We all know that moving out and living independently means taking responsibility for the costs of everyday living, but what exactly are those costs? We take a look at how much it costs to pay your own way.
Accommodation
We all need a safe and secure place to live.
How much that costs depends on many things, such as:
- the type of housing
- where in the country it is
- whether you’re sharing the cost
- whether you’re renting or paying a mortgage.
In places where many people want to live, such as big cities, the cost of accommodation can be far higher than just a few miles further away.
For your first home you might want to consider sharing with others to try and spread the costs.
Find out more in our guide How much rent you can afford?
Food
It’s easy to buy the food you need when you need it, often every day.
Although it might seem more expensive at the time, it often works out cheaper to do a weekly shop.
This way, you can set yourself a weekly budget and stick to it.
It’s easy to be tempted by the offers and discounts in the major supermarkets. But make sure you need the things you buy before you end up spending more than you need, or wasting food.
You could also try buying supermarket own-brand or basic ranges, which can be far cheaper than branded products.
Find out more about cutting the cost of your food shopping on the MoneySavingExpert website
Utilities
Utilities are made up of gas, electric and water.
You can’t change the cost of your water bills as it’s set by your regional supplier. In Scotland, this will be your local council unless you’re on a water meter.
You can, however, haggle with or switch your gas and electricity supplier – so make sure you shop around for the best deals.
Help with the cost of living
Worrying about money because of rising rents, high energy bills or debt? If so, we’re here to help.
Take the first steps to find your way forward with our guides to help you with the cost of living.
Each gas and electricity company offers a range of tariffs, just like with mobile phones. So spend some time making sure you’re on the best tariff for you.
Switching supplier is easy and can help you make some big savings.
Find out more about saving money on your utilities in our guides:
How to save money on your gas and electricity bills
How to save money on your water bills
Running a car
This can be far more than you expect after taking petrol, insurance, and repair bills into account.
Explore car costs in more detail in our guide Running a car as a young driver
TV Licence
Struggling to pay your TV Licence?
If you’re struggling to pay your TV Licence you might qualify to spread the cost using the Simple Payment Plan. Find out more on the TV Licensing website
The cost of a TV Licence increases each year on 1 April. For 2024/25, it costs £169 for a year. A black and white licence costs £57.
You can pay for it yearly, but if you choose to pay quarterly it will cost an extra £5.
If you pay weekly or monthly, you pay for the first year’s licence in six months.
You’d then continue paying for your next licence over 12 months, so you’d be six months ahead.
You need to be covered by a TV Licence to:
- watch or record live TV programmes on any channel
- download or watch BBC programmes on iPlayer.
This could be on any device, including a:
- TV
- desktop computer
- laptop
- mobile phone
- tablet
- games console
- digital box
- DVD/VHS recorder.
You could face prosecution and a fine of up to £1,000 if you’re caught watching without a licence.
Find out more about paying, and the help available, in our guide Paying your TV Licence
Mobile and broadband
Just like with utility bills, switching broadband provider or changing your mobile phone contract can save you money.
So, when you’re getting a new contract, or your old ones comes to an end, make sure you’re comparing the deals you can get to save money.
Find out more in our guides:
Unexpected bills
Join our Facebook group
Join our private Budgeting and Saving Facebook group for money-saving tips and support from a community of savers.
Car repairs, vet bills, emergency home repairs – these kind of costs can affect anyone at any time, so it’s never too soon to prepare for them.
The best thing to do is to regularly put aside some money to start to build up an emergency savings fund.
You can also take steps to trying to prevent items breaking, or buy insurance that covers you if things go wrong.
Find out more about unexpected bills, and what to do to stop these expenses from seriously affecting your finances, in our guide Emergency savings – how much is enough?
Talking about money
Join our Facebook group
Join our private Debt Support Community Facebook group to help give you new ideas to tackle debts and keep you motivated.
Not talking about money can cause problems because almost everything in our lives is affected by our finances in some way.
Use our guides to break down those barriers and talk to your friends, partner, older relatives and children about money.
Find out more in our section Talking about money
Help with living costs
If you’re struggling to pay for your everyday living costs, you might be entitled to certain benefits.
