How long will £10,000 last?

petelondon

Due to personal reasons, I will be having to exit my full time employment and it looks like I will need to live off my savings for a while.

I was just wondering how long you could make £10K last given my circumstances.

I have £300 a month mortgage to pay off, I will still have an income of £750 though, so have £450 income a month effectively.

I am single and have no kids and live a fairly simple lifestyle, nothing too extravagant for me !

I was thinking I could make this last for 3 months at least? Is that a bit ambitious ?

Archi_Bald

Apart from mortgage, what are you monthly costs? Have you considered filling in an SOA? You'll find a pretty good one here: http://www.stoozing.com/calculator/soa.php

As soon as you have filled this in, you will know what your money goes on, and perhaps where you can save. The Debt Free Wannabee baord has many people hanging out who are good at reducing living costs, may be post your SOA over there.

You will also easily be able to figure out how long your £10K will last

HappyMJ

petelondon wrote: »

Due to personal reasons, I will be having to exit my full time employment and it looks like I will need to live off my savings for a while.

I was just wondering how long you could make £10K last given my circumstances.

I have £300 a month mortgage to pay off, I will still have an income of £750 though, so have £450 income a month effectively.

I am single and have no kids and live a fairly simple lifestyle, nothing too extravagant for me !

I was thinking I could make this last for 3 months at least? Is that a bit ambitious ?

Not at all. I could make it last 4-5 years...but that's because I'm quite frugal and can find other income streams not requiring much effort. My spend rate excluding mortgage and council tax (which you can get council tax benefit for even with your savings) is about £120 per week. After 6 months of signing on (having being sanctioned for voluntarily leaving) you could be paid jobseekers allowance if you are looking for work and it could last much longer.

jimjames

petelondon wrote: »

I was thinking I could make this last for 3 months at least? Is that a bit ambitious ?

3 months seems incredibly short. I don't know what your expenses are but spending over £3000 per month when you don't have a job and mortgage is only £300 seems a huge amount of money.

As above total up your expenses and see what can be cut out to make it last longer.

Ifts

petelondon wrote: »

I was thinking I could make this last for 3 months at least?

10K / 3 months = £3333 per month to spend.

Living of it for 3 months works out @ ~£770 per wk - and if you can get by on half that per wk (~£385) it will last 6 months.

Plus don't forget you also have an income of £750 per month, after the mortgage (£300) is paid thats £104 per wk.

As Archi mentions fill in the SOA and you will then be able to see clearly whats coming in and going out.

gadgetmind

Yes, 3 months sounds about right if you're using half to buy coke and the other half hookers!

grey_gym_sock

perhaps "3 months" was a typo for "3 years".