Debbie here. I'm guest posting over on WhatLauraLoves today with a post all about household budgeting. Laura has been telling me that she is currently saving up to buy her first home so I thought this would be perfect to share with her and her readers as its not just about saving up to buy a house that's important but making sure you can afford the running costs too.
The costs of running a home can add up to a tremendous amount, so it’s really important that you know how much you’re paying out so you can budget accordingly.
It’s important to treat yourself a little every month, so you don’t want all your hard earned cash going on energy bills that are too high or council tax that is significantly more expensive than it should be because you have been placed in the wrong bracket for your area and house size. Also, if you’re single you get a discount on council tax, so all the single ladies raise your hands up and save some money!
It’s easy to work out the annual cost of running a home, whether you have bought, are renting or are considering moving out. Use this online mortgage calculator from the Money Advice Service to work out your monthly payments and read the infographic below to see what the average annual cost of running a home can amount to. This information can encourage you to budget properly.
The cost of running a home - An infographic by the team at Money Advice Service