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Monthly Budget

Good morning MSE,

My fianc! and I should be moving into our first house together in January. Sale is going through slowly but surely with exchange of contracts been penciled in for 10th December. Mortgage has been all approved so now just down to the legal team.

Below is a typical monthly outgoings we have put together (with the help of my father aswell) to see how much its all going to cost.

Just wondering if anyone else knows of any others I might have missed?

Mortgage £1026
Virgin £96 (Phone broadband and TV)
Council Tax £150
Heat & Elec £111
Water £40
Food £500 (just the 2 of us but does include if we fancy a meal out)
House insurance £25
Wedding save £350
Life insurance £50 (this because my fianc! is high risk)
ADT £32
Bank fee £10 (phone insurance, breakdown cover)
Lotto £20

Thats all the bills we share
On top of this we both have our Union Fees, mobile phone bill and travel to work (mine is £150 hers will be free due to using my partner pass once she moves in)

I then have private medical insurance at £54 and my Golf society at £30. Leaving £200 for me to save and more than that again spare to live off, My other half will save £100 and have some left for herself to live off.

As you can see from what I posted we can afford these bills but were just wondering are there any other bills we might have missed?

we are locked into a 4 year mortgage deal at 3.29% so first year we going to save for the wedding, second + third years save for the sake of having some solid money behind us and then 4th year use that money to overpay on the mortgage (with a view to overpaying from then on anyways)

any help and advise is greatly appreciated.

Too excited for this move. We both currently live at home with Parents and are 27 and 26 so are looking forward to the adventure.
«13

Comments

  • Travel to and from work?
  • Sorry, just seen your travel.

    Surely you can reign in that food?
  • kiddakidda wrote: »
    Sorry, just seen your travel.

    Surely you can reign in that food?

    yeah travels all covered

    food is a separate account that will get the £500 pm paid into it. Whenever we go shopping it comes out of that etc I'm then hoping after we have been in a year we will have a nice bit left in there to play with for things like christmas dinner etc etc.

    its the same with my travel I put £150 pm into an account for fuel. I use roughly £120 a month so every couple months it covers if we go a weekend away. My travel should in theory go down because I am moving 1 mile closer to the road I take to work and also wont be going round her house every weekday evening which is 3.5 miles each way so a saving there
  • How about birthday and xmas pressies for each other and relatives?
    Holidays?
    I love a bargain. Now mortgage and debt free. hurray!!:smileyhea
  • TV licence?
  • Pension
    Savings
    Over payments to mortgage (save interest & early repayments)

    Lots ides on MSE Budget tool

    I would suggest you both sit down and work out what your objectives are (pay off mtg early, wedding etc) then look at your expenses and see how you can achieve this. It will inevitably meaning changing spending habits.

    'Golf a good walk spoilt'
    Debt is a symptom, solve the problem.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    edited 23 November 2014 at 9:52AM
    Review your virgin package there is likely stuff in there you just won't use.
    here is what others are getting.
    https://forums.moneysavingexpert.com/discussion/1021885

    Don't forget line rental saver

    House maintenance you need to build up funds.

    Separate out food, booze and going out from you £500 allocation.

    Holidays

    White goods planning for repair/replacements, if you don't have everything yet then you need quite a big fund to kick start.

    If you run cars you need to plan for replacement and running costs not just fuel.

    Do a proper budget/plan with a 5 and 10 year forecast to check for big things that will come up in the future and check where your value for money is.

    the first year or two should be accurate as possible and have every penny planned, the future years add a bit for inflation to the regular stuff(5%) but it is the big one off things that are key to the medium term planning.
  • rosie383
    rosie383 Posts: 4,981 Forumite
    Car insurance and road tax.

    And I agree with the others that £500 is a lot per month on food if you are trying to save for a wedding etc. Even with the cost of eating out occasionally.
    Father Ted: Now concentrate this time, Dougal. These
    (he points to some plastic cows on the table) are very small; those (pointing at some cows out of the window) are far away...
    :D:D:D
  • By the looks of it you end up with twice as much as your fianc! to save and spend at the end of the month. I think you should try to split your finances so you each have a similar amount of disposable income because it seems a bit unfair otherwise.

    Also £20 a month on the lottery? :eek:
  • By the looks of it you end up with twice as much as your fianc! to save and spend at the end of the month. I think you should try to split your finances so you each have a similar amount of disposable income because it seems a bit unfair otherwise.

    Also £20 a month on the lottery? :eek:

    It's going to vary from couple to couple what each think is fair, in terms of money left over.

    My wife would hate us to split things evenly in the way you suggest. We pay half and half on all bills, mortgage, and joint costs, and then after that we each keep what's left for ourselves.

    We have decided to spend our lives together, but are still two individuals, and for us money is still something that we don't combine.
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