London - Spending Habits
Curious to know how much you guys typically spend on rent, yourself or family, save, invest, holidays etc. Im currently 1st year associate in PE but am interested in knowing across other stages of life as well.
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I used to be in East London
Rent 1,250
Water/gas/electric 125
Parking 250
Tube 100
Broadband 35
Phone 30
Groceries 250
CoL roughly 2K a month in East London or E14, depending on deals you'll find. More in central parts.
Also, significant increase in car insurance, other insurances, dates, restaurants, etc.
You can decrease rent if you move further out, but will increase cost for National Rail, parking at train station, etc. but insurances and everyday items will be cheaper.
I just bought a house and will be renting out two rooms to friends which should cover mortgage+bills+service charge+council tax.
Congrats If you don’t mind - how big as a % of net worth was your downpayment? Curious to get a sense when you got comfortable buying a house.
~65%
Comfortable with the thought of living and earning in London rent free with others paying for my mortgage, which should give me the ability to build net worth up over the next few years, my biggest expense should be food and entertainment if all goes to plan. Since its a 3bed with some nice features (swimming pool, outdoor gym etc), I think I will always be able to rent out the other two rooms.
The alternative was to pay extortionate rent to live with random people, which I can't stomach any more. If I were to rent and pay say £1350 p/m all in for an apartment, it's £16k+ post-tax income a year down the drain, or ~£30k+ p/a pre tax earnings. Also, thinking about losing the equity in the house, in 2008 house prices only dropped 16%, if there is a housing crisis I'm comfortable with weathering the storm - and since I will be saving cash and having my mortgage paid off (in theory) - I'm confident of at least getting my equity back if I'm forced to sell . and I'm obviously long on London continuing to be one of the most desirable places in Europe to live in.
tl;dr - I thought "fuck it" and pulled the trigger.
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