Wanting to move out, how much to save?

BlackFrosting

Due to personal situations, i really do need to move out,

I was just wondering how much on average do I need to save to allow myself to move out comfortably,?

I don't mind having really rubbish furniture from the charity stores or anything like that for now.

I earn around £1,000 - £1,080 a month,
I pay my parents £250 rent and around £144 in other bills
I currently have £1,897.78 saved in my savings account
pus £70 in my savings tin

sharp910sh

Where do you want to live? How much is the average rent for a 1 bed place or flat share?

You will usually need 6 weeks deposit and one months rent upfront plus fees if going through an estate agent.

Jox

Have a look on websites like spareroom to see what costs are for studio / one bed / room in a house. You can find a place with bills included.

khakisnowman_2

Think if you are looking to buy for the 5% deposit you would need around £5,000-£10,000 depending area, size etc.

Holliejayne2

I currently live on my own and found that moving out was great but I made sure that I had at least £500 in the bank after deposit for all those bits and bobs that come up - such as paying for TV or Water in advance etc. Also you make want to check if the property you are looking for is furnished if not you will need to budget for that, British Heart Foundation have plenty of furniture but so do others. Good Luck!

danslenoir

I'd say that getting your own place on that kind of income is going to be prohibitively expensive for you once you've factored in all of the bills you are going to need to pay, not to mention the bare essentials like food, commuting to work, etc.

Far better to consider a flat/house share where you will pay less rent and share bills out amongst multiple people.

missbiggles1

danslenoir wrote: »

I'd say that getting your own place on that kind of income is going to be prohibitively expensive for you once you've factored in all of the bills you are going to need to pay, not to mention the bare essentials like food, commuting to work, etc.

Far better to consider a flat/house share where you will pay less rent and share bills out amongst multiple people.

And it'll be furnished as well.

anotheruser

You'll need whatever the monthly rental is as a deposit as well.
Let's say you'll pay £500 a month in rent - a fairly average figure.

£500 - deposit

£500 - first months rent
£70 - council tax (with single person discount)
£16 - water
£100 - gas/electric/internet
£200 - food and groceries

Monthly Total: £886

Bearing in mind, this doesn't include the costs of moving (renting a van?), whether you have any gym memberships, mobile phone, rail tickets, car costs...

It might seem do-able but it might be better to remidy the situation and stay with parents until finding mates to live with.