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Salary and Cost of Living

Discussion in 'Employment & Jobs' started by NoCompanyIT, Feb 12, 2009.

  1. NoCompanyIT

    NoCompanyIT Nibble Poster

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    Ok here is the situation. You are living at home and want to move out, you have no idea of how much it costs to rent, pay for food, all bills, tax and whatever else is necessary to rent a place on your own.

    Therefore you don't know what salary is required in order to do all of this. What do you do?

    You ask all people living alone in the UK on this forum to give you a breakdown per week of:

    -rent (furnished or not, I want furnished)
    -all bills (phone, water, gas, electricity etc)
    -tax
    - spare money to save or spend on whatever you want
    - transport (bus or car fuel)
    - annual salary

    I live in the West Midlands and I read over a year ago in the newspaper that to rent or buy a house and live on your own requires a salary of around 20k per year plus. However this must be averaged out and it would be a lot higher in London than the West Midlands.

    Please help. I have no idea how anyone else managed to find this info.
     
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  2. Arroryn
    Honorary Member

    Arroryn we're all dooooooomed

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    Depends on a lot of personal info.

    I lived on my own on a salary of 17K, whilst paying off heinous levels of debt, so it could have theoretically been lower.

    Do you want to rent? Do you want to buy a house? Is there anything you want to save for in the meantime? Do you intend on driving to work? Get the train? Walk? Cycle?

    With regards to house size, will you be on your own? Could you survive in a studio apartment, or would you want separate living / sleeping accomodation?

    The question is too personal to be able to give you a generic "this is the amount you need" answer I'm afraid. The only way of 'finding out' is researching where you want to live. Then you get an idea of the cost of rent, the council tax, and other expenses.
     
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  3. soundian

    soundian Gigabyte Poster

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    -rent : look in your local paper and letting agents
    -all bills:depends how much you use and what type of heating you have.
    -tax: council tax-look on your local authorities website;PAYE-there's plenty of tax calculators out there
    - spare money to save or spend on whatever you want:How much do you spend now?
    - transport (bus or car fuel); Where from/to. Do you have a car? Do you need to take 1 bus or 2? How much does the bus company charge in your area?

    You missed out food (depends if you cook from scratch or takeaway/eat out).
     
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  4. Fergal1982

    Fergal1982 Petabyte Poster

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    not to mention that it depends on where you live, and even where within the city/town you want to live.

    Bills, again depend on where you live and your usage. If you run a lot of appliances all the time, your bills are going to be higher. This also depends on your supplier and tarriff.

    Tax is dependant on the banding of the property you live in, and the region. Transport is the same. How far are you travelling? how often?

    Do you see the point we're trying to make? You are asking a 'piece of string' question. Theres just no way someone can give you accurate information for yourself. Time to take a look around where you want to live. Look at the cost of properties in the papers, find out their council tax online. Check bus fares for the routes you will take, or distances by car (and the cost of fuel for your car).
     
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  5. craigie

    craigie Terabyte Poster

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    A very very rough guide is to take your rent and then double it.
     
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  6. zebulebu

    zebulebu Terabyte Poster

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    I LOL at the figure of a 20k salary to buy a property in London. You might be able to rent one on a 30k salary - but you certainly can't buy one - even a complete ****hole - on less than 40k a year and still have enough money to live on. Unless you happen to be a 'key worker' (which, laughably, most people in IT aren't considered to be) or can get onto one of those shared ownership schemes by another route, or have a 50 grand deposit, you're pretty much doomed to rent.

    I was looking into this recently as I may have some significant upheaval in my personal life in the next 12 months or so (planning is prudence!) and it broke down like this:

    Mortgage (170k on a 200k house) - 25 years at 6.5% (conservative estimate of what interest rates will average at for the next three years) = 1150
    Bills (Electric, Gas, Water, Comms) = £280
    Travel (London travelcard, zones 1-6) = £160
    Food, Drink = £160
    Council Tax (band C) = £110
    Clothing = £40
    Car running costs (tax, fuel, MOT, parking) = £70
    Home repairs/improvements = £150

    That comes to just over £2100 - without any provision for savings, pensions, holidays, entertainment, cable TV, emergencies like your boiler needing replacement etc etc

    So, by my very rudimentary calculation, you would need a take-home salary of £35k a year just to be able to survive in London on your own (and that's with a hefty deposit of £30k to start you off). Realistically, if you wanted to be able to have any sort of life at all, you'd need to earn 40 grand.

    Obivously it wouldn't be quite as spiteful elsewhere in the UK, but anyone thinking they could survive on their own with a mortgage on 20 grand a year is nuts, IMHO
     
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  7. Big_nath

    Big_nath Kilobyte Poster

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    As everone has already it depends on where you live and other factors, but to give you a guide.

    I live in essex,

    Rent £600
    Council tax £67
    TV lic £10ish cant remember
    Gas and Elect £57 combined
    water and sewage £30 ish
    food £300 ish (i have wife and baby too)
    Contents insurance £11ish

    in addition it pay £50ish sky (TV and internet), phone £15 and mobiles etc.
     
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  8. mattstevenson

    mattstevenson Byte Poster

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    Ok, in the East Midlands for a two bedroomed flat (Myself and girlfriend):

    £400 rent
    £90 Council Tax
    £30 Elec (I have a fan assisted electric oven)
    £30 Gas (I have gas central heating, gas hob)
    £0 Water (Paid for already for some reason)
    £18 Sky+
    £10 Contents Insurance
    £11 Line Rental + Usage
    £13 Broadband
    £12 Mobile Contract

    Everything left over is spent on everything else. My salary is miserable. £6.50 p/h = £12675 p/a. I manage quite comfortably though, although I don't drive.

    I hope that helps.
     
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  9. dmarsh

    dmarsh Terabyte Poster

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    Heres my estimate for cost of living in the south :-

    Per Month

    Rent £800
    Council tax £100
    TV licence £10
    Gas and Elect £60
    Water and sewage £30
    Food £200
    Car Fuel, Ins, Tax, Depreciation and Maint £350
    Clothing £20
    Books £20
    Entertainment £50
    Phone £30
    Internet £20
    Dentist £10

    Total :- 1700

    That means you need about £21k salary AFTER tax to have a very average existence including no house purchase, pension, savings, holidays, etc.

    Therefore £30k is really the minimum pre tax salary in order to have any life on in this country.

    Thats previous inflation and high taxation for ya...
     
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  10. Fergal1982

    Fergal1982 Petabyte Poster

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    ok, ill take part in the willy waving contest... For a month (This is only my half of the bills - I live with the other half).

    Flat (2 bed): £287 rent
    Council Tax: £80
    Elec: £15/30(I cant remember specifically)
    Gas: £15/30 (I cant remember specifically)
    Phone/Internets: £15
    Contents Insurance: £5
    TV License: £5
    Mobile: £35
    Transport: ~£50
    Food: ~£90

    Thats it for the absolute essentials. I have other things that I spend money on (Tai Chi classes, Chinese Classes, DVDs, etc), but they arent essentials and can be cut back if need be.

    I'm also beginning to learn to drive, so thats going to add to my monthly bills.
     
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  11. AAMinistry

    AAMinistry New Member

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    Might be a little academic with all the other responses but here are my costs. I live in a small 1 bedroom house in Felixstowe in Suffolk. (Currently mine and my partners salaries total around 35k to give you some idea)

    Rent: £450
    Gas & Electricity: £37 (no central heating makes this so cheap)
    Water: £12 (I think - the better half knows more than I do)
    Council Tax: £76
    Communications: £32 (I pay a bit over the odds for broadband and phone - I may be switching soon)
    Sky: £22
    Food: ~£175
    Car: £105

    Total: £909

    For my car I've averaged MOT and Tax out over the year, on top of insurance and fuel. Could probably add 250-300 a year for repairs etc. Looking at this now, I think we must waste alot of money! We don't have much left at the end of each month :D
     
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  12. Jiser

    Jiser Kilobyte Poster

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    I reckon you need at least 20 - 22 k to actually have an ok way of life?
     
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  13. zebulebu

    zebulebu Terabyte Poster

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    I reckon in Bournemouth you need a damn sight more than that if you live on your own - 1 bedroom hovels there were going for 160k last time I looked
     
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  14. dwhyte85

    dwhyte85 Nibble Poster

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    This is based on sharing with my girlfriend at my last rental, Berkshire area.

    Rent: £600
    Electricity: £40
    Water: £12
    Council Tax: £112
    TV License: ?? £10.00
    Tel & BB: £24
    Food: £200ish
    Car Tax + Insurance + Petrol: £110
    Cat: £30
    Gym £30
    Credit Card: £20
    Mobile: £30

    ---------
    £1038
    ---------

    ** Doesn't include my student loan overpayment repayments £20, VPS £18, Loan £180. ** I earn 23k-ish & my partner earns 15k but she has debts for further learning, a failed business venture & laptop ** :'(

    Some wont apply to you if you dont have a cat, dont drive, dont have a credit card or dont go to the gym. If i could find somewhere to commute from with a cheaper rent/buy I would do it, mobile home looks to be the best option :-/ Or move to Sunderland and get a new job, cheap up in Sunderland!
     
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  15. BosonMichael
    Highly Decorated Member Award

    BosonMichael Yottabyte Poster

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    I would guess that my cost of living numbers would be irrelevant to the discussion, considering I'm:
    1) married
    2) with 2 kids
    3) across the pond :usa
     
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  16. drum_dude

    drum_dude Gigabyte Poster

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    Take full advantage of your situation! Get rid of debts and save save save until you have at least 25% for a deposit on a house!
     
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  17. Evilwheato

    Evilwheato Kilobyte Poster

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    I'm currently living on a reasonably low wage of 12.5k.
    I spent about 300 a month on rent (which includes bills) and I might spend an extra £150 on other things each month (food etc).

    I do live in a shared house though, so that definitely helps!
     
  18. nXPLOSi

    nXPLOSi Terabyte Poster

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    Sound advice! Its exactly what im doing.

    Im finishing paying off my car, and then plan to start saving *as much as possible* for a decent deposit on a apartment/house. With the way the current climate is, you'll need a hefty deposit to get on the ladder.

    I wouldn't suggest renting, unless you dont have the option of staying where you are now.

    Im not going to post my figures as it'd be an insult to those who dont have the option of staying at home with parents, but as you can imagine im paying very low rent, my parents won't have it any other way. Other then that all I pay for is my mobile phone bill, Sky TV im my room and the usual car bits, petrol, insurance, tax; as well as paying the car off each month.

    Im planning to join the real world in a year or two. :eek:
     
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  19. NoCompanyIT

    NoCompanyIT Nibble Poster

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    I know I cannot get a precise answer, I just wanted a very very rough guide as I have no idea.

    Thanks for posting your figures it helps a lot.
     
    Certifications: Bsc (1st)
  20. Arroryn
    Honorary Member

    Arroryn we're all dooooooomed

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    Avoid the "real world" for as long as possible.

    My bullishly stubborn attitude (it was my stupid actions that long-term landed me in debt, therefore I'll get me out of debt without anyone's help thank you very much...) resulted in me living in a hovel on a pathetically low food budget. My health nose-dived, my mental health went off the rocker (got depression again) and I was doing an unnecessarily strenuous job that's had implications on my long term health.

    If you don't "have" to move out, then don't cut off your nose to spite your face - stay with your parents (if that's where you are) and save like billyo until the financial climate calms down. Then you'll be in a pole position, with a stable job in a good industry, and a good amount of savings to have your crop of property.
     
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