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Can we afford to rent??!!
mrkenneth
Posts: 41 Forumite
Been looking at these forums for a while and must of admit I am amazed at the knowledge and was hoping some of you may be able to help me and my girlfriend make a decision on whether we can afford to rent our own place.
We are basically both starting out on our chosen career paths since graduation so both on very low incomes (combined salary 24k) so buying is out of the question for the time being. Both wages are likely to increase over the next few years.
We are looking at a new build one bed flat currently renting at £625pcm which although expensive is what you pay for a flat in Cornwall for anywhere with a parking space! Most rooms rent for £300 a month down here exc bills!
After tax joint income is £1600 a month. I am budgeting the following on a monthly basis, bearing in mind have no experience so they are rough guesses so utility bills could be more/less.
Rent – 625
Council – 100
Electric – 25
Water – 20
Gas - 20
TV – 10
Car – 55
Phones – 70
Food – 100
Petrol – 60
Card Payments/Debts - 50
These are what I see as our main outgoings at a total of £1135 a month leaving £465 a month over. Bearing in mind neither of us drink/smoke and could eat at parents a couple of nights a week do you think this would be comfortable for us financially? We are both content to stay in and after 5 years together are ready to move in!
All advice appreciated!
We are basically both starting out on our chosen career paths since graduation so both on very low incomes (combined salary 24k) so buying is out of the question for the time being. Both wages are likely to increase over the next few years.
We are looking at a new build one bed flat currently renting at £625pcm which although expensive is what you pay for a flat in Cornwall for anywhere with a parking space! Most rooms rent for £300 a month down here exc bills!
After tax joint income is £1600 a month. I am budgeting the following on a monthly basis, bearing in mind have no experience so they are rough guesses so utility bills could be more/less.
Rent – 625
Council – 100
Electric – 25
Water – 20
Gas - 20
TV – 10
Car – 55
Phones – 70
Food – 100
Petrol – 60
Card Payments/Debts - 50
These are what I see as our main outgoings at a total of £1135 a month leaving £465 a month over. Bearing in mind neither of us drink/smoke and could eat at parents a couple of nights a week do you think this would be comfortable for us financially? We are both content to stay in and after 5 years together are ready to move in!
All advice appreciated!
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Comments
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We are basically both starting out on our chosen career paths since graduation so both on very low incomes (combined salary 24k)
Even an elaborate picture frame made from Ebony, Walnut or Rosewood will not disguise the fact that your hard earned Degree`s are absolutely worthless.
I am very, very sorry to be brutal.
To command good and regular income I would suggest that one should be indispensable.
I suggest that you retrain and become a self -employed plumber or electrician or any other Government approved (e.g CORGI) tradesman/woman.
I.E Dirty jobs which cannot be `exported` to China.
As Robert Maxwell is alleged to have said `You don`t get rich working for others`
horace0 -
625 sounds expensive for Cornwall! I have a Cornish friend who says everything is dirt cheap! He's from Penzance.
I am not sure that you will be able to get by with only 200 a month disposable each. I suppose it depends on how frugal you are. You won't be able to save anything, and you won't have much to put away for emergency car repairs etc.
What sort of business are you in, if you don't mind me asking?Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0 -
Been looking at these forums for a while and must of admit I am amazed at the knowledge and was hoping some of you may be able to help me and my girlfriend make a decision on whether we can afford to rent our own place.
We are basically both starting out on our chosen career paths since graduation so both on very low incomes (combined salary 24k) so buying is out of the question for the time being. Both wages are likely to increase over the next few years.
We are looking at a new build one bed flat currently renting at £625pcm which although expensive is what you pay for a flat in Cornwall for anywhere with a parking space! Most rooms rent for £300 a month down here exc bills!
After tax joint income is £1600 a month. I am budgeting the following on a monthly basis, bearing in mind have no experience so they are rough guesses so utility bills could be more/less.
Rent – 625
Council – 100
Electric – 25
Water – 20
Gas - 20
TV – 10
Car – 55
Phones – 70
Food – 100
Petrol – 60
Card Payments/Debts - 50
These are what I see as our main outgoings at a total of £1135 a month leaving £465 a month over. Bearing in mind neither of us drink/smoke and could eat at parents a couple of nights a week do you think this would be comfortable for us financially? We are both content to stay in and after 5 years together are ready to move in!
All advice appreciated!
could you not cut the mobiles a bit (i assume that is what you mean)
other than that then if you are determined then yes you should be ok if you only go out a couple of times a month (we all need some fun)0 -
Noone has any money early in their career or when they first leave home. Enjoy it and remember that it gets better (hopefully)Must get it together...0
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Horace I have to agree with you on this one! I am a childminder and earn twice what i did working full time, i work less hours, the jobs much more enjoyable and i get to stay at home! I'm just one of those miserable people who see all the studying a waste of time in certain jobs as unfortunatly they are usually a waste of time! Although you didnt say what you do so i'm not sure there!
I would have a look at your mobile outgoings and have you looked into housing benefit and council tax? they may only give you a bit but better than nothing? also people are entitled to family tax even if they dont have kids? maybe worth looking into. There is a site called 'entitled to' try that.0 -
I can completely understand why you want to live together, but personally if i were in your position, and your parents are willing to put you up, i'd remain living with your parents (assuming they won't charge you as much as it's gonna cost to rent), for a year or 2 - that way you can save up some rainy day money. hopefully you'll have also got an increase in your wages by then too, and moving in together will be much more fun, as you'll have more money to spend on doing fun stuff and making your flat how you want it, and might avoid some money rows..0
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I live in cornwall to and rent sounds about right though the water bill might be slightly higher but if you have a water meter you might be able to keep it down if you are careful.:j0
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I am a graphic designer and yes I realise that evry Tom, !!!!!! & Harry has a degree these days.
With regards to moving out of Cornwall why should we be forced to move out of the county we were brought up in, I would sacrifice a higher salary to stay here.
It is possible that I could stay at my parents but to be honest I just want to be with my partner, her and her mum are renting from a housing association, her mum has just adopted a two year old boy so to be honest she has outgrown the house.
Council lists down here are miles long and really I need to be quite close to where I work.
It is confusing as to what to do!0 -
I am a graphic designer and yes I realise that evry Tom, !!!!!! & Harry has a degree these days.
With regards to moving out of Cornwall why should we be forced to move out of the county we were brought up in, I would sacrifice a higher salary to stay here
I think that is really reasonable - if you want to live in Cornwall (and it's beautiful, isn't it) - then you should be able to find a way of doing this. I did think the rent was quite high though! Maybe it's expensive because it's a new build?
Don't do yourself down on the graphic designer front - it can be quite lucrative. My cousin is a graphic designer, and I'm endlessly impressed by her artistic ability (particularly because I'm a mathematician!)Errors of opinion may be tolerated where reason is left free to combat it. - Jefferson0 -
The rent is a bit high, you could probably rent a studio above a shop in a couple of local town centres for around the £500 - £525 mark, however that becomes an issue when it comes to parking.0
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