How much should I spend on rent?

racso1975

Ok so next month I am moving out after a family seperation. It has been well over a decade since I last rented.

I currently get paid 598 pw. On a monthly basis I will have 208 a month to come out for creche and health insurance.

Other bills estimating (Please add if I miss):
Elec 100 pm
Rubbish 20pm
Mobile 25pm
Shopping 340pm
Water charges 20pm
Petrol 200pm
Broadband 40pm
Tele lic 15pm
Car tax/ins 100 pm
Savings 100

On a monthly basis I will be taking in 2550. The outgoings I have listed is about 1300. I realise I have not put in social but I am not a big social person.

I am currently looking at properties about 650/700 but am concerned I am leaving myself tight?

These would mostly be 3 bedroom houses. I am obviously not in Dublin.

Any advice or guidance appreciated.

BabySlam

your rent will be around a third of your net monthly pay, which seems fine. your shopping bill looks large - is it for a few people?

racso1975

Prob not will have kids every second weekend and 1 or 2 nights a week. A 1/3 would be 850 a month so should be ok. Any thing else stand out that I may have forgot?

ja1986

Maybe the tv subscription? Unless your using the bb for streaming. And gas? I think you've covered everything else. Just remember to have a little side pot for when you move in, for little bits a pieces for the house. My place cost a fortune by the time I put my personal touch on it. But that's kind of a once off thing when you first move in.

Sorry your moving out under the circumstances but best of luck in your new place

abarkie

racso1975 wrote: »

Ok so next month I am moving out after a family seperation. It has been well over a decade since I last rented.

I currently get paid 598 pw. On a monthly basis I will have 208 a month to come out for creche and health insurance.

Other bills estimating (Please add if I miss):
Elec 100 pm
Rubbish 20pm
Mobile 25pm
Shopping 340pm
Water charges 20pm
Petrol 200pm
Broadband 40pm
Tele lic 15pm
Car tax/ins 100 pm
Savings 100

On a monthly basis I will be taking in 2550. The outgoings I have listed is about 1300. I realise I have not put in social but I am not a big social person.

I am currently looking at properties about 650/700 but am concerned I am leaving myself tight?

These would mostly be 3 bedroom houses. I am obviously not in Dublin.

Any advice or guidance appreciated.

Contents insurance

Pension

Life insurance

racso1975

abarkie wrote: »

Contents insurance

Pension

Life insurance

Yeah contents is not included I have included the others in it in the initial payments and take home pay. Thanks.

ja1986 wrote: »

Maybe the tv subscription? Unless your using the bb for streaming. And gas? I think you've covered everything else. Just remember to have a little side pot for when you move in, for little bits a pieces for the house. My place cost a fortune by the time I put my personal touch on it. But that's kind of a once off thing when you first move in.

Sorry your moving out under the circumstances but best of luck in your new place

Yup gas. Not a cost I have had as was using solid fuel. Will be streaming alright. Cheers

BabySlam

It would be good to build a fund to pay for a future holiday, and another for replacing/maintaining the car, and another for "social-hobbies" - you say you are not "social" but maybe you will do an evening class in cooking for example.

But before any saving, clear all debt such as credit card, credit union, personal loans - the interest rate on these can be much more than you earn on the savings accounts.

Well done on thinking through your budget so clearly.

hdowney

I don't see a maintenance payment in there. Obviously I don't know your circumstances and how you and your partner have decided to finance all associated costs with your children but if you will possibly be paying your partner some maintenance you need to factor that in

racso1975

hdowney wrote: »

I don't see a maintenance payment in there. Obviously I don't know your circumstances and how you and your partner have decided to finance all associated costs with your children but if you will possibly be paying your partner some maintenance you need to factor that in

No it will be joint custody just starting at 1 day and alternate weekends to give them a chance to get used to the place

daithiK1

If you can try to factor in upfront early each pay a bit of rainy day savings. a small bit now will amount to something down the road and v helpful if it gets wet

Pac2015

racso1975 wrote: »

Ok so next month I am moving out after a family seperation. It has been well over a decade since I last rented.

I currently get paid 598 pw. On a monthly basis I will have 208 a month to come out for creche and health insurance.

Other bills estimating (Please add if I miss):
Elec 100 pm
Rubbish 20pm
Mobile 25pm
Shopping 340pm
Water charges 20pm
Petrol 200pm
Broadband 40pm
Tele lic 15pm
Car tax/ins 100 pm
Savings 100

On a monthly basis I will be taking in 2550. The outgoings I have listed is about 1300. I realise I have not put in social but I am not a big social person.

I am currently looking at properties about 650/700 but am concerned I am leaving myself tight?

These would mostly be 3 bedroom houses. I am obviously not in Dublin.

Any advice or guidance appreciated.

Your shopping looks really expensive I live in Dublin and spend way less then that per month for 2 people.
Where do you shop?

Your electricity looks a bit high too mine per month for 2 people is again 101 pm.

If you are outside of Dublin I think up to 700 is a decent amount to rent a house.

Pac2015

I would also factor in about 100-150 to try and save in a credit union you never know what will come down the line