Is this budget realistic?

Question

I live in skegness (cheap town) in Lincolnshire, England. I am looking to move out of my parents house in September, and am drawing up a budget now. This is what I plan to live by: is it realistic?

Rent: £80 per week, so £400 per month...
Water rates: £30 pm...
Electricity: £20pm...

I've also counted up mobile phone, food, toiletries, clothes, going out....anything I've missed?

What's council tax and insurance, will I need to pay those? (I'm 16) Thanks! x

Answer 1

Yes ,you will need to pay council tax,its around £100 a month depending where you live.

Insurance is for if you get robbed or its called contents insurance,that would probably be about £20 a month.

Then you have got television licence,thats £140 a year.

If you have a computer you will need dial up or broadband,prices vary.

You will need more than £5 a week for electricity because you will need it for cooking, lighting, and heating in the winter,electric heating is very expensive.

Answer 2

Two things are true about moving out on your own: (a) it's exciting; and (b) it's expensive. You are wise to have a budget/plan for your prospective expenses. The three major categories of living are housing, food and transportation but you should also consider a category of savings just in case something happens to your health and/or income. You will also need to factor in the costs for household needs that can be as cheap as paper towels and curtains to more expensive items like furniture, rent and utility deposits, etc. Stay away from credit and don't be afraid to shop at yard sales and thrift stores for used items in good quality and good condition to get more for your money. I would say that for the next three months (at least) put the proposed amount for your expenses into a savings account so that you know you can afford to pay the bills when they come in. Your budget above is not including anything for transportation (car, bus, etc).

Answer 3

Unless you are really unhappy at home the real answer to your question is do,nt do it!! It might be better for you to save up,find a friend and then share a home together to share the main costs.My monthly budget living in a very small bungalow in lincs(£405 mortgage per month) works out at :- direct debits for mortgage,council tax(band a),gas,electric,water rates,insurance,tv licence,telephone (including broadband) total£760 per mth(a very frugal budget for everything as i am a pensioner).on top of that there is food,travel(car for hubby to get to work etc,)clothes,shoes etc which costs an average of £500 per month .as you can see unless you are clearing at least 350 pds per week you cannot live over here!!we dont go out,dont smoke and hubby has 4 cans of beer a week from the supermarket shop.

Answer 4

with respect - if you need to ask this sort of question on the web you haven't given the moving issue serious thought. A stranger can not tell you if your budget is reasonable - your expected lifestyle will dictate that.
If moving out is just something you 'feel like' doing then i suggest you stay put for a while and discuss it with your parents - they know you better than all of us out here and can help you budget plan more accurately. They can also advise on what bills to expect as they get them all right now !! If moving out is a must for whatever reason then go visit your local CAB office and speak to an adviser who will have budget plans for you to fill in to give a more realistic overlook.

Answer 5

What about Gas? If house you move into has electric storage heaters then your budget for electricity is hopelessly out. You shouldn't need to pay for Buildings Insurance but may want to consider contents insurance for your possessions. You will be liable for council tax, prices and bandings via link below and if you are sole occupier then you will get 25% discount.

http://www.findaproperty.com/councilfacts.aspx?edid=00&salerent=0&areaid=2286

Answer 6

Not too bad, but electric is going to be closer to £20 per week if it's all electric. If not, don't forget gas!