is it enough to start renting a flat?

charleybear

Is £10,000 enough in the current economic climate to start renting a flat?
At the moment I only have £300ish saved up but after a few months I'd be able to put £50 in every month along with any change ect... I get.

I'm 19 and wish to have at least a flat by December 31st 2015 - I turn 21 in may that year.

Ia it doable?

jamie11

Yes it's doable, depends on how much the rent is of course, ideally you should only commit to what you will be able to afford from salary without dipping into your savings.

BitterAndTwisted

Depends on how much the rent is likely to be. If you're saying that you're currently earning only ten grand a year then I'd say not a chance if your salary hasn't increased substantially by the end of 2015..

charleybear

Well at the moment my wages are anything from £100-200+ a month
I won't be using my savings to pay rent after I get a flat.
After college finishes completely next year I will either look for a Childcare job or swap to work week days in my current job

Dave_the_Ginger_Cat

Maybe not on your own, but perhaps a house share or a room to let might be a good step to independence

LeeSouthEast

You need to investigate more, really.

How much will each of these cost per month?

Rent:
Council Tax:
Electricity:
Gas:
Water (supply):
Water (waste):
TV Licence:
Transport/Travel:
Food:

There's more, or course, there always is. But if you don't want to be dipping in to your savings every month (an option that'll cause you to implode eventually), your options are don't do it, or significantly up your income, because £200 even in the cheapest of areas will only cover you for a fraction of the monthly costs.

That said ... good luck! If you can increase your earnings, then £10k will set up a nice little home.

[Deleted User]

You can start renting a flat with £0 depending on the landlord. If they require a deposit then you'll need ~1 months of rent up front, then you'll need to be able to pay the first month...

The most important thing is your earnings, you need to earn more per month than you're spending. Having savings is a fantastic way to give yourself security but you can't use savings to live off of.

charleybear

I only will use my savings to buy the flat then after I will use my income