After a 2022 from hell - a breakup followed by bouncing from flat to flat trying to get back on my feet, I've had an offer accepted on a flat... and now I'm freaking out! I really, really want somewhere stable, where I'll never have to leave unless I want to. But I don't want to get in over my head financially. I am pretty frugal, but I don't want to be stretched so far that I cannot enjoy myself, or spend my whole life staying afloat.
Looking at rooms to rent, the prices were almost as high as the mortgage I'd be paying, though obviously the bills are a lot higher going solo, and there's a lot more responsibility owning a flat by myself.
In my day job I earn roughly 45k / year, or 2500 per month, and have a second job waitressing where I earn approx 150-200 extra per month, and could pick up a few extra shifts if I need to make a bit of extra money.
The flat I'm buying has 2 bedrooms, and I am considering getting a lodger (some short term ones, I think, or Monday to Friday ones so I can still have some alone time). My mortgage allows for this.
I have no kids or debt.
Here is the rough monthly budget I have set up based on what I currently do. I've estimated a little high to give myself some breathing room, and can (and likely will have to) cut down on some of these if I need to. I come out to a slight deficit so.. I probably will need to.
Bills:
- Mortgage - 1100
- Insurance - 30
- Council tax - 130
- Water, gas, electricity, etc - 170
- Internet - 60
- Phone - 20
Misc:
- Groceries - 250
- Eating out 100
- Work lunches / coffees etc - 50
- Transport - 150
- Hobbies - 100
- Netflix - 15
- Haircuts, eyebrows, etc - 50
Savings:
- Holidays / savings for holidays
- 150- General saving - 300
- Saving for flat maintenance - 100
Thoughts? Will I be OK?