Thinking of moving out- can I afford it???

josephine82

Hi!

I'm currently considering the reality of getting a flat on my own (I live in a shared house at the moment) and I was wondering if anyone could help me with any advice on whether I've estimated all the costs correctly?

I've got the council tax figure from the website with 25% discount, gas and elec is the lowest estimated through go compare, water is a guess, landline tv and internet is my current bundle.

I know moving out means not being able to save as much as I might be now for a house deposit, but I'm not sure buying is a realistic option on my own anyway and I really need my own space.

Thanks

Josephine x

p.s 'entertainment' is my money for everything else that I do; meals out, cinema, ice skating lessons, evening course etc. I'm happy with this.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1426.23
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1426.23

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 20
Gas..................................... 30
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 20
TV Licence.............................. 11.88
Satellite/Cable TV...................... 9
Internet Services....................... 9
Groceries etc. ......................... 80
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.75
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 150
Holiday................................. 25
Emergency fund.......................... 0
Counselling............................. 140
ISA..................................... 50
Total monthly expenses.................. 1406.63


Assets
Cash.................................... 7583.85
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 10583.85

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,426.23
Expenses (including HP & secured debts). 1,406.63
Available for debt repayments........... 19.6
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 19.6

Personal Balance Sheet Summary
Total assets (things you own)........... 10,583.85
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 10,583.85

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Verbatim

Looks fine to me. Is the groceries estimated or what you actually spend now? Could be a little tight?

josephine82

That's exciting to hear!
Yes the groceries are what I spend now, a big shop of 40-50 a month and then a few bits here and there.
Thanks!

Butti

Looks like a pretty thorough job to me. Don't know how much 'stuff' you have. I'd be tempted to budget a tenner for the contents insurance. Gas, electric and water may all be a bit tight but provided you keep a close eye on the meters you will be able to adjust once you are in.

B

LeeSouthEast

Yeah I'm budgeting £10 for contents on my 'virtual SOA' for moving out.

The rest looks ok with some care!

property.advert

josephine82 wrote: »

Hi!

I'm currently considering the reality of getting a flat on my own (I live in a shared house at the moment) and I was wondering if anyone could help me with any advice on whether I've estimated all the costs correctly?

I've got the council tax figure from the website with 25% discount, gas and elec is the lowest estimated through go compare, water is a guess, landline tv and internet is my current bundle.

I know moving out means not being able to save as much as I might be now for a house deposit, but I'm not sure buying is a realistic option on my own anyway and I really need my own space.

Thanks

Josephine x

p.s 'entertainment' is my money for everything else that I do; meals out, cinema, ice skating lessons, evening course etc. I'm happy with this.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1426.23

Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 20
Gas..................................... 30
Oil..................................... 0
Water rates............................. 20
Telephone (land line)................... 10
Mobile phone............................ 20
TV Licence.............................. 11.88
Satellite/Cable TV...................... 9
Internet Services....................... 9
Groceries etc. ......................... 80 are you sure ? can be done but is it really this low ?
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.75
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 150 keep an eye on this as it is only about £30 a week
Holiday................................. 25 You don't get much of a holiday for £300 a year. IS this realistic ?
Emergency fund.......................... 0 Here is where I think you need to add some funds. I know you have some cash but ??
Counselling............................. 140 What is this for ? It is a large chunk of your disposable income
ISA..................................... 50
Total monthly expenses.................. 1406.63


Assets
Cash.................................... 7583.85
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 10583.85

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,426.23
Expenses (including HP & secured debts). 1,406.63
Available for debt repayments........... 19.6
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 19.6

Personal Balance Sheet Summary
Total assets (things you own)........... 10,583.85
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 10,583.85

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

I think your budget is very tight, too tight in fact. At the figures you've mentioned, there is nowhere to cut if some expenses crop up. The £140 for counselling is what I've asked about and whether your holiday fund is high enough at £25 a month.

Here is something else to consider, what about a 2 bed flat or house, where you take the lease yourself and then decide to rent a room out. You would be in control, which might be enough. I did that (though with a house I rented and sub let) and it did feel very different to just sharing.

Of course, the rent figures for what you are paying now, what you would have to pay (you estimate £520) are important. Perhaps you could rent cheaper ?

I ended up living for free as the rent from the other rooms more than covered the whole bills. Something to consider ?

taxi73

It looks pretty tight asa lot of those type of bills go up.
You have no slack in the budget unless you give up the councilling..if you give that up then yes I think you will be able to afford it.
Gas/electric/shopping look pretty low.
Is £520 p/m enough for rent in your area?

VanillaDelia

josephine82 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1426.23
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1426.23

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 20
Gas..................................... 30
Oil..................................... 0
Water rates............................. 20 Maybe a little more £30 - £40
Telephone (land line)................... 10 I think this will be more as you will have rental, vat etc
Mobile phone............................ 20
TV Licence.............................. 11.88 This is £12.12 so not far off
Satellite/Cable TV...................... 9 You maybe could do without this if the leftovers is small
Internet Services....................... 9
Groceries etc. ......................... 80 seems a good amount for 1, we pay £100 - £150 for 2 adults
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.75
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5, id make sure you have accidental damage on this if you have much of your own stuff.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 150 when you run a home, sometimes entertainment has to be reduced a bit, this would prob be enough for 3/4 nights out a month dependent on what you do.
Holiday................................. 25 Think you would need to budget at least £50 so you have spending money too.
Emergency fund.......................... 0
Counselling............................. 140 will this be for long? Is it ongoing?
ISA..................................... 50
Total monthly expenses.................. 1406.63


Assets
Cash.................................... 7583.85
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 10583.85

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,426.23
Expenses (including HP & secured debts). 1,406.63
Available for debt repayments........... 19.6
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 19.6

Personal Balance Sheet Summary
Total assets (things you own)........... 10,583.85
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 10,583.85

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Ok I have given a few comments which I think would be realistic. You dont want to sell yourself short on this as it may differ quite a bit once you have moved in. Obviously you have things down that maybe you could cut out for now until you see what your household bills are exactly, then you could go from there with your sky/holiday/entertainment etc.

VanillaDelia

josephine82 wrote: »

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 0
Number of cars owned.................... 1

Monthly Income Details
Monthly income after tax................ 1426.23
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 1426.23

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 520
Management charge (leasehold property).. 0
Council tax............................. 107
Electricity............................. 20
Gas..................................... 30
Oil..................................... 0
Water rates............................. 20 Maybe a little more £30 - £40
Telephone (land line)................... 10 I think this will be more as you will have rental, vat etc
Mobile phone............................ 20
TV Licence.............................. 11.88 This is £12.12 so not far off
Satellite/Cable TV...................... 9 You maybe could do without this if the leftovers is small
Internet Services....................... 9
Groceries etc. ......................... 80 seems a good amount for 1, we pay £100 - £150 for 2 adults
Clothing................................ 30
Petrol/diesel........................... 40
Road tax................................ 10
Car Insurance........................... 25
Car maintenance (including MOT)......... 30
Car parking............................. 0
Other travel............................ 40
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 9.75
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5, id make sure you have accidental damage on this if you have much of your own stuff.
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 10
Haircuts................................ 5
Entertainment........................... 150 when you run a home, sometimes entertainment has to be reduced a bit, this would prob be enough for 3/4 nights out a month dependent on what you do.
Holiday................................. 25 Think you would need to budget at least £50 so you have spending money too.
Emergency fund.......................... 0
Counselling............................. 140 will this be for long? Is it ongoing?
ISA..................................... 50
Total monthly expenses.................. 1406.63


Assets
Cash.................................... 7583.85
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 10583.85

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Total unsecured debts..........0.........0.........-


Monthly Budget Summary
Total monthly income.................... 1,426.23
Expenses (including HP & secured debts). 1,406.63
Available for debt repayments........... 19.6
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 19.6

Personal Balance Sheet Summary
Total assets (things you own)........... 10,583.85
Total HP & Secured debt................. -0
Total Unsecured debt.................... -0
Net Assets.............................. 10,583.85

Created using the SOA calculator at www.makesenseofcards.com.
Reproduced on Moneysavingexpert with permission, using Firefox browser.

Ok I have given a few comments which I think would be realistic. You dont want to sell yourself short on this as it may differ quite a bit once you have moved in. Obviously you have things down that maybe you could cut out for now until you see what your household bills are exactly, then you could go from there with your sky/holiday/entertainment etc.

gonzo127

i agree that it seems a bit tight, however you do have some room to move with your entertainment budget - i know you said you are happy with this however just using one example of your TV broadband and telephone,

you have said it is based on the bundle you are on at the moment, unfortunately you can NOT be sure you will be able to get the same in your new place, (unless you check first of course) this is because of 2 things,
1/ if you are moving any distance from where you are now you might end up on a different telephone exchange which might not have the same LLU/Cable provider on it
2/ even if you are on the same telephone exchange the company might have run out of capacity to do new connections so could not sign you up

this one thing can throw out your current budget as it would mean you would need BT line rental at ~ £12 for rental + calls average broadband cost for good broadband is about £17 and if you can not get cable, Sky TV's cheapest package is £17 this in itself will add £18 on to your budget meaning you will only have £1.60 surplus each month - which would not leave much room for any increases in bills

the one other thing that hasn’t been mentioned is furnishings the new place do you have a budget for this or do you have enough stuff of your own to take with you?

i do not want to put a downer on this plan as you probably could do it BUT you might have to just accept that your entertainment and or counciling money might have to take a hit

lamarsi

good luck you will have to alter the way you live as living on your own is more expensive but having your own space is priceless