Try to make a realistic estimate of what you’ll spend each month on other day-to-day expenses such as:
- mobile phone
- travel/car insurance
- gym/hobbies/nights out
- loans or credit card repayments.
If in doubt, over-estimate rather than under-estimate.
You don’t want to risk getting into debt after a few months because you forgot to factor in one of your regular monthly payments.
Once you have estimates for each of these items, you can draw up a budget so you can calculate how much rent you can afford.
This will show you exactly how much money you have coming in each month and how much you have going out in expenses.
Then you’ll have peace of mind you will have enough money to live on, once you have paid your rent.
Remember to divide an annual expense – such as paying for Christmas or a summer holiday – by 12, so the cost is split evenly across the year.