Budgeting for leaving home.

baruma

Hi everyone, hope this is in the right forum.

Set to graduate uni soon and I've spent a lot of time researching how much I can expect the cost of living to be for someone on their own, I've laid out a budget of monthly expenses (including overestimated utility bills and groceries, to be on the safe side) and I'd like any thoughts you guys in the real world can give me.

I live in the North-East.

Rent - 400 (plenty of properties going for this,
including some nice flats for 350)
Council Tax - 68 - 75 (Depending on Band A or
Electric - 50
Gas - 50
Water - 40
Phone/Internet - 20
Groceries - 150 (again I think a vast overestimation,
considering I'll be living alone, no pets,
and I'd enjoy pinching pennies)

Total - £785

There are certain things left out which I don't think are relevant to me.

Transportation, I walk everywhere in my hometown and have done so for years.

Mobile - £10 credit lasts me about a year.

TV Licence - I don't watch broadcast television.

Going Out/Socialising - I don't drink. And getting together with friends is usually a hang out at a house or meeting at a cafe in the park once a week.

In looking for jobs and wondering what a good take home wage would be and thought £1000 sounded about right, this would leave me with about £200 to save/spend. I have a job interview soon for a temporary position (with the chance of going permanent) for about this much.

Considering I've over estimated certain bills do you guys think this sounds realistic? I think the math works but I lack real world experience.

Derivative

Looks roughly fine to me, and as you've said, an overestimate in some respects.

One thing I would put the focus on is your lump sum / emergency savings - I would have at least 3 months personally before thinking about moving out, and probably more. Especially if you are uncertain about the likelihood of permanent employment.

baruma

Derivative wrote: »

One thing I would put the focus on is your lump sum / emergency savings - I would have at least 3 months personally before thinking about moving out, and probably more. Especially if you are uncertain about the likelihood of permanent employment.

This is what I plan on doing. I get one more student loan payment and I can also save wages while living at home. Partly for an emergency fund and also for moving costs like the deposit.

Derivative

baruma wrote: »

This is what I plan on doing. I get one more student loan payment and I can also save wages while living at home. Partly for an emergency fund and also for moving costs like the deposit.

Great stuff. I think you're pretty much sorted then - just make sure you have enough saved.

I am planning to move out after I graduate too, still have two and a half years left here though.

SailorSam

If you're living alone and you can make your meals from scratch using fresh veg and lentils to pan things out, £50 would be a nearer figure for groceries.
Check on here for Menus.

baruma

SailorSam wrote: »

If you're living alone and you can make your meals from scratch using fresh veg and lentils to pan things out, £50 would be a nearer figure for groceries.
Check on here for Menus.

Will do. Thanks

Cooking is something I need to improve, so I'll probably learn to do simple low cost meals first. I already like to eat healthy, lots of fresh food, not much processed, so more veg suits me fine.

I was becoming worried as I read forums on the internet, people claiming that even in the north you need at least 20k+ a year to live on. I assume they must include partying every weekend and running a car on that. I couldn't imagine needing so much if I walk to work and don't drink.

Derivative

baruma wrote: »

I was becoming worried as I read forums on the internet, people claiming that even in the north you need at least 20k+ a year to live on. I assume they must include partying every weekend and running a car on that. I couldn't imagine needing so much if I walk to work and don't drink.

20k gross is just about enough for a family of four to live on. Probably just the ramblings of someone with no budget.