Stay at home or rent? [never lived alone]

never_summer

Hi,

Sorry if this question gets asked a lot but I guess everyone's circumstances are different!

Bit about me:

• 23
• Live at home with parents
• Went to uni (didn't live there, stayed at home and traveled every day)
• Now have full time job, while doing freelance photography and video on the weekend.

A few months back I got a full time job, but unfortunately it is 50 miles away and atm I've been doing 100 mile round trips Mon-Fri. I do 9 hour days at work, and with travel I'm leaving the house at 7am, and getting back about 6:45pm.

Incomings: (after tax)

• £14,000 (salary)
• £9000 (freelance work - could potentially earn up to £14,000+ [but guaranteed £9000])

I've worked out with money saved from paying rent at home, and traveling to and from work every day I'd save £132/month while renting will cost £655/month with all bills (inc food) meaning overall it'll cost me around £500 to live away from home.

If I earnt 14k[salary]+9k[photos] I'd have just under £17k/year disposable income, likewise if I earnt the 14k[salary]+14k[photos] I'd have £21k/year disposable income.

Sorry if I've over complicated this... have spoke to my parents and they think I'm mad wasting £500/month when I could be saving for a house deposit. But at the end of the day I've never been fully dependent upon myself, and while they even use this as a reason for me not to move out I actually like the idea of throwing myself in the deep end and being more independent... it's got to happen eventually anyway.

On the other hand though I do see that I'd be able to save that little bit quicker if I did live at home..? I'm the oldest (younger brother and sister) and I think my parents don't like the idea of any of us moving out just for the sake of such a change but I would travel back most weekends to do photos etc anyway.

Any thoughts? Sorry again for it being so long!

gazter

How has the 'saving for a house deposit' been working out? Sometimes people need a bit of a push to leave the nest. It will be expensive though. The last thing you want to be though, is in five years time still living at home.

I sometimes encounter grown men, in their thirties and forties with reasonable jobs, living at home with their parents. Dont be one of those people!

never_summer

gazter wrote: »

How has the 'saving for a house deposit' been working out? Sometimes people need a bit of a push to leave the nest. It will be expensive though. The last thing you want to be though, is in five years time still living at home.

I sometimes encounter grown men, in their thirties and forties with reasonable jobs, living at home with their parents. Dont be one of those people!

Probably got around £4-5k. To be honest, I don't properly save and find it far too easy to justify buying new things regularly. Also while I earn a fair bit from photography, there are always new lenses and other things I buy for it.

If I did move out, I would have to be more strict on savings and I feel moving out would make me grow up in that sense a bit as I enter the real world...

gettingready

I do 9 hour days at work, and with travel I'm leaving the house at 7am, and getting back about 6:45pm.

I live and work in London, work 7-8 hours per day (plus one hour in the middle wasted for lunch) and still leave around 7am and come back around 7pm so your commute is not so bad

Not sure how do you travel but if you drive, did you take into account the cost of running the car?

never_summer

gettingready wrote: »

I live and work in London, work 7-8 hours per day (plus one hour in the middle wasted for lunch) and still leave around 7am and come back around 7pm so your commute is not so bad

Not sure how do you travel but if you drive, did you take into account the cost of running the car?

Hmm I guess so! And I drive, just I'd need to keep the car for the photography and I wouldn't save a fortune on fuel as if I go home on weekend I'd only be saving on fuel 3 days!

gettingready

I've worked out with money saved from paying rent at home, and traveling to and from work every day I'd save £132/month while renting will cost £655/month with all bills (inc food) meaning overall it'll cost me around £500 to live away from home.

So you do pay rent to live at home at the moment and I assume it covers food etc too? And it would cost you £500.00 extra to live away from home than what your current costs of living are total of £655.00 per month?

Would you REALLY save that £500.00 per month while living at home?

Would it REALLY cost you only £655.00 to live away from home?

You seem to be good with figures (good for you) but as you never lived alone perhaps you are underestimating the cost. Tempting take aways, nights out with friends etc etc .. all adds up

never_summer

gettingready wrote: »

So you do pay rent to live at home at the moment and I assume it covers food etc too? And it would cost you £500.00 extra to live away from home than what your current costs of living are total of £655.00 per month?

Yeah, I only pay £80/month rent at home and yes this includes all my food.

Here's my figures... (rough numbers after a little research) /month

• Rent - £375
• Gas/Water/Electric - £100
• Council Tax - £80
• Food - £100

£655

Then I'd be saving /month

• Fuel - £72
• Rent - £80

£152

Which is where I get my £500 figure from.

Would you REALLY save that £500.00 per month while living at home?

Would it REALLY cost you only £655.00 to live away from home?

You seem to be good with figures (good for you) but as you never lived alone perhaps you are underestimating the cost. Tempting take aways, nights out with friends etc etc .. all adds up

You're probably right, I may be underestimating it... Not really accounted for takeaways/going out etc but would try to keep these down to a minimum. I'd also probably need money for furnishing but don't really mind spending money on this as can get on the cheap and it's not as if it's dead money - I'm getting something for it...

Pixie5740

Are your figures for renting a 1 bedroom flat or a room in a shared house? If they're the former then look at the costs associated with living in a house share. Often the rent is inclusive of bills and you can meet some really interesting people. Some will become lifelong friends and some you'll want to punch in the face (often). House shares are a good stepping stone between home and living alone.

I can understand your desire for freedom. I love my parents but I can't live with them. They're very straight laced and prudish. I was never given the freedoms that my younger brother was.

never_summer

Pixie5740 wrote: »

Are your figures for renting a 1 bedroom flat or a room in a shared house? If they're the former then look at the costs associated with living in a house share. Often the rent is inclusive of bills and you can meet some really interesting people. Some will become lifelong friends and some you'll want to punch in the face (often). House shares are a good stepping stone between home and living alone.

I can understand your desire for freedom. I love my parents but I can't live with them. They're very straight laced and prudish. I was never given the freedoms that my younger brother was.

My figures are for renting a 1 bedroom terrace house. Have thought about a shared house but 1) I like my own space and enjoy my own company and 2) wouldn't wanna be "that" guy that goes home every weekend and misses out on going out/socialising with flat mates on Saturday/Sunday..!

Pixie5740

Why would you go home every weekend?

GoldenShadow

Depends on what you want I think. Do you want your own space?

I'm 23 and also live at home. However, its just my Mum and boyfriend here nobody else. OH and I are saving for a house and, being in the south, it costs enough that we don't want to go and rent because it would pretty much stop us saving. At the moment we can save about £1500 a month between us. In order to buy or rent with parking we'd have to move further away from London than we already are. Whilst neither of us works in London, it is possible I might when my grad scheme ends. Career wise we would be moving further away from work to rent/buy regardless.

I'd love my own space, but for the above reasons it doesn't feel like a sensible choice right now. My Mum hasn't got loads of money spare and could never do things like buy us cars or give us money for a deposit. Her way of helping is charging us a really minor amount for rent, which I am very grateful for. So I'm making the most of that for the next year or so really.