Rent advice?

Sycrid

Hiya guys,

My wife and I have concluded that we should try and save some money, so that we can start building up some savings so that we can stop renting and apply for a mortgage etc. (Same scenario as millions I'm guessing).

Anyway we're paying £425 pcm on our current place and I read somewhere that you should be paying about 25-30% of your income in rent/mortgage which up until this month coming makes our rent extremely high, as it's almost 45% of my income. My wife has started working this month so we should have some additional finance to start saving but I guess what I'm trying to find out is, what percentage of your income should you really be paying towards your property?

I'll not request information on what should be paid in £££ for rent because I know this will change per location, but does anyone else have any tips on how to locate animal friendly rentals? (We have an awesome little cat).

Aside from that, any tips on how to minimize bills and save ££ is always welcome.

G_M

There's no magic figure for rent-to-income.

Pay what you can afford.
Pay what you need to to get the type of quality property you want.
Compare your rent with similar properties in the same area.
Move to a smaller/dirtier/worse location if you want to save and can bear to.

Tips to minimise?
* dump the kitty
* stop eating out
* stop buying expensive cuts of meat
* dump the mobile phone
* turn the heating down

Check out the other moneysaving areas to maximise your savings interest and find moneysaving (or free) bargains

Sycrid

Forgive me for this but

*Dump the kitty*

You must be a none emotional person, how can you part with a family member? We will not be doing such a ludicrous suggestion.

As for meat, we don't buy the expensive stuff, only the cheap stuff. We do not eat out, we do have mobile phones which could be rethought, and the heating well at the moment it's only on for 1-2 hours a day, and I've turned the temperature down on the heating system.

G_M

Hey! You asked for

any tips on how to minimize bills and save ££

so I gave some tips.

Whether you act on any, none or some of them is entirely up to you!

Eliza_2

The DFW and old-style forums are my favourite places for money saving tips for everyday living. Masses and masses and masses over there.

Incidentally I pay around half of my income on rent. Doesn't really mean much as I could easily get a cheaper place in a town for less but I choose to live where I do.

Horses for courses really.