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With your monthly expenses list to hand, and your budget planner in place, that’s one less thing tackled ahead of moving in together.Monthly electricity bill (cooling, heating) for an 800-sq ft apartmentĬost of living in Pune for students and bachelorsĪverage rent for apartments: : If you will be staying alone, you can opt for a paying guest accommodation in Pune or a co-living apartment where all the facilities and amenities are included in the rental amount. So you’ve survived the awkward financial conversations, and you’ve admitted what you actually spend on take-out. Another great tip is to put big money dates into the diary (finally, payday), to regularly discuss your monthly expenses and fine-tune the budget planner accordingly. Remember, this is just the financial starting point which you will build upon once in your new abode. Check out our list of the best budget apps out there. Whether it’s notifications to flag that you’ve overspent, strategies put in place to help pay off debts, or simply being a reference point to regularly check finances in real-time, every budget planning app has features to support you. Using budget worksheets and apps is a good way to keep a close eye on your funds, because they simplify saving by detailing your spending with total transparency. So, if your expenses list is much more generous on the wants than your savings, it’s time to rethink your priorities. Allocate 50% on needs, 30% on wants, and keep 20% for your savings. You can then determine the expenses you will split and set your individual contribution amount.Ī great top-line rule to use when allocating funds is the 50/30/20 split. Decide up front whether the expense balance will be equally shared or based relatively on your separate incomes. When creating a budget plan bear in mind that your shopping habits, attitude to money and personal circumstances may differ. So with your monthly expenses list in hand, now you need to work together to budget for your new home. The couple that pays together, stays together: Create a budget planner
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At a minimum, set aside the interest payments but ideally you should also aim to pay off some of the debt amount each month too. If you have any debts, it’s also very important to keep on top of any interest payments each month-missing any could negatively impact your credit score, and ability to borrow money in the future. You might be surprised by how much you’re spending in certain categories (hello, fluffy cushions) so it’s a good time to make conscious decisions about where to cut down now you’re going to be living together.
DAILY EXPENSES LIST FULL
With your expenses list completed, you now both have a full picture of your monthly outgoings. These are the places you should be setting your priorities and monthly saving goals. As a couple, you’ll have discussed your future ambitions, like taking that sabbatical, starting your own business, or upsizing to a bigger property. Now you’ve been honest about your spending, it’s time to list your saving goals. Holidays-Stay-cations, city breaks or 5-star getaways.Leisure and Entertainment-Meals out, music gigs, trips to the theatre and cinema, etc.Clothing-designer labels, fast fashion, or sustainable brands.Once you have the necessities covered, think about your hobbies and shopping habits: Utilities and taxes-local taxes, water and electricity bills etc.Transportation-train season tickets or car expenses.The necessary living expenses take priority and will account for the vast majority of costs. No matter what lifestyle you’re used to, we all have our basic necessities, our creature comforts, and our future goals to save for.
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Once you’re clear on your outgoings, you can break these down into manageable categories. And be honest with yourself-that ‘essential’ Monday latte still counts! Make sure you include everything, regardless of how small it may seem. A great tip is to keep track of your spending for a month or two, noting down purchases, going through bank statements and keeping receipts, so you have a record of exactly where your money is going. Start by writing down a list of your household expenses, which you can then use to forecast an estimate of mutual outgoings. The average monthly expenses will vary from couple to couple, especially if you have children and pets to factor in. Now you’re paired up, you have to consider your partners spending habits. Solo living means you doing you-whether you’re a careful budgeter or like to splash the cash, the emphasis is on suiting yourself. Write down a household monthly expenses list