Time to stop sponging and start renting.

Overall_Victory

hey all

new here so i'll start with a request for advice!

like the title says, i shall be moving out of my parents place in the next 3-4 weeks hopefully and my saving will end.

I have 6.5k in savings, 1k that my sister owes me and i think my new place (and all afiliated costs) will cost me £100-150/month more than what i earn. funnily enough, my car costs me £150 a month and i owe on a fixed rate loan 5.25k. i really wanna keep the car and pay it off so i can break even in my new place but if i do that, im left with 1.25k which is enough for deposit, 1st months rent, assorted moving costs, tv license....but not enough for the 1-1.5k worth of furniture/house items that i wish to purchase and id also like a protection buffer of 1k just in case.

my question is fairly simple. how can i get all of what i want with what i have? it's arguably not possible but having been strongly recomended this site by a friend, then im positive you clever lot can help!

p.s. the answer isnt a small bank loan is it do we think?

thanks in advance!

agrinnall

If the place you are looking to rent costs more than you earn then obviously you can't afford it. I'm guessing you don't really mean that so perhaps if you posted figures for what you earn and what rent/council tax/utilities you will have to pay we can help with your decision. And no, a bank loan is unlikely to be the answer.

cottonhead

Make sure you can comfortably afford the monthly bills before you move out. Its exciting but won't be much fun if you have to live in a cold flat with no food and the lights turned off ! Do you have a backup plan as well just in case you loose your job etc?
My advice would be dont buy loads of fancy stuff on 0%apr because you will live to regret it. Ask about for any donations of pots and pans etc from family and see if there is any larger furniture on freecycle or from a furniture charity shop. Near me there is a Brtish Heart foundation shop. They do nice sofa's and have a great selection of TV's etc and all the money goes to charity so well worth it. Could you pick some items and ask your sister to purchase them instead of giving you the cash back? That way it will go straight towards the stuff you need and not get spent elsewhere. Good luck.

Overall_Victory

flat im looking at is 395. reckon i could get them down to 375. c/tax is £86. i dunno the service costs for the apartment block (they cancelled a viewing today). say 40. car 147, iphone 26, tank petrol for a month 36

already we're at 710, i earn 940 after tax. 230 for broadband, electric, water, general costs, tax+insurance+carservice will equal out at 50/month average (although all are paid up til dec). as you can see, that doesnt include food costs. hence the 150est overspend.

you cant always get what you want...and it would help if my sister gave me back my 1k (which she cant do until she sells her house). surely there's an answer!

amiehall

You need to stop thinking like that or you're going to get yourself into serious trouble. You shouldn't think "how can I afford what I want" more like "what can I afford".

Have you signed on this new flat? Maybe it's worth paying down your debts before you move. It just doesn't seem like a good "best case scenario" to be £150 short every month on your bills etc. That's soon going to build up into a sizeable debt.

heathcote123

Overall_Victory wrote: »

flat im looking at is 395. reckon i could get them down to 375. c/tax is £86. i dunno the service costs for the apartment block (they cancelled a viewing today). say 40. car 147, iphone 26, tank petrol for a month 36

already we're at 710, i earn 940 after tax. 230 for broadband, electric, water, general costs, tax+insurance+carservice will equal out at 50/month average (although all are paid up til dec). as you can see, that doesnt include food costs. hence the 150est overspend.

you cant always get what you want...and it would help if my sister gave me back my 1k (which she cant do until she sells her house). surely there's an answer!

Looks like you can't afford it. How about renting a room in a shared house instead?

Overall_Victory

thanks for the reply cottonhead,

if i lose my job then giving up my car is an absolute must. it's pretty safe... work for a charity and seemingly more people give to a charity in hard times because they think we miss out!

for 6 months i contemplated not moving out but doing a life changing lands end to john o groats charity walk (wouldve cost me 3k) over 3 months. if i get sacked i will do it! i decided in times like these giving up work isnt clever so i took the boring option. i cant stay at home so moving out is the answer.

i fully expect to live in darkness and also living without heating is fine. i'll buy a blanket or stay in bed with my laptop! i estimate it will take 4-6months for my mate to move out home and we're can share somewhere at 450 or so. my 6.5k cushion is nice to fall back on but i want to get the most out of it which is why i asked about the sensibility of just paying off my car. i would never buy now pay later at all. but the loan is an option if i can get one cheap(ha!!)

MandM90

Generally, it's not recommended to rent a place that is more than a third of what you earn. Is a house share not an option? Personally I think you're getting a bit over excited; it's great you've managed to save 6.5k (albeit with a car loan) but will you really feel so thrilled when you are sitting in your flat with all your fancy stuff, struggling to pay the rent and your loan and just scraping by to afford the food and electric?

You say you were 'sponging'...does that mean you live at your parents rent-free? If so, I'd just sit tight and try and pay off your car loan (if you have no real house-related expenses surely you can plough most of your wages into it) and then look into a more affordable flat or a house share. I'm sorry it's not the answer you wanted to hear but no, if you don't have the money there is no easy way to get all the gadgets, furniture and the flat you want unless you want to end up in serious debt. As others said there is no need to spend 1.5k on furniture. You wouldn't believe what you could get on ebay/freecycle/from the paper and when you do really want something there is nothing like the feeling of saving for it and finally being able to purchase it.

[Deleted User]

I'd suggest (as other's have said) u take a deep breath.., and look with a cool eye at your situation. U WANT to move out, WANT a 1 bed flat of your own but are ignoring the fact that if you do so, the sums don't add up.., u don't earn enough to pay the rent/debts/bills.

MSE is really good, but it can't magic money out of no where. You don't earn enough right now to rent privately. Having saved a large sum of money is good, but it might be giving u a false sense of safety. If u are overspending by £150 each and every month to enable living on your own, that can only lead to further debt. Its too big a shortfall to make up. I also note that u will need to not eat (you mention food no where in your budget breakdown).

If needs be, can u get a second job to make up the short fall (we've all done it)? Otherwise I'd say stay at home., perhaps paying a fair 'rent' to your parents if you feel that you are 'sponging' off them. I know this isn't what u want to hear, but I feel very strongly that u need to look at the situation from other than 'I want' points of view.

Overall_Victory

hi mandm

the 1.5k was/is a worst-case-scenario. i think 1k will maybe just suffice for everything. my mum owes me 150 and i'll probably get 1 or 2 housewarming type presents...

living at home saves me £400/month atm and staying here is not an option for longer than 4 weeks

i wonder what the answers would be if i said i earnt say 1100 a month as opposed to 940. i really appreciate the answers though i guess i have to work out what it is that i do want most and aim towards that. i guess im lucky i have a fall back cushion really....

Mrs_Z

sorry but where's the sense of what you're trying to do? If from the outset you know that the new place is costing you more than you're taking in - then that's absolute madness to go down that route in the first place! It's a 'no'!

Either you a) find somewhere cheaper or b) stay put or c) figure out how to earn more to make it affordable.

You're only storing problems for later by starting on the negative (ie. outgoings are more than income)!