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Original poster

How much to live on?

26 replies

Overthebow · 23/09/2023 08:16

My dad is going to be living alone and can buy a 1 bed flat outright. He will have £1500 income each month to live on, but this would have to include all bills and food. Would this be enough for one person? He’s happy with a simple life but would like to be able to do an activity during the week and the odd meal out.

OP posts:
Thisbastardcomputer · 23/09/2023 08:17

Yes I'd say so, the simple life with the occasional treat

Thisisveryhard · 23/09/2023 08:19

My brother survives on about £4k a year ( no rent or mortgage but does have council tax and bills). So being as your Dad has £18k a year (after tax) that is very doable!

That much for one adult is a pretty nice life ( I also know a single woman who lives on that very comfortably and has a good quality social life).

pompomdaisy · 23/09/2023 08:20

Lots of people have an income of 1500 and pay rent too out of that. He will be fine!

Thisisveryhard · 23/09/2023 08:21

Thisbastardcomputer · 23/09/2023 08:17

Yes I'd say so, the simple life with the occasional treat

He will be able to afford more than the simple life and the occasional treat! My friend on that shopped at Waitrose!

His bills will be small in a one bed flat too.

Thisisveryhard · 23/09/2023 08:23

pompomdaisy · 23/09/2023 08:20

Lots of people have an income of 1500 and pay rent too out of that. He will be fine!

Yes. It’s amazing how out of touch some people are to think this level of income for one person is a simple life with the occasional treat. My brother on about £4k a year has a simple life with the occasional treat! £18k and no rent or mortgage for one person. Is a very decent standard of living!

Original poster
Overthebow · 23/09/2023 08:25

Oh that is making me feel a lot happier about it. I forgot that bills would be a lot cheaper than a bigger house. I’d love him to have a nice retirement and not have to worry about affording bills and food all the time.

OP posts:
MintJulia · 23/09/2023 08:25

Yes. With no mortgage and a 1-bed flat his monthly budget might be something like....

£100 heat/power
£30 water
£120 council tax
£120 food
£50 phone/broadband/tv licence

The rest for clothes/travel/hobbies and the occasional holiday.

The state pension is about £850 a month and people survive on that.

OnlyFoolsnMothers · 23/09/2023 08:25

Will he have to pay service charge/ ground rent- how much is that?

Original poster
Overthebow · 23/09/2023 08:27

OnlyFoolsnMothers · 23/09/2023 08:25

Will he have to pay service charge/ ground rent- how much is that?

We don’t know yet as this is in the planning stages at the moment and just working out where to buy and if he can afford it, but it looks like he will be able to even with some ground rent.

OP posts:
Original poster
Overthebow · 23/09/2023 08:28

MintJulia · 23/09/2023 08:25

Yes. With no mortgage and a 1-bed flat his monthly budget might be something like....

£100 heat/power
£30 water
£120 council tax
£120 food
£50 phone/broadband/tv licence

The rest for clothes/travel/hobbies and the occasional holiday.

The state pension is about £850 a month and people survive on that.

Thanks for this, the bills are a lot less than I was thinking they might be so that would be great.

OP posts:
pompomdaisy · 23/09/2023 08:58

Just to help you get some perspective op. £1500 take home pay is equivalent to a salary of £20,555. That would be seen as acceptable to many to live on!

BelindaBears · 23/09/2023 08:59

With no rent or mortgage? That’s plenty!

Jmaho · 23/09/2023 09:04

Yes no problem. My dad recently died and my mom is going to be living on about £1300 a month house owned outright
We've worked out her bills are about £450 a month and the rest is for food and everything else

Chewbecca · 23/09/2023 16:30

Just be aware if it is an over 60s or retirement complex they tend to have high management fees - usually around £300pm round here.

SchoolAdminNeverGoodEnough · 23/09/2023 18:06

Yes, as@Chewbecca be wary of the retirement complexes and their management fees. They can also be very hard to shift if you want to sell as well.

If he does want to go that route, buy "used" not brand new....

Nannyfannybanny · 23/09/2023 18:12

The state pension is £156.20 per week.

TheBabylonian · 23/09/2023 19:58

Yeah he’d be able to afford a cruise each year on that income, seen some that are £600 for a week.

My mother lives on about half that and has a pub meal out each week.

Dacadactyl · 23/09/2023 20:03

Absolutely. He'd be able to save a decent amount of that too.

Babyroobs · 23/09/2023 20:06

Agree with pp that it can be service charges that can cost a lot for some apartment complexes. Otherwise he will be fine. Single person council tax discount, winter fuel payments etc, more than enough to live on.

Babyroobs · 23/09/2023 20:07

Nannyfannybanny · 23/09/2023 18:12

The state pension is £156.20 per week.

But if that was the only income someone had it would be topped up to £201 by pension credit.

Mindymomo · 24/09/2023 06:30

Another warning about buying a flat with service charges, round here they are £3,000 per year and do go up regularly.

hattie43 · 24/09/2023 19:50

Be very wary of a leasehold flat . He could find his service charges spiralling and often unexpected. I can't think of anything else where you could receive a bill the size of a family car for ' repairs ' . Be wary and go in with your eyes wide open x

MrsDanversGlidesAgain · 25/09/2023 09:20

Overthebow · 23/09/2023 08:16

My dad is going to be living alone and can buy a 1 bed flat outright. He will have £1500 income each month to live on, but this would have to include all bills and food. Would this be enough for one person? He’s happy with a simple life but would like to be able to do an activity during the week and the odd meal out.

I have slightly less than that a month, shop at Waitrose and have regular days out as well as buying lots of books.

As other people have said, check out the service charges and the ground rent and any proposed works before you commit to a flat - and how effective the managing agents are, as well. You don't want (the voice of bitter experience here) to be shelling out thousands to a management that does SFA.

Muddle2000 · 16/10/2023 09:21

Enough He will have to set aside for maintenance charges (or is it Council) say 100 per month at least No guarantee pension will keep up with inflation if he lives the next 15 or 20 years so he will need to put aside for that as well Also will he need to renew stuff in the flat No car one short break in the UK

BHRK · 16/10/2023 09:23

Yes I have a parent on that per month who is having a great time with no scrimping