I'm fed up with my budget - advice needed

want2bmortgage3

yeah this is another thing i've been thinking about.. and something i should have decided 10 years ago!

want2bmortgage3

is the offer of free rent at the parents too good to turn down? plus the fact my property isn't exactly what i'd want in a property (location/layout) am i better off letting it out than bringing in a lodger. a lodger would make me about £300 a month tax free but rent-free at parents and renting flat out i'd be double that better off.

want2bmortgage3

end of the month of June and i've actually done quite well...
income
work £1147.48
outgoings
mortgage 638.20
building ins 13.43
bt landline 12.00
o2 mobile 15.10
o2 broadband 7.34
council tax 98.00
electric (may and june) 30.97
gas (may and june) 5.53
contact lenses (for the next 6 months) 69.48
fathers day 6.00
food shopping 20.00 (just the last week-didnt keep track before then)
total outgoings £916.05
PROFIT £231.43

superfran_uk

Get contacts from coastalcontacts.com or similar. Much cheaper.

want2bmortgage3

i did shop around but admittedly only on uk sites, checked coastal contacts which is about £30 a box after conversion (i'm talking focus night & day lenses), add the delivery and i might save a couple of quid at the most..

pstones578

want2bmortgage3 wrote: »

my monthly budget is too tight, i have no spare money to spend on clothes, music, going out etc. i'm a 27 year old single male and i dont want this sort of pressure knowing im working all the time to just meet the main bills.

i own a 2 bedroom flat which is worth around £130,000 (i bought nearly 3 years ago for £140,000). at the height of the market it was worth around £160,000.

these are my main outgoings:
mortgage £644.40
council tax £81.52
buildings ins £13.43
gas £15
elec £20
water £15
broadband £7.50
mobile £10
petrol £80
food etc £80
contact lenses £11.58
car insurance £25
car tax £16.96
dentist £1.35
ground rent £2.50
presents £20 (birthday/xmas)
total £1056.24
income from work £1144.95
there are other unexpected things i havent included and havent allowed for going out, buying clothes...
i know i need to make some changes, but what?

i feel my options are:
1. find a lodger to bring in £300-350 a month - might be ok but not sure if i'd mind someone else living with me, it could be annoying?
2. get a p/t job in the evenings (but i wont get hardly any free time)
3. downgrade my property - a studio nearby is for sale at £85,000 and would be fine for me on my own

any advice welcomed, thank you for reading

I'd go for the lodger, maybe someone you know from work uni/college could move in with you. Perhaps find a partner and get them in quick.

Your feeling the pain now, if you can cope and it's not overwhelming you then you'll look back in years to come and be glad you stuck it out.

Have you budgeted for car MOT and service and TV license and landline and any mag subscriptions, if any?

lynzpower

This seems like a right mess to me OP!

Am I right in understanding that your flat is currently empty you are at your parents and awaiting a tenant?

Have you thought about offering it for housing benefit, you might get higher rates if your area is scarce for accomodation

this situation seems all rather untenable to me- certainly put any ideas out of your head for saving for another property, it looks like you are rather stretched already

want2bmortgage3

i'm not sure how best to a budget, the above was actual figures from the past month. i suppose i should also do another one including all the one off purchases that happen in other months.

landline is in there £12 a month. no tv license but will need this soon when i buy a tv again. no mag subs just use the internet.

want2bmortgage3

lynz, no i'm still in my flat and hopefully stay. like the idea of a partner or friend/friend of friend to rent a room. just going to wait and see if anyone comes up. dont fancy a stranger in here.

want2bmortgage3

i was about to take my flat off the market when the estate agent said they have somebody really interested and they have subsequently offered me the full asking price. subject to credit checks etc. this means i would end up with about 680 after fees and vat. that covers my mortgage plus home insurance/ground rent and leaves a little for emergencies. think im gonna go with it what do you reckon?