House Hunting - why you should not be too optimistic? Downloadable Budget Planner.

Budget is one of the main factors that will decide what and where you are able to rent out a flat. Before going online to research available apartments and book viewings, take time to check what you can and cannot afford. I created for you a basic downloadable and printable budget spreadsheet in Excel. Feel free to use it and spread the word! 

Now you have a monthly planner for your expenses that you can print out at the end of the month for your own record. If you are planning to master your money saving skill I suggest to print out the planner and evaluate expenses and incomes monthly. 

If you would like me to elaborate more about savings because you want to save for holidays in Thailand, do a gap year, or just buy a silhouettes to die for let me know in comments. 

1 Yes, please!

Let’s go over the spreadsheet. I know you know how to do it. It is not a quantum physics but it give me an enormous pleasure to communicate with you for a bit longer so I am going to write it anyway. 

Add total amount of monthly income and then followed up with average monthly spending. Do not forget to use “minus” sign before entering expenses. 

Your Budget Planner will count money left after spending for you.

When I do my monthly budget I tend to write pessimistic and high amounts. I round numbers up so at the end of the month I am pleasantly surprised and not forced to pick between paying a bit higher bill for phone (It happens to the best of us) or food. Plus saved money can go towards the trip of my dreams or an emergency situation. Have you ever been stuck somewhere without your phone, friendly faces and money? Not fun, believe me.  

I love scenarios so let's do one right now. For today imagine that you are a Marketing Executive in London. 

According to www.totaljobs.com average monthly salary for Marketing Executive in London is £32,000.00 per year. Other site I checked was www.glassdoor.com, they are not being as optimistic estimating (May 2015) that yearly marketing executive earns £26,750.00.

I will go with the flow and take a Totaljob’s optimistic version of £32,000.00 per year which is £24,714.72 net salary - what you take home after taxes. £32,000.00 sounded way better, didn't it?

£24,714.72 divided by twelve months gives you £2059.56 monthly. 

Ideally I would not want to commute to work for longer than 30 minutes. I feel that London is going to verify my idealistic vision quicker than I would be served in a fast food.

  • fully furnished flat
  • studio or one bedroom apartment 
  • city center
I will start my search on Zoopla. On 20th July the cheapest property I could rent out would cost me £628.00 per month. Unfortunately I would not even book an appointment as whoever posted this ad was not bothered to include more than one picture of building exterior. From my experience something like this is not promising and I would not want to waste my time to be proved right again. Anyway, moving on. 

Another flat is also a studio flat, this time with pictures, for £910.00 per month on Upper Berkeley Street. Property is not far from the subway line and a park what would suit my fitness regime. I still try to pretend and convince my mind that I do enjoy morning runs. 

More over ad says that: rent inclusive of Council Tax, Water bills, hot water. This sounds very (maybe a bit too) optimistic for me but for the purposes of the exercise I will take it as it is.  

If I would decide to rent it out, I would have £1149.56 to spend for food, other bills and expenses. However after looking at other locations and properties I should be ready to pay around £1,300.00 monthly for a studio flat that I actually would want to stay in. That lives me with £759.56.

Assuming that my strong will is going to be very strong during autumn and winter I will not need to pay for public transport. If it is not going to be as strong as I wish: Oyster card will cost me £32.10 weekly for zone 1 -2 which is £128.40 monthly. 

If I go with more expensive flat I will be left with £631.16 to cover food, bills, and other expenses. Looking at my bills now I will be paying for electricity and gas around £100 per month. Yes, I do like to be warm and I do have problem with blood circulation. That gives £531.16 to pay for mobile phone, internet, food, holidays, gifts, education etc. Just a reminder the starting monthly salary was an optimistic one for marketing executive position.

Concluding before moving to London I would have to prioritize what is the most important for me and my budget. Living alone and compromising socializing, education and holidays and destination or decide to look for a cheaper option such as finding flat mates.

Next week I will write more about choosing the area to live and questions you might want to ask yourself and the week after that we will talk about flat mates.

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  1. IGA! This was such a crucial post to read especially at this time in my life. I am currently moving to NYC to pursue grad school in my dream area, design. This will be the first time I've ever had to pay attention to a budget EVER and I am very nervous. I just screen-shotted your post here so that I can use it when I get there. Thank you :)

    I'm blogging about similar things, check it out and let me know what you think: www.kellmenow.com

    XO K

    1. OMG NYC!!!! Like "Whaaaaat?" congratulations on getting accepted and good luck! How is house hunting going? Did you find something? I am going to visit NYC for the first time in a week time. Exciting! Have a nice day, Iga xxx

  2. I love the post Have a wonderful week dear:)


    1. You too Ira! Have a nice day, Iga xxx

  3. Such a great and useful post! Good luck with all the decision making and thanks for sharing.

    1. Thank you! Have a nice day, Iga xxx


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