How much is a reasonable amount of disposable income, ie after bills are paid? My partner and i are splitting and i am looking at flats to buy on my own. In the price range im looking at, i would be left with 300-400 a month to use for food, petrol and socializing. Does this sound like a realistic amount? Just wondering if i should start putting in some overtime!
Totally depends on your lifestyle. If you prioritise nice holidays and dinners out, then I'd say you need a lot more. If you live in London I'd also anticipate needing more as there's so much going on and things to do.
See it as approximately £100 a week- is that enough for your lifestyle?
We have about £700-£800 per month left after all bills,food,petrol etc. As we earn pretty much the same it's about £400 each. The only thing out of the personal spends are £50 a month into an account to cover birthdays and uniforms clothes for two dc and I pay £30 into their savings each. We have allocated money for savings from the joint account My car finance also comes out of the joint account. Sounds a lot on paper but in reality it soon goes
Entirely depends on your expectations and whether it is the truely disposable income or would need to include things like car repairs or white goods replacement.
When you say 'food petrol and socialising' is that everything you have left after normal bills, or have you included annual and irregular expenses too?
Also depends what sort of socialising you expect (and shopping/beauty treatments etc).
If it's just for food, petrol and socialising and you don't expect big nights out all the time, you should be fine, but if it's to cover absolutely everything except mortgage/rent and regular bills or you expect to spend more than the very basics on clothes, hair, make up, nails, accessories, nights out etc, it won't be enough.
One of the things I noticed financially between being single after being in a partnership is that every single bill needs to come out of your money, so there's no room for a bit of leeway or support. Get as much as a buffer as you can, and make an initial budget that you review every month until you're sure you've thought of everything. If OT is regularly available maybe you could use that to save, so you can still socialise etc.