In the table below there are some sample budgets. All the figures used are accurate at March 2016.
Izzy is a 19-year-old on Job Seekers’ Allowance. She gets £57.90 per week, which is £3,010 per year, averaging out at £250.90 per month. She stays in a council flat.
Callum is an 18-year-old with a well-paid first job. His annual salary is £13,800, but after tax and other Government deductions, he actually takes home around £10,350, or £860 per month. He rents a room in a shared house from a private landlord. This saves him money on bills.
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|Callums Budget||Izzy’s Budget|
|Rent||£85/£340 per month||Assume it’s covered by housing benefit (this is not always the case)|
|Electricity||£50 per month (half the total for the flat)||£80 per month if she’s careful|
|Gas||£20 per month (half the total for the flat)||No gas in the flat|
|Council Tax||£60 per month (half the total for the flat)||Covered by benefits|
|Water rates||£20 per month (half the total for the flat)||£20 per month|
|TV License||£6 per month (half the total for the flat)||£12 per month|
|Food||£160 per month||£100 per month|
|Cleaning stuff||£9 per month||£5 per month|
|Phone||£30 per month||£20 per month|
|Toiletries||£15 per month||£6 per month|
|Transport||£40 per month||£15 per month|
|Callum has around £30 left each week for clothes going out and any extra’s.||Izzy spends a lot less than Callum and a lot of her purchases are from a basic range, but she is still down by £6 per month before she’d even paid for clothes, going out or any extras.|