Monthly budget - please help?

PrincessK_2

Hi everyone,

I'm just wondering if anyone can offer some advice about my monthly budget. I have listed my income and outgoings, and as you can see, there's nothing much leftover! :eek:

I know that my savings figure is very high, but I was just wondering if anyone could advise on any other ways to cut the outgoings down without resorting to chipping too much off the savings (I'm saving to help my sis with her uni fees). Also, I really have no idea as to how much I should budget for each month's electricity and gas use. I am a single person, living in a 3-bed house in SE London.

Thank you so much everyone - I am a real newbie to this and would really be grateful for some advice!

Yearly Income 26000
Yearly after tax 19286
Monthly after tax 1607.17

(Monthly Expenses)
Mortgage 920
Phone 30
Food 50
Savings 250 <--- this is a lot - Not sure how much others save?
Phone/internet 21
Water 22
Council Tax 79
Gas & Electricity 40
Season Ticket Loan 75
Student Loan 45
Work Loan 21 (interest free)
Home Insurance 48

Expense total 1601
Remainder 6.17

superjaggybunnet

I can't save anything and I earn more than that!!

Everything on your list seems necessary to me. The obvious place to start would be the mortgage. That is a massive amount. Have you shopped around for a better deal? Do you have an endowment or repayment mortgage?

You also list phone twice for two different amounts. What about getting rid of one of these?

Do you live alone and if so can you get a reduction on council tax?

hornetgirl

Do you have a water meter? If not, you might be able to make a small monthly saving there. We have one for two people in a three bed semi and currently pay £15 a month. This is probably a bit high and will go down to maybe £13 next time the bill gets adjusted.

PrincessK_2

Hiya - thankyou SJB and hornetgirl

I've listed phone twice as one is my mobile (but I'm aiming to really cut that down to a much cheaper tariff in Sept when my contract finishes). The other would be phone/broadband etc (£21) which I was thinking of using the TalkTalk package for.

I do have a water meter, but I've taken the figure from the previous occupants last bill - I think I will try and be more frugal and also invest in a Save-A-Flush etc. Well done on your bill Hornetgirl - that's def food for thought for me!

I will be living alone but, again, the Council Tax amount was based on the bill for the previous occupant (also a single lady). I will definitely look into my options there.

Thank you all so much - I really am clueless about how much the "average" individual pays for their bills - any ideas on whether that savings amount is "too high"?

sparklymessygirl

Hi there,

I too am gobsmacked by the mortgage repayment amount - I am being very very nosy here (I am really sorry about that ) but it looks like you were able to borrow about £160,000 (???) and I am really surprised - I've been thinking about moving and wondering how much I could/should borrow for my next house relative to my salary - so this has thrown me a bit! Just ignore me if you like! lol!

Anyway, back to the rest of the budget - couldn't see anything for tv licence.

Couldn't think of anything else...will think again.

By the way - what a great thing to save for your sister! :T

Sparkly

lynsayjane

i think the savings do seem quite high, you say your doing it to help your sister for fees, well it's workign out at £3000 a year, it's been a while since i was at uni (and technically in 'another country') but that would have covered my fees with some on top. is your sister saving up money too? maybe the best idea is to work out a final figure you'd like to be able to give her, perhaps ask her how much she can get herself, then divide it by 12.

luckylukey

Have you thought about getting a lodger in? Your council tax will go up but then your bills will be split and you will get income from their rent which could help towards helping your sister out?

CLAPTON

presumably you have just bought the house and haven't actually lived there long enough to have your own bills yet?

several things

your mortgage payments in relation to income is very odd...how did you get a mortgage at that ratio?

your student debt payments seems low ...is this a debt with the SLC?

you have nothing in your budget for going out, clothes, any presents, lunches/coffees at work, any furniture for the house or any DIY, appliances, holidays etc etc.

elec/gas are low but maybe ok for a single frugal person with lots of warm jumpers.

have you considered a lodger to help financially?