Leaving home advice - Costs

The_Gashead

Hi there!

I'm currently 19 (20 in a few months) and I feel the time is coming where I need to spread my wings and see what life has to offer so I've started looking into renting my own space. I've read through the very helpful guide at the top of the section but it still leaves me with no idea what I can realistically afford on my budget of around £220 a week through my apprenticeship.

Could someone please give me some sort of idea what I am able to afford or better still give me a run down on their outgoings with a similar budget?

Thanks in advance.
Harry.

mizzbiz

Well, you should be able to rent a small studio flat (aim to pay little more than £300 per month). That's the easy part.

Add £25 per month for water.
Add £90 per month Council Tax
Add around £30 per month for electricity/gas (used frugally mind cos it can go up, up up).
TV Licence, add £12
Telephone, internet etc? Add a minimum of £20, but will be more depending upon your package.
Don't forget your mobile (up to £20?)

You're looking at around £500 per month to live on your own (a few quid more or less depending upon what extras you get).

Before moving in, you need a bond (1 months rent) plus 1 months rent up front.

If you can, try to rent a room with inclusive bills if possible or share with someone to half the burden - you're a professional so it should be easy enough. It's always more expensive than you think - my sister thought she would move out of home when she was 21, only calculating her monthly rent and oblivious to everything else. She had to break the tenancy after four months, heartbroken as she had to give up her dog, and move back in with our parents.

£500 is a lot from your wage if you go it truly alone, and that's based on a very cheap rent, most are more than this. You will find you are mainly paying to survive once you buy your food, tax and run your car etc, and that's no fun for a young lad who just wants his freedom.

The_Gashead wrote: »

Hi there!

I'm currently 19 (20 in a few months) and I feel the time is coming where I need to spread my wings and see what life has to offer so I've started looking into renting my own space. I've read through the very helpful guide at the top of the section but it still leaves me with no idea what I can realistically afford on my budget of around £220 a week through my apprenticeship.

Could someone please give me some sort of idea what I am able to afford or better still give me a run down on their outgoings with a similar budget?

Thanks in advance.
Harry.

McKneff

The_Gashead wrote: »

Hi there!

I'm currently 19 (20 in a few months) and I feel the time is coming where I need to spread my wings and see what life has to offer so I've started looking into renting my own space. I've read through the very helpful guide at the top of the section but it still leaves me with no idea what I can realistically afford on my budget of around £220 a week through my apprenticeship.

Could someone please give me some sort of idea what I am able to afford or better still give me a run down on their outgoings with a similar budget?

Thanks in advance.
Harry.

think again harry, think again. lifes too short to be skint all the time.
It will be no fun,
Wait a couple of years

al_hunter

The_Gashead wrote: »

Hi there!

I'm currently 19 (20 in a few months) and I feel the time is coming where I need to spread my wings and see what life has to offer so I've started looking into renting my own space. I've read through the very helpful guide at the top of the section but it still leaves me with no idea what I can realistically afford on my budget of around £220 a week through my apprenticeship.

Could someone please give me some sort of idea what I am able to afford or better still give me a run down on their outgoings with a similar budget?

Thanks in advance.
Harry.

As per the post by Mizzbiz above, you must remember to take everything into account. I would guess a flat share would be your best option. When I was renting a flat (from April last year to May this) it was costing me £475 a month rent, £70 a month council tax (for single occupancy discount - about 10% - if you go along ring the council and tell them you're the single occupant and want discount), £26 every 2 months for tv licence, but it cost me about £600 to run the flat (gas and elec) and about a further £250-£300 water, so you have to be careful. I struggled on a net monthly income (after all debts paid etc) of about £900. I would advise that you do a budget spreadsheet, either use the one on MSE website or create your own, as I did, so that you can forecast what your bank balance will be like at month end. Since moving in with my girlfriend and halving the costs of running a house my monthly budget has clicked into place and I'm not desperate by the time pay day comes round.

Welshwoofs

How much your outgoings will be really depends whether you're intent on renting a place to yourself or doing a houseshare. Renting a place to yourself really comes down to the average costs in your local area, though whatever it is, you have to take into account Council Tax, electricity/gas, phone line, Internet access etc.

It's always cheaper to houseshare and split the costs with other people naturally! At your age I wouldn't look to renting my own place because it's going to leave you with very little left over - rent with some friends, much more fun anyway!

welshy_2002

I'd recommend sharing a professional house with a few people, it's win-win. You get the run of the house and get to meet other like minded people.

Having your own place is nice, but you'll pay a premium for it...

There are always plenty of adverts around for rooms to rent. try gumtree or the like.

Good luck

Unknown1234_2

Mortgage

500

Electricity

50

Water

30

Gas

50

Food

150

C.tax Band C

90

Sky + Broadband

17

Car Insurance

60

BT

11

Contents Insurance

10

TV License

10

Mobile Phone

35

Petrol

120

Hair cut

25

MOT & Tax Savings

£50

Contingency Saving

£100

Bills Total

1,308

Left over Monthly

222

Also remember any service charges if you are looking at a flat.

McKneff

your sky-tv-broadband costs could be slashed in seconds.

Sky - basic - £16.50
broadband - free
Skytalk - free

Sky line rental £10 (soon to be £11)

Sky total - £26.50

Your total above £150 :eek:

thriftylass

The_Gashead wrote: »

Hi there!

I'm currently 19 (20 in a few months) and I feel the time is coming where I need to spread my wings and see what life has to offer so I've started looking into renting my own space. I've read through the very helpful guide at the top of the section but it still leaves me with no idea what I can realistically afford on my budget of around £220 a week through my apprenticeship.

Could someone please give me some sort of idea what I am able to afford or better still give me a run down on their outgoings with a similar budget?

Thanks in advance.
Harry.

Depends on where you are, i.e. in Scotland you don't pay water. As a PhD student 3 years ago I lived of 833 a month which is probably equivalent to 930 if I had to pay council tax. I only had about £ 250 in rent in my own small place, 40 leccy, 130 food and household. £200 for other bills, going out, clothes and entertainment and I managed to save about £1-200 a month.