. I'd say do it for at least 6 months just to establish whether it's doable and whether you have sufficient determination to stick to it.

    And yes the car ... Do you really need it? If you do can you find one cheaper to run? How will you fund repairs if the big end or head gasket goes (I have no idea what either of those are or whether cars still have them, but they're the sort of words that petrol heads used to bandy about).
    • ReadingTim
    • By ReadingTim 13th Sep 17, 12:19 PM
    • 2,002 Posts
    • 2,912 Thanks
    ReadingTim
    Well, as long as you spend less than you earn, you will at least survive.

    However, unless you also mange to save some as well as cover your bills, you could be in trouble if you want a holiday, need to fix the car, the rent goes up, or you want to move to somewhere bigger/better. You might also want to go out, socialise, have fun etc.

    So, yes, you'll survive. But if the budget's very tight, it won't be much of a life - more of an existence.
    • Slithery
    • By Slithery 13th Sep 17, 1:08 PM
    • 169 Posts
    • 231 Thanks
    Slithery
    Have you thought about a shared house instead of a place of your own?

    Currently I pay £120 a week for a large en-suite room in a newly refurbished house complete with high spec AV/appliances throughout. All bills including council tax are included so my only outgoings are food, car, and mobile.

    I'm currently bringing home around £1200 a month and saving at least £300. I'm not very organized so not having to deal/budget with bills is a huge plus for me
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