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jane58

How Much Do You Need To Live On, Assuming No Mortgage?

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Ok, this is a serious question. Assuming no mortgage and wanting to run a car, how much income does a single person need to survive?? I'm guessing around £800 per month based on £150 for council tax, £150 for gas/ electric/oil and £100 to cover tv licence, other insurances, phone bill and water rates. Car I'm guessing a max of £200 per months to cover insurance, taxing and minor bills and fuel assuming around 800 miles per month. This leaves £200 per month for food, clothes and other stuff. Am I being reasonable or am I totally wrong?

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£1k per month is absolutely enough; I have been looking at £500.

If you have £1.2m in savings so that this amount of drawings equates to taking 1% income then you are sorted.

Want a friend? ;-)

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It's not for me. I still have a mortgage to pay. But I'm looking at costs to save my mum running out of money. I have a sibling that thinks £1000per month is not enough and I'm thinking it's plenty. Am I not on the planet or is my sis more sensible???

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Lots of variables and the location is vital.

Say here in the North West.

For a single person Gas, electricity and Water would be under £100. Lets say you have a smaller property in a normal north west location then council tax would be around £100.

Insurance on a car on average would be £50 per month (maybe less).

No mortgage and no rent? Even with a car I reckon you could live on £400 - £500. Assuming no expensive nights out etc.

Car fuel is important though. 800 miles per month? What would that be in petrol?

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Depends how hot you like your house and how much cooking you do.

There are ways of making some bills less -

you could have a water meter, use less energy by having a cooler house, get more insulation etc,

Eat less and more cheaply.

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I have a sibling that thinks £1000per month is not enough and I'm thinking it's plenty. Am I not on the planet or is my sis more sensible???

I used to live on about 1000 a month, including rent and running my car. However, that wasn't enough to cover any major repairs if the gearbox fell out or something else disastrous happened.

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Ok, this is a serious question. Assuming no mortgage and wanting to run a car, how much income does a single person need to survive?? I'm guessing around £800 per month based on £150 for council tax, £150 for gas/ electric/oil and £100 to cover tv licence, other insurances, phone bill and water rates. Car I'm guessing a max of £200 per months to cover insurance, taxing and minor bills and fuel assuming around 800 miles per month. This leaves £200 per month for food, clothes and other stuff. Am I being reasonable or am I totally wrong?

£200 per month for "food, clothes and other stuff"? Yes it's possible, but what a meagre and miserable existence that would be.

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We did this calculation a while back and found that, living in a moderately large victorian semi and running a thirsty petrol mondeo, we'd need around £500 to cover all taxes, bills, and insurances.

We could get that down a fair bit by downsizing to a smaller, less draughty place, and getting a smaller car.

So £1000 per month is totally do-able. Even in our current situation, that would leave £500 a month for food, petrol, and discretionary spending.

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1 person running a small car ~ £500 per month with tight budgeting but still eating well and enjoying free country walks for entertainment.

Any more money just makes it easier and luxuries affordable.

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Ok, this is a serious question. Assuming no mortgage and wanting to run a car, how much income does a single person need to survive?? I'm guessing around £800 per month based on £150 for council tax, £150 for gas/ electric/oil and £100 to cover tv licence, other insurances, phone bill and water rates. Car I'm guessing a max of £200 per months to cover insurance, taxing and minor bills and fuel assuming around 800 miles per month. This leaves £200 per month for food, clothes and other stuff. Am I being reasonable or am I totally wrong?

No other debts...car fully paid for, fuel can cost £80 to £100 PM Tax Mot and Insurance depends, in the region of £40 PM.....without taking into account any servicing and repair costs, tyres etc.

http://www.fuel-economy.co.uk/calc.shtml

So car costs min of £150 pm.

CT £150 PM

Water depending, a meter may be beneficial if living on own without big garden or pool between £20 to £50 a month.

Gas and Elecy is very much up to how good the home is insulated, how many rooms are heated and how long the heating is on for and the setting of the thermostat....ideally for an elderly person 20 degrees should be adequate, don't heat unused space.....so I would say £100 duel fuel at the moment should be enough.

Phone again depends on usage and if mobile telephone and special numbers are rung....if only land line numbers pay a monthly fee for unlimited usage plus the line rental can be about £20 to £30 PM.

TV Licence is £12 PM.

House Insurance £10 to £15 PM. basic buildings and contents.

So what is left is Food and cleaning products etc £200 PM

Grand total = ~£ 687.

Still plenty left over to save for a rainy day. ;)

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£200 per month for "food, clothes and other stuff"? Yes it's possible, but what a meagre and miserable existence that would be.

I know lots and lots of people who seem unable to enjoy a cup of coffee at home, or a friends. People who can't live without buying tat every day, endless streams of new expensive clothes, the latest book, dvds and gadgets.

Living without all that commercialism doesn't mean you have a meagre existance or are miserable.

Living without all that crap makes you free from the biggest nasties society seems to throw at people.

If you need to go out and spend money to have a good time then you have more problems than what you spend.

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Thanks for all the replies. I'm glad to know I'm not being unrealistic. However I'm not sure she will do as much mileage as I originally claimed, so she will have more spare money than I allowed for.

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I know lots and lots of people who seem unable to enjoy a cup of coffee at home, or a friends. People who can't live without buying tat every day, endless streams of new expensive clothes, the latest book, dvds and gadgets.

I've worked with people who freely admit that they save a fortune when they work at an out-of-town office as there is no automatic lunchtime dive into town to puruse their shopping hobby. These are sensible people and they will stop about a week before payday because they are out of spending money. They enjoy it, they're not going into debt, and they show that they can stop it because they do it each month. I see them wasting their money and accumulating tat, but they're very happy about it.

They see money as being for spending and enjoying. It comes down to whether you enjoy shopping or not. Personally I see it as an occasional necessity like cleaning the bath or putting the bins out. I buy new walking shoes when my old ones start leaking, as they have just done, but other than that don't wander around the shoe shop.

For the OP: just wanted to check that this income will in some way increase / be indexed over time.

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£1k pm would be ample for me.

I'd do some real analysis on whether a car is a benefit or not. Lots of cost and hassle. Some people can't live without 'em. I, OTOH, would move house rather than *need* a car.

My "financial last stand"[1] figures work out at somewhere around £1700 pm for a big house, 4 people, no car. This would be pretty tight living, though - and a upswing in top band council tax would blow it out of the water.

[1] A continually updated figure I maintain to know whether or not we, as a household, would survive zero earned income. While investment returns > £1700 pm, I'm relaxed and chilled.

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I've worked with people who freely admit that they save a fortune when they work at an out-of-town office as there is no automatic lunchtime dive into town to puruse their shopping hobby. These are sensible people and they will stop about a week before payday because they are out of spending money. They enjoy it, they're not going into debt, and they show that they can stop it because they do it each month. I see them wasting their money and accumulating tat, but they're very happy about it.

They see money as being for spending and enjoying. It comes down to whether you enjoy shopping or not. Personally I see it as an occasional necessity like cleaning the bath or putting the bins out. I buy new walking shoes when my old ones start leaking, as they have just done, but other than that don't wander around the shoe shop.

For the OP: just wanted to check that this income will in some way increase / be indexed over time.

I shop and save, and exercise.

On average I may visit my city centre once a month in a lunch break and, more often than not, I'll find myself in that intriguing store called TK-Maxx

Usually, I'll buy something ridiculous and will get home and realise that I've wasted money, which you can't spend twice.

So I'll return the item the next day for a full refund.

Both sides of my personality satisfied,

and I'll have had two brisk walks.

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I shop and save, and exercise.

On average I may visit my city centre once a month in a lunch break and, more often than not, I'll find myself in that intriguing store called TK-Maxx

Usually, I'll buy something ridiculous and will get home and realise that I've wasted money, which you can't spend twice.

So I'll return the item the next day for a full refund.

Both sides of my personality satisfied,

and I'll have had two brisk walks.

Ditto for TKMaxx (called TJMaxx in the US for some reason), it's a great source of presents. Two or three trips usually sorts out Christmas for me.

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Ditto for TKMaxx (called TJMaxx in the US for some reason), it's a great source of presents. Two or three trips usually sorts out Christmas for me.

I'd be interested in SNACR's thoughts but its 3/4 full of overpriced shit IMO.

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I'd be interested in SNACR's thoughts but its 3/4 full of overpriced shit IMO.

Yep, much TK-Maxx stock is overpriced and not a 'bargain',

and much of it is failed product ideas or designs that never sold in mainstream stores the previous season,

but some last season stock is a bargain,

but also much of the cheap stuff is miss-labelled clothes.

Trousers labelled as 32 inch waist that are actually 34" etc.

People looking for 32" try them on and find they are too big, and people looking for 34" never try them as they think they'll be too small.

Eventually these miss-labelled items are reduced to silly prices.

So I never pay attention to the size label.

Two weeks ago I got two pairs of good quality shorts for £8 quid each, which will do for next summer, which is only 6 months away.

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Ok, this is a serious question. Assuming no mortgage and wanting to run a car, how much income does a single person need to survive?? I'm guessing around £800 per month based on £150 for council tax, £150 for gas/ electric/oil and £100 to cover tv licence, other insurances, phone bill and water rates. Car I'm guessing a max of £200 per months to cover insurance, taxing and minor bills and fuel assuming around 800 miles per month. This leaves £200 per month for food, clothes and other stuff. Am I being reasonable or am I totally wrong?

Some people at work (social care) were getting pay offs to get them to leave because they were on old contracts which gave them about £11p.h, too much in todays climate for cooking a meal and watching Sky news with a client/service user/person/human who is special :P , one bloke who is mortgage free said he could live for two years on 6k if he had too :o

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Two weeks ago I got two pairs of good quality shorts for £8 quid each, which will do for next summer, which is only 6 months away.

I think the key to this is thinking and planning ahead. Buying clothing out of season is usually a good way of saving money and hence achieving the goal of living well on less money.

In answer to the OP, I would have thought £1000 a month would be plenty providing you don't have extravagant tastes.

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Ok, this is a serious question. Assuming no mortgage and wanting to run a car, how much income does a single person need to survive?? I'm guessing around £800 per month based on £150 for council tax, £150 for gas/ electric/oil and £100 to cover tv licence, other insurances, phone bill and water rates. Car I'm guessing a max of £200 per months to cover insurance, taxing and minor bills and fuel assuming around 800 miles per month. This leaves £200 per month for food, clothes and other stuff. Am I being reasonable or am I totally wrong?

That is per year, not per month? Gas/Electric depends on how often it is on/you are in, possible to keep these bills very very low IME.

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That is per year, not per month? Gas/Electric depends on how often it is on/you are in, possible to keep these bills very very low IME.

Says TV + insurance + water + comms = £100 p.m.

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That is per year, not per month? Gas/Electric depends on how often it is on/you are in, possible to keep these bills very very low IME.

That's also how I read it first time but it's:

tv licence, other insurances, phone bill and water rates

There's a big saving to be made by driving far fewer miles or losing the car entirely but that would cut the quality of life.

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