Can I afford to live alone on £18k?

HelenYorkshire

I would say yes, it is possible for you to live on that amount - but at what cost?

I earn a little less than the amount you state. I'm "ticking over" but cannot save at the moment. My hope is to dip into my (student based) overdraft less each month until I can cancel it. I don't run a car* or buy many "nice things". Any "nice thing" is carefully considered and I choose it for quality and benefits (e.g. organic meat) or on the basis of lasting a lifetime (real wool clothes, or a cast iron pan). I didn't have my heating on until recently, and it's on for up to 4 hours in 24, at only 13 deg C. I also don't have an oven or a fridge. I have spent a bit on fruit plants and vegetable seeds to try and help next year's budget. When I first moved out years ago, only my sofa and bed were new - they have followed me to each house; as have the second hand furniture pieces. I treated myself to a £99 dining table/chair set for this house.
One day I want braces to fix my wonky teeth - that is many years away!

What are you willing to do, or more importantly NOT do?


Quick and dirty partial cost breakdown:
Rent 500
Water (metered) 20
Electricity was 20, this month 37 (estimated)
Gas - LPG - 65 a canister
Insurance 250 lump sum
Council tax 120


*I drive for work, though not right now, so I either walk 20 minutes cross country to the shop, or spend £5 on a bus ticket

curlytop12

if you get to lookinf for a mortgage,PLEASE use a "whole of market,fee free"company.read this site's mortgage advice bit,it gives recommendations-i've used both charcol and london and country.

Cloudane

@LameWolf - I haven't had the need to cook anything for years But I did it at GCSE (compulsory at the time) and suspect it's a "riding a bike" thing. Plus I'm a "Google powered" individual and would end up finding the best ways to cook everything.

@guineapig - epic story, thanks for taking the time to write and share. I don't have anything to add but I did read through it.
I thought I was well past the age when most people have houses but based on a quick search you seem to be right there, at least in the more recent years with the high deposits required. I am also confusing it with "leaving home" (average seems to be about 24). Thing is apart from that idea of renting as a 'trial' I can't see the point of leaving to rent as long as my parents are happy to have me around, which they are. The money that would be 'wasted' renting would be better spent saving up for an eventual deposit.

@JackieO - indeed, and echoing again this point of rental being a lot of money outgoing when I could be saving it. Thanks for your info.

@HelenYorkshire - I'm starting to see that
It certainly sounds like quite a struggle!


==
Well, I have a lot to think about. I also have to continue thinking about what I will do about saving for retirement, it's a long way off but the longer you leave it the more difficult it gets, and do I really want to make it difficult for myself by diving into a mortgage and not being able to afford to pay into a pension...

I'm sort of leaning towards staying put, but it's opened my eyes to my saving-up responsibilities for sure.. I think I will be a lot more sensible with my spending just having this in the back of my mind, even if it's part of a "5 year" plan or something.

The more I think about it the more I would have to admit that a large part of me thinking all this was the social aspect. I hang around a lot of American websites and it's a HUGE stigma over there (the phrase "loser living in mom's basement" gets thrown around a lot) but of course they don't have the house price problems or living costs that we do!
BUT, I can still understand the thought that full independence can be important for personal growth
BUT, also, I care for my parents and also need to consider what is important to me such as their wellbeing... and at some stage (none of us are getting any younger) they will need me around to help. There's no way I would just boot them into a home.
There are a lot of "BUT"s and merry-go-rounds going on in my head at the moment. That at least tells me that I'd be a fool to jump into anything.

Maybe I'll put this idea on the back burner. We'll see. I'll at least come out of this more aware of my future and where it stands. Either way I'll save this thread for future reference so none of the advice will be wasted!

Many thanks

laurel7172

I pay £125 per month Council tax (after single person discount) for a band D property.

Terraces around here are (a) more expensive than £65K and (b) Band A. I doubt your council tax will be as high as you think.

quintwins

i would suggest working out how much it would cost you to live on your own (rent/mortgage, gas, elec,coucil tax, water rates, insurance everything) and giving that amount to your mother to save for you, or open an isa if you don't already have one, or open a savings account and hide/give someone/cut up the card.Then seeing how you cope not having that money as a back up even for a few months