Rent Affordability. I have created a budget to help me predict if I can afford the cost of renting. Please be critical!

[jgal]

Hi all, I am currently trying to ascertain if it is feasible for me to rent a small flat.

I have produced a spreadsheet below including my salary and a series of costs, both provided on a monthly and yearly basis. I have grouped these into categories and provided a total and percentage of salary used.

There will certainly be costs I have missed and/or overlooked, so please let me know and, yes, I am aware that my phone bill is high and I will be looking to change this once my contract is up.

I have also included a contingency amount which is a means of accounting for any increases in these amounts, particularly travel, utilities, and food. My job pays me expenses for the distance I travel, I have included an amount at the bottom (Usage based on fuel cost accounted for, less personal mileage, then @ £0.45 per mile).

The amount included as savings is arbitrary. Likewise, I am aware that this budget is highly simplistic and excludes many costs which do not form part of living costs eg. leisure and hobbies.

Ultimately, I'm looking for a critical take on this - I don't want to overstretch my already small budget.

+
A
B
C
D
E
F
G
H
I
J

1


PM
PY







2
Take home pay

1500
18000







3











4
Utilities





Core Living Costs

983


5
Electric

40
480







6
Broadband

28
336


Additional Living Costs

75


7
Water

25
300







8


93
1116
6%

Travel


132.5

9











10
Housing





Sum


1190.5

11
Council Tax

90
1080







12
Rent

600
7200


Percentage of net salary

79%


13


690
8280
46%

Percentage of net salary + expense claim
72%



14











15
Living Costs
16
Food shopping

200
2400







17


200
2400
13%






18











19
Travel Costs
20
Fuel

40
480







21
Tax

17.5
210







22
MOT

4.166667
50







23
Service

20.83333
250







24
Insurance

50
600







25


132.5
1590
9%






26











27
Additional Living Costs
28
Phone contract

55
660







29
Subscriptions

20
240







30


75
900
5%






31











32
Personal Spending
33


35
420







34


35
420
2%






35











36
Contingency

33.33333
400







37


33.33333
400
2%






38











39


1,258.83
15,106.00
84%






40











41
Remaining

241.17
2,894.00
16%






42











43
Saving

200
2400
13%






44











45


41.17
494.00
3%






46











47
Expense Claim

148.5
1782







48











49
Ultimate Remaining
189.67
2,276.00








50











51

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[filu63]

@jgal Take a look at https://ukpersonal.finance/living-costs/

 

[jgal]

@filu63 Thank you

 

[joltor0517]

@jgal Personal spending seems too low. Haircuts, clothes, random things you need to buy, having a life (socialising), travelto see family, etc all add up.

Are the rest all based on real costs or guesses? Car insurance seems to low but maybe you've found a great deal. Have you found somewhere suitably for 600pm rent?

 

[jgal]

@joltor0517 Hi, thank you for your comments.

I agree regarding personal expenses, I will change this to reflect this.

The rest are based on a mixture of guesses based on information available online or through others costs (family), as well as some costs which are real. For example, all the car related costs are real. The insurance is a good deal because my renewal is later this year and I am on a multi car policy which attracts a significant discount as a result.

As for the property, yes I have found example properties and have been to several viewings and seem reasonable for me personally. I obviously don’t live in London for example, lol.