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Can I move out?

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nemesiszero
nemesiszero Posts: 2 Newbie
in House buying, renting & selling
Hello guys I currently 23 living with my parents and wanting to move out but haven't a clue how to and don't even know if can afford to being single and earning only £550-£600 a month. Any advice or information would helpful so thanks.
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  • BitterAndTwisted
    BitterAndTwisted Posts: 22,492 Forumite
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    How much do you have in savings?

    How much is the average rent in a flat or house-share where you are?
  • Slithery
    Slithery Posts: 6,046 Forumite
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    Where about in the country are you?

    For that sort of cash you could probably get a room in a HMO with bills included (about £300-£400pm in my part of the world).

    If you're after your own place where you have to pay bills on top then no, almost definitely not.
  • ethank
    ethank Posts: 2,197 Forumite
    Holiday Haggler I've been Money Tipped!
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    You need to save, get a second job to earn more money and ask around your friends to see if anyone else wants to do the same thing.
  • agrinnall
    agrinnall Posts: 23,344 Forumite
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    Earning £600 a month must mean that you are not working full time hours. I think you'll struggle to even afford a room and living expenses on that amount, so your priority should be to either get more hours where you work now or find a second job to boost your income.
  • pinkshoes
    pinkshoes Posts: 20,090 Forumite
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    If your parents are happy for you to stay, then I'd stay put until you are earning much more.

    How many hours a week do you work?

    How much are you saving each month?
    Should've = Should HAVE (not 'of')
    Would've = Would HAVE (not 'of')

    No, I am not perfect, but yes I do judge people on their use of basic English language. If you didn't know the above, then learn it! (If English is your second language, then you are forgiven!)
  • pinkteapot
    pinkteapot Posts: 8,040 Forumite
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    Tell us where in the country you are and what sort of rental prices you've seen advertised. We can then help you with rough numbers for the rest of your monthly costs.
  • dominoman
    dominoman Posts: 973 Forumite
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    Stay with your parents and spend your money on training or evening classes to increase your skill levels instead.

    You will have a much better quality of life if you can earn 1000 - 2000 a month instead of 500-600. It is achievable if you set your mind to it, set realistic goals and use your spare time to improve your skills.
  • TBagpuss
    TBagpuss Posts: 11,204 Forumite
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    What I would do is look around to see what it would cost to rent or house share in your area. Think about other outgoings such as bills, food etc.

    Then set up a savings account (and ISA, if you haven';t already used your allowance) Each month, pay into the ISA the amount that you have calculated you'll need (less whatever you are currently paying our parents for board and lodging)

    This has the double benefit that you can start to get a feel for how much it will cost to move out, and can work out whether it is affordable. At the same time, you will be building up savings which you can then use as a deposit and to give yourself a bit of a 'cushion' against unexpected costs.

    I don't think, given your income, that you are likely to be able to afford to rent but you may be able to afford a room in a shared house. Is there any way that you can increase your earnings?
    All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)
  • onlyroz
    onlyroz Posts: 17,661 Forumite
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    £600 a month is less than the minimum wage, unless you're only working part time. Is there a reason why your income is so low? Perhaps you're studying?

    Round my way (Berkshire) you'd need at least £400 a month to rent a room. I'd suggest that you either increase your income by getting a second job or increasing your hours, or you stay with mum and dad for a bit longer if this isn't possible right now.
  • nemesiszero
    nemesiszero Posts: 2 Newbie
    edited 1 August 2014 at 12:02AM
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    Wow so many replies thanks for the help guys.

    Well I am currently working part time 3 days (20 hours a week give or take a few) earning £6.65. I am on a zero hours contract switching to full time wouldn't make much difference as would probably get more shifts but reduced hours for each of the shifts. I work there because of the flexibility so I can go college and stuff.

    I live in Nottingham and currently paying just £50 a week board.

    For savings I have £100 at the moment but I am very good at saving as I just spent some savings a few months ago because I needed a new car which costed £3000 and saved other times in excess of over £5000. So I can start saving again.

    I have great parents and tell me I can stay as long I want. I am in no rush to move out but times ticking and being 23 and can't rely on parents forever. Just don't want to be in a situation were I no longer have support and end up !!!! creek.

    I would love a job that pays more and that I enjoy hell anyone would. Just difficult in this poor economy but tbh I don't have clue what to do with my life. I am currently trying to improve my education and working on the side, currently doing English having just completed my Maths but haven't a clue what career path to take. I completed a level 3 diploma in business admin which didn't enjoy and haven't done anything with. I have spoken to job centres and careers advisor's they couldn't really help just said I should improve my education/skills and gave a list of end goal careers that don't seem obtainable or exist.

    Sorry hope not moaning too much would be nice if there was magic hand to point out the way.
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