Is £1350 enough?

missjy

I earn £1350 per month, after tax. Am hoping to complete on a property very soon. The mortgage will be £440. That leaves £910 a month. It will just me and baby living there. It's a 3 bed semi. I am wondering whether we'll be ok leaving on this amount. There's so much to cover- buildings insurance, council tax, gas, electricity, water, tv licence, mobile phone, Internet, groceries, clothes etc? Do you guys think I'll be ok?

quintwins

yes if your smart with your money that should be plenty, however it's worth remebering to put away extra money in the summer months (even if it's onlya few £ it soon adds up) for extra gas (or in my case oil) in the winter and having a rainy day fund incase the washer breaks of the roof leaks ect, also make sure you get the single person council tax discount

manda1205

Well for comparison, my hubby brings home between £1200-1300, our rent is £350 and I manage to save around £300 out of his left overs. We also go out and we dont go without. We pay everything DD monthly, which is so much easier. With the exception of insurances and car tax as I save so much we pay for those outright when they're due. We also have to put aside for our oil, but I can usually end up paying for that one month so I dont save much instead. I think you'll be fine on that amount.

NKLK

For comparison whilst on my extra maternity leve my husband brought home £1400 our mortgage is £950 I have two babies and only £40.40 tax credits so I am sure you will survive!!!

Blobby8_2

Do a spreadsheet .

go_cat

Do you have to pay for childcare for a lot of parents its the biggest expense after the mortgage / rent

missjy

Thank you. Am going to try and put together a spreadsheet this weekend Yeah am paying childcare forgot to add that! They'll probably be many more things I've forgotten.

Owain_Moneysaver

Can you rent the spare bedroom to a lodger? (This might also give you a free/cheap babysitter for one or two nights a week.)

ViolaLass

Is the mortgage fixed rate or tracker? Could you cope if interest rates went up?

quintwins

the budget planner on here is fab because it really does list everything so you don't forget anything, you can find it in a wee box on the right usually

Thrugelmir

Whats the size of your mortgage?

As it not what you are paying today but could be in 3 years time that's important.