Renting a 1 bed flat/studio flat on net salary of just over £1000, doable?

Sarah_81

I do! In fact I've just upgraded to a 2 bed in a better area.

I bring home about £1100 after tax/NI and paying into a pension scheme which my employer contributes to.
I started out in a 1 bed studio at £375 rent. It was independence and like you I did not want to house share (may as well still live with my parents rent free)
It meant a severe lifestyle change, especially when I moved into that flat I was also paying £177 a month from a loan taken out previously. So I went from buying clothes when I wanted, not even looking at the price, to looking at prices of food in the supermarket. My car went, and in came walking to work. Instead of liberally turning the heating on, I would ask myself if I was actually cold. Massive lifestyle change, but you get used to it.

I lived there for 6 years, paid off the loan and had a bit more money, so I decided to move to a better place instead of wasting the money on things I had come to do without and didn't even miss.

I now live in a lovely 2 bed new build, £475 a month rent and currently I have an offer accepted to buy it (deposit gifted from my parents). My monthly bills are;

Rent: £475
Council Tax: £62 (single person discount)
Water meter: £15 a month
Electric (no gas) £70 since it's winter.
TV: £13 (license fee, no Sky TV here, I watch things on catch up)
Sky broadband: £15 special deal
Mobile £10
Contents: £6
Travel: £50 bus for monthly ticket.

Once the mortgage kicks in then my monthly payment is £300, but would also pay £15 ground rent and a £70 service charge. Still cheaper than the rent and my building insurance would be included in the service charge.

I means giving up a whole lot; weekly socialising is a thing of the past, nights in are the thing. Clothes shopping is ebay or the January sales. I have to plan ahead for birthdays or Christmas. Check my account every week or so to make sure I'm on track. No Starbucks or anything, I do work for a place with an independent coffee chain, who charge 1/3 of the price and taste the same. You will find a way to do it if you want it. It means huge sacrifices when you don't bring in a lot, and especially if it's just you but it can be done. You just have to work out if the things you'll be giving up are worth it. I still see my friends, usually at home! And we do go shopping on occasion, too. It's not like you can't buy anything ever again, just make sure it's affordable - and do you need it?

Tip: try to pay with cash as it's easier to keep track of than blindly using your card to pay for things.