Borrowing money at 18 y/o

holaalucy

Hi Guys,

I'm 18 years old and I need to move out of my parents house.
I am an apprentice and only earn £560 a month so I don't have enough money to pay a deposit on a place. I only need to borrow about £500.
Does anyone have any suggestions?

DCFC79

Got any savings ?

If your going or wanting to move out your going to have to budget.

What do you spend your wages on eg mobile ?

Speak to your own bank would be a start.

jonesMUFCforever

You NEED to move out can can you realisticaly afford it?
Where will you live have you costed it all? Rent, council tax, electricity , gas, water rates, food, clothes, mobile phone etc etc

solentsusie

Why do you NEED to move out? Are your parents throwing you out?

£560 is not a lot of money to live on per month on your own. Have you sat down and done a statement of your finances to see if you can actually afford to move out. There is a lot of other expenditure that you need to consider other than rent payments.

surrey_jim

Are you able to live with friends/family for a time while you save a deposit?

Fruit_and_Nut_Case

Have you asked your parents to lend you the money? Or they may be willing to gift it to you.

SuperHan

A deposit is usually a month or two's rent. If you're not paying rent at the minute, it should only take you a month or two to save for it as I assume you will be able to afford the rent expense while you're living there on your current wage.

As has been mentioned above though, have you thought about all of the other costs... Council tax, utilities, internet, water, food.. £560 won't go very far!

ricky_v

Clowncil tax - £60 (Band A with single occupancy discount)
Energy - £35 (used frugally)
Water - £15 (water meter using 1 unit a month, which is frugal)
Food - £50 (eating alot of reduced food)
Toiletries - £20

Total, £180, so £380 left for rent. Leaves very, very little for phone/internet/TV/social life/luxuries/emergencies.

And running a vehicle? Most definitely forget that.

(above figures a rough estimate)

If you quit your apprenticeship and get a "normal" job, or get an evening job for several evenings a week then it's doable with very careful spending.

alwaysskint96

room in a shared house would be better-= no idea where you are but here in south east its possible to get one inc all bills for £350 per month

its doable but doesnt leave much (£200 odd per month to cover food travel phone etc) but maybe p/t bar job or something provide extras

Fruit_and_Nut_Case

alwaysskint96 wrote: »

...no idea where you are...

Inverness.

thebritishbloke

If you can't afford the deposit, you can't afford to live on your own.