Welcome to the Money Diaries of shared owners. We're talking to real Sovereign shared owners to find out exactly what it costs to own your own home with shared ownership.
This week we hear from a 25 year old Police Officer who owns a two bedroom shared ownership apartment in Berkshire.
Age - 25
Location - Newbury, Berkshire
House type - 2 bedroom apartment
Share owned - 40%
Deposit - £7,500
Job title - Police Officer
Salary - £26k
Monthly take home pay (after tax etc) - £1,750
How many people in the household - Just me!
My Monthly Costs
Monthly housing costs
£65 Service Charge
£174 Council Tax
Total monthly housing costs - £899
Monthly utility bills costs
£30 TV & Broadband
£14 TV Licence
Total monthly utility bills costs - £104
All other monthly expenses
£60 Gym Membership
£40 Car Insurance
£150 Savings Pot
Total other monthly expenses costs - £250
Monthly Total: £1,253
Day 1 - Monday
11.30am: Monday morning coffee at work with my crew mate before getting sent to jobs! £3.80
1.45pm: Whilst at work I grab some lunch on the go. £4.50
6.00pm: Time for my weekly food shop. I am aware that I need to stock up on certain items before the national lockdown gets implemented again. £25.
Day 2 - Tuesday
12.30pm: Treat myself to a delicious lunch at 7 Bone! £18.
2.00pm: Feeling prepared for Christmas after doing some shopping for the festive period! £50.
5.00pm: Vehicle needs filling up. Stopped at the local garage to get some fuel. £25.
Day 3 - Wednesday
11.00am: Giving some TLC to my car this morning. It had a full MOT and service - has to be done! £170.
5.00pm: Pre-lockdown takeaway dinner! £25.
Day 4 - Thursday
11.30am: In need of my coffee fix to keep me awake. £4.
1.00pm: Grabbed a quick bite to eat at work. £3.
5.00pm: Treat yourself Thursday! I purchased a new pair of running trainers. £55.
Day 5 - Friday
4.00pm: Brought some lunch / dinner whilst at work. £4.
8.00pm: Paid for the next season of football training and games upfront due to uncertainties at the local FC. £50.
Day 6 - Saturday
10.00am: Due to lockdown my personal trainer is now on pause. This morning I visited my personal trainer to pay for my previous sessions. £200.
Day 7 - Sunday
8.00am: Lunch on the go at work again! £3.50.
2.00pm: My turn for a coffee round at work. £15.
6.00pm: I'm on early shifts starting from tomorrow. To be best prepared I put some fuel in the car again. £25.
Total Weekly Spend: £680.80
Food & Drink: £105.80
Home & Health: £305
Clothes & Beauty: £50
Money Diary Conclusion
In terms of managing my finances and spending, I am able to do this quite well and am always aware of how much on average I spend each week.
This week was more expensive than usual due to having to pay monthly extras like personal training sessions and football. In the coming weeks, my spending will still be slightly more than usual as we approach Christmas, as I will be spending more money on Christmas presents.
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Are you a Sovereign shared owner who would like to take part in our Money Diaries series? We’re looking to speak with a whole host of shared owners to find out what it really costs to own a shared ownership home, and what a typical week looks like for our shared owners finances. If you’d like to take part please email SLmarketing@sovereign.org.uk.