Can I afford to move out?

Pee

I think the plan of living on the spending money you would have is a great idea.

I had to leave home. I wasn't asked where I was going I was told whether or not I could go.

Some people really do need a car. I am one of those people, only thankfully a little older than you with my insurance costly more like £300 a year. If you run a car you need to have a couple of hundred quid saved in case there is a problem with it, too.

It's really a question of what suits you best - for me it was to move out and have very little money but complete freedom - and also my salary went up a lot after I had moved out, obviously unconnected, but expected. Is this likely to happen to you.

I like shared housing but you need to have the right nature not to find it stressful sometimes and if your parents are ok to live with, then I can understand you not choosing that.

In some respects I wish I could have lived at home longer and saved more money as it was pretty hard for me, but then if I had been able to "live" whilst sleeping at home, I doubt that I would have left!

rozmister

I agree with the other posters who are saying you should wait a while and build up a nest egg.

Also I think a flat of your own is quite ambitious for your first rented home. Whilst you may like your own space a shared house is cheaper (both in rent and also in bills) and doesn't have to be forever. Also moving out of home can be quite daunting and lonely; it's nice to have someone else around if you need them! I left home at 16 and had my first (studio) flat at 18. I only lived there for three or four months but I remember being very lonely and also struggling at times when stuff broke or went wrong and I had no solution and no one to share the stress with!

The other thing is just a small side note - your tv licence is more than £10 for the first few months. You pay the first year in 4 installments (I think it's four) and then you pay £10 or so a month for the next year.

BitterAndTwisted

Fate might be dealing you a helping hand here: on your current salary and considering your age few landlords would agree to let to you. A lot will be based purely on affordability. A flat or house-share might get you round this. To rent on your own you will likely have to cough up around £200 in holding-fees, credit-checks and check-in fees before you even pay a month's rent in advance and the equivalent of a month to a month-and-a-half's rent as a deposit.

To be honest, few people of your age can afford to rent somewhere on their own, and many, many people much older can't either. Getting into a flat or house-share can be a lot of fun, be absolutely great for your social life and can also be very character-building into the bargain.

My own advice would be to get those debts paid off, stash a really decent amount away in savings and sit tight at your parents' for as long as you possibly can until your earnings have increased substantially. If my own experience is anything to go by, after you leave home you'll barely have two pennies to rub together, quite possibly for years and years. Being poor is a challenge in the beginning but a terrible burden long-term. I wish someone had told me that when I was 18 (and I paid attention).

-giraffe-

Grabs39 wrote: »

The flat I was looking at was £350 a month including council tax. Other things I'll have to pay for and my estimates of their cost

Toiletries & Cleaning products - £10
Utilities (gas electric and water) - £100
Bus pass (cheaper than driving to work and city centre parking) - £50
Food - £80

.......

paying off my card (a few hundred after some overspending last year).

Sounds like moving out would - as well as costing a lot up front in deposits and leaving you vulnerable if there are any big unexpected expenses - cost at least £280 more per month than living at home? I think it would be extremely risky to move out before you've proved to yourself you can afford it, so considering sticking it out at home for a while longer and by saving at least £280 per month you'll have that credit card debt cleared in a month or two, start saving up for the deposit you'll need, and the longer you can hold out the better in terms of the savings you can build up.

rozmister

Also I forgot to add that if you find your flat through an agency the fees are A LOT of money. I'm moving at the moment to a 2 bed flat - rent is £725, deposit is £725, fees are £505. That's pretty standard for the area I live in as well and I live in the South East (outside of London and the main commuter belt)!