is spending half your monthly wage on rent doable?

j.e.j.

I have (in the past) spent more than half of my take-home pay on the rent, but I wouldn't recommend it.

That said, you should really be getting your own place by your late 20s. It's a bit old to be living with your parents, imo. We've now got a generation of young adults who've been utterly failed by the system, unfortunately. Rents are sky-high, wages low, making rents unaffordable and mortgages just a pipe-dream.

I could suggest maybe getting a second job, if you are able to, and putting the money from that job into savings? Or maybe just looking for a bedsit, if you'd be happy in such a small space?

BigAunty

fitnessguy1 wrote: »

it is just a case of trying to get that job that pays the extra couple hundred per month. it isn't easy to even find a job paying a 2 thousand more per year.

My other flash back when I could barely afford the cheapest of digs as an office junior is that I ended up working in a chip shop 2-3 nights a week...

You could also think about how to slash your expenses to get an extra 2k per year. That's £38 a week or £5.50 a day.

Even on NMW, if you are a full timer, you should be netting around 11/12k per year, so that's you trying to reduce your spending by around 20% ( a huge percentage, I know).

If you do decide to move into shared digs or your own place, your disposable income is going to nose dive so you may as well tighten your belt. Your parents are going to lend or give you your deposit for your next place. Why not cut the apron strings and save towards this yourself?

Download the MSE budget planner, get a free smart phone app to track every penny of your actual spending. Work through the site to identify how to slash every line item of expenditure - cheapest mobile tariff, taking your own lunch and thermos of coffee to work, free haircut as a model for hairdresser trainees, cycling to work, etc.

The old timers board could review your budget and tell you how to be ultra thrifty - they pride themselves on their stinginess. For them, someone on NMW can live like a king so long as they know how...

Gavin83

I spend around a 3rd of my take home pay on my rent (in London) and while its a nice flat I earn a decent wage I share with my girlfriend. I honestly think your only realistic option is a flat share, it allows you much cheaper rent for a better place. A flat to yourself is a luxury. Were I living on my own I couldn't afford it, even with my well above average salary.

I'm around the same age as you. It's not too old to flat share.

Barny1979

Flat sharing and sharing with a partner is different though...

Gavin83

Maybe so but he basically has 3 choices:

1) Live alone in a substandard flat in a dodgy area.

2) Flatshare and be able to live somewhere nicer.

3) Stay at his parents.

Barny1979

Exactly and I think if the OPs work situation remains, he will have to stay at his parents and maybe move in with his GF down the line, if she can cope with dating a bloke who is almost 30 and living with his parents. This isn't a pop, but can put pressure on a relationship.

fitnessguy1

i know a few people (just aquaintances) who have gf's and they still live with parents. it can be frustrating as i would like to be able to cook for my gf on nights and not have anyone else to get in the way. it would just be good to have some total privacy once in a while. i don't particularly like the situation at all but not much i can do right now. i could certainly flatshare, but it would have to be with strangers which i'm still a bit reluctant about. i was thinking of just saving up quite a bit of money and just renting a place and hopefully the money saved will tide me over and help towards bills until i can get myself into a better paid job. is that even a wise idea?

Barny1979

I would get the job sorted before committing yourself financially. As you may not be able to cover your costs in the future and then have to potentially go back to your parents.

fitnessguy1

@gavin83. yes it would be more ideal to share with gf, but certain things have been making the relationship a bit rocky and nothing to do with my living situation. i have been considering returning to education which may help my situation, but it would mean sharing anyway if i was to move away for education. i was looking into graphic design.

BigAunty

fitnessguy1 wrote: »

i know a few people (just aquaintances) who have gf's and they still live with parents. it can be frustrating as i would like to be able to cook for my gf on nights and not have anyone else to get in the way.

So your folks never have weekends away, take holidays or even go for nights out from time to time? You can't have a chat with them to say 'any chance I could have the kitchen to myself some time this month to make a romantic meal for my GF - can you give me a shout when you are next planning a night out so I can take advantage of this, please?'.

fitnessguy1 wrote: »

i was thinking of just saving up quite a bit of money and just renting a place and hopefully the money saved will tide me over and help towards bills until i can get myself into a better paid job. is that even a wise idea?

Assuming that a landlord even touches you with a bargepole and gives you a tenancy that leaves you at risk of rent arrears, the problem is that your savings may run out before your tenancy does or your earning capacity increases, so what happens then?

I thought you were looking into retraining or education to switch careers? Housing benefit isn't usually payable to full time students in education who don't have disabilities or dependents. Unless you are undertaking distance or part time classes for this, your best bet would be to do this career development while at your parents to cope with the loss of employment income.