I'm fed up with my budget - advice needed

gmgmgm

Can't you get a lodger for a few months as a trial?

Seems to me as though you will have ZERO BUFFER if something goes wrong if you rent out the whole place. e.g. new boiler. broken window. new freezer. Are you sure you can afford to have no gap in rent for 2 months?

want2bmortgage3

Well this is my rough estimate based on £300/week income (with no overtime its (£267 but with overtime it can be as high as £366)
1. stay as I am - working 3 weeks of a month to pay around £900 mortgage/bills so £300 spare
2. lodger (£300/month)- brings this down to £650 outgoings (allowing £50 for extra bills etc) so £550 for myself but i have to get used to a stranger
3. rent out whole place for £800 (covers mortgage, insurance, ground rent etc), pay £300 for a room inc bills at a mates - leaves me £900 to play with and more freedom

want2bmortgage3

oops changed option 3.. forgot the rent will pay the mortgage etc!

TBeckett100

you need to get yourself a wifey tut suite. share the bills etc.
have you thought about a higher paid job?

TBeckett100

and you really dont want to be lapsing your home insurance on RG31... RG4 was bad enough.

property.advert

Er.....get a girlfriend to move in ?

Seriously though, either rent the lot out or get a lodger in. Some places suit sharers and some don't. Some are big enough and some are not. Won't work if you are both at home all the time.

If you go for a bar job, try to get out of paying tax and NI as it will come straight off at marginal rate with no allowances. Makes a big difference. When I was a student, I worked in a nightclub rather than a pub because the pay was about twice as good, they paid in cash, tips were much much better and you could have a few drinks. I guess pubs will pay a little of minimum wage and you'll lose about 30% so £6 an hour becomes £4 an hour and I'll hazard many places are low on tips. Compare a small privately owned nightclub with a lot of regulars where you can get maybe £8/9 per hour in cash with at least a few £ an hour in tips. Could mean the difference between say £20 in the pub or over £50 in the club.

Rockporkchop

I don't understand why you don't want to get a lodger but you are willing to live in one room of someone else's place? If you could quite easily live in one room, why not do it in your own place?

want2bmortgage3

the problem with my place is the layout, there is no main hallway. the front door comes into the lounge where there is the kitchen off of that. then an inner hallway with 2 bedrooms and bathroom off it. my friends place has a hallway through the front door then every other room has its own door. i just think that my place you would be on top of each other.

WASHER

want2bmortgage3 wrote: »

the problem with my place is the layout, there is no main hallway. the front door comes into the lounge where there is the kitchen off of that and bathroom off it. i just think that my place you would be on top of each other.

That isn't a problem, my neighbours 4 bedroomed home is like you describe, no hallway, door into lounge and kitchen off and the downstairs cloakroom is off that, she has 3 lodgers (all male;)) unfortunately for her I don't think they are on top of each other!

Seriously, try it, my neighbour didn't like the idea of a lodger but now has 3.

MarsdenCuckoo

Long shot but is it worth looking at remortgaging? If you bought three years ago, you might get a deal at a lower interest rate now.

Lodger and part-time evening bar work are also good ideas. Don't move for the sake of it (moving house costs money!)

Other options:

- ask your mortgage lender if you can switch to Interest Only (don't do this long term but a useful short term saving)
- get competitive quotes re. your contents and motor insurance (good tip on this website re. motor insurance quotes) and change if you find a better deal
- check if there is any room to reduce your utilities payments.
- are you claiming 25% reduction in council tax for single occupancy (if applicable) and have you checked if you're entitled to any other benefits?

As already mentioned by others, can you manage without a car? At least explore the option.

And, of course, any chance of getting a better paid job and/or a pay rise where you are? If you don't ask you don't get......

Good look and well done you for examining your budget.

Christine