Buying 2016?

Pixie5740

Check the council's website for an idea on the council tax for the property banding you're likely to be purchasing.

Broadband, that depends on whether or not you want fibre or bog standard. Gas and electricity can vary wildly depending on what sort of heating system you've got and the construction of the building. New builds tend to be better than old properties for example. It also depends on whether you like your home to be really warm or on the cooler side. If you look at some of the statements of affairs posted on the Debt Free Wannabe board you might start to get an idea of how much people are paying out for utilities.

When you are setting up your utilities you can use cash back sites such as Quidco and Top Cashback to help lower your costs.

If you take in a lodger then you could use the rent a room scheme which allows you to earn £4,250 tax free every tax year although I believe this allowance is going to increase April 2016.

https://www.gov.uk/rent-room-in-your-home/becoming-a-resident-landlord

Sometimes living with someone else can have more benefits than just the income if you get the right fit.

Bodders11

30!! I am only 26 tomorrow! How dare you!! You're probably right, but I have got to bite the bullet at some point.


Pixie - thank you that is a great starting point.

McTaggus

It's very broad brush, and will vary based on what you buy, but some of the expat websites can also be informative based on average expenditure in any given area: http://www.numbeo.com/cost-of-living/

Normally it's best to do desk research. Take a range of suppliers, compare pricing, and budget for the average plus 10% (that's how I used to do it, anyway!) So, research for example phone & internet packages from all major providers, using like-for-like comparisons where you can, and add 10% to ensure you have some protection built in.

For council tax, check your local council website and the band your property falls into and do some online searches too - most of the universities publish living cost guides for nearby areas depending on property type, so you may also be able to use some of these sources to help with your estimate. Again, add a buffer to protect you in your budget planning.

I read a 2 bed in London with gas & electric (no age specs etc) should budget £75 total, from one uni publication.

McTaggus

Oh! And happy 26th birthday!!

Chocolatefund

It is important to have a social life while saving (or you'll go mad!) But I agree with the others on this thread that you can definitely save more. Especially on that social spend fund. It's amazing how £30+ can just vanish on one night of food and drink.

Don't go out. Just try it for one month. You'll be amazed how much money you'll have left at the end of it :P

Bodders11

Thank you for the kind message McTaggus. I will take all that on board and carry out some research; it is all very exciting.


I agree, Chocolatefund. Once paid at the end of January I will be putting a minimum of £800 aside, which hopefully I can add to as I will not be going out (much) in February. Although I will be required to pay for car tax (£75).