The cost of an "acceptable" standard of living

[Twiglet]

Personally, I'd say £12,000 (after tax) for a single person who isn't bothered about holidays or extravagant evenings out. As long as your rent is reasonable, you have no debt/car repayments, I think 12k is a comfortable amount to live on.

 

There are two things that screw your finances - debt and children.

 

Or living in London.

 

An average rent for a single room in a shared property, plus council tax, will set you back around £7200 a year. Then add utility bills, say £500 a year. Then add £1000 for an annual public transport travelcard as running a car is a) impractical and b) expensive. For a single person with no children you're looking at very very basic outgoings of around £10k per year before you even see your salary.

[Cyclone]

I managed to find a shared room in London close to Canary Wharf for £100/week all bills inc.

Tube was costing me about £20/week, so £1000 seems accurate with regards to that.

That's immediately £2700 less than your estimate though and I didn't really shop around for that room.

[epiphany]

London is ghey. And expensive.

[Twiglet]

I managed to find a shared room in London close to Canary Wharf for £100/week all bills inc.

Tube was costing me about £20/week, so £1000 seems accurate with regards to that.

That's immediately £2700 less than your estimate though and I didn't really shop around for that room.

 

Not terribly practical if you work in West London though...

[Cyclone]

True, I wonder what the average is.

 

I looked for a room in Westminster, that was going to be about £800/month, just for a room.

[Twiglet]

True, I wonder what the average is.

 

I looked for a room in Westminster, that was going to be about £800/month, just for a room.

 

Apparently £520 a month non-inclusive for a double room on single occupancy. Bearing in mind that a 'single room' in London = suitable for weekday crashpad only!

[rubydazzler]

When I first lived in London, I rented a bedsit in Putney for 4 guineas a week! As my wage was only 8 guineas at the time, it was quite a lot really. Guineas, lol! Do any of you even know what they were? God, I feel ancient now hehe.

[Cyclone]

Anyway, what about these figures, £44 a week in food if you're single. I think we budget a tiny bit more than that for 2 of us, and we don't scrimp.

£0 in motoring but £10 in fuel? What's the fuel for, a paraffin lamp? And then £20 in other travel. Presumably less though if you don't live in London...

£50 in rent, seems reasonable.

And £40 for social activities. I think I could get by on a lot less than that, if I was skint. £10 for 2 bottles of wine and invite your friends over (or go to theirs), that covers a whole week.