Moving Out - Does this add up?

leapoffaith_2

Thank you all for taking the time to reply. A lot of food for thought for me there.

tiger_eyes

cono1717 wrote: »

Even in a rented house? There's not a lot of things that can go wrong really is there? I have around £1.3k saved up as a buffer.

Just checking you factored in fees, costs, security deposits, first month's rent, etc for your new place and you'll still have the £1300 emergency fund after all that.

I think the worst-case scenarios are:

(1) losing your income, perhaps due to unemployment or ill health,
(2) expensive car problems, or
(3) landlord wants you out, so you need to come up with admin fees for a new property, plus a new security deposit, plus first month's rent up front, plus moving costs.

Unfortunately these things do happen, as many people on the Debt-Free Wannabe board can attest. As your budget is so tight, you may not be able to increase your savings any further after moving, so it only takes one major problem to burn through your emergency fund. I would consider building up to at least £2-3k in emergency fund before making the leap.

cono1717

Sorry I mis-read your post - I meant I have £1.3k after having moved into the property I am currently in - I guess those worst case scenarios can still occur but I thought you said 1.3K isn't so great even after I had moved in, which it is clear now, was not the case :P

borkid

moneyistooshorttomention wrote: »

Monthly bookclub is a £5 taxi fare to get to and the cost of the book itself (£10-£15 a month basically for that)

You buy the book??? At my book club we borrow a set of books from the library. There is a list of books for book clubs so we know they have enough. Sometimes we just concentrate on one author and then we provide our own copies. Luckily we have a village run second hand book shop 20p per paperback and 50p per hardback or lend each other our spare copies. If I was really short of money it would cost £1.80 an evening ( the price of half a cider at my local where we me) plus £2 per year for resevation fees on the library books.

Dird

£50pw....what a socialite. I could go to the pub every night & not spend that

moneyistooshorttomention

This week's total for social life:

£5 x 2 for dance/exercise classes = £10
£3 approx. x 2 for coffee out after class = £6
£7 for yoga class
£6.50 for seeing a film (occasional)
£10 approx. for bookclub night (monthly)

I turned down offer of an evening out one night - as I couldn't afford the £11 it would cost - darn it (as still recovering from nearly 3 years on half pension).

Total for the week about £40 (admitted its a more expensive week than normal). Would have been about £51 if I hadn't reluctantly turned that evening down.

NB; Admitted that at my age (60s) I've learnt that exercise isn't an optional extra - as otherwise the body turns into a stiff unhealthy "old" body left to itself.