How much do you have left after mortgage and bills

mattdragon2

Hi,

I was wondering how much money people with mortgages recommend having spare after spending it all on bills and mortgage.

This would be for emergency repairs on your car, house, any entertainment etc..

The reason I ask is because I want to buy a house but I don't really know how much to borrow because I don't know how much I should have spare by the end?

£200 , £300, £400, more?

Thanks!

VIGILANT22

you should have saved 3/6 months salary as a min for an emergency fund

andrewmp

I have £450 left after all bills. I have not included food/petrol within bills.

£360 after bills/food/petrol.

I doubt I could get by on much less.

I haven't got 3/6 months salary saved yet, maybe two months. I only bought my house in late 2008 though.

VIGILANT22

[QUOTE=andrewmp

I haven't got 3/6 months salary saved yet, maybe two months. I only bought my house in late 2008 though.[/QUOTE]

Out of interest do you have the appropriate insurance should you be made redundant/long term sick/accident...?

beecher2

It depends on how much your salary is, and how expensive your lifestyle is. I've always felt that you should be able to put aside one tenth of your income and use that for holidays/essential repairs, while having 6 months salary put aside for emergencies. If you can't afford to do that, and have a life then you're borrowing too much.

Make sure when you work out your sums that you factor in possibly higher interest rates in the future.

andrewmp

VIGILANT22 wrote: »

Out of interest do you have the appropriate insurance should you be made redundant/long term sick/accident...?

I have long term sick cover with my employer. I don't have redundancy cover.

clearing_out_my_pockets

After bills, food, petrol, wedding & emergency savings, we have £580 left between us.

olias

andrewmp wrote: »

I have £450 left after all bills. I have not included food/petrol within bills.

£360 after bills/food/petrol.

I doubt I could get by on much less.

I haven't got 3/6 months salary saved yet, maybe two months. I only bought my house in late 2008 though.

You only spend £90 per month on food and petrol?????????

Olias

andrewmp

olias wrote: »

You only spend £90 per month on food and petrol?????????

Olias

Sorry, should have been £290 after food and petrol.

So I spend £160 on food and petrol.

Still, I've managed three overseas hoildays in the last year, not too bad, going away in April again!

CLAPTON

work out a proper budget... different people mean diffeent things by 'bills'

try this one http://www.makesenseofcards.com/soacalc.html
and put in figures what you think you will be spending once you have bought a property

andrewmp

CLAPTON wrote: »

work out a proper budget... different people mean diffeent things by 'bills'

try this one http://www.makesenseofcards.com/soacalc.html
and put in figures what you think you will be spending once you have bought a property

For me, bills is everything I have to pay I don't include haircuts as £4 per month isn't worth thinking about.