For the original cost of living worksheet I did back in October, my cost of living was about £23,300. I realised that some of the spreadsheet hadn't added it up probably either so it was more like £24,000. For the first year of the group business we can only afford to pay ourselves £20,000. As well as this, I would be taking on a part time job to ensure that if there were ever times when we didn't have any business I would have some money to fall back on.
I decided to re-do the cost of living worksheet, as when I had originally done it it was based on me living on my own, and still living the kind of lifestyle where I don't have to worry about money that much. In reality, I don't want to and won't be able to afford to live on my own after university, so costs around the home will be shared with at least one other person, so I have accounted for this. I may start by returning home to be able to put some money away in to savings. Also, luxuries like going on holiday every year aren't necessary, so I have cut these from my worksheet.
As our business gets more successful, I could re-do my cost of living worksheet, to mean that I would have more money to spend on luxuries and to allow me to move in to my own house eventually.
My living costs have now gone down to £19,718 which I think is a lot more realistic.
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