Budget- Does it make sense

[newuserolduser]

Hi all,

We're moving house and taking on a much bigger mortgage. I am worried, we have no money worries and spend without ever thinking about the money. It will be a change to have to stick to a budget.
Does the below look realistic?

The offer we received on our place is better than expected, so that mortgage is the worst case and at the top end of what we're looking at. We are speaking to our advisor Monday to do the specific sums.

I love our flat, its in the most brilliant location, but we've outgrown it.

Does this look ok? Are we crazy? Have I forgotten anything?
We need to decide this weekend if we take the offer.

Expenses

Other 100
Food Budget 550
TV Licensing 13.2
Holiday 500
Shopping 250
Eating Out 600
Transport 100
Internet 20
Thames Water 29.45
Octopus Energy 48.09
spotify 15
Savings 650
School Fees 1000
Entertainment 200
Disney Plus 5.99
my Spend 500
his Spend 500
stock investment 100
animal insurance 4.48
his maintenace 1635
life insurance 13.54
DD Savings 250
Mortage 4134
University fees 25

Council tax??

Bloody good point!

Buildings and contents insurance
Gas
Electric
Sewerage
Broadband
Mobile phones
Christmas
Birthdays
Subscriptions

Mortgage would be around 35% of our take home... would that scare anyone else?

@MrsMoastyToasty thanks for the list! We've got some of those, but don't have Buildings and contents insurance, Mobile phones, Christmas
and Birthdays

How many of you are there and what ages?

Car expenses- MOT, finance, servicing, tyres, insurance.

Two adult, a 3 year old FT, and a 13 and 11 year old 50% of the time

You've got loads of luxuries in there you could 100% do without if it means a lot to you to have the better home

What is university fees that are only 25?

As you have so much scope to reduce your various savings and eating out don't think you need to worry about every last penny on anything else

To me (single mum of one, unemployed due to DD's health issues) your budget looks incredibly do able.

How important is this new place? Is prioritise a nice place to live over most things to be honest

@wedswench I'm wondering if we should giggle stuff around.
@MrsMoastyToasty you're right, no car stuff.
@caughtinanet I save £25 per month for university fees for the 3 year old. Thanks for saying that, I hope we're making the right decision (if you can't tell, I LOVE where we currently live!)

I imagine your energy bills are going to go up quite a lot if you’re moving somewhere bigger, especially from a flat. I don’t think 35% of your income is too much, but one or both of you are obviously very well paid. How easily could you walk into a new job with similar remuneration? What would you do if one of you was too sick to work (I can’t see critical illness insurance on there)?

At the risk of sounding like a bitch... the maintenance seems very high for 50/50.

Agree with other poster re critical illness cover

I wouldn't take on a mortgage which amounts to 35% of take home.
We have 20% and I think that's a lot.

Children's activities
clothes
haircuts
prescriptions
dentist
optician

@TreaterAnita good point on gas and electricity. Job wise - easily. I recently looked for a new job and within 2 weeks had three offers (two INCREDIBLY competitive) and I ended up going with the lowest paid as it felt right. DH the same.
Critical illness insurance is actually covered by work. Its 50% of the salary though...
This also excludes bonuses so there is some additional income.

@wedswench I know. Not the hill to die on...We have a fair amount of agro over it.

Agree there are a lot of luxuries what is "shopping"??

@hopeishere mostly new gear for the vintage campervan. It covers kids clothes (mostly second hand) and other random stuff which I can't think of any examples for

@MrsKeats I somewhat agree, but right now we are far too liquid, so financially it seems like a good idea and we've really outgrown our current place

Savings/university fee savings for the step children?

[quote newuserolduser]@wedswench I know. Not the hill to die on...We have a fair amount of agro over it.[/quote]
That's fair enough. Something to consider though if the shit hit the fan

I pay 30% of my take home on mortgage by choice I.e overpayments.

You've got loads of flex in your budget if things went wrong, i.e stop eating out and boom there's £600!!

@BikeRunSki that is covered in Maintenance.
to be fair, that whole line isn't maintenance its all step kids related stuff. They also have university accounts out of that. And all the DSC fees are covered in savings.