# First Time Buyer Budgeting



## WopaDoBop (Nov 9, 2009)

I am trying to draw up a budget/plan for costs of "running" a new home.

We already have a fair ammount stashed away for a deposit (20%) and have family members who have offered to lend us more if required.

There are just 2 of us, and this will be a fairly small 2 bed property.

We have spoken with a mortgage advisor, but I wanted to utilise the collective power of the internet and ask "you guys" to go over my figures.

Having never owned a house, or even properly budgeted before, (although I have done a fair ammount of research already) I want to make sure my figures arnt MILES off, and that I havent missed anything. (I also realise milage my vary, I.E some may think £100 PCM is alot for phone bills, but we both have $expensivefruitbasedsmartphones and use them for business)

Here is what I figure we will be spending. 
(First column is Per Calander Month, second column is Annual Cost)

Mortgage---------£400.00-----£4,800.00
Council Tax--------£98.00-----£1,176.00
Water-------------£22.00-------£264.00
Gas---------------£50.00-------£600.00
Electricity---------£35.00-------£420.00
TV License--------£12.00-------£144.00
Phone bils--------£100.00-----£1,200.00
Food------------ £200.00-----£2,400.00
Clothing----------£100.00-----£1,200.00
Fuel--------------£240.00-----£2,880.00
Car---------------£125.00-----£1,500.00
Sky/BB-------------£24.00------£288.00
PPI/Insurance------£50.00------£600.00
Misc--------------£100.00----£1,200.00
Total------------£1,556.00---£11,268.00


Many thanks


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## Dip the Dip (Feb 14, 2009)

I lived in a fairly average size 2 bed flat @ Uni for 9 Months Electricity cost 564.32, Water came to 166.20, BB/Telephone came to 306.51. 

We had Electric Heating & the flat was vacant for Christmas. Seems as though you have budgeted well. Drop it into Excel and see what impact it has if something unexpected cropped up!


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## Kap01 (Aug 12, 2007)

Interesting pal, me and my wife have been doing the same... I would say the following figures seem wrong ... or can be saved on!! 

Phone bils--------£100.00 - even 2 x mobiles @£30 + £12 bt line is only £72

£200 for food... I would estimate £400! this could include meals at work, the odd £15 meal out.

Maybe a £75 luxury budget, if it doesnt get used then can be put into savings?

Also I would set a side a budget for saving. otherwise it will never happen.

Otherwise looks good


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## dan123elvin (Jun 15, 2010)

That looks spot on to me. About what i pay.


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