Stay at home or rent? [never lived alone]

skint_chick

You might want to include things like a tv licence, internet, sky, and contents insurance in your budget for moving out. That could add another £40-60 to your expenses. If I were you I would stay put for a bit longer - if you'll be going home for photography every weekend then surely it makes your weekends easier - you lose time during the working week but have additional time at the weekends.

If you're struggling a bit with saving then set up a standing order to leave your bank account the day after payday to a cash ISA so you don't really feel like you have the money. The rent you're paying your family won't even be covering your food costs so the first thing you should do is treat them to a family meal/day out for being so lovely!

LandyAndy

Pixie5740 wrote: »

Why would you go home every weekend?

Because his photography business is based around where he lives now.

but I would travel back most weekends to do photos etc anyway.

I guess that might be relocatable in the medium term though

AdrianC

never_summer wrote: »

Also while I earn a fair bit from photography, there are always new lenses and other things I buy for it.

It sounds like you need to figure out the difference between your turnover from the photography business, and the profit/income from it. Preferably before your next tax return, so that you can make sure you only pay tax on the latter.

bouicca21

As has been pointed out that £80 isn't even going to cover your food, let alone a share of bills.

And equally as pointed out, your notional budget is light on tv licence, Internet, entertainment. Are you looking at furnished or unfurnished? Even furnished might see you wanting to buy additional stuff to make the place feel homely.

Personally I think, money apart, going from living at home to living on your own is a psychological stretch. A flat share or lodgings might work better.

If you were mine I'd be suggesting that you stay at home for at least another 6 months and practise living on a budget, including putting regular amounts away for savings.

dimbo61

Have a look at easyroommate and spareroom for local room share
You want to leave the cheap digs you have at home with Mum and Dad and rent your own place.
If you can get a flat at £375 a month well done.
You will also have letting agents fees, credit checks, management charges etc
Check out one bed flats in the area you want to rent Rightmove, Zoopla and "onthemarket"

never_summer

Thanks for all the replies guys. Think you're all right and I'm going to stay put for a bit longer. Have been looking at houses to buy and I can buy something for £50-70k similar to what I'd rent for £400pcm. (I could get a mortgage for this amount I think on my salary £16k) Probably worth doing something like that short term, then once I've settled down with a gf in a few years potentially look at letting that out and getting a new mortgage with girlfriend..?

-

AdrianC wrote: »

It sounds like you need to figure out the difference between your turnover from the photography business, and the profit/income from it. Preferably before your next tax return, so that you can make sure you only pay tax on the latter.

All my income, both photography and salary which I stated in the above post is net profit, so money I'll actually get after giving the taxman his share!

duchy

I'd stay at home for now.

Your costs are over optimistic and you need to make the photography pay for itself after costs like new lenses . If your business is currently based where your parents live then moving away from it because of an not unreasonable commute is crazy. Use the fact in the short term that you have bases in two places to expand your client base and also save .

Living away from home is *always* more expensive than you budget for -trust me !

If you live in an area where buying is a real proposition in the short to medium term that is a far better financial plan.

martinsurrey

never_summer wrote: »

Thanks for all the replies guys. Think you're all right and I'm going to stay put for a bit longer. Have been looking at houses to buy and I can buy something for £50-70k similar to what I'd rent for £400pcm. (I could get a mortgage for this amount I think on my salary £16k) Probably worth doing something like that short term, then once I've settled down with a gf in a few years potentially look at letting that out and getting a new mortgage with girlfriend..?

-


All my income, both photography and salary which I stated in the above post is net profit, so money I'll actually get after giving the taxman his share!

There is one thing that no one has mentioned.

Life.

At the minute you work all week (after travel you have no time) and work at the weekend.

When do you have time to find this gf you want to settle down with?

how about a compromise to start off with, find a week day rent near where you work (a monday to friday rent), these are nomally lodger agreements so are shorter term and inc bills.

If you like that you can look at moving out full time.

Also some of your figures seem a bit off.

100 miles a day is 2000 miles a work month, or about 20k miles a year, now lets guess your car gets 40 miles to the gallon, at 4.5L per gallon and 110p per litre thats £2,475 in fuel per year, or £200 per month. Add in wear and tear on the car and you're looking at saving A LOT more than £72 per month on commuting.

can I ask what area you work in (Town or city?)

Minty123

If I were you, I would stay at home for a few months and put the extra £500 per month it would cost you to rent in a separate account.

Then if in a few months you still decide to go for it, it will be less of a stretch (I also think you have under estimated quite a bit) and if you decide to stay with your parents, your deposit find will be significantly on its way.

As an aside, I moved out on a similar salary to you (I had no choice, my job was 90 miles from my parents) and I struggled.

I would also say, one of my biggest regrets is not saving £500 a month when I lived at home, as soon as I moved out I realised I could have easily done it, and after the 3 years I lived at home, I would have had £18,000.00.

Looking back it makes me mad that I essentially wasted £18,000.00 with not a lot to show for it...

never_summer

martinsurrey wrote: »

There is one thing that no one has mentioned.

Life.

At the minute you work all week (after travel you have no time) and work at the weekend.

When do you have time to find this gf you want to settle down with?

how about a compromise to start off with, find a week day rent near where you work (a monday to friday rent), these are nomally lodger agreements so are shorter term and inc bills.

If you like that you can look at moving out full time.

Also some of your figures seem a bit off.

100 miles a day is 2000 miles a work month, or about 20k miles a year, now lets guess your car gets 40 miles to the gallon, at 4.5L per gallon and 110p per litre thats £2,475 in fuel per year, or £200 per month. Add in wear and tear on the car and you're looking at saving A LOT more than £72 per month on commuting.

can I ask what area you work in (Town or city?)

My car does about 60mpg, costs me around £6/7 to get to work and back. And seeing as I'll be going home most weekends I'll be saving fuel 3 days per week which makes me my maths right roughly!

And I work in Newcastle-under-Lyme, close to Stoke-on-Trent.