Moving Out for the first time - need advice on budget

velli100

Single Male Londoner

1950 Take Home Income P/M

900 Rent & Utilities
250 Food
140 Travel
60 Phone
15 Gym
40 Haircuts
15 Spotify & Netflix
30 Catalogue (12 Months)
500 Save

ffacoffipawb

velli100 wrote: »

Single Male Londoner

1950 Take Home Income P/M

900 Rent & Utilities
250 Food
140 Travel
60 Phone
15 Gym
40 Haircuts
15 Spotify & Netflix
30 Catalogue (12 Months)
500 Save

Rent and utilities looks a bit low.

[Deleted User]

£40 per month on a haircut!?

velli100

!!! wrote: »

£40 per month on a haircut!?

I like to be presentable ::money:

velli100

ffacoffipawb wrote: »

Rent and utilities looks a bit low.

Really? I read only 30% of your income should go on housing. Ive bumped it up to 45%...

sal_III

ffacoffipawb wrote: »

Rent and utilities looks a bit low.

Not for a house/flat share, definitely low for sole occupancy

velli100 wrote: »

Really? I read only 30% of your income should go on housing. Ive bumped it up to 45%...

There is no "golden rule" on how much you should spend on housing. It's about how much you want and can afford to spend and is purely subjective.

Some people like house/flat shares and are happy with the low cost, even if they can afford much better. Others will spend 50%+ of their income to live in their own place.

As above £900 will only get you a room in a flat/house share in London.

velli100 wrote: »

I like to be presentable ::money:

I assume it that case the budget for clothing is from savings?

velli100 wrote: »

Single Male Londoner

No provisions for nights out/drinks?

eskbanker

There's a statement of affairs template that's usually recommended on the debt-free board but is equally applicable as a contents list when assembling/validating a monthly budget:

https://www.lemonfool.co.uk/financecalculators/soa.php

[Deleted User]

Have you confirmed these costs are correct or are you just second guessing?