'Running costs'

k1984

Hi there, Im sure this subject has been approached somewhere along the line but there are just so many threads i couldnt find it - any input greatly appreciated.

Ok, we're on the verge of buying our first place.

Our total combined yearly income is £48k which for us is after tax + pension is £2800 monthly.

Minus
2 X cars @ £200 each = £400
2 X student loan @ £100 each = £200
1 X Bank Loan @ £200 (34 months left )
total = £800 leaving £2000 per month

After mortgage (around the £800 mark) and council (around £150 month)

is that remaining £2000 enough to 'live on'? what other extras are there and at what cost?

ie.

electricity, gas, tv licence, phone, petrol, savings etc.

we are both in secure jobs and both our wages are guarenteed to increase apprx £100 a month each per year.

thanks in advance.

K

daily_2

2800 - 800 - 950 = £1050

Whether it's enough depends on your spending habits, it's enough for food and bills and average petrol bills/car running costs, but not much else.

57% of earnings on debt/cars/mortgage is slightly risky imo, if you didn't have to payout 600/month for 2 cars, and a loan, things would be a lot more comfortable. If the loan is a high apr, it may be better to pay it off out of the 15k savings, and save your deposit up again.

There aren't many totally secure jobs. Your mortgage could also go up much faster than your earnings do.

Have a look at the SOA's in the debt free wannabee section, then workout your own.

http://www.makesenseofcards.co.uk/soacalc.html

Hardworkingmum_2

Electricity & Gas (depends on the size of your property and how you use your energy) Approx £100 per month
TV Licence £142.50 per year
Phone £10 per month Land Line charge extra for Calls
Broadband approx £16 per month
Mobiles from £30 per month
Petrol £ depends on your usage
Savings £ whatever you choose
Water approx £40 per month
Home Contents Insurance approx £20 per month
Buildings Insurance
Car Insurance
Food Shopping
Money for Lunches at work
Clothing Allowance
Sky or Freeview
Boiler servicing contract from £15 per month
Going Out money

Hope this helps your budgeting.

theartfullodger

Ok, we're on the verge of buying our first place.

Our total combined yearly income is £48k which for us is after tax + pension is £2800 monthly.

....
2 X student loan @ £100 each = £200
1 X Bank Loan @ £200 (34 months left )

Am I missing something?? You are presumably already in debt (2xstudent loan & one Bank-loan of, I guess, some £6k). So how will you find a deposit to buy "our first place" whilst being honest with your lender about your financial circumstances??

However, in answer to your question the government has set JSA (Job seeker's allowance) @ £65:30/wk , about £278:63/month. ie the Government has decided that £64:30/week is enough for one person to live on: Just (Can be reduced if you have some debts..). Compared with your £1,050 you are rolling in it...must be great to realise how lucky you are eh!!!

Cheers!

Lodger

k1984

theartfullodger wrote: »

how will you find a deposit to buy "our first place"...you are rolling in it...must be great to realise how lucky you are eh!!!
Lodger

Hi Lodger,

dont know how to take the tone of your reply (sarcastic, serious) however ill say 'thanks' anyway.

I should have mentioned, weve got £15k (just under) saved up as a deposit.

Thanks to other folk for replying

00ec25

hope the tone of this one is clear!

you are being rather tongue in cheek. there are many people who have to live in £1,000 per month BEFORE accommodation costs let alone having a guaranteed £100 PER MONTH PAY RISE at a time of serious recession and rising unemployment.

are you just bragging or are you really that unable to manage your own affairs?

k1984

00ec25 wrote: »

hope the tone of this one is clear...are you just bragging or are you really that unable to manage your own affairs?

Tone of that one is clear, unfortunatley there are far too many people on here whos attitude is in the wrong place, yours being one of them. People come on here (myself included) for advice/assistance etc however there are too many people who are just down right rude.

Im a first time buyer, never owned a house before, never even rented a house before so im not going to apologise for coming on here to ask for advice.

Maybe you should think twice about posting on some threads - people dont find you helpful at all.

typeractive

Come on guys - give the original poster a break. we all have different scenarios and I think they're just looking for a hand. I'm wanting to know the similar costs of running a house, having also never owned my own property and wanting to be sure I can afford to do so. Just because people are asking about the costs that many people forget doesn't mean they're unable to manage...perhaps they are just planning for the management of their future costs.

p.s. k1984, I didn't mean to thank you in the last post - lol, I clicked the button by accident! as I was aiming for the quote one!

Jowo_2

00ec25 wrote: »

are you just bragging or are you really that unable to manage your own affairs?

No, it sounds like they've come to an advice board about managing money. This includes budgeting for those who have it as well as benefit queries for those who don't.

To me, their queries sound like a sense check and sounding board of all their potential outgoings for something that's an unknown territory to them.

Thrugelmir

k1984 wrote: »

Hi there, Im sure this subject has been approached somewhere along the line but there are just so many threads i couldnt find it - any input greatly appreciated.

Ok, we're on the verge of buying our first place.

Our total combined yearly income is £48k which for us is after tax + pension is £2800 monthly.

Minus
2 X cars @ £200 each = £400
2 X student loan @ £100 each = £200
1 X Bank Loan @ £200 (34 months left )
total = £800 leaving £2000 per month

After mortgage (around the £800 mark) and council (around £150 month)

is that remaining £2000 enough to 'live on'? what other extras are there and at what cost?

ie.

electricity, gas, tv licence, phone, petrol, savings etc.

we are both in secure jobs and both our wages are guarenteed to increase apprx £100 a month each per year.

thanks in advance.

K

Repay as much as you can of your debts before buying a house. Life is full of uncertainies. You are paying far more on your bank loan and car loans than you are earning in interest. In the current property market you are unlikely to lose anything by waiting a while.

BitterAndTwisted

I agree with Thrugelmir: I can't conceive of why anyone would have £15k in savings when they have debt accruing more interest than the savings.

Pay off all the debts and start saving for a deposit once you're completely solvent