First time mover

smcfadyen92

Hi,


Was looking to get some feedback/advice on myself moving from home. So i'm currently looking at renting for a few years time until my partner is ready to move out of her parents house.
For talking sake i make 1300 a month and having used the budget calculator putting all my theoretical bills in and other outgoings i will be looking at 180 pound spare money for the entire month. I'm a little uneasy on this but i'm also very eager to move out of my family home. Am i right to be worried by that? Thoughts?

Stephen

Cakeguts

What do you mean by spare money? Do you mean money that is left over after you have paid for everything or do you mean money that is left for food and clothes?

smcfadyen92

Meaning money after everything. So thats food and fuel taken into consideration

Levs01

So £180 a month for evenings out, saving for holidays, birthdays, christmas etc, then there are the things that crop up that you dont expect, new tyres for the car, 4 new brake pads (these are mine this week out of the blue) . Do you think that will be enough? Only you can decide that. But speak with your parents and see if they would be happy for you to take a 6 month lease and if it doesnt work return home. They might be OK with that.

Shmo

I'd expect money to be rather tight with that monthly excess and you'd have to be careful with budgeting and making sure there's enough in the pot for when the yearly charges come around like car maintenance, insurance etc. You're a little bit more secure renting as you don't have to worry about replacing a boiler but unless you've been extremely generous in allocating money for food, clothing, etc. then you could end up watching the pennies.

I started a new job some years ago while renting and had just over £200 a month after anticipated costs and found I was having to dip into savings to cover some of the bills. I probably would not have stuck it had my salary not increased soon after joining, but your budgeting skills might be a lot better than mine.

Make you have a good cash buffer going in beforehand. The first couple of months are always tough when you have to pay the tenancy fees, deposit and first months rent up front plus all the other stuff that comes with moving into a new house.

Fosterdog

As long as you don't expect a lavish lifestyle then £180 a month left over isn't too bad, I had less when I lived in my first place. Does your budget allow for you building up an emergency fund? A decent savings buffer before you move out would help.

As an alternative could you consider a house share instead of renting on your own to keep the costs down?

fairy_lights

Why is it going to take a few years for your partner to be ready to move out of her parents home? How old are you?
Unless you're happy to live on a very tight budget and forgo holidays and nights out for the foreseeable future, a house share might be a better option for you.

elverson

A common 'rule of thumb' is that your rent should be no more than a third of your take home pay.