Surviving in London on £1000 a Month

bum

bum

bum

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So recently I've bought my very own flat in London with the help from parents through shared ownership.

I have always lived in London and I am working in London. Based on my current needs it actually workout a few hundred pounds cheaper compared to if I were to rent the same type of apartment.

It's not bad considering that I'd be getting my own place and contributing to the equity via mortgage, rather than having everything go towards the rent itself.

Anyhow, its still very tough as after mortgage, rent and service charges I'd be left with only about £1000.00 a month to spend.

Any tips on surviving with such figure in London?
 
I don't know that it should be consider surviving?

I'm not that convinced I spend more than £1000 a month after accommodation related costs.

EDIT: except for computer hardware that I don't really need
 
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What travel costs need to come out of that £1000? How much is your gas/electric/water/council tax/sky/phone/internet etc going to cost you?

Once you remove those figures from the £1000 then you can start to gauge how much spending money you actually have.
 
That seems very doable..I know people who live on far less and are fine. Just cut down on things you would normally spend money on.
 
Raymond Lin said:
£1000 disposable income?

Or £1000 still with council tax, phone, electric, gas, travel and food to pay?
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drakioned said:
I don't know that it should be consider surviving?

I'm not that convinced I spend more than £1000 a month after accommodation related costs.
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pepp77 said:
What travel costs need to come out of that £1000? How much is your gas/electric/water/council tax/sky/phone/internet etc going to cost you?

Once you remove those figures from the £1000 then you can start to gauge how much spending money you actually have.
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Travel cost about 160 a month - considering cycle to work once the weather gets warmer.

Don't watch TV so no need for that

Not sure how much bills gonna cost yet as I've never really lived out before.

I'd say I'll have about £700 disposal incoming every month.

It sounds scary as I use to work as a contractor, and the money was literally 5 times more than this on a monthly basis
 
Council tax ~£100
Gas/Electric ~£100
Water ~£40
Misc other bills (phone/internet/tv etc) ~£100
Food/Household ~£1-300 depending on what/how much you eat, how good you are at cooking, etc.

Leaves you £350-550.

Whether that's "survivable" completely depends on your commute cost, and whether you have a car, but essentially the answer is "yes, easily".
 
Haggisman said:
Council tax ~£100
Gas/Electric ~£100
Water ~£40
Misc other bills (phone/internet/tv etc) ~£100
Food/Household ~£1-300 depending on what/how much you eat, how good you are at cooking, etc.

Leaves you £350-550.

Whether that's "survivable" completely depends on your commute cost, and whether you have a car, but essentially the answer is "yes, easily".
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Thank you so much, it sounds pretty reassuring.

I have no car and I only run electricity in the flat.

The only thing I need apart from living essentials would be internet and a gym membership.
 
One of the things that put me off shared ownership is the fact that rent and service charge can go up as well as the mortgage. £700 is fine providing you keep an eye on outgoings and identify which things are costing the most and then make suitable adjustments.
 
bum said:
Thank you so much, it sounds pretty reassuring.

I have no car and I only run electricity in the flat.

The only thing I need apart from living essentials would be internet and a gym membership.
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If you use electric heating, then that may be slightly higher.

Slightly concerning you didn't spend 10 minutes working all this out before buying though :p
 
Haggisman said:
If you use electric heating, then that may be slightly higher.

Slightly concerning you didn't spend 10 minutes working all this out before buying though :p
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I would say it was because I never took on responsibility like this before, especially financially.

As I was earning significantly higher when working as a contractor, I hardly ever watched my spending (within reason). Then as soon as I've became permanent employed and bought a flat, I realised how budgeting is important.

I guess it's more of shaking off old spending habit
 
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