How is your mortgage 5k but your Council Tax £1k lol?
How much do you need to survive each year?
- Thread starter throwaway4372
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Soldato
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what is wrong with that ? doesn't seem that implausible
obviously. will go up with inflation but I reckon £1500 a month in today's money would allow me to live my day to day life
only snag is no spare to save for a holiday or big ticket items like a car or new GPU.
£2000 a month (increasing with inflation ) is what I am aiming for
of course that is living!
surviving, you could likely halve that but i dont even want to consider that!.
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Soldato
The mortgage is on a small 3 bed house, which in this area is circa £110,000 (when purchased in 2016) so the monthly cost is reasonable. I also switched to 5 year fixed rate so I'm yet to be hit by the massive increase in interest rates.
Council tax is £94.07 a month, tax band A with a single living discount applied.
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I started adding everything up and got depressed, these are figures from the last 12 months
Child Maintenance - £9600
Mortgage - £14400 (sadly due to increase dramatically!)
Council Tax - £1200
Insurance cars & home - £1820
Water - £240
Energy - £2800
Broadband - £360
Groceries - £5000 but that could be a lot less if I was forced to belt tighten
Fuel - £3600
NHS prepaid cert - £114
Probably more bills I'm forgetting but that's the essentials that spring to mind
Child Maintenance - £9600
Mortgage - £14400 (sadly due to increase dramatically!)
Council Tax - £1200
Insurance cars & home - £1820
Water - £240
Energy - £2800
Broadband - £360
Groceries - £5000 but that could be a lot less if I was forced to belt tighten
Fuel - £3600
NHS prepaid cert - £114
Probably more bills I'm forgetting but that's the essentials that spring to mind
lol - I actually did read £5k as a monthly spend and £1k as annual. Ops.Because we don't live in London
My mortgage is about 2.5k a year and C.Tax c.1k
Soldato
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For me the key is making sure my mortgage is paid off before retiring..... child maintanence looks a killer as well, tho wont be an issue for me 1) as hopefully wont split up, but 2) even if i did, our lad will be beyond maintenance before i get the luxury of retiring (and will also be pretty minted, possibly more disposible cash than i will have which is something of a concern!!)
edit i must be going senile (maybe i should retire now) or OP has updated the 1st post as i could have sworn the point was him working out if he could retire.
if it isnt then my post is somewhat pointless, if it is just a theoretical question of what is the absolute minimum you can survive on!.
edit i must be going senile (maybe i should retire now) or OP has updated the 1st post as i could have sworn the point was him working out if he could retire.
if it isnt then my post is somewhat pointless, if it is just a theoretical question of what is the absolute minimum you can survive on!.
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The "would you retire or not" question is another thread. This one is just about outgoings. They are related of course, as you need to reliably know your outgoings to calculate the earliest it's possible to retire.
Soldato
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hmmm ok i may be about to shock myself.
Water £250
Electric/gas/car "fuel" £700
house / car insurance (for 2 cars so could be less) £1500
broadband/phone £500
food etc (again household, me, wife and kid) £6500
council tax £1500
tv licence (£160 ish)
nhs £115sh
tv streaming £300
bank (includes AA / travel insurance) £180
car servicing / maintanence and tax (2 cars) £1000
then maintenance....... lets be pessimistic... £2000
so give or take £16k (net) per year minimum excluding luxuries and sure i have forgotten stuff... but that is for a household.
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Soldato
48k
That's based on £4k outgoings per month
That's based on £4k outgoings per month
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More I think about this question more it should be same for most people.
Surivive + no mortgage.
My figures are for. Surviving (with heating, Internet etc) but no luxuries.
I could cut down much more turning heating down. Not buying anything but rice etc.
But at that point almost everyone would be under 15k
Surivive + no mortgage.
My figures are for. Surviving (with heating, Internet etc) but no luxuries.
I could cut down much more turning heating down. Not buying anything but rice etc.
But at that point almost everyone would be under 15k
By survive you mean living a basic existence that will slowly drive most people insane?
Soldato
"Survive"? As in pure essentials for 2 adults, 2 kids - around £12k (actually, could probably chop £1-2k off that by being more frugal with grocery shopping).
That would involve cancelling Sky, basic phones, get rid of the car, get rid of the pets, cancelling unnecessary insurances; life etc.
Would be pretty miserable though, more of a temporary "Oh ****, we both lost our jobs and the best thing we can get is a few weekends stacking shelves in the supermarket" than sustainable in any way.
That would involve cancelling Sky, basic phones, get rid of the car, get rid of the pets, cancelling unnecessary insurances; life etc.
Would be pretty miserable though, more of a temporary "Oh ****, we both lost our jobs and the best thing we can get is a few weekends stacking shelves in the supermarket" than sustainable in any way.
I suppose you could say that. I certainly wouldn't be able to afford many luxuries on only 10K. But I'd be fed, watered, have heating and electricity to power my PC, TV etc. But there would be no holidays abroad, minimal alcohol. No splashing out on a RTX 5090 ( when it launches ).
Caporegime
Pay all the bills and eat, as of now.... and nothing else......Hmmm not that much compared to the UK i bet.
Could probably scrape on 14000kr (about £1000)
Technically i could eat only at work.....
That wouldn't leave anything for the unforeseen or no kind of graphics card upgrades.
this includes broadband and other "essentials"
If im gonna be hungry and moping about at home im having tv and broadband.....
PER MONTH lol NOT YEAR
Could probably scrape on 14000kr (about £1000)
Technically i could eat only at work.....
That wouldn't leave anything for the unforeseen or no kind of graphics card upgrades.
this includes broadband and other "essentials"
If im gonna be hungry and moping about at home im having tv and broadband.....
PER MONTH lol NOT YEAR
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most people could easily cut down on broadband speed and be happy though, it doesn't need to be expensive, and it's pretty much an essential utility these days
I think mines only 20mb/s up and 85mb/s down, I used to be one of those have the fastest broadband people but it seemed pointless after 100mb considering how few games I download, for streaming movies etc its more than enough
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Monthly house outgoings before anything else are £2302. 40% of that is nursery costs. If I take the mortgage out of the equation, then nursery fees make up 58% of the remaining £1600 :/ I'd say another £800 on top for groceries and anything else, to total out £2400 to get by, without doing too many calculations. Really shines a light on how ******* expensive kids are...thanks for that 
Soldato
There doesn't actually seem to be much saving for going with slower internet (obviously depends which providers are available in your area). The cheapest option I can find is £22/month from Now Broadband, and that's for 75mb. I'm only paying £27/month for 350MB with Virgin, so that would be a grand saving of £60/year - barely a drop in the ocean compared to the ~£10k. The only way I can think you could make any kind of (more) significant difference would be getting rid of the internet completely and just using your phone (although then of course you'd be paying more for a plan with more data). Obviously in a situation where literally every penny counts it would be worth considering, but by far the biggest chunk of the amount needed is food/groceries.
Monthly house outgoings before anything else are £2302. 40% of that is nursery costs. If I take the mortgage out of the equation, then nursery fees make up 58% of the remaining £1600 :/ I'd say another £800 on top for groceries and anything else, to total out £2400 to get by, without doing too many calculations. Really shines a light on how ******* expensive kids are...thanks for that
Haha, looking at the figures has also made me realise how much we're actually paying for the pets...
Insurance:
Dog £30
Cats £55
Food
Dog £80
Cats £80
Flea & Worming treatment:
Dog £18.50
Cats £15
So close to £300/month, not including one-off annual stuff like vaccinations, and then any equipment/toys/treats/etc. they need on top of that
Soldato
This thread actually cheered me up a bit. Because I didn't know how much I'd really need in retirement and hadn't really thought about it before.
Realising that mortgage plus child maintenance was half my current outgoings is good, because it means I should have an ok amount of money in retirement when those things no longer apply. I'll be 70 by the time my mortgage is up though, who knows whether I'll clear it any sooner.
Be ok as long as state pension still around.
Realising that mortgage plus child maintenance was half my current outgoings is good, because it means I should have an ok amount of money in retirement when those things no longer apply. I'll be 70 by the time my mortgage is up though, who knows whether I'll clear it any sooner.
Be ok as long as state pension still around.
This is what "drives me mad" about less well off folks owning pets - they either aren't caring for them properly, or they are blissfully unaware how much cost they've committed to for 10+years. I know it's righteous coming from me but it does seem people are more than willing to spank big numbers for a long time on pets vs. what reward they get.Insurance:
Dog £30
Cats £55
Food
Dog £80
Cats £80
Flea & Worming treatment:
Dog £18.50
Cats £15
So close to £300/month, not including one-off annual stuff like vaccinations, and then any equipment/toys/treats/etc. they need on top of that