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Can I move out on my salary?

So, I have been looking to move out for a while due to lack of space in my family home and parents have been supportive, but encouraging I move on.

My question is am I being realistic? I like to do things properly and plan- and if in need of more income I want to focus on reaching that amount.

I am currently on a salary of £27.2k pa before tax and have been looking at 1 bed flats in Greater London (I'm already living in this area) e.g. Merton/Croydon/Sutton where rent prices are low and I can easily access the A3. 
So far I've been able to find places around £800 pm and have calculated I'll need roughly £250 pm for bills. So: £1050 pm on the flat overall. 

*Note: I do commute to Feltham for work (16miles), but do not want to move there as this job is a stepping stone for me to gain skills and move up elsewhere. I drive a 1litre car; exempt from emission zones, do not go through any congestion zones and a full tank is £30. 

**I am looking in Greater (south) London and at 1 bed flats as I when I move out I plan to settle and focus on my career.

***It may also be worth noting I have a second job where the money earned is strictly for saving purposes (my car saving pot for fixtures/insurance). Predicted £2.7k pa based on 5hrs per week, but I tend to do overtime as it is a profession I am passionate about. I do not include any income from it in my calculations regarding moving out, as I want to ensure it remains a job strictly for saving and that I'm not reliant on 2 jobs to move out. 

Anyway, I hope this is detailed enough. Please let me know if my goals are somewhat attainable- if not, how much extra money would  I need to earn. Thanks
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Comments

  • AdrianC
    AdrianC Posts: 42,189 Forumite
    Eighth Anniversary 10,000 Posts Name Dropper
    You're currently earning £27,200 before tax - so roughly £1,850 per month after tax but before anything like student loan repayments.
    You're earning about 3/4 of the national average full-time salary, 60% more than minimum wage, 30% more than the central London living wage.

    Yes, you can definitely afford to move out from your parents' house.
  • cattie
    cattie Posts: 8,841 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    How nice to come across a young person so focussed & hard working enough to take on 2 jobs. You deserve to do well in life.

    Don't forget to factor in any council tax you might be liable for when renting a flat, so not sure if you've factored this in with your £250 per month bill average.


    The bigger the bargain, the better I feel.

    I should mention that there's only one of me, don't confuse me with others of the same name.
  • kayson11
    kayson11 Posts: 11 Forumite
    First Post
    cattie said:
    How nice to come across a young person so focussed & hard working enough to take on 2 jobs. You deserve to do well in life.

    Don't forget to factor in any council tax you might be liable for when renting a flat, so not sure if you've factored this in with your £250 per month bill average.
     I took into account: water/gas/electric, wifi/tv license & council tax (incl. the single person discount).  Thanks for the reminder.

    A lot of my friends are in debt and I've managed to make some good decisions, and have worked really hard with 3 jobs during Uni and somehow a social life! So thank you for your comment it's made me feel quite hopeful.
  • You can definitely move.
    You don't mention the level of savings you have, perhaps you could even buy somewhere if you have something saved up.

    Living out also has other expenses. Depending on what you buy, food and household costs can be hefty. Maybe £200/month minimum (sure there are people that survive on less). If you buy food out for lunch regularly or have more expensive tastes this could easily double.

    Then costs for going out, clothes, holidays, etc.

    Living at home might be bad but you can save at a faster rate. For instance if you need £50,000 as a deposit you could make some hefty inroads into it working at home, but if renting, gaining traction may be quite difficult unless your income jumps.




  • bouicca21
    bouicca21 Posts: 6,682 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Don't forget that you need to eat, buy clothes, have an occasional night out and probably go on holiday.  It's doable but tight.
    Also don't forget to take photos of your room/flat when you start renting and photos at the end so you have evidence to counter any claim on your deposit, which of course you will check is in a proper deposit scheme.
  • Marvel1
    Marvel1 Posts: 7,425 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Yes, depending on the area, I'm earning £12K less and do it on my own.
  • george4064
    george4064 Posts: 2,924 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    edited 5 July 2020 at 4:03PM
    cattie said:
    How nice to come across a young person so focussed & hard working enough to take on 2 jobs. You deserve to do well in life.

    Don't forget to factor in any council tax you might be liable for when renting a flat, so not sure if you've factored this in with your £250 per month bill average.


    Also don’t forget to apply for single persons council tax discount (if you will be living alone at your home).
    "If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett

    Save £12k in 2025 - #024 £1,450 / £15,000 (9%)
  • coachman12
    coachman12 Posts: 1,069 Forumite
    1,000 Posts Name Dropper Photogenic
    edited 5 July 2020 at 4:31PM
    I echo what cattie and others have said-----you are a "winner", kayson, a worker, a planner and ambitious. Of course, it'll all fall to pieces when Mr Right comes along ( just joking  :) )
    I have no additional tips which might help you. As someone said, if you have a lot of savings, it may be worth thinking of buying rather than renting---even if it means setting targets and staying with parents for as long as you can manage it ( I know it's not easy ).  A gentleman never asks a lady's age; nor should I ask what your present stepping stone in Feltham is meant to lead to, or what you have qualifications in and what field of occupation you work in. Every best wish to you in all you do.

    As a PS meant for MSE Forums, rather than O/P who it will mean nothing to : isn't it a pity that all the threads on MSE are not as warm,friendly and encouraging as this one has been ? There is such a difference here in a thread that has been avoided by the "nasties" who spend 24 hours a day on the Forums, the pompous , those who like to hear themselves rather than be here to help O/Ps as much as possible.
    Hope you'll come back sometime, kayson, and tell us how home and career are working out, as they surely will. Cheers.
  • p00hsticks
    p00hsticks Posts: 14,362 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    kayson11 said:
     I took into account: water/gas/electric, wifi/tv license & council tax (incl. the single person discount).  Thanks for the reminder.
    Don't forget contents insurance
  • kayson11
    kayson11 Posts: 11 Forumite
    First Post
    You can definitely move.
    You don't mention the level of savings you have, perhaps you could even buy somewhere if you have something saved up.

    Living out also has other expenses. Depending on what you buy, food and household costs can be hefty. Maybe £200/month minimum (sure there are people that survive on less). If you buy food out for lunch regularly or have more expensive tastes this could easily double.

    Then costs for going out, clothes, holidays, etc.

    Living at home might be bad but you can save at a faster rate. For instance if you need £50,000 as a deposit you could make some hefty inroads into it working at home, but if renting, gaining traction may be quite difficult unless your income jumps.
    I definitely know what you mean about staying home to save. During this lockdown period as a key worker I have worked throughout, saved over £1000 each month - just from my main job alone. 
    Monthly outgoings are adjustable as I avoid contracts and pay outright for things as I don't like seeing my monthly paycheck depleted. So really I'm left with subscriptions, home contributions and my leisure activities. 

    I have a Help to Buy ISA and Savings which adds up to around 9.5k saved to date. (I just paid for my car insurance for the next 12 months)

    I have been looking into buying recently and I am not lazy or entitled at all, but overall things look pretty bleak for single income, young adults especially someone like me who would prefer to remain in Greater London. Shared ownership doesn't sound like the best deal, and the home I would have a mortgage on would ideally be a forever home. For family and kids - not a source of income so it'll then need to be bigger. 
    I am trying to get more clued up on mortgage and home ownership/ schemes but jargon is a barrier. If you know any reference articles for basics/hidden costs please do share! 
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