Buying 2016?

user1168934

Bodders11 wrote: »

Thanks for the responses. Option 1 it is. My target is to buy by April 2017.

After tax, national insurance, local authority pension and student finance repayments I take home just over 1600. Then my breakdown is as follows:
Rent to parents - 250
Phone Bill - 45
Petrol (on credit card) - 80
Food - 60
Premier League Football tickets - 67 (average per month)
Disposal allowance for a social life per month - 300

All of the above should allow me to save around 800 per month and I can always decrease my social allowance.

Through experian I have a very good credit score so I think all that will be fine so now it's just a case of saving hard and fast.

Phone Bill - 45 - seriously? no seriously?
Premier League Football tickets - 67 (average per month) - completel waste of money especially when you are aiming to buy a property IMHO.
Disposal allowance for a social life per month - 300 - OMG :eek: You must be really popular

Bodders11

Unfortunately I am tied in to a rather rubbish phone contract for another 12 months, but I do have a very good phone.

Well going to watch my team is something I enjoy but that will stop in May.

If I buy I obviously won't be paying 250 Rent to parents so that plus money attributed to savings will be more than enough to cover mortgage and all other costs you refer to.

And yes I am very popular. :j:D

_CC_

Pixie5740 wrote: »

A £130k property with a 10% deposit and you'll be looking at mortgage repayments of circa £500. Budgeting the way you are that will only leave you with £200 a month to cover your council tax, utilities, maintenance, emergencies, insurances, etc.

The OP wouldn't have the £250 per month rent so I think it would be a bit more than £200

That said, I think they'd struggle with mortgage repayments, basic utilities, council tax etc added onto their current outgoings given the net income. Plus, I very much doubt £60pcm is enough for food when living alone, so I'm assuming they currently eat quite a bit of food which parents paid for.

swindiff

Sometimes people on here forget to enjoy life as well as being financially astute. I don't think on average £10 a day is excessive for a social life. Similarly a phone bill of £45 is not extreme when you consider that it probably included the purchase of a circa £600 phone (computer) over a 2 year period. That would leave around £15/month for the actual tariff. Not that much if includes a decent amount of data.
Sure you could sit at home doing sweet FA and spending nothing, afford a great house and be totally miserable lol

user1168934

swindiff wrote: »

Sometimes people on here forget to enjoy life as well as being financially astute. I don't think on average £10 a day is excessive for a social life. Similarly a phone bill of £45 is not extreme when you consider that it probably included the purchase of a circa £600 phone (computer) over a 2 year period. That would leave around £15/month for the actual tariff. Not that much if includes a decent amount of data.
Sure you could sit at home doing sweet FA and spending nothing, afford a great house and be totally miserable lol

Let's agree to disagree

Pixie5740

swindiff wrote: »

Sometimes people on here forget to enjoy life as well as being financially astute. I don't think on average £10 a day is excessive for a social life. Similarly a phone bill of £45 is not extreme when you consider that it probably included the purchase of a circa £600 phone (computer) over a 2 year period. That would leave around £15/month for the actual tariff. Not that much if includes a decent amount of data.
Sure you could sit at home doing sweet FA and spending nothing, afford a great house and be totally miserable lol

It comes down to priorities. Yes life is for living but you need to strike a balance between living for today and saving for tomorrow. I think it would be better if the OP put together a statement of affairs as though he/she has bought a £130k property and whatever the expenditure for that scenario is, that's at least how much they should be saving each month.

Bodders11

I guess each person has their own interests and that is absolutely fine. What I am trying to achieve is a fine balance and I think I am not too far away from that. By the time I buy a property my disposal income will decrease regardless from 300 to 200, I imagine.


I will create a budget spreadsheet detailing all outgoings but I am certain that my current wage would be enough to cover all bills (If there is any good templates online to use please let me know).


I have to start somewhere!!

Pixie5740

Try this as a starting point for your budget:

http://www.stoozing.com/calculator/soa.php

I don't know if you've ever lived away from home before, but striking out on your own usually ends up being more expensive than you originally thought.

Bodders11

Thank you, Pixie, I will go through this later tonight.


I haven't no, but I do want some independence. I am recently single after 7 years so no immediate prospect of buying with a partner so only option is to go it alone. As much as I love my mum's cooking and all the advantages of being at home, I cannot stay there forever!! I am getting old, I am 26 next week!

mrsammyp

Just be prepared for the cost of living independently, it does cost more than you think. I would budge the essential items:

* Mortgage Payment
* Council Tax
* Service Charge
* Ground Rent
* Contents Insurance
* Water Bill
* Gas/Electricity Bill
* TV Licence
* Phone/Broadband

Buying also costs more than you think, make sure that you include the cost of stamp duty, legal fees into your savings. Buying a leasehold also costs more, we paid silly fees just to get our names put on the lease agreement.

I notice you're with Vodafone, I managed to switch my 24 month contract into a sim only deal after 18 months. Managed to get 50% off @ £13.50 for unlimited mins/texts & 6GB data.

H2B ISA...You can get one of these if you have paid into an ISA this year, just not if you have opened an ISA this year (saw your other post).

Good luck!