I am being reasonable

cmfarsight

Hello, I have just got my first graduate job and am trying to budget, after tax I should have ~£1600 pcm

The flats I am looking at are 550pcm and 100 council tax,
£200 for car payments and insurance,
£150 for bills (power, internet, etc),
£120 for petrol (50 mile return trip to work but will be car sharing so will drive 1 week out of 2)
£150 for food.

leaving me with ~£330 pcm

so is this sensible or is there any thing I have forgotten or need to think about?

Thanks


ps I nearly always cook from scratch, and don't really drink that often

writerlilly

Yes, you're being very reasonable. At the very least, you're looking at where every penny is supposed to go.

So with 330 quid left, that's how much you have to spare for yourself. Aim to save at least 10% of your monthly income that you purposely do not touch except for emergencies. So that would be about 160 quid.

Be sure to pay yourself first! If you can cut in other areas like food, which is probably the easiest to control, then consider where you can cut. Is it cheaper to buy all your coffee and foodstuffs online at Amazon or at ASDA?

Instead of a pint a day, you might want to limit it to a pint a week. Or if you must have your pint, then cook most of your food rather than eating out all the time.

The first few months will be tough, but if you keep at it and persevere, you'll get to a point where you're a little more comfortable. Also, check to see if your bank offer accounts that allow you to earn interest, even if it's just a little. Every bit counts.

Also consider other ways you can make money. Online? DJing for someone? Providing a side service? Get creative.

geekinaseat

Also consider big yearly spends like Christmas, Car Tax/Service/MOT and holidays. I find getting ahead on these items is a great feeling instead of constantly paying them off.

maninthestreet

£150 for food? I would allow for £50 per week for food.

noh

maninthestreet wrote: »

£150 for food? I would allow for £50 per week for food.

£150 is reasonable. My weekly shopping bill averaged less than £30. That included stuff for lunch at work and household cleaning products.

CLAPTON

best to do a 'proper' budget that includes all the yearly or one -offs; like car tax, insurance, MOTs, repairs, Xmax, Birthdays, holiday fund etc etc because unless you budget (and actually save up monthly) you will have to borrow to pay these things when the time comes.


try this budget planner that covers most things

http://www.stoozing.com/msoc/soacalc.php

spendaholic66

£50 a week for food? Ridiculous if you live alone. Like the OP my food bill is approx £30 per week, and I don't go without anything.

Gromitt

spendaholic66 wrote: »

£50 a week for food? Ridiculous if you live alone. Like the OP my food bill is approx £30 per week, and I don't go without anything.

I spent £20 today on 3 nice pieces of steak for next week. I doubt I'll be doing the rest of the shopping for £10, more like £30, so the total bill will probably be £50, then I still need extra for my work lunch each day.

McKneff

Take a packed lunch to work, dont be buying coffee at £2/3 a go.

Take tap/ bottled water, it is much better for you.

lushlifesaver

Gromitt wrote: »

I spent £20 today on 3 nice pieces of steak for next week. I doubt I'll be doing the rest of the shopping for £10, more like £30, so the total bill will probably be £50, then I still need extra for my work lunch each day.

I think here you need to think about the food choices of the OP whilst you were happy paying £20 on three pieces of meat they may have very different tastes - I definitely wouldn't be paying that much for, what I consider, a small part of three meals. When I was a student my shopping was £25 per week max three weeks in four and £30 the other week (laundry/cleaning/personal items).

My OH and I don't spend £150 a month between the two of us on grocery shopping. But then we buy meat products in bulk and also buy larger packs of pasta and other things like rice when on offer. I would suggest that £150 is more than sufficient for one

bouncydog1

I would think £150 for food etc is o.k if op is a canny shopper. I buy all meat/fish at M&S - but only on the bogofs or £10 for 3. This week - 2 fillets salmon, gammon joint and mince = 6 meals for c£18 with veg etc added.