Moving Out

nffcbash

I'm looking to move out with 3 other friends, although I am concerned at how I will manage financially.

I currently earn £1050 per month after tax, however I am paying back monthly installments for my car and also the insurance is high.

These are my current monthly liabilites:

Car repayment - £150
Insurance -£150
Phone - £50
Gym (Fixed Contract) - £10
Bus Card (Required for Work) - £60

I have estimated that moving out will cost me £250-300 (Rent/Bills/Tax) a month as I will be sharing the costs with 3 others. Therefore I should be left with around £300 to do with as I please (including food shopping). I am used to having around £500 for going out ect and I'm not sure if £300 is enough really to live off?

Could anyone else that has had or is in a similar experience share how they got on?

mrcol1000

£500 a month is a lot for going out. If you really don't think you can manage on £300 a month after bills then maybe you should not get your own place and just enjoy life. There are a lot of people who barely manage to pay all their bills a month let alone have £300 spare cash. Really you need to think about if you want the responsiblity of having to pay rent and bills.
If you wanted to move out you could easily do it based on your budgeting but you would have to make some scarfices. It also depends on your savings. You would need to save some of that £300 if you have no savings as a back-up just in case you had a sudden expense or lost your job or got ill.
Maybe you need to work out how much rent and other bills would be and just see if you can put that amount away for a month or two. Then your have savings and be able to prove to yourself you could manage.

Jowo_2

Download the budget planner spreadsheet on the free tools section as its easy to miss off expenses.

Do you really need a car? Currently you spend a third of your net income on travel, including your bus pass, and this excludes other related expenses like petrol, repairs and MOT.

How have you arrived at the figure of £250 to £300 pcm for rent and all bills, including your share of CT - what's the breakdown for this? This seems really low but perhaps you live in an area with cheap rent.

F_T_Buyer

50 quid on a phone?? Wow.

BitterAndTwisted

You're spending £300 a month plus just to run a car on the weekends? That's nearly 30% of your take-home pay. Madness! Quite honestly you really should be thinking of moving only once you've paid the car-loan off. I would gently suggest that on a take-home pay of a modest £1050 a month the car is a luxury only someone living at home and being subsidised by the 'rents could afford.

nffcbash

Thanks for all the responses guys!

Yeah the car is a major financial drawback at the minute but not a lot I am able to do about it, and I do enjoy driving and regularly use it.

The rent/bills are cheap as the house(s) we are looking at are on average £650 between four of us.

I certainly can cut back on going out and luxuries, I was just seeing if anyone agreed that it would be worth moving out.