Strange Request

sKiTz-0

Hi all,

Bit of a request here to help me out, bit of background info first:

I'm 25, have recently finished uni and have £7,500 student loan debt. I also had £7,500 of other debt, that I have got down to around £6,300 so far since deciding to turn my life around. I work a job which pays £15,600 before tax (£1,034 a month after tax) and still live at home with my Dad. I have been paying him rent, but when he heard properly about all my debt he is waiving the rent until I have it paid off (hopefully next June for my Birthday) that's what I'm aiming for. After this though I will be looking to move out and probably rent with a friend, but looking at my budget, I don't really have enough disposable income to be able to afford this. Yet I know there must be a lot of people with families etc who earn less than this and still pay for a house. I have a daughter (which is expensive sometimes) although me and her mother are no longer together. So I'm currently single (which I think makes it harder trying to pay all the bills etc on your own)

Anyway - my question was that if anybody who earns a similar amount to me and has a budget spreadsheet that they wouldn't mind e-mailing over to me for me to get some idea about the cost of living. I don't want to end up living with my dad forever, but I also don't wanna be skint forever either and really need to get my head round this.

Thanks very much for any help - it's much appreciated.

Dave

peb

Dave - I can't help specifically but I would suggest you have a look at entitledto.com to see what you would be entititled to when you move out. I agree, as a singleton it is more expensive as there is only one income but you don't use less gas,electricity or pay less rent/mortgage!. I think with your income you would be entitled to tax credits.

Good luck,

buglawton

Well you could try the Moneysavingexpert Budget Planning spreadsheet http://www.moneysavingexpert.com/banking/Budget-planning

Someone living at home with a £1k/month income is probably better off than a householder with mortgage, insurances etc on more than double that net income.

JimmyTheWig

buglawton wrote: »

Well you could try the Moneysavingexpert Budget Planning spreadsheet http://www.moneysavingexpert.com/banking/Budget-planning

I think OP wanted a _filled in_ spreadsheet - so they could see the sorts of numbers they should be aiming for.

Someone living at home with a £1k/month income is probably better off than a householder with mortgage, insurances etc on more than double that net income.

I think he is wanting to know how he will cope when they move out of his dad's place.

~Beanie~

Well I live on my own and bring in similar amount to you, the below is bills only and doesn't include my debt repayments:

Income - £1089

Outgoings - £771.17

261.37 - Mortagage
26.00 - Buildings/contents insurance
32.00 - Mortgage protection insurance
12.00 - BT landline
16.00 - Tiscali broadband / phonecalls
30.00 - Mobile phone
40.00 - Gas
30.00 - Electricity
54.00 - Council Tax
12.50 - Water rates
11.70 - TV Licence
28.00 - Car Insurance
11.00 - Car Tax
10.00 - Clothing
10.00 - Presents
90.00 - Groceries
6.60 - Pet insurance
50.00 - Entertainment
40.00 - Petrol

As I said, none of my debts are included above and nor have I included my 2nd job which I have to help repay the debts!

Jacks_xxx

Hiya my lovely, :hello:

I think it's a really good idea to do some research and see what you're aiming at. My son has done this a few times to see if he can afford to move out with his girlfriend but a one bed rent is about £850 around here and miniumum council tax is £122 so he's going to need to earn a bit more yet! (Bless him!)

And Lord knows how much he'll have to pay the laundry / shopping / cleaning fairy when he doesn't live with me any more!;)

Many bills vary hon. For example there are people on here who pay about £17 a month for water and some who pay upwards of £50 a month. It all depends what area you live in, what size property and whether or not you have a meter.

Council tax depends on the rea and the size of the house / flat and whether you live alone .(There's a single person rebate) If you look on your local council website you should get some idea.)

Gas and leccy vary by tariff and useage. We spend about £100 a month on our three bed house but we don't have any heating. (But we do have 4 various music systems, 3 pcs, two games systems, two tellys, some straighteners, tongs and hairdryers, and 3 mobile phones to charge !)Lots of people on here spend less.

Tv Licence is £11.37 a month

Contents insurance can be anywhere from about a fiver a month upwards.

A landline costs about £14 a month just for the line rental calls are on top of that.

Internet can be anywhere from free in a bundle with sky telly and landline to about £30 a month.

Food depends on what you eat. There are people on here feeding families on £50 a week and then there's me and I struggle to keep it under £80 a week for us four (plus cat!)

ok that's about all I can think of for now.

Sorry it's not a spread sheet, but I don't use one.

Love Jacks xxx

JimmyTheWig

~Beanie~ wrote: »

Well I live on my own and bring in similar amount to you, the below is bills only and doesn't include my debt repayments:

Income - £1089

Outgoings - £771.17

261.37 - Mortagage
26.00 - Buildings/contents insurance
32.00 - Mortgage protection insurance
12.00 - BT landline
16.00 - Tiscali broadband / phonecalls
30.00 - Mobile phone
40.00 - Gas
30.00 - Electricity
54.00 - Council Tax
12.50 - Water rates
11.70 - TV Licence
28.00 - Car Insurance
11.00 - Car Tax
10.00 - Clothing
10.00 - Presents
90.00 - Groceries
6.60 - Pet insurance
50.00 - Entertainment
40.00 - Petrol

As I said, none of my debts are included above and nor have I included my 2nd job which I have to help repay the debts!

Excellent. I think this is exactly what the OP was after.
But are you really paying £261 a month for your mortgage? I presume you have a decent equity there. I would have thought that if the OP was to move out then he would be looking at considerably more than that in mortgage or rent.
The rest of the figures should be a brilliant starting point.

~Beanie~

Yep - mortage £261.37, it has actually just gone up as I came to the end of my 5 year fixed rate this month, it was £219 until yesterday!!

I live in an area where house prices are very cheap in comparison to most of the rest of the country and it is a 2 bed terraced-house that I bought 5 years ago for £41K.

Also, the council tax figure I quoted is over 12 months rather than 10 and I get 25% single occupancy discount.

And I missed some water off... I pay £12.50 per month for the metered water but then there is a yearly bill for something else (standing charge, standing water drainage? who knows??) That is £48 this year and I paid £24 in April and £24 in October.

JimmyTheWig

~Beanie~ wrote: »

it is a 2 bed terraced-house that I bought 5 years ago for £41K.

:eek: :money:

buglawton

The MSE Spreadsheet I mentioned above can still be used to good effect, either the example numbers in and you can then play with some adjustments to see how much will be left.

sKiTz-0

Wow - thanks.

That's all really useful info. Will have to sit down and look at it. I live in Manchester and would want to ideally stay in the area due to my job/friends/daughter being here.

Think I would struggle to find somewhere £250 rent a month! Might save up from my second job and look at putting a deposit on a house if the prices continue to fall - it seems that mortgage payments in most cases are cheaper than rent.