Tips on paying back £10,000 ASAP

davestar_delux

Hi everyone, I am new here and was hoping you could give me some advice.

My situation is this, I recently purchased a flat and my parents lent me £10,000 to do so. I move in on the 8th April and having never lived away from home, have been looking at how much it is going to cost me. I don't have much of a clue and may have completely missed or wrongly estimated what different things will cost me but here is what I reckon per month (Please correct me if I have missed anything):

Mortgage £353
Council Tax £80
Home Insurance £10
Bills (Gas, Electricity, Heating) £20
Food £200
Travel to work £40
TV, Internet and Phone £40

TOTAL £743

I clear £900 a month so that's pretty comfortable, I could have a social life, buy myself a DVD or two and still put some money away on that IF I didn't have to pay my parents back. The longest time-scale I would like to pay it off in is about 2 years which means paying them over £200 a month.

My question is what is the best way for me to make extra money? I am considering taking on a flatmate and/or a second job? Does anyone have any other ideas I am missing or what kind of work I could do? Ways I could save or make my money work harder? Also, advice on costs of living on my own, is my budget okay?

flea72

your food bill seems high for one person - i feed a family of 4 on £100, so your £200 would go a long way

your bill estimation looks a bit low though, i would say £20 per utility a month, so thats gas, elec, water = £60+

again with the home insurance £10 seems fairly low too

also does the flat have any maintenance fees, as its best to buget for them monthly, rather than find the lump sum, once a year

if you are looking for ways to help pay the bills, then a lodger would be the easiest, although this may affect your mortgage terms, and insurance premiums

second jobs are ok, i find working in pubs/clubs good as its like a paid night out - you are working, but still get to have fun

as for paying back the parents, have they set a timescale on when they want the money back by, whether they want interest on it and if they want it back in one go, or by you giving them something every month

davestar_delux

Thanks for the reply. I just took a total guess at food costs so it's good that that will be cheaper Taking into account the other costs being higher though, I think the overall total will be roughly the same and I prefer to over-estimate than under.

I don't know about maintenance fees yet, I will need to find out.

I was considering working in a bar too, it sounds good but I have no experience and worried about being knackered working 2 jobs but will probably go for it and see how I get on

I am offsetting in my mind whether I can be bothered working another job versus the hassle of dealing with a lodger

There is no timescale on paying them back and no interest either but I want to pay them back as soon as I can for my own peace of mind. They will probably want monthly payments anyway.

elona

To pay back £10,000 in two years is £ 417 per month:):):)

margaret_3

Gosh! We lent our son £22,000 last year but he hasn't mentioned paying it back.
However, we aren't too worried as his need is greater than ours!

Xbigman

You don't mention water rates. About 25 - 30 if fixed rate but as a single man you would be better off on a water meter. In which case 10-12 would be about right.
Regards



X

moggins

I must admit I was a little taken aback with the £200 for food too, I fed a family of 5 with that before I found MS old style.

Even £100 would be a an awful lot of food

trickytrolleys

margaret wrote:

Gosh! We lent our son £22,000 last year but he hasn't mentioned paying it back.
However, we aren't too worried as his need is greater than ours!

Can I come and live with you???????????

Malestrom

Hey mcelhinney, get in the queue!!

lipidicman

Xbigman wrote:

You don't mention water rates. About 25 - 30 if fixed rate but as a single man you would be better off on a water meter. In which case 10-12 would be about right.
Regards
X

I found this funny that you said 'single man' rather than 'single person'

Are you suggesting that us men dont wash much?

rinoa778

Overall, men are more likely to have a shower than a bath.
Woman: Let's have a long relaxing bath
Man: I can't be arsed to run a bath *hops in shower*