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Is £650 a month ok to live on after paying rent?

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Hi, I'm looking to get a place, which (i worked out) leaves me £650 a month after paying the rent. Is that doable? I live really cheap, got no car etc so outgoings will be as low as possible :)
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  • Surrey_EA
    Surrey_EA Posts: 2,047 Forumite
    Tenth Anniversary 1,000 Posts
    How much do you usually spend each month, excluding rent?

    Have you made an allowance for utility costs, council tax, food, mobile phone, broadband, TV licence etc?

    If all of this lot comes to less than £650 per month you should be ok.
  • Give or take, all around £350
  • Marvel1
    Marvel1 Posts: 7,439 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I would say yes as I'm roughly the same.
  • teddysmum
    teddysmum Posts: 9,521 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Do your sums, using the new property's likely council tax,insurance utility costs and you'll see how much leeway you have for clothing, emergency fund,savings, holidays,leisure etc.
  • cloo
    cloo Posts: 1,291 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Photogenic
    Yes, I'd think that's plenty if you have no dependents.
  • If you mean will you be accepted for it then the easy way is to divide your annual income by 30 and that is the amount you'll be allowed to pay per month. If you mean is it enough to live on then only you know that but it sounds fine to me.
  • martindow
    martindow Posts: 10,568 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Do you commute to work? If so that needs to be added to your expenses. A season ticket could make a big hole in £650.
  • What's in percentage of your income? £650 is a lot for one person to live on but not everyone has the same habits.
    Is that excluding CT?
    EU expat working in London
  • You can estimate costs of council tax, utilities, food, travel etc. I would say it is enough for 1 person but it depends on whereabouts you live, how far from work, the type of property, how frugal you are with shopping etc.
    I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.

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  • Mother Theresa says you only need £73:10/week (£317:64/Mo) to survive, that being the single adult rate. £650? Luxury lad, luxury!
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