How much does it cost to live in the UK? My monthly budget for August 2024
HTML-код
- Опубликовано: 9 фев 2025
- ⚡️ Join Octopus Energy to get a FREE £50 Credit ⚡️ - share.octopus.e...
In this video I share my current cost of living in the uk for the month of August 2024.
Let me know how your costs compare in the comments!
If you enjoyed the video, hit the Like and Subscribe buttons, it will really help my channel!
Feel free to use my Amazon link, if you do I will earn a small commission - amzn.to/44i4KoQ
Amazon Basics Aluminium Smartphone Tripod - amzn.to/3YTXUqo
Smartphone Tripod Mount Adapter - amzn.to/3yLnrrp
If you'd like to support my channel, you can buy me a coffee at: www.buymeacoff...
Great video, would like to see more like this. It'd be nice to see the amounts etc on the screen and hear your method for budgeting. Do you use an app/spreadsheet/pen & paper etc
Thanks for watching! 😁 sadly my video making skills are a little limited at the moment, but I will try to improve as I go.
Iv added ‘budgeting’ to my planned videos list 👍🏻
Super interesting! I live in Australia so it was fascinating to see how many expenses are the same. My power and gas are much higher, but my council rates are much lower $1100 for the entire year. Also spend double on food but there is 4 of us.
Glad you found it interesting! Thanks so much for watching and commenting 😁
Interesting watch. We're quite big spenders in comparison, with our monthly spend sitting around the £6k mark. The bit where we're particularly different, is that we have around £2k discretionary spend (which I acknowledge is your whole monthly spend!) for a family of 4 (kids are 5 and 4); groceries at £600/mo, eating out/takeaways at £300/mo, random purchases/odds and sods at £300/mo, and then gifts, haircuts, dogs and clothing on top.
I guess it’s all relative as I imagine our incomes are vastly different, however usually my total months expenses for everything do not normally exceed £2k 👍🏻 but with 2 incomes it normally means we use one income to pay the bills (with a bit left over) and the 2nd income is completely free to save/invest/spend however we feel.
@@JacobBurchell ah wait till you have kids. In 2017 it was roughly one income to pay nursery fees, if you still want to work and bring that income, and then another to pay for mortgage and other living expenses. For the first 2 years we were just breaking even each month. Then we got a bit of a break with 30hours free childcare that working parents get and luckily the covid hit when it did, so continued working from home since then, saving us on expenses during school holidays, but probably our son losing out on screen-free time with his peers. Now, we spend on some extra curriculum clubs for him, but at least it's our choice and we could stop if need be.
@@craftyrouze that’s what’s always worried me when it comes to having kids, the nursery fees 😆 my brother went through the same thing, one income on bills, the other income on nursery fees.
As far as I know there is more support these days for parents in regards to free hours at nursery so hopefully if we ever do have kids it won’t be as hard as it used to be, but I’m under no illusions, having kids will change our finances quite drastically I imagine 👍🏻
Ditch the tv licence
Oh trust me I wish I could! Problem is I watch plenty of live tv so I’m sure they’d fine me or take me to court if I stopped paying.
The sooner the BBC start paying their own way like every other company does the better!
Where do you live!?
We are two, and we each pay per month(so double it for full cost):
rent £1200, each, for a 2 bed (London zone 3) Mortgage once we buy in a month will be £1500 each for a 3 bed house. (London Zone 6)
Energy - £45
Water - £20
Council tax - £80
Internet - £25
Gym - £70
Other related costs of interest - The landlady pays the service charge - she pays £333 pm. Our insurance for future home once we buy will be around £30 each.
Supermarket - £350
Take aways - £150 - we've not eaten out much this month, once each weekend, and some McDonalnds
TFL tube - £45ish - I work from home so only travelled at weekend for entertainment
Other one-off costs this month - doctor £150; clothes £70; this month had a holiday - £600; presents and other entertainment - £100...
I'd like to emphasize- whilst we do have a life, we are on the cheap side compared to most people.
I live in the West Mids just outside of Birmingham so of course a lot cheaper than London prices thankfully! 😆
If you take all your costs over a year and divide by 12 you will get a more accurate figure of costs both necessary and frivolous.
Hi Jacob, another great honest video. Very interesting your/your good lady's costs are very similar to mine in Stratford-upon-Avon Warwickshire. As I've bored you with many times, at 57, I'm at a diff stage of life, and am fortunate to have paid off my mortgage, have employer final salary pensions, SIPP and ISAs plus have a mortgage free rental property from inheriting my beloved late parents house......I recognise my privileged position. Although I retired at 56 in Feb 2024 (as was offered a very generous enhanced redundancy which paid me to go when I was going to retire in Aug 2024 anyway) ive taken a basic admin job 20 hrs a week whilst I wait to see how much of my savings I'm going to use to top up the budget for the rebuild of my parent's bungalow.......basically, bungalow has major subsidence that is so bad that my insurance company say it has to be completely demolished, ground underpinned, then rebuilt from scratch.....all at Insurance cost. I'm taking opportunity to have bungalow built with a larger floorplan and have stronger roof truuses that mean I can have lift fitted out as master bedroom with ensuite and dressing room. However whilst I'm waiting for insurer get planning permission etc I thought I'd get a basic no stress job so that my wages cover my basic bills and I can keep my savings for the added extras for the rebuild bungalow. My net pay is a lowly £1900 and my living expenses are:
Mortgage Nil
Home Insurance = c£15 (paid annually)
Council Tax Band D single occ = £168
Gas/elec = £80 (from 1st Oct 2024) (I had a prev credit of £800 that I demanded be refunded in June 2024)
Water £21
BroadBrand £14 ( after cashback applied)
Supermarket £230
Takeaways £70 (I'm surprised like you as can't remember having them)
Mobile Sim £3.50
TV Licence £18
RFL £2.25
Car Insurance £19ish (£180 per year)
Petrol £20
Car replacement pot £150 (I only change my car every 12 years) held in prem Bonds....my wins so far have beaten equivalent interest foregone
SIpp & SS ISA platform £22 (£263 per year...Which equates to less than 0.029% annual fee on my portfolio so a bargain)
Cat vet fund £50 (I put by £50 every month rather than pay Insurance as she is an old girl which makes her almost uninsurable to any meaningful extent......she earns 5.2% interest and her account balance is £4478.
Cat annual vaccs £nil ( I paid one off fee to pets at home 12 years ago so every year the annual vacs is free)
Dental pot £15 (although im with an NHS dentist I like to have a pot that i can dip into)
Optical £15 (ditto my specsaver pot)
TOTAL (Added in my head) c£920
.....like you, I'm amazed its that high and I don't have rent or a mortgage.
Stupid of me to say it but I'm really shocked.
As always best wishes x
I always love reading your comments, always so detailed, thoughtful and kind 😁
If you were to add a mortgage on top of those costs you wouldn’t be far away from my costs… I can’t wait to be mortgage free 😆 won’t happen for a while but it will eventually.
My new kitchen cost (£250 a month) is currently bumping my monthly spending up a fair bit, but that will only be for 3-4 years and then that will drop off so that’s something good to look forward to for me 😁
I think you’re doing the right thing by taking a 20 hour a week job to tide you over until things smooth out and you have a clearer picture of where you stand going forward. Once everything is sorted with the house you can then decide what you would like to do from then on.
We spend about 3k a month on mortgage, bills etc we do have 2 children and 4 cats plus we pay another mortgage in pension costs. We have a decent foreign holiday every other year now. We live in the East Midlands.
Well done in finding such a long interest free loan to renovate your kitchen. I too would have taken this deal and retained my capital in the bank.
Definitely
It depends on where you live as well.
Absolutely, costs can vary quite a lot depending on where you live in the country. I happen to live in the West Midlands which isnt the most expensive, but it isnt the cheapest either.
The gas and electric standing charges alone must be close to that £50 !
Standing charges are £26.78, crazy when you think that’s all for absolutely nothing!
But for now I’m gonna let my credit get eaten through as I have a good £300 or so of credit on my account 👍🏻
@@JacobBurchell They are a con imo.
My standing charges exceed £50 a month, I’m amazed yours is so low most suppliers I’ve checked out quote higher than this. I’m in north east England.
Its crazy that part of the standing charge is to cover companies that have gone bust previously and the commitment to zero carbon
@@guyr7351 I checked my latest months bill to reply to the last comment and I can confirm my gas/electric standing charges are £26.78 for 31 days off charges 👍🏻 over £50 a month for standing charges is daylight robbery!!
I’m with octopus and their costs for my region have been the best for the last few years. My bill is £180 a month and is paying of underpayment to them!
I am effectively retired but our washing machine is going constantly wife works, her granddaughter lives with us, her other granddaughter and her 3 1/2 yr old often have clothes washed as well.
That is very low. I'm from the USA, and our costs vary widely by which state we are in, but overall. It is still lower than what a single person would spend each month to live here, good job.
Ahh that’s interesting to hear, thanks for sharing! 👍🏻
Well done in calculating August. Now set up your spreadsheet, and do it for every month. As long as you live. It is the only way to know true costs. Keep separate track of living costs (what you need to buy) and discretionary costs (one-offs you did not have to buy. And would not if you were in financial stress).
I have done this for 34 years now. No surprises.
Your current account and credit card should be down-loadable, and just transferred into the spreadsheet. allocate by single letter into main headings. Takes around ten minutes a month- a cheap investment of time.
A single month is not terribly useful- my max spread is almost four to one; but then I avoid monthly payments if annual is cheaper (and usually in arrears).
My costs? 3 bed house in SE, 2 cars; £12,985 for the last 12 months living costs. Discretionary £10,456 (Latter is lower than usual- normally ~£25K - I like nice holidays). This means we COULD live on my state pension alone. But we don't need to.
I’m definitely going to start spreadsheeting, been meaning to do it for a long time 👍🏻 I do keep track of my spending every month but it would be much clearer and simpler if it was in a spreadsheet.
@@JacobBurchell You can usually access bank and CC records to extend back 12 months- gives you a good basis.
Forecast forward- enter the current months forward, adding a %age 'inflation' for each year. Forecasting is a major benefit. Replace forecast entries with real ones each month, and it ripples forwards. The feeling of control it gives is immense! You can also do 'what if' s. See the real effect of, say, a new car. A friend of mine called it the best video game ever!
@@Tensquaremetreworkshop Well done on keeping spend records for 34 years....this tax year will be my 25th year. As you say, there is no hiding place with data like this
@@CherryBelle-sh2jx Makes you fail to understand why others do not do this. 'At sea without chart or compass'.
Thats not too bad for 2 people tbh. Half each. I live on my own with just mortgage and my bills are over £1300 easily.
Yeah it’s not too bad with 2 people and 2 incomes, but it would be a struggle if we had to drop down to 1 income 👍🏻 imagine how good you’d be living with an extra income 😆
@@JacobBurchell If I had another me, we'd have 4K disposable income a month...
I’d have sleepless nights knowing I had to bring in £2k a month to simply exist ! Mine is a quarter of that (paying off your mortgage is a game changer) I hate the thought of other people sticking their hands in my monthly pay cheque through direct debits ! I’ll decide how much and to who Thankyou very much 😂
Oh make no mistake it bothers me having our bills that high. We have NEVER had our bills tip over the £2k mark and thankfully next month they will drop below it as one of my direct debts has finished. Once Iv got the kitchen paid off that will be another £250 lower, and once I eventually get the mortgage paid off that will reduce it even further by £950, but that won’t be for a while 😆 thanks so much for watching!
How much council tax , gas , electric , phone , insurances , travel , food do you pay out of that £500 a month out of interest ?
@@johnristheanswer I break it down in the video for each specific cost 👍🏻
@@JacobBurchell Sorry , I was asking the other guy who lives on £500 a month , somehow ?
You can subtract that £249 kitchen cost from the total, since that's actually a one-time expense. You've just counted it as a monthly expense because of the way you're paying for it. After all if you had paid upfront for it, you wouldn't be counting it in your monthly cost of living.
Also if I were you I would only include the interest part of the mortgage. The paid equity part is essentially money you've saved - not an expense.
Or if you want to be blackpilled, calculate the opportunity cost of the equity in your property and add that to your monthly expenses.
Then realise you're paying way more than you thought, sell up and move to South East Asia.
True if I had have paid it off in one go I wouldn’t have counted it, but as I’m going to be paying for it for the next 3-4 years I’m still going to include it in my monthly costings as it’s something that will be a constant for a few years 👍🏻
In next months video I’ll include a breakdown of the mortgage capital and interest payments to give a more accurate picture regarding that 👍🏻
More info:
'Highest it has ever been' - true for me too- but not by much. Ten years ago it was £12,126. So, 7.1% more in 10 years- mostly in the last two. Whatever else it tells you, it is that CPI is not my inflation. Probably is not yours either.
big worry is pay the same for our mortgage its going to go up when renew, not in credit on energy and its £330 a month! spend £200 shopping a week and have one child which adds mega extras, we see it as one wage a months gone just to live and its getting worst with fiscal drag, its disposable income thats the difference poverty is worked out by wage coming in but some middle income familys have less left over than others on welfare and get no reconition for it or help.
I have my mortgage locked in at 3.9% for the next 4 years, very much hoping by the time it comes to an end I’ll be able to re-mortgage on to a cheaper rate, but who knows if that’s wishful thinking or not at this point.
No kids for me at the moment so I’m bracing for that in the future which will most likely push my costs up further 😆
Also £330 a month of energy bills seems like a heck of a lot to be paying a month. Do you actually use that much a month?
All the best to you!
Wow…£330 is. Lot for energy unless you have a very large house….
Agree. People who were middle class/middle income have actually moved down in living standards and disposable income. About your energy bils.. unless you have a huge house, this is extremely high, even if you're both WFH. Might be worth submitting accurate meter readings and getting your actual usage recorded and direct debits updated.
Hi sorry didn’t mention we had a large debit to repay due to issues back when the company had went bust, be paid off by next year but still think be about £100 plus a month, it’s a large house in my opinion but it’s quite new and very efficient and spent the winter wearing lots of layers:) feels we all just have to struggle by until things get better.
£2040 a month is a big amount of money and when you add in the things you are paying yearly and not accounting for the true amount is probable nearer £2500.
I agree! My monthly spending has never been over £2000 before but it’s because of the new kitchen loan I now have which is £250 bumping it up a lot.
Thankfully it will be atleast £113 lower next month as the loft payment is now finished so that should take the total to below £2000 next month all being well 🤞🏻
@@JacobBurchell I would still have taken an interest free loan even if I needed to draw out if my savings to make the payments because while the bulk of the money remained in the bank it would be making interest for me.
@@patmartin9727 yeah I hate taking on extra direct debits and increasing my monthly outgoings, but at the same time the kitchen loan was a no brainer as it is 0% for 4 years so while I pay it off my own money stays invested and can grow 😁
@@JacobBurchell 👍👍👍
I’m amazed as my last job I was on £30K take home was just under £2000 plus I have a rental
Income of £440 month.
At most I might have £150 spare.
Wife also works she pays for all the food and other bits I pay all the typical compulsory bills council tax is £240, water £28, mortgage £617 @1.29% 3 years left and when deal
Ends 8 years term
Left with about £50K will be still owed. We moved when 57 with 17 year mortgage and have overpaid almost from start to get it cleared quicker. I retired after redundancy last November 5 months ahead of my plans to finish but have always budgeted on the mortgage when retired. Our overpayments bring repayment down as we need the term to stay to make next deal manageable. So every 6 months payment decreases by about £20 month.
How on earth are your car fuel bills less than £50 a month combined that’s not even one tankful your mileage must be minimal. Even retired as I do taxi runs for one grandkid ( no car) to work, the great grandkid, my golf and football games I’m over 1,000 miles a month on average.
Mine is around £600 including mortgage in south Wales so it can be done. 😊
£600 total monthly expenses INCLUDING your mortgage? Wow that’s incredible, well done you!! 😆 I’m hoping one day my total bills will fall to somewhere around that figure but that will only happen once Iv cleared my mortgage and a couple of others finance agreements I have.
Thanks for watching! 😁
Sounds pretty economical to me for 2 people.
Bloody hell your mortgage payment is the same as my monthly income 😳😀 I’m lucky I’ve paid my mortgage off but I live in a shared ownership so still pay rent but that’s only £265 a month. I am 61 and semi retired with an NHS pension
Alright don’t rub it in too much 🤣 how nice it must be to only have to pay £265 a month!
Hopefully once I’m your age I’ll have the mortgage paid off and have much lower bills, but for the foreseeable they are gonna stay pretty high 🤦🏼♂️
Thank you for watching and commenting! All the best 😁
And the cost of the room remodel ? Wall removal etc? 😊
I will make a separate video for the kitchen costs don’t worry! 😆
Thanks for watching!
My wife and I pay £2050 just on the mortgage alone! :(
Wow that’s one hell of a mortgage payment! I thought £950 was bad enough 😆
Id sell, not worth it
Disgraceful you have to pay for water. Love your content. Best of luck with everything
Thanks Billy! 😁 it’s not every day someone says they love my content!
Thanks for watching and all the best to you too!
So many questions :)
How do you spend less than £50 for petrol for 2 cars? Do you drive anywhere at all? I have one little old car, only dive in the city and I spend 4 times that at least. I only tank at the cheapest petrol station (Costco). Maybe it's because I drive daily, dropping and picking up kids from school etc. ?
Gas / electricity and water bills also seem very low. £70-80 for all? I spend £150 for Gas and Electricity only (octopus), and I'm always in the red anyway. Water costs me £30 and that only because I'm on some support scheme. You must be very frugal. Admittedly, I already turned on the heating at my house, even though officially it's still summer. I just can't deal with 15-degree temperatures. :(
Loft conversion - how much was that? I've been quoted 40k for a full conversion. Hmmm, maybe I should consider a cheaper option, for the storage space and isolation benefits.
Some info: We are a family of 4 by the way, living in a supposedly cheap part of the country (Sheffield). I find life here in the UK prohibitively expensive, compared to shockingly low salaries.
Well my car barely goes anywhere, I drive it probably once or twice a week on short journeys, so it’s only the Mrs car that is used regularly but she doesn’t have to go far for work (about 8 mile round trip).
I lowered my Direct debit with Octopus down to £50 so I could use some of the £300+ credit on my account, hence why that is quite low at the moment.
The kitchen renovations I haven’t fully costed yet but I will create a video to go over that in full once I have ran the numbers 👍🏻
All my costs are for just me, the Mrs and the cat and we live in the West Mids near a place called Stourbridge 😁
@@JacobBurchell Can I ask why did you opt for this basic loft conversion (boarding and isolation only) and how much it cost you in total?
@@KeepCalmAndTravelOn sorry I completely missed that on my last reply.
When we bought the house the loft barely had any insulation in and couldn’t be used for storage as it had no boarding, therefore we paid around £1400 to have it properly insulated and boarded, firstly to keep the house warmer(it’s an old 1950’s house) and secondly for the huge amount of extra storage that then gave us 👍🏻
@@JacobBurchell thanks!
This sounds reasonable compared with many people (well, not exactly "reasonable", as nothing in England is reasonable any more! - but for the economic times we're living in). Especially if you have two incomes. My costs are around the same, probably more (I just ove so need to update my tracker), and I'm a single person. As a single person many things are stacked against us. My rent is £1400 and not split with anyone. Gas and electricity aren't really less as you're still using the same rooms. Subscriptions are still the same. Food and council tax (solo occupant discount) would be less but overall that doesn't make much difference. If you do both have incomes, you're way better off than a lot of people. You can have holidays, an emergency fund for car and boiler repairs etc. money for clothes, outings, house things, birthdays etc plus pensions and savings. Plus if one lost your job you'd be OK for a while. Unlike many single people. I got laid off in the summer and am rather panicking. So if you do have two incomes I urge you to put as much as poss into your pension plans and to invest. I and many other people approaching retirement never did this (or didn't earn enough to do it) and now there a huge number of us who, despite having worked all our lives, are looking at a rather dismal retirement and drop in quality of living. I appreciate your video and openness and seeing everyone's comments on here too.
*just moved
Firstly id like to say thank you for watching and for leaving such a detailed comment!
But you're absolutely right, for single people things really are stacked against you in the modern times we live in. I am lucky enough to say we do have two incomes which are a very similar level, which allows us to use 1 wage to pay all the bills with a little leftover, and then that leaves the 2nd wage free to do what we like with such as save/invest and have nice holidays etc. I'm someone who always plans ahead so we do have a comfortable emergency fund should the worst happen and we lost one or both of our jobs, and we do also invest for the future and our retirement too.
@@JacobBurchell Good for you mate! And do please do the kitchen video!
@@yogajaxx8299 it’s on my list! 😆 RUclips and a full time job can be challenging sometimes but It’s a good problem to have!
Great job! Millions of Americans would love for their monthly expenses to be this low. The house insurance is laughably low... congratulations!
Thanks!! I guess the flip side to the US is your bills are higher but your salaries are generally higher too I believe. It’s the health insurance costs that always baffle me with the US, it’s so expensive!!
@@JacobBurchell True!!! Healthcare costs in the US are stupid! So are university costs as well.
Lol Americans get paid nearly 2x as much on average.... So you cant just convert £ to $ 😂😂😂
How is your energy bill so low for such an expensive mortgage 😮 i pay 90 a month for my 2 bedroom semi which is just over 400 for my mortgage 😅 worked out my bills come into just under 800 a month, plus food and living etc... was your new kitchen worth the upgrade? Hearing the Midlands twang feels like home! Great video keep going 😊
My direct debit is £50 because I lowered it recently due to having about £300 in credit so I wanted to start eating through some of that instead of keep giving them more and more of my money for no reason. My actual energy usage costs last month were £61, so still not much more, but obv will increase as we go into winter as the heating will go on at somepoint 👍🏻
My mortgage is high because I borrowed £200k 😆
Absolutely love my new kitchen, very much worth the upgrade, especially as the old one was falling apart haha 😆
Ahhh another midlander, thanks for watching, I really appreciate it!
Don’t think you live in the south east judging by the size of your mortgage payments or have to drive very far. And your building and contents insurance are ridiculously low. You must have minimal cover. You should also budget a monthly amount for annual expenses and save in a separate account so you always have the necessary funds. If you live in an area of virtually no terrestrial tv reception, an inclusive ( expensive) broadband etc package is a must.
I live in the West Midlands and you're right we don't drive very far at all. Both myself and my wife drove about 4.5k miles last year combined. I only do buildings insurance, don't bother with contents insurance hence why its such a low cost.
I always keep money saved in an emergency fund account for anything that might crop up unexpectedly, but for most one off costs like a tv licence or something like that, i just use my spare monthly wages on that specific month to pay that without dipping into savings.
Kitchens fitters are such scam artists. The materials for any new kitchen never exceed £3,000 and it isnt rocket science to do yourself
As long as you don't touch the gas and electricity and are VERY careful with the water, most kitchens are flat pack and are certainly within the abilities of the average punter.
Can I ask you your home insurance is with. It seems remarkably cheap, mine is over £400 a year.
It’s with Santander, but as I said in the video it’s quite a basic policy which covers the building only 👍🏻
my yearly bills ie car insurance home insurance car service MOT car tax Aa subscription. add up then divide by 12 and therefore pay every month.
Mine is £1,200 excluding food… I spend around £250 on food. This is just for me and my cat tho lol.
Not surprising, life seems to be getting more expensive by the day! 👍🏻
£98 on eating out when its only £240 on food 😂😂 crazy.
Yeah and even worse to think I couldn’t even remember what we had which makes you think… was it even worth it 🤦🏼♂️
@@JacobBurchell nope! I just get fish and chips or something like that once a month. Maybe if you go to a seaside or something get fish and chips or out a meal, but.if you're at home being lazy 99% of the time it wasn't worth it and you don't even remember.
@@LawrenceTimme very true. We normally only do meals out for special occasions like birthdays/anniversaries, things like that. But when it comes to takeaways you’re right it does just come down to laziness and you have to try and catch yourself in the moment and stop yourself being lazy and wasting the money 👍🏻
I got rid of the car. Save so much money
Realistically I think we could go down to one car too but we keep the 2nd out of pure convenience 👍🏻 maybe in the future we will.
Thanks for watching! 😁
@@JacobBurchell if you can try and go to one car, we did that a few years back definitely a saver.
No private pension contributions?....🤔
That’s not money I spent, that’s money I saved technically 😉 everything in the video are costs I spent myself, all my expenses for the month. I wouldn’t personally call private pension contributions an expense as they are taken before I even get paid my monthly salary 👍🏻
@@JacobBurchell Thanks for explaining 👍
I guess it all comedown to what we want in life. I would be pretty freaked out with a £200k mortgage and I do not think that cinema (£5 Savoy) tickets are expensive, so I am a regular cinema goer. I was a single-parent, and having 1 child was a breeze in all ways - well behaved child who left home at 17 and Uni at 18. Foodwise, I am going minimalistic nxt yr. Which means grown veggies/ tates and just buy enuff food for one. Take aways, i prefer Just Eat to Food Hub and that is twice per month. No car, but may lease an EV at a cost of £300p/m all in. Water lowest tariff £20p/m and summer utilities gas/leccy = £50 and winter goes up t0 £150p/m and I am frugal only put heating on when needed. As I live a minimalistic lifestyle, no new clothes, no make-up, no hairdressers, no botox or beauty treats, I do it all myself at home. If I need a perfume i buy off Vinted as good value. I sell on Vinted as a side hustle so never pay for small items. My mortgage is £500 and my expenditure is £1k p/m and I don;t bother with home insurance for several years now, but I do have life/ critical illness insurance. Sky-internet £27p/m and mobile phone contract £49p/m with Vodafone.
You’re right it does all come down to what we want out of life, and that is different for every single one of us.
Without a doubt my mortgage is something that plays on my mind. I honestly never thought I would have a 200k mortgage, but I’m content with it knowing I’m a disciplined and focussed person, and I know when I put my mind to something (like paying it off) I know I’ll get it done 😁
Thanks for watching, I really appreciate it!
Not having home insurance sounds risky. Do you not have any buildings insurance, or do you mean no contents insurance?
@@stevenwilliamson6234 I have had my home for 20-yrs and apart from the very 1st year, I never had it. Same when I go abroad i don't take travel insurance out.
surely most people have a mortgage of 200k or higher?
@@SBridge11100 you would think so, but amazingly the average UK mortgage balance is only £131,421. But as time goes on it does keep increasing and that is of course because housing is getting more and more expensive and people are having to take out bigger mortgages.
But that's just you. Not everyone has a mortgage. You can pay less on mobile and tv/broadband. Take sandwiches and drinks when outside rather than eat out.
Feel free to share your own expenses in the comments for comparison, It’s super interesting to see what other people’s situation is like 👍🏻
That monthly mortgage payment is a killer.....!!!
Tell me about it! My old mortgage used to be £420 which was great, but we moved to a more expensive area and couple that with interest rates going up we’ve ended up with our new mortgage payment at £949 🤦🏼♂️ at least one day it will be paid off so it will eventually disappear from my monthly outgoings.
@@JacobBurchell OMG.....Hope not many years left.....!!!!!
@@irenemacginley6022 Only about 28 years to go… so not long really 😆
@@JacobBurchell Help.....!!!!!
@@irenemacginley6022 sadly, this is the norm for most people my age. With house prices the way they are these days, people have to borrow a lot of money and mix that with high interest rates and you get big monthly payments.
The rent, is too damn high ;-)
Tell me about it 😆 but that’s what happens when you buy a more expensive house and interest rates go up at the same time! 🤦🏼♂️
DAMN
I'm doing incredibly well on my income.
What’s your income vs your outgoings?
Thanks for watching 😁
That's not a lot of money, when you have two incomes and no kids, 24k incl mortgage is nothing.
Well, it’s not nothing 🤣 but I know what you mean, it’s manageable with 2 incomes. Only 1 income would be a lot more challenging though.
If something is zero percent they've already upped the price.
It would have been the same price whether I paid in full by cash or by 0% finance agreement… so the no brainer was the finance over 4 years. That way my own money gets to stay invested and grow over that period 👍🏻
@@JacobBurchell 0% just means you paid the interest on the loan upfront. Kitchen. Car. Loft Insulation. The no brainer is to take 20% off the price quoted and put the cold hard cash in front of them. I've never known a car dealership or sole trader to refuse and give the lower price. You could then be using the payments to reduce the term on the mortgage.
Too much.
I agree 😆
surely you could pay your home insurance yearly and save the monthly payment. Works out cheaper in the long run
It was the same price monthly so I just went with the monthly option this time 👍🏻
@@JacobBurchell fair doos
You say a lot of money to spend..... WOW
Hi Jacob, another great honest video. Very interesting your/your good lady's costs are very similar to mine in Stratford-upon-Avon Warwickshire. As I've bored you with many times, at 57, I'm at a diff stage of life, and am fortunate to have paid off my mortgage, have employer final salary pensions, SIPP and ISAs plus have a mortgage free rental property from inheriting my beloved late parents house......I recognise my privileged position. Although I retired at 56 in Feb 2024 (as was offered a very generous enhanced redundancy which paid me to go when I was going to retire in Aug 2024 anyway) ive taken a basic admin job 20 hrs a week whilst I wait to see how much of my savings I'm going to use to top up the budget for the rebuild of my parent's bungalow.......basically, bungalow has major subsidence that is so bad that my insurance company say it has to be completely demolished, ground underpinned, then rebuilt from scratch.....all at Insurance cost. I'm taking opportunity to have bungalow built with a larger floorplan and have stronger roof truuses that mean I can have loft fitted out as master bedroom with ensuite and dressing room. However whilst I'm waiting for insurer get planning permission etc I thought I'd get a basic no stress job so that my wages cover my basic bills and I can keep my savings for the added extras for the rebuild bungalow. My net pay is a lowly £1900 and my MONTHLY avg living expenses are:
Mortgage Nil
Home Insurance = c£15 (paid annually)
Council Tax Band D single occ = £168
Gas/elec = £80 (from 1st Oct 2024) (I had a prev credit of £800 that I demanded be refunded in June 2024)
Water £21
BroadBrand £14 ( after cashback applied)
Supermarket £230
Takeaways £70 (I'm surprised like you as can't remember having them)
Mobile Sim £3.50
TV Licence £18
RFL £2.25
Car Insurance £19ish (£180 per year)
Petrol £20
Car replacement pot £150 (I only change my car every 12 years) held in prem Bonds....my wins so far have beaten equivalent interest foregone
SIpp & SS ISA platform £22 (£263 per year...Which equates to less than 0.029% annual fee on my portfolio so a bargain)
Cat vet fund £50 (I put by £50 every month rather than pay Insurance as she is an old girl which makes her almost uninsurable to any meaningful extent......she earns 5.2% interest and her account balance is £4478.
Cat annual vaccs £nil ( I paid one off fee to pets at home 12 years ago so every year the annual vacs is free)
Dental pot £15 (although im with an NHS dentist I like to have a pot that i can dip into)
Optical £15 (ditto my specsaver pot)
TOTAL (Added in my head) c£920
.....like you, I'm amazed its that high and I don't have rent or a mortgage.
Stupid of me to say it but I'm really shocked.
As always best wishes x
@@CherryBelle-sh2jx I always love reading your comments, always so detailed, thoughtful and kind 😁
If you were to add a mortgage on top of those costs you wouldn’t be far away from my costs… I can’t wait to be mortgage free 😆 won’t happen for a while but it will eventually.
My new kitchen cost (£250 a month) is currently bumping my monthly spending up a fair bit, but that will only be for 3-4 years and then that will drop off so that’s something good to look forward to for me 😁
I think you’re doing the right thing by taking a 20 hour a week job to tide you over until things smooth out and you have a clearer picture of where you stand going forward. Once everything is sorted with the house you can then decide what you would like to do from then on.
@@JacobBurchellThanks so much for your kind and supportive words. I def feel "safer" covering my bills with my "little" job...it's no/minimal stress and after previously working as a vendor manager for a UK insurance company and jaguar Land rover....both roles were well paid but very demanding ....im grateful just to toddle into the office (2 mins drive from home & will walk once my snapped achilles tendon is back in one piece 😆)....do a good basic job and toddle off home on time. Keep videos coming, let's get your revenue in 😅