Should I Stay or Should I GO??

MutleyDog_2

Hello I would love some advice please as I am in a pickle. I appreciate I might not be the worst off in the world but still a long way from ideal so your time is appreciated.

I live in a great house, in a good part of London, close to the centre and with 2 great housemates (One I have been a friend with for a long time). I mean this place is slick with cool furniture and the landlords are ace too. I can afford the rent….. Just.

I have debt which I am dealing with and bills don’t leave me much to enjoy life on and that’s working 7 days.

I get paid £1340.00 after tax (Not including weekend job as that is designed for emergency debt then frankly I can’t do it much longer so let’s forget about that).

My Outgoings are;

Rent: 650
Council Tax: 54
Gas/Water/Elec: 50
Travel: 60 (probably an extra 40 if did move as where I am i just get the bus)
Food: 120
Mob: 40
Haircut: 15
Overdraft repayment (2banks, woops): 100 although they want more
MasterCard: 10
Visa: 10

That may leave me £50 or so/week disposable but then chuck in unforeseen expenses, new clothes (desperate for work gear), holidays, xmas, birthdays, tickets to go home and see family and friends, and just to live around London doesn’t leave me with anything. And that’s not saving a penny or pensions etc. I did the budget planner on here and I am left with nothing.

Question is do I give up a quality pad with great friends for a cheaper place and save a few 100/month? Or is this just normal and not worth risking? Also does anyone know what the average rent in London is or should be for a 23 year old and recommend any places that I should look?

I think I know what I should do and what I want to do but just need a clear head.

Any advice would be amazing, thanks.

patch3228

Hi MutleyDog,

Which zone are you in? Rental sounds quite dear when you add up all the misc bills on top.

You could try cutting down on your expenditure:

Mob bill - cut that drastically from £40

Bus ride away from work - is it possible to walk / cycle (especially now getting to summer)...

Is that food bill just for you or do you have a partner? I spend same as you but for both me and GF...maybe we are just too frugal

MutleyDog_2

Im in zone 2 and yeah that food bill is more of a dream if anything as I always end up with soup and beans etc, lol.

MutleyDog_2

and I could save a fiver by running home from work but not keen on working up a swet before I reach the office. They have no showers

patch3228

I live in zone 5 and pay an annual travel card of ~£1700 plus my journey is 1 hour door-to-door ... so perhaps think of the time and travel costs you save by living where you are - especially as you work like 7 days a week!

How long have you been living there? If it's less than a year, the fun and novelty may begin to wear off and the fancy furniture etc may not be enough in light of lack of disposable income...

KezInSarfLahndan

It's a pretty big percentage of your salary to be spending on rent. I earn just over twice what you do and I've only recently splashed out on a flat that costs me 680 pounds a month (I share with 2 others).

Even if you got a flat for 500 a month (feasible in zone 2-3 easily especially since rent is coming down a bit), that's saving 180 which is 2160 a year.

I guess it comes down to your priorities but I'd rather live in a not so nice flat and be able to go out and enjoy myself than staying at home sitting at home (no matter how nice!)

pawpurrs

Just a thought there are three of you and you spend £50 each on gas/elec/water? This seems high!
Mobile can you not get a cheaper tarrif.
Food bill also could come down.
If you are going to move and be on your own and have to pay all the bills on your own then I cant see that you will save much? How about a different/cheaper flat share?

kunekune

That is a huge amount of rent. We earn more than four times what you earn, and pay a similar amount. There must be something more affordable for you - it just doesn't leave you much room for manoevre, and while other bills could come down a bit, it is still tight.

Marcheline

The way I see it, you have to move out; that rent is WAY too high for someone earning what you are. You are seriously going to have to compromise if you don't want to move too far out and then incur travel costs. You should be looking at flatshares in traditionally bad areas in my opinion. I have friends living in Hackney (you can get the bus from there into town) for £390 a month all bills included, that gets him one room in a large houseshare. My sister's looking in Whitechapel, again you can find rooms in flatshares for around the £400 mark. However, they ain't pretty!

But you seriously need to consider putting money into a pension at the very least (I am the same age as you and I had one before giving up work to look after my daughter) and get rid of that phone tariff (I have pay as you go with O2, £10 a month and 500 free texts) Good luck.

clutton_2

why do you need a haircut everymonth ?

MutleyDog_2

Thanks Patch I agree the short travel time and cheap travel costs are a plus but like you suggest the novelty of the place is and will wear off. Im really not a materialistic person.

Kez you are right I should be earning more to be living in a place like that. I should get paid more in the future but don't want to loose a year or so of my life waiting for a pay rise. I wanna live now.

Thanks Pawpurrs, I think we can get the bills down. We moved in October so the bills we have had so far are for the winter and yeah I need to sort my mobile out big time just need to wait another bloody 6 months till its over. The salesman saw me coming, leson learnt. If I move I will move into a flat share would not consider moving in alone.

I agree kunekune that even if I chop my bills it still doesn't leave much and I do want to save money and go on holiday etc so its all tight. Also I want what you earn:A ?

I think I shall take all of your advice and move somewhere cheaper to live. Like Marcheline suggests there are cheaper places and I know people who have nice places and pay around 400 too. I just got to explain this to my housemates as I know they will do their best to keep me there but its alright for them when their folks pay their rent.

And Clutton I need my monthly haircut I am afraid but I hear there is a place on Tottenham court road that does it for £6, a nice £14 saving.

Thanks