Adulthood bills

sebdevine123

Hi there.

I keep thinking about the future, and what sort of bills everyone has as an adult in a career say also with kids. I just seem to worry that there is an endless list of monthly bills, of course there will be unexpected payments, car repairs, kids clothes, extra food, house keep, ect

But for the average family man, am i missing any bills here (purley future thoughts)

Mortgage
council tax
utilitie bills
Home & contents insurance
Car Insurance
Petrol
Landline phone
Mobile phone
Broadband
Digital tv
Groceries
Savings
Leisure money

Thanks for any advice or tips, i know this is all future talk but just curious to know. And say would all that be possible on 20 k a year? thanks!

VfM4meplse

If you live in an area with poor exam results, I would suggest you add private school fees.

Lil306

sebdevine123 wrote: »

Hi there.
Thanks for any advice or tips, i know this is all future talk but just curious to know. And say would all that be possible on 20 k a year? thanks!

Owning a house is possible on 20k a year but it also depends on where you live and the house value

I could afford to pay the mortgage and live in my brothers house by myself on 16k per year because his mortgage is only about £400 per month and I have 0 debt.

However, if you lived in an expensive area then the likelyhood would be low.

Nothing wrong with asking for bills, it's something I'm always budgeting for when I get a house

novagirl

TV licence ~ unless you've factored that in with digital TV.
Car tax and MOT ~ not just insurance and petrol.

BitterAndTwisted

On a salary of only £20K per annum I would argue that the following would probably not be affordable:


Car Insurance
Petrol
Landline phone
Mobile phone
Broadband
Savings
Leisure money

And quite possibly a mortgage as well. You don't appear to have factored in any provision for actually acquiring a motor vehicle or any maintenance and repairs or any maintenance and repairs to the property or its contents either.

Radish72

Does utilities include gas, electric and water rates

sebdevine123

Yeh im just talking about fixed monthly bills, of course there are other costs such as tv lisence, buying a car, tax for it, mot repairs and so on, but these arent every month costs, im just wondering what fixed monthly payments you would be looking to pay. But yeh I also have a partner who would have a job to of course, so it wouldnt all fall down to me to pay everything, so it would be a family income of around 40 k a year.

And to bitterandtwisted, right now im only working part time and i managed a car, insurances, mobiles broadband, rent, all of that, so i think in the future when im in a career, its all perfectly possible if you go with cheap options, not just going for the most expensive, for example you can have broadband for 7.99 a month, but yh, thanks for the advice

hugheskevi

I just seem to worry that there is an endless list of monthly bills, of course there will be unexpected payments

There are a lot of bills, but fortunately they are relatively small compared to rent/mortgage.

As well as itemising every bill, you should also be paying a lot of attention to what level of rent/mortgage you are going to choose, as if you get that right and build up some precautionary savings (about 3 months net income) then you'll find you have enough such that the smaller bills look after themselves.

If you have a household income of £40,000 then that equates to about £2,600 per month after tax and NICs.

I'd be hesitant to spend anything more than 1/3 of income on rent/mortgage, although I know people who spend up to 50% of income (but tend to find they have very little spare cash).

PasturesNew

I've rarely earnt £20k. Certainly there's no leisure money, no socialising, no holidays, no extra TV such as Sky/cable .... everything goes on keeping a basic roof over your head, basic bills paid and a fuel-efficient/small vehicle on the road to get to/from work.

The Internet becomes an essential as it is all your social life, hunting down the cheapest way to get things/get things fixed, your entertainment ....

I think this year my income will work out at about £11k (nearly end of the tax year when I'll have a look) - and I was living in a studio and keeping a car on the road (under 3,000 miles a year, car already paid for and no big repair bills).

sebdevine123

I dont understand how tht works, becuase right now i earn about what, just under 1000 a month, and iv worked out i can have a flat, (including all bills council tax utilitie ect) Groceries, savings, even a mobile and braodband, freeveiw tv, bus pass, leisure money, plus with my girl working aswell, thats even more savings and grocerie money and other luxeries, so i dont see how you dont have any leuisure money or hoidays or socialising on 20k per year, when ill be doing that on about 10 k per year

PasturesNew

sebdevine123 wrote: »

I dont understand how tht works, becuase right now i earn about what, just under 1000 a month, and iv worked out i can have a flat, (including all bills council tax utilitie ect) Groceries, savings, even a mobile and braodband, freeveiw tv, bus pass, leisure money, plus with my girl working aswell, thats even more savings and grocerie money and other luxeries, so i dont see how you dont have any leuisure money or hoidays or socialising on 20k per year, when ill be doing that on about 10 k per year

How much is your rent? You now say "plus with my girl", so is she contributing too?