Planning for becoming independent?

lisa110rry

Personally, I think omidaverde should be congratulated for starting this thread.

Omida, should you include some travel costs in your budget for gettin to/from work?

omidaverde

missbiggles1 wrote: »

You don't need to batch cook to bring it down from that amount, you just need to buy less. Batch cooking will just bring it down even more.

(Does this amount include lunches?)

Well my partner is an athlete which brings it up, he probably eats for 2 haha. I check the prices on everything and always buy the cheapest of whatever it is we are needing, and I'm always trying to bring it down. I don't spend anything on hobbies or eating out anymore to try save money.

Like I said it is an over-estimation because I don't want to under-estimate, it's probably closer to 60-70 right now. I also forgot to say we have pets, which probably adds £10 per week in veggies, bedding etc.

elsien

TV licence, contents insurance, other travel costs if you don't have a car,
Mobile phone/landline/broadband? Pay TV if you want the extra channels.
Gym /club fees if he's an athlete. Pet insurance/emergency vet fund.

omidaverde

lisa110rry wrote: »

Personally, I think omidaverde should be congratulated for starting this thread.

Omida, should you include some travel costs in your budget for gettin to/from work?

We normally walk most places, but you're probably right that I would have to take the bus sometimes. Thanks for the reminder!

elsien

I'm £65 pw for food, toiletries, cleaning stuff and social, and that's for 1 person, so your £100 for 2 doesn't sound too bad to me.
Yes I could get it lower but I neither want nor need to, so not an issue for me - each to their own priorities.

omidaverde

elsien wrote: »

TV licence, contents insurance, other travel costs if you don't have a car,
Mobile phone/landline/broadband? Pay TV if you want the extra channels.
Gym /club fees if he's an athlete. Pet insurance/emergency vet fund.

We don't watch tv or gym (he cycles) but would need internet and I probably should get pet insurance just in case.

Thanks for ideas/prompts

tiger_eyes

omidaverde wrote: »

Any other bills I've forgotten please add

If you don't have savings, you'll need contents insurance since you won't be able to afford to replace things.

Don't forget phone and internet bills.

Also budget for an emergency fund, particularly since while renting you'll be at risk of a landlord serving a surprise section 21 notice - inevitably at the worst possible moment. I had one on my doormat when I got home after Christmas this year. You'll need to be able to fund a new deposit, any fees and charges, and a month's rent in advance, all before you get your old deposit back. If you have that cash sitting in a bank account, you're protected from the ups and downs of renting.

Good luck with your new life.

redux

I know this may go against the grain and sound cynical, but the best way to save money is stay living with your family for a bit longer.

Put £8000 or £10,000 in savings instead of rent for a couple of years or so, and you might be able to work up a nice deposit towards eventually buying instead of renting.

omidaverde

redux wrote: »

I know this may go against the grain and sound cynical, but the best way to save money is stay living with your family for a bit longer.

Put £8000 or £10,000 in savings instead of rent for a couple of years or so, and you might be able to work up a nice deposit towards eventually buying instead of renting.

That's what we've been doing but we'll have to move next year as my partner will be starting his PhD, 100% agree with the sentiment though. Would love to own a house on day if things work out right.

msallen

A rule of thumb I remember being told when I first left home, was that you should aim to spend no more than one week's net income on rent (or mortgage) every month. I didn't actually manage that until about a decade later, but it always stuck with me as a target to aim for.