Living in London on £4.5k for a year Watch

That'sGreat
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I'm working for a year before going to uni, and have decided to put away £10k into savings, and will have to pay my parents about £3600 per year considering I will be living at home for this year. This leaves me with roughly £4.5k (after about £4k of tax and NI contributions) but I fully intend on keeping an active social life. I've never really budgeted my nights out before, so don't know how much I spend, but I was wondering if anyone had any idea if this would cover an active social life (clubbing, pub etc.)
Last edited by That'sGreat; 4 weeks ago
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hello_shawn
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How much of a social life do you need? Nights out can inflate your bill massively. Does your workplace do socials, they can help with keeping your costs down
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sarskinz
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Wait why are you giving your parents so much money monthly? I’m sure it’s even cheaper to live out then paying your parents £3600???
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squeakysquirrel
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(Original post by That'sGreat)
I'm working for a year before going to uni, and have decided to put away £10k into savings, and will have to pay my parents about £3600 per month considering I will be living at home for this year. This leaves me with roughly £4.5k (after about £4k of tax and NI contributions) but I fully intend on keeping an active social life. I've never really budgeted my nights out before, so don't know how much I spend, but I was wondering if anyone had any idea if this would cover an active social life (clubbing, pub etc.)
You are paying your parents £3600 per month - mistake surely
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jameswhughes
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(Original post by That'sGreat)
I'm working for a year before going to uni, and have decided to put away £10k into savings, and will have to pay my parents about £3600 per month considering I will be living at home for this year. This leaves me with roughly £4.5k (after about £4k of tax and NI contributions) but I fully intend on keeping an active social life. I've never really budgeted my nights out before, so don't know how much I spend, but I was wondering if anyone had any idea if this would cover an active social life (clubbing, pub etc.)
Why are you paying your parents £3600 a month? You could rent a flat in Mayfair or Knightsbridge for less money.
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sned hlep
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(Original post by jameswhughes)
Why are you paying your parents £3600 a month? You could rent a flat in Mayfair or Knightsbridge for less money.
I am guessing his parents will cater for him as well.
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AstronomyAustin
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No he must mean 3600 for the year = 300 a month. If he still lives with his parents then he probably wouldn't be able to get a job that pays that decently. though having 93 quid a week for nights out really isn't too bad, especially if you save it for the weekend.
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That'sGreat
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(Original post by sarskinz)
Wait why are you giving your parents so much money monthly? I’m sure it’s even cheaper to live out then paying your parents £3600???
(Original post by squeakysquirrel)
You are paying your parents £3600 per month - mistake surely
(Original post by jameswhughes)
Why are you paying your parents £3600 a month? You could rent a flat in Mayfair or Knightsbridge for less money.
(Original post by sned hlep)
I am guessing his parents will cater for him as well.
Yes, I meant £3600 a year.
Spoiler:
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I mean, obviously...
Last edited by That'sGreat; 4 weeks ago
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steamed-hams
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What are you planning to spend the 4.5k on?
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jameswhughes
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(Original post by sned hlep)
I am guessing his parents will cater for him as well.
At this price, I'd hope it was Gordon Ramsay doing the catering. :lol:
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jameswhughes
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(Original post by That'sGreat)
Yes, I meant £3600 a year.
Spoiler:
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I mean, obviously...
If you have £4500 just for nights out and leisure stuff, that should be plenty.

It depends a lot on what you mean by night out, there are people who spend £100 in a Mayfair club then £50 on a taxi, or you could have a few £3 pints in Wetherspoon/some cheesy sports bar and get a night bus home. I know which end of the scale I would choose! :lol:
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That'sGreat
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(Original post by jameswhughes)
If you have £4500 just for nights out and leisure stuff, that should be plenty.

It depends a lot on what you mean by night out, there are people who spend £100 in a Mayfair club then £50 on a taxi, or you could have a few £3 pints in Wetherspoon/some cheesy sports bar and get a night bus home. I know which end of the scale I would choose! :lol:
Would usually be pres at a spoons before going to a club
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FutureMissMRCS
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4.5k per year in London is impossible :laugh:
edit:thought you meant including rent
Last edited by FutureMissMRCS; 4 weeks ago
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steamed-hams
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Thought you were some hot shot 250k p.a investment banker OP
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ANM775
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(Original post by FutureMissMRCS)
4.5k per year in London is impossible :laugh:
edit:thought you meant including rent
considering he's living with parents it's fairly easy

thread disappoints.
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ajj2000
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(Original post by That'sGreat)
I'm working for a year before going to uni, and have decided to put away £10k into savings, and will have to pay my parents about £3600 per year considering I will be living at home for this year. This leaves me with roughly £4.5k (after about £4k of tax and NI contributions) but I fully intend on keeping an active social life. I've never really budgeted my nights out before, so don't know how much I spend, but I was wondering if anyone had any idea if this would cover an active social life (clubbing, pub etc.)
How much are you earning? Seems a lot of tax for a year out job.
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That'sGreat
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(Original post by ajj2000)
How much are you earning? Seems a lot of tax for a year out job.
About 21k
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ajj2000
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(Original post by That'sGreat)
About 21k
Assuming you work roughly Sept to Aug you wont need to pay a lot of tax as you straddle 2 tax years. If they payroll department cant make this work just do an online tax return.
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Themysticalegg
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(Original post by ollie1520)
Thought you were some hot shot 250k p.a investment banker OP
To be fair to OP I think he's progressing quite well for his age, as I assume this year out job is E&Y.
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That'sGreat
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(Original post by ajj2000)
Assuming you work roughly Sept to Aug you wont need to pay a lot of tax as you straddle 2 tax years. If they payroll department cant make this work just do an online tax return.
Not sure what you're on about, 4k is correct amount
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