Basic living costs

tly175

My son is unmarried works very hard but only for peanuts generally, without being too bothered what income he might need a year or more from now. He is now thinking a bit further ahead but has no idea what income he will need to achieve to support say a wife and 2 kids.
He lives in the countryside and needs to run a car. Is there anyone who can say how much they need to earn each week living in the sticks, to pay the rent, run a car, provide for wife + 2, pay for the TV, gas elec etc, please?
If only earning say £150 per week what does state benefits add to this?
I appreciate the subject is difficult as no two situations are the same but any indications will be appreciated.
Many thanks.
tly175

rushnowt

Hiya,

The property your son will be able to afford to buy/rent/run etc will all depend on his income you say for instance if he was earning £150 a week would mean he was earning £7800 a year on that basis most lenders will lend around 2 and a half to 3 times your annual earnings which would mean around £19,500 - £23,400 if my calculations are correct not a lot when you consider the price of the average home, it would mean on that basis your son would have to have saved a large chunk of money to afford to buy.
obviously as you say your son lives in the sticks and needs a car, he would have to calculate the amount of milage he does weekly to and from work etc and other errands and to add up the cost per gallon/gallon to the miles to be able to come up with a sum and that can only be an average guess and may differ from time to time.
Utility costs if you check on here can always be swapped around to the cheapest provider which is updated regularly, the weekly/monthly running costs would depend on the size of property and how often used. its a tricky one but your own costs will give you some indication.
The benefits on top of income are working tax credits & child tax credit, depending on your income, how many children you have will depend on the amount of money you receive, however there is a calculator on the inland revenue web site that will give you some idea.
I really do feel for those just starting out now to buy a home and have a family its is outragous that wages do not ever increase in line with other costs in life. but i dont know what the answer is, I realise that employers cant just keep upping wages, ???

But i hope that helps a bit, and best of luck to your son. Although he may be at home longer than you think now

Debs

Joannekerry

Working on the basic of £150 per week then is there no overtime available? Your posting indicates that he is not married and is thinking of marraige.....cant his future wife work? As for two kids, then perhaps fostering would be a more financial outlook for him as they pay a pretty hefty sum!

As a single person, mortgage paying, company car, over-taxed individual, if you cant afford to take on the committment of having children then perhaps you shouldnt. After all, why should I be pay for someone else's kids!!!!!!!

scheming_gypsy

i've got a feeling by 'wife and 2 kids' the original poster was just talking about the future in general and not just going out and knocking up some bird just to have a couple of kids.

Rather than asking who's paying they're looking at if it's possible to do it on his salary or if he should swap jobs..


As you've just discovered, it's not hard to read between the lines..

rushnowt

Joanne,

I honestly dont see whats going on here with you  :-/  you dont seem to be a nasty or uncaring person afterall you have had some encouraging words to say on the thread about Divorce laws, however your not being to pleasant here or on the subject of Sairz (i've had enough)

I'm not sure but i get the feeling that maybe your a little bitter regarding perhaps your own divorce or a close friend and subsequent situation, ??? as you've said your an home owner with a company car so your not doing to bad, and yes you pay taxes but so do we all in some shape or form. I would hate to think that should you (god forbid) ever need to claim from the government you would want us all to deny you that privilage and right.

Com'on girl have a heart  :-* please

scooper

hi i felt i had to comment on joannekerrys comments on fostering
''As for two kids, then perhaps fostering would be a more financial outlook for him as they pay a pretty hefty sum!''
i think that is so wrong for you to say, being a foster carer should NOT be done for the money because it might pay well it should be took on because you really care about the children you look after, and want to help them through a really bad time in there life, i hope you are not one of those people, as i find that discracefull.If anyone does fostering for the main aim to inprove the financial state then that is so wrong, and should be reported to social services, it is a job that you have to put your heart and sole into, and not look forward to the 'pay ' at the end of the week.
i just feel it should not be said on here as advice to inprove your income. >:(

Former_MSE_Moderator

I think it is time to remind people of one of our rules:

"AND... please be nice to other MoneySavers".

Thank You

MimiJane

Working on the basic of £150 per week then is there no overtime available?  Your posting indicates that he is not married and is thinking of marraige.....cant his future wife work?  As for two kids, then perhaps fostering would be a more financial outlook for him as they pay a pretty hefty sum!

As a single person, mortgage paying, company car, over-taxed individual, if you cant afford to take on the committment of having children then perhaps you shouldnt.  After all, why should I be pay for someone else's kids!!!!!!!

I think everyone's jumping the gun here. Sounds as if this is being said "tongue in cheek" (hence the exclamation marks) and the point is being made to think seriously about kids in the future, which is sensible advice.

Perhaps a little too jocular, but I'm sure no offence was meant.

scheming_gypsy

must be tongue in an !!!!!! cheek then cos i can see rock all jokey about it

robnye

it would depend on what model of wife he gets......