Could you live decently on £14,400 a year?

itch_for_a_glitch

Andy_L wrote: »

Their 2013 number is £16850 for a single person

http://www.jrf.org.uk/publications/MIS-2013

We would live well on that income.
Our income is a lot less, so we draw on savings, our budget for this year is £17500, and we will be on target.
The article is about a singleton(I assume asset-less) gross wage, so it would be tough, so the sensible thing to do is share accommodation.

Edwardia

Decently is the key word. I have earned less than 14k but at the time either I lived with my parents or was living-in with wealthy people so even though I didn't earn much I had a pretty cushy lifestyle.

14k isn't an accurate figure IMO because OH was earning more than that as a blue collar worker before overtime in London 10 yrs ago.

We weren't living decently though, ate soya mince five nights a week for more than two years because housing costs in SE are so high. At the time, OH earned £10pw too much to get any benefits.

Muttleythefrog

Well let's do some sums.
Residence - £300 p/m (mortgage)
C/Tax (reduced rate) - £6 p/m
TV/Telephone/Internet - £45 p/m
TV Licence - £12 p/m
Gas/Electric/water - £55 p/m
Food/consumables - £80 p/m
Clothes and entertainment - £100 p/m
Insurances/home services - £20 p/m

approx. total £620 per month x12 = £7500.

So could roughly double all spending to reach that figure described (tax and full council tax, plus travel to consider if person was working). Make that of what you will.

melbury

Probably could up North because everything is so much cheaper there.

However, it really depends on your outgoings to put a roof over your head.

dealer_wins

Easy for me, as my mortgage is only £150 pm, and I have no loans or other borrowing.

But for someone in London having to rent or looking to get a mortgage not a chance! (Maybe renting a grotty room in a shared house)

dori2o

Muttleythefrog wrote: »

Well let's do some sums.
Residence - £300 p/m (mortgage)
C/Tax (reduced rate) - £6 p/m
TV/Telephone/Internet - £45 p/m
TV Licence - £12 p/m
Gas/Electric/water - £55 p/m
Food/consumables - £80 p/m
Clothes and entertainment - £100 p/m
Insurances/home services - £20 p/m

approx. total £620 per month x12 = £7500.

So could roughly double all spending to reach that figure described (tax and full council tax, plus travel to consider if person was working). Make that of what you will.

On an income of £14400 for a single person you would have to be working or in receipt of a pension as you wouldn't get benefits to that value as a single person, even with the most extrotionate housing costs. Therefore it's unlikely you would get full Council tax reduction, and anyone who has bought a house in the last 6/7 years would be lucky to have only a £300 mortgage unless it was a low balance on interest only.

My mortgage is only £65k but at interest only mine would be about £310 a month with a repayemnt at approx £440/£450.

dori2o

melbury wrote: »

Probably could up North because everything is so much cheaper there.

However, it really depends on your outgoings to put a roof over your head.

I keep hearing this but other than housing I don't see what else is cheaper with the exception maybe of train fares.

Council tax in some areas of London is actually cheaper than what we pay, and our gas and electricity is also more expensive per unit that it is in the SE.

So whilst housing and some transport is cheaper it certainly isn't everything.

DKLS

I could survive, but would be no where near comfortable.

Muttleythefrog

dori2o wrote: »

On an income of £14400 for a single person you would have to be working or in receipt of a pension as you wouldn't get benefits to that value as a single person, even with the most extrotionate housing costs. Therefore it's unlikely you would get full Council tax reduction, and anyone who has bought a house in the last 6/7 years would be lucky to have only a £300 mortgage unless it was a low balance on interest only.

My mortgage is only £65k but at interest only mine would be about £310 a month with a repayemnt at approx £440/£450.

Hmmm I'm not far off that.. about £13800 but that includes DLA and premiums and a little bit SMI. Yes my mortgage interest rate is dead low and so is the capital now... I don't know the rental market but would £300 a month get single person accommodation... probably up here it would? I would say I could really hammer back costs.. I've just spent £144 today on line rental for a year.. I probably only use the phone to make about one or two calls a month.... and 90% of the calls I receive are from criminals or deviants...lol... so that could go.

Muttleythefrog

melbury wrote: »

Probably could up North because everything is so much cheaper there.

However, it really depends on your outgoings to put a roof over your head.

As above.. I think really this might only relate to housing and possibly transport. I know many London prices socially will also be expensive but then I'll bet there are pubs in London cheaper than my local in Suburban Gateshead. I imagine things like general purchasing is quite uniform across country.. food.. utilities etc.