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To ask how much you have left after bills?

6 replies

busybeeem99 · 07/08/2022 20:37

Hi

We are in the process of buying our first home. We've put a big deposit down but our interest is quite a lot for our mortgage.
I'm just wondering how much people have after bills and general outgoings? On a standard wage? Obviously some will have higher wages and depend on the area in the uk. For reference we are in the north west and earn around £55K a year before tax .
Our mortgage will be around £1K a month.
Thank you

OP posts:
Chatachukchatter · 18/01/2023 23:08

30 years ago I had nothing

Today, my status is totally different
I pay my bills
I save some
I spend some
I give some to charity
No debts, comfortable

Will I still be here in another 30 years ?

Everyone has different circumstances

Chatachukchatter · 19/01/2023 00:18

I'm going to add

The time in between

Blood, sweat, tears, work

I am grateful 🙏

I know things will continue to change over time

Salome61 · 19/01/2023 00:21

There's a really good budget article on Moneysavingexpert - or you could use the You Need A Budget App.

It would be good to work through a budget together before you complete and include every outgoing and look at them carefully - credit card use, your mobile phone contracts, car costs, house insurance, broadband, electric, gas, council tax, gym membership etc. I do recommend saving a proportion of your monthly salary towards emergency house maintenance/repairs.

We had a joint account for bills, and separate accounts for our individual spending. It worked out well, we both had a direct debit to the joint for the bills each month. I was the spender, my husband was the saver, I never had any money left.

When we bought our first house our mortgage was high and we had to make changes as our disposable income really dropped. We took our lunch into work,, had less holidays, had friends round for a drink rather than meeting them at the pub/restaurant.

Enjoy, I hope you are very happy.

OfcourseSpringRoll · 19/01/2023 00:40

This is a how long is a piece of string question. When we had our mortgage it was approx 15% of our income.

I know people who are on Minimum wage and then across various bands right up to DH banker mates who earn more in a year than some earn in a lifetime. It’s al, about living within your means.

Make sure you have a decent pension and understand how it works, don’t have a lot of children, only do what you want if there is any kind of expenditure. We didn’t go to DH cousins wedding as we didn’t like him enough to spend £500 on a weekend. We happily flew to my nieces wedding and spent 5k to attend.

middleager · 19/01/2023 00:56

We are in the Midlands on a similar joint income and our mortgage is £700 per month.

We run two (older) cars and have two expensive teenagers! A chunk goes on them..

TheNoonBell · 19/01/2023 09:33

As a percentage of take home we are currently:
Mortgage 22%
Bills 10%
Council tax 8%

My advice is to overpay the mortgage as much as possible. I have always assumed my mortgage or rent is 30% of takehome and put that aside for the mortgage. Any excess towards the end of the year goes on the over payment.

5% also goes to the emergency fund which has taken a battering over the last few years due to many emergencies. The last one being a new roof which was not cheap at all.

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