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How much is enough ?

Discussion in 'Primary' started by iamagoodgirl, Feb 22, 2011.

  1. for you to live on as a single person (no dependents), after rent or mortgage.

    What do you need for bills such as gas, electric, food, car loan etc.
    Do you have anything left for savings etc ?.
    Just curious as we are told how well we are paid and are facing higher pension commitments.
    Is our pay that good ?
     
  2. for you to live on as a single person (no dependents), after rent or mortgage.

    What do you need for bills such as gas, electric, food, car loan etc.
    Do you have anything left for savings etc ?.
    Just curious as we are told how well we are paid and are facing higher pension commitments.
    Is our pay that good ?
     
  3. I am on M3
    I have £700 to last me the month after all bills. Dont pay student loan as they have not found me. I pay half a mortgage and half all house bills, utilities etc. I am paying off a car and a loan.
    I manage to go out and buy clothes etc.
    How much do you think you need?
     
  4. Don't know, that is why I'm asking. Might have the chance to buy a house after years of sharing with Mum. I help out obviously but it is nothing like what I would layout living alone I'm sure. £700 after everything is pretty good. I am on threshold 1.
     
  5. minnieminx

    minnieminx New commenter

    Need? Hmm that is tricky, because what I am used to having is certainly more than I strictly need.

    I don't 'need' Broadband, skyHd, Skyplus, fancier food, to heat all my house all the time I'm there, endless books and CDs from Amazon, to get the hairdresser to dye my hair, to get the beautician to do the waxing...So I suppose deleting all of those and the nice clothes, I probably 'need' about two hundred a month. but am used to having all these things and so would find it very very hard to go back.

    However the bills are huge...make sure you really cost up how much it is before you go ahead. Add in bills like phone, mobile, braodband, sky/virgin/whatever car tax and insurance and so on.

    But having you own place is sooooo fabby. I ate porridge (value oats and water) for breakfast and pasta and tinned tomatoes (both value brands) for months when I bought my very first flat. I also did lunch duty at school just to get a free lunch! I was soooooo poor, but it was worth it!r
     
  6. I pay about 500 a month in bills which I suspe t is about average, it includes council tax of £110, gas and elec £85 together, phone/cabletv/broadband is £70 ish, water rates £25, tv license, £12, union subs £13, plus house insurance, car insurance, mobile phone etc. Those are the basics you need to factor in and they will all be dependent on the size of property, area etc.
    Hope that's useful :)
     
  7. Completely depends where you live- in the south east our mortgage is enormous and I often look at mine andf OH's salaries- we earn a fair bit- but it doesn't seem to go anywhere! like a previous poster we don't need sky HD etc etc and could cut costs there, but even though I try every week to spoend less on food it never happens! I don't know if we're extravagant but I'd say do some sums and then account for needing quite a bit more! Mind you when I first bought my flat I wasn't with OH and money was tight but I coped fine- the mortgage was way less than half of the one we have at the mo though. It can be done- it'd be a shame if someone on UPS1 couldn't do it. All the best!
     
  8. I agree in theory but i'm doing it on my own and the thoughtout of a mortgage of around £850 (which is what it would be) plus council tax of around £85 (at a guess) a month plus gas, water, electric, insurance (unknown yet) , car payments (100 a month) plus petrol £200 a month plus food I'm beginning to wonder.
     
  9. Cervinia

    Cervinia Occasional commenter

    That's a very big mortgage for 1 person on a teachers wage. How much do you get after tax, pension, student loan if applicable? If you don't mind posting.
     
  10. oldsomeman

    oldsomeman Star commenter

    the difference is exsiting snd enjoying
    when i started out i earned £3000 a year as a teacher and had a £10,000 mortgage...we lived on the sum of £40 a week back in those days a and all stuff was secndhand and in one case we had orange boxes etc for bookcases.We didnt eat out and all food was simple,when the kids came along there was only my wages and we survived...although happy we didnt have all the modern trimming modern folk believe they need to keep up the picture as it where.....but it was an happy house and always seemed to have visitors.
    Today with most things paid i can at a push live on say 700 a month, but it woud be exsisting and not enjoying.I certainly couldnt afford to buy the house or refurbish it. I could resell the house to release cash if i really must.
    How much do you need///////well do your sums and remember for the first 5 years of house buying your gonna be skint......then be prepared to go secondhand/handme downs/boot saleing.......remember to leave stuff aside for emerganicies..and for the cost of repairs...unless you learn to DIY it yourself...
    Do you need a freezer, washing machne tumble drier, can you live without a table an chairs,modern decour ,etc..the list goes on.......but they might be some of the things you have to sacrifice initially to own the dream.
    failing that find a nice dad or a very rich daddy lol
     
  11. £85 council tax?! Wish I lived there! Ours is £147.
    You should sit down and plan a realistic budget to consider if it is a viable option. I clearly spend far too much money on **** because my m5 London salary plus ohs wages don't go very far after all the bills (and our mortgage is only £500!)
     
  12. Take home page is currently £2017. Yes £850 is a lot but that is what it is these days even buying a small home !
     
  13. My take home pay is currently £1643.10
    If I was on my own, I would be paying out around £1017 a month, including mortgage, council tax, water, gas and electric (which would go down if I was on my own,) phone bills, sky+ bills, car tax, loan and petrol for the month. I would be left with £630 approx each month to spend as I liked.
    I currently pay half of all bills (apart from my own mobile and loan repayments,) so I usually get around £800 to myself after paying all bills. I am more than comfortable with this as I don't go to the hairdresser very often, never get my nails done and don't bother with beauty treatments as I prefer to do it all at home. I usually buy supermarket brand/no frills food, cleaning products etc. The one thing I do spoil myself on is new clothes, and my fiance and I do enjoy eating out, but we take it in turns for that, or the joint account pays for it.
    Bearing this in mind, I think that if I was on my own, I would be comfortable with £630.
     

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