While my monthly expenditure hasn't gone up significantly over the last few months, despite the usual increasing in cost of living that's afflicting everyone, I am beginning to think that my expenditure is just TOO MUCH!
Here is my latest breakdown...
Total expenditure is around £1700 a month, that's AFTER I've added on the amount I get back from my rental income, don't ask me WHY I do it this way, I just do!
The Largest Expenditure Item.... That Damned Mortgage...
OK I know owning a house in the UK is 'golden' but that mortgage is beginning to feel like a weight around my neck - the rental income doesn't cover the mortgage (albeit on rapido-payment mode) and then once I add on taxes it's even worse....
I'm deliberating whether I should sell the house or not, for now it's a no, but it's on the cards for the end of next year when my cheap mortgage rate runs out!
But we will see.... It's really just a matter of whether I want to free up some capital NOW to renovate my places in Portugal or whether I can wait... I think WAITING and doing what I can for cheap is the way to go, I'd rather hold onto the house!
I can sell it anytime, after all, and later is better than earlier if I need to.
Tax
Pain the arse... and of course having the mortgage which requires rental income which ends u[ being taxed just adds onto this, about another 20% to my tax burden overall. Sucks.
Insurances
Then there's buildings and Landlord's insurance for renting out the house, I've already decided to cancel my Life Assurance, waste of money the further towards the end it gets!
Rent in Portugal...
I COULD I guess lower my costs by moving into the house I just bought - but that requires a ROOF which I'm waiting on AND A BATHROOM....
I should aim to do this by the end of next year at the latest.
Car, food and bills in Portugal
TBH I don't find any of these particularly bad - for what I get for the money these all feel pretty basically OK!
It's maybe a sign that I'm quite well off that these having increased in price aren't going to break the bank on their own!
Other Expenditures...
There's not much to say about these, I include 40 EU as 'land basics' as there is ALWAYS something I need to spend money on no matter how TIGHT I'm being!
And besides this it's just work related expenses (the SEO might have to go, it's done its thing for a year, maybe that's enough!) and entertainments, which will always cost something!
Final thoughts...
Having spent most of my spare cash on the house, things are feeling a little tight ATM, especially with my lean summer coming up and a crypto-bear market in play.
It's time to hunker down for summer and to try and spend as little as possible - thankfully it's too hot to do anything for most of July and August so that's a start!
Posted Using LeoFinance Beta
Life tends to be expensive, but you seem like someone who can live fairly simply. Your food expenditure doesn't seem too bad. A lot of stuff is likely to go up in price and that will hit many hard. I think we are okay for now. I hope crypto will recover to help us out a bit.
I'm OK for now but my expenditure is drifting up, buying land and half built houses was more expensive than I thought it would be!
You could have had a TV show about your projects. People love that stuff. I guess your videos on Hive are an alternative. Just need more viewers. Imagine if Hive had even 10x the users! I can dream :)
!BEER
Ah not me, but some friends of mine should be featuring in a C4 series soon - they have a camera man at the events they host!
You can still make a small fortune with videos like that on YouTube, Dtube, Hideout.TV and a few other places.
Still waiting for my first cent from Youtube :)
View or trade
BEER.Hey @revisesociology, here is a little bit of
BEERfrom @steevc for you. Enjoy it!Do you want to win SOME BEER together with your friends and draw the
BEERKING.I told my wife the other day that we are on the verge of spending freeze. With the price of gas being where it is, it will potentially be an expensive summer of camping!
Posted Using LeoFinance Beta
I guess you just have to drive less, camp more!
We already have our camping trips planned. The second one is about six hours away. Will probably cost me $250 in gas one way for that trip.
Jesus that's a lot of money.
Food seems to be our biggest expense these days…. With 2 teenagers it adds up fast. But starting in September my son heads to University … so that’s another $2,000 per month for 5 years or more … good thing we have crypto to pay for everything.
Children are expensive!
I hope the Crypto holds up!
Some crypto is holding up much better than others. The key is diversification.
Oh I know that feeling!
I guess a roof and a bathroom are essential 😁
You might get offered another cheap rate at the end of your mortgage cheap rate.
You spend more on Tax than food?😒
I've always felt that Food takes a better percentage of daily expenditures.
In my case, I spend more on food monthly than anything else.
Given as I don't have any real investments🙈
Tax - yes it's a bugger!
Lol
As much as I love the UK (and I'm born and bred British) it is an expensive country to live in - and especially when you start taking property into account. But with UK property I always see it as a long term game. The UK property market always seems to have an uptrend over the long term. Yes there are dips, but when you look at the the changes say over a decade or more, those get smoothed out. And if you buy in the right location and can hold for long enough your capital gains is where you will win (although that gets taxed too of course - got to keep Boris in enough drink for him to hold all those parties!).
Posted Using LeoFinance Beta
And there's the security thing too!
Damned Boris - ALL OUT I say until he's out!
damn can you do our accounts and stuff...money comes...money goes....we just dont know where....
Probably a better attitude than I have!
The cost of living is on the rise, as you say, here too. I've made adjustments although I live a rather frugal life anyway; I don't spend on exorbitant things or much on entertainment and going out; I suppose that's a benefit of being easily pleased and finding enjoyment in small things.
A mortgage is a huge expense and with you paying rent in Portugal also it's like you're paying twice. Sort of. Selling in England may be a good idea however once you have sold it any future value will pass to someone else so selling it at the right moment is preferable I suppose. I don't presume to tell you what to do though, a strimming-expert like you knows exactly what to do and when yes? 🙃
Getting a roof on and a bathroom will help to alleviate that rent scenario and will also be a nice way to move forward so I'll look out for some posts about that.
All the best.
Becca 💗
I think I'm doing OK - I don't want to sell the house in the UK - but I'm not that attached to it either, so if I need too at least it's there!
That's a good position to be in; not being attached and having it there for when you need.
Have a nice weekend.
Becca 🌷
Cheers and you too!
deferred gratification is key to long term wealth and thus freedom i find. Just obsess over finding a way to pay for your roof and bathroom. Get inventive maybe find a cheaper alternative or save money somewhere else. Keep the house you know deep down its the right approach.
Yes I know keeping the house is what I should do!
I'm still waiting on the roofing guy to come and have a look - he's a bit elusive!
I can't imagine a bathroom will cost that much either, it's just a matter of finding some funds!
The rest is just plaster and paint - couple hundred Euros.
Then there's the small matter of getting my arse in gear, but I'll get there!