- May 16, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Financial Situation Overview and Concerns
Looking for some advice / reassurance below.
### Joint Income and Living Situation
Joint Income: £5,515 (I get about £1500 a year bonus and partner around £1000). My job is very stable and hers is fairly. The house is a 3 bed detached with an EPC rating of C. It’s just me and her moving.
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### Monthly Expenses Breakdown
Mortgage: £1865
Council Tax: £220
Electricity & Water (Estimating): £250
Broadband & TV: £100
Life & House Insurances: £50 (I have death in service so don’t need)
Food: £400
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### Budget Allocation and Disposable Income
Total = £2900 (rounded) or 52% all in. Mortgage is 33% of overall income.
After our personal bills (car, phone & work travel) we would have roughly £1800 between us for ‘disposable income’. Is this enough to work? I am sure it is, but would like some external views as not sure if I’m missing anything obvious.
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### Emergency Fund and Financial Security
We also have a circa. £25k emergency fund as well. Thanks for any advice.
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It’s fine but will be more challenging if you had kids in future due to childcare and loss of earnings.
[deleted]
Looks okayish but make sure you are accounting for all your actual expenses, not just your monthly bills. Dentist, haircuts, replacing clothes, car maintenance, boiler servicing, Christmas and birthdays, home maintenance, etc. MSE budget planner is good for working out what your true monthly commitments are, even if you only pay for something once a year.
Start saving now for mat leave and childcare costs. If you can put 5-10k per planned kid away that will lessen the blow a fair bit. You’re also missing sinking funds – things you need to save for every year e.g. holidays, medical expenses, car replacement / servicing etc, gifts, clothes etc. I imagine thatll up to 1k per month depending on lifestyle. Best thing to do is have a full annual realistic budget planned and see.
You’ll manage but with kids it’ll be tight,but that’s ok.
Hi /u/Prior-Investment-431, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/budgeting/
* https://ukpersonal.finance/emergency-fund/
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^(These suggestions are based on keywords, if they missed the mark please report this comment.)
Figures do seem to add up, but I will say that life insurance is most definitely worth having outside of work solely for paying off the mortgage!
I have seen what happens when someone relies on “death in service” and then changes jobs 2 years in to the mortgage, forgetting that the new employer can take up to 2 years to put you on their policy.
Is that a repayment mortgage or interest only? Also what kind of deposit are you putting down along with the size of the mortgage?
Seems doable but the extra info would be helpful to properly assess
Yep you’re fine.
However if you plan to have children any time soon, stress test those numbers on the salary you both hope to rely on the most.