Moving to zone 1 in London, is this enough money?

Adereterial

McCloud1 wrote: »

Yes it's Malet street.

Moorgate is literally out the back of my office building (we are based in Finsbury Circus), I think you're right providing I'm able to squeeze on one of the first few trains that come through.

I did a similar journey for two years, I was studying next door at SSEES. A few years later I did a Barbican - Euston trip every few days. The trains are regular and quick. You won’t have time to dally about but you’ll get there comfortably.

McCloud1

Candyapple wrote: »

Where do you usually shop? Would you be happy swapping fillet steak for say sirloin or t-bone?

Have you tried not buying the branded versions and supermarket own versions?

As for the smoothies, what about making your own?

Do you buy takeaway coffees? Where is your money going?

You really need to track everything for at least 1 month and write down what you spend every penny on to see where the money is going missing.

I mostly get my shopping delivered by Ocado. Yes I could eat a cheaper cut of steak, I grew up poor so it's not exactly like I'm not used to cheap food.

No I don't by takeaway coffees, I drink ground coffee that I make in a cafetiere, I don't think it's much more expensive than nice instant coffee.

My money mostly goes on gadgets, mini-breaks and fun experiences. I don't know if this is clear from my post, but I have no money problems at all right now even with my poor choices, it's the future I'm worried about because of London rent.

No doubt buying store-brand products and making my own smoothies would help, I just haven't tried because I haven't needed to. I should probably do a trial run before I actually move and see how cheap I can go.

McCloud1

Adereterial wrote: »

I did a similar journey for two years, I was studying next door at SSEES. A few years later I did a Barbican - Euston trip every few days. The trains are regular and quick. You won’t have time to dally about but you’ll get there comfortably.

Good to know, thank you.

McCloud1

Red-Squirrel wrote: »

Sorry to break this to you, but eating a substantial amount of red meat 3 times a week is not healthy!

Well you live and learn...I shall bear that in mind, thank you.

McCloud1

jenberry wrote: »

I'm not an expert on London prices but my sister and best friend both live in Zone 1, spending £900 each on rent and bills. They each live with one other person so obviously living alone would be more expensive, though admittedly they both have lovely, spacious flats and probably got a bit of a bargain where they live. Very best of luck to you, I have the utmost respect for you working full time and going back to uni, it's not easy and you seem very determined xx

You're right, living with somebody drastically lowers the cost. Perhaps it's something I should consider, I just would prefer my own space so I don't have any distractions.

Thanks for your kind words .

Candyapple

Is there a reason why you have not filled out the statement of affairs yet?

If you are due to start in October, you have 5 months to sort out reducing your food and diet and figuring out meal planning and hone your budget so that you know where every penny is going.

Where do you live at the moment, is staying there an option?

LilElvis

Try finding where your nearest Lidl and Aldi are. They sell 30 day dry aged fillet for about £5.50 - they're single steaks in shrink wrap packaging, so ideal for you and can be popped in the freezer. Good food doesn't have to be expensive - some of the best food can have much cheaper ingredients than steak, or use it sparingly. Buy some new cook books and plan your meals so you're not wasting comparatively expensive ingredients like herbs, which I get you're doing at the moment.

bitsandpieces

You could definitely cut the cost of food without suffering. I like cooking and often eat some similar meals to you, but rarely spend more than a fiver for a (big!) portion, and often a lot less... Things like stewed beef cheek with mash (about a fiver), duck legs with beans (£2-4/portion, depending if you go for a large portion), salmon and veg/salad (about the same price as duck with farmed salmon, a fiver a portion with wild pacific salmon), cheese omelette with salad (a couple of £s if I used good cheese). Even things like replacing fillet with rump steak or using cheaper (and tasty) seafood like gurnard and mussels in paella would cut costs pretty painlessly.

Would setting up a regular supermarket delivery help, to make you plan what you order? Or are there any good (and cheap) food markets near you?

McCloud1

Candyapple wrote: »

Is there a reason why you have not filled out the statement of affairs yet?

If you are due to start in October, you have 5 months to sort out reducing your food and diet and figuring out meal planning and hone your budget so that you know where every penny is going.

Where do you live at the moment, is staying there an option?

Not really other than I'm quickly firing off responses whilst working!

It's quite literally rent + bills which currently equal £675, credit cards/personal loan at £450, everything left (£1,800) is for food and entertainment, no other fixed expenses. Even my mobile contract and season ticket is paid for by work, although once this ticket runs out I have to start paying.

I will post one in SoA format if you think it will help?

I live in Bishops Stortford, a commuter town in Hertfordshire. I would struggle to get to university in time on the days I work at home if I stay here. That, and my room mates have now made other plans, so I would need to find my own place anyway which would be more expensive.

McCloud1

Candyapple wrote: »

Is there a reason why you have not filled out the statement of affairs yet?

If you are due to start in October, you have 5 months to sort out reducing your food and diet and figuring out meal planning and hone your budget so that you know where every penny is going.

Where do you live at the moment, is staying there an option?

Here you go. Electricity/council tax/broadband breakdown is somewhat artificial as all I know is I transfer my brother £100 per month to cover all bills other than rent.

I put £1,000 for entertainment simply because this is probably what I !!!! away on random crap, but it's not at all fixed or related to any particular activity. For presents I just divided what I think I spent over the course of a year by 12, same with clothes.

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 3 (finances separate)
Number of children in household......... 0
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 3050
Partners monthly income after tax....... 0
Benefits................................ 0
Other income............................ 0
Total monthly income.................... 3050

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 0
Rent.................................... 575
Management charge (leasehold property).. 0
Council tax............................. 40
Electricity............................. 40
Gas..................................... 0
Oil..................................... 0
Water rates............................. 0
Telephone (land line)................... 0
Mobile phone............................ 0
TV Licence.............................. 0
Satellite/Cable TV...................... 0
Internet Services....................... 20
Groceries etc. ......................... 600
Clothing................................ 100
Petrol/diesel........................... 0
Road tax................................ 0
Car Insurance........................... 0
Car maintenance (including MOT)......... 0
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 0
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 5
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 30
Haircuts................................ 10
Entertainment........................... 1000
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 2420


Assets
Cash.................................... 4000
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 4000

No Secured nor Hire Purchase Debts

Unsecured Debts
Description....................Debt......Monthly...APR
Credit Card....................3000......130.......0
Credit Card....................2000......70........0
Personal Loan..................4000......250.......0
Total unsecured debts..........9000......450.......-


Monthly Budget Summary
Total monthly income.................... 3,050
Expenses (including HP & secured debts). 2,420
Available for debt repayments........... 630
Monthly UNsecured debt repayments....... 450
Amount left after debt repayments....... 180

Personal Balance Sheet Summary
Total assets (things you own)........... 4,000
Total HP & Secured debt................. -0
Total Unsecured debt.................... -9,000
Net Assets.............................. -5,000

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

Edit: You should also allow for pension contributions in the above, I missed it when generating, it's around £200 but not sure on exact figure.