This thread probably isn’t aimed at massively high earners because I do understand that some people want to be able to save X thousand per month or they won’t be happy. Neither is it aimed at people who don’t have anything left over at the end of the month.
But if you’re a middle of the road £50/60k income family not living in a crazy expensive area - would you be happy with these figures?
Income £3500
Bills including mortgage/insurances/tv licence etc £1777.19
Food, fuel and entertainment £800
Savings for things like Christmas, car insurance, MOT etc £562
It only leaves £300ISH per month.
We’re considering moving and trying to work out our budget because there’s a difference between what you can borrow vs what you can actually afford I think.
I don’t want to buy a house at the very top of our ‘budget’ then regret it because we can’t afford to do other things or even spend any money making the house more to our tastes but a house is probably the most important thing to me before holidays, cars etc.
We’re looking at pretty much doubling our current mortgage and council tax payment which is a scary thought when I’m used to having a fair bit more available after everything is paid. I think the mortgage payment is about 27% of take home.
I’m worried it just doesn’t leave enough room for something to go wrong but would a mortgage a couple of hundred cheaper really make much difference because we’d probably just spend that on other things anyway!