First home (monthly outgoings?)

lennysgirl

Hi everyone

Myself and my boyfriend are thinking of moving in together and need to work out what average monthly costs would be,please could anyone help with what outgoings we should expect to have and rough costs if possilble please?

So far I have thought of:
Monthly rent
council tax
gas
electricity
tv license
cable tv/internet (£35 per month)
Monthly shopping

Thanks everyone

Jowo_2

There is a budget planner spreadsheet on the tools section of MSE which will prompt you to enter costs for expenses that you've forgotten to list here, such as travel, social expenses, insurance, landline telephone, mobile phones, holidays, gifts, etc .

Council tax varies by area and property so that's hard to advise but my council tax bills have tended to be around £1,000 per year.

Gas/electricity costs are as long as a piece of string. It will depend on your consumption, how efficient the central heating system is, how well the property is insulated. Electric heating is regarded as dearer. My energy bills for a 2 bed flat are around £70 a month (gas central heating).

Monthly food shopping costs can also be as long as piece of string, depending on whether the household members know how to cook cheap meals from fresh ingredients or processed ready meals.

Brb

Utility bills can vary from house to house.

Last 2 bedroom house (roughly same square footage) cost approx £300 more to heat a year than one I'm in now.

As you are just starting out. May I also suggest that you try and also get a buffer in your bank of a least one month's rent just in case. Life has a way of throwing a curve ball every now and again and always good to have something to fall back onto.

RichPyke

I just recently made my list.

Ignore the numbers in it, that's numbers for me but my list was this... (note, I missed TV licence)

Mortgage: £700.00p
Electric: (4000kwhX£0.15p)/12 = £50.00p
Gas: £10.00p
Water: £260/12 = £21.67p
Cable/Internet/Phone: £63.00p
Mobile: £30.00p
Food/Fags: £350.00p

Home Insurance (building and contents): £145.93/12 = £12.16p
Car Insurance: £551.24/12 = £45.94p

Petrol: £65.00p
Car Tax: £205.00/12 = £17.08p
MOT & repairs: £60/12 = £5.00p

Council Tax: £1124.78/12 = £93.73p

SubTotal: £1,463.58p
+ 10% just in case: £146.36p
Total: £1,609.94p


Note I also added 10% on just in case.

Just use the headings, the figures are specific to me.

BitterAndTwisted

Brb wrote: »

As you are just starting out may I also suggest that you try and also get a buffer in your bank of a least one month's rent just in case.

I would suggest three months as a bare minimum.

Brb

BitterAndTwisted wrote: »

I would suggest three months as a bare minimum.

It would be nice yes

A month though is at least something. I've advised friends with mortgages to have at least 3 months mortgage payments in the bank.

I nearly have 2 payments personally not bad I don't think for someone currently on LHA.

Roof over your head should always be your first priority. You pay that before you feed/heat/clothe/entertain yourself/others.

BitterAndTwisted

I think that three months for someone who is embarking on renting when it appears obvious they haven't done it before would be the only prudent thing to suggest. Much better to have a sensible rainy-day fund up your sleeve than to move into a new place, be committed for six months minimum only find the budget is wrong or there are unexpected expenses you hadn't anticipated.

Brb

Very good advice B&T. Unfortunately not always do-able when paying the deposit/month up front around same time too.

Good solid advice though I do agree. I bet your friends don't take it either ? LOL (I know mine don't!)

Drea

I live alone so my rent will be cheaper but the rest should be roughly the same (I wasn't spending much more when with my boyfriend).

Rent: £410 (was £550 when living with boyfriend but had 2 bedroom place then)
Electricity: £55
Council tax: £110
Internet/phone: £21
Food shopping: Around £80
Travel: £56

No doubt I'm missing some things but that's a rough idea of what my bills are.