How to play the next year or so?

Retireby40

Thrugelmir said:

Retireby40 said:

Laycity said:

Thatsthespirit said:

Just after some straight up advice really. Unfortunately split up with partner of 8 years recently so back to square one.  Moving back in with my Dad as has kindly offered me to pay less rent until I find my feet again. 

My income is approx £1750 p/m. My total outgoings p/month will be approx £750 (£650 to him, £150 mandatory personal). That leaves £1000 leftover, but I haven't accounted food or car maintenance in that.

I have £5000 to my name. No assets of great significance. I just don't know what to do. I'm 30 and was hoping to first time buy together with my ex, now I've literally got to start over. My old man has suggested saving hard over the next year or so and getting a deposit down. This isn't something I was planning on doing by myself (being first time buyer). But I just don't know what to do?

Didn't attend for this to be a sob story btw, just after some advice on what you'd do in my situation financially... where to save it etc. I was even looking at investing it but that's long term so don't think ill follow through!

Your Dad suggesting you save hard over the next year seems at odds with him charging you £650 a month?

Was thinking the same when I seen the amount. Kindly offering to charge you 37% of your salary for rent? 

Presumably that's fully inclusive. Why should parents subsidise their children? 

Fully inclusive meaning what? 

Where did I say parents should subsidise their kids?

My point of view is if someone is out of the kindness of their heart trying to help their child after a difficult time in the current situation charging them almost 40% of their salary for rent isnt exactly what I would call help. 

If the parent was able to comfortably live in their house without sons contribution surely a more modest arrangement could be made? No? 

Thatsthespirit

Retireby40 said:

Thrugelmir said:

Retireby40 said:

Laycity said:

Thatsthespirit said:

Just after some straight up advice really. Unfortunately split up with partner of 8 years recently so back to square one.  Moving back in with my Dad as has kindly offered me to pay less rent until I find my feet again. 

My income is approx £1750 p/m. My total outgoings p/month will be approx £750 (£650 to him, £150 mandatory personal). That leaves £1000 leftover, but I haven't accounted food or car maintenance in that.

I have £5000 to my name. No assets of great significance. I just don't know what to do. I'm 30 and was hoping to first time buy together with my ex, now I've literally got to start over. My old man has suggested saving hard over the next year or so and getting a deposit down. This isn't something I was planning on doing by myself (being first time buyer). But I just don't know what to do?

Didn't attend for this to be a sob story btw, just after some advice on what you'd do in my situation financially... where to save it etc. I was even looking at investing it but that's long term so don't think ill follow through!

Your Dad suggesting you save hard over the next year seems at odds with him charging you £650 a month?

Was thinking the same when I seen the amount. Kindly offering to charge you 37% of your salary for rent? 

Presumably that's fully inclusive. Why should parents subsidise their children? 

Fully inclusive meaning what? 

Where did I say parents should subsidise their kids?

My point of view is if someone is out of the kindness of their heart trying to help their child after a difficult time in the current situation charging them almost 40% of their salary for rent isnt exactly what I would call help. 

If the parent was able to comfortably live in their house without sons contribution surely a more modest arrangement could be made? No? 

650 pounds all in for me to live in his 3 bed house? He won't be living there. Stop scaring me with your percentages. I await your very unhelpful reply of negativity, rather than focus on the positive of how much I will actually be saving.

DireEmblem

I don't think Retire meant any ill will.  My all in monthly bills are about 900pcm for my own flat, so you're doing fine on 650.  I think they were trying to politely suggest that if your dad owned their home, perhaps you could negotiate paying a little bit less and covering all the household utility bills, as its to help fund his child's future.  A discussion about the kind of property you would like to have, and how long it will take you to save up a deposit may help with that.  None of us know your situation really or your family, so its difficult to suggest.

I would also suggest that you make sure you don't forget to 'live' a little while you save up for your own place.  They say a good way to look at things is 50% on your needs, 30% on your 'wants' and 20% savings.  If that is the best split, then try and save £350 a month if you can.  In 3 years, you will have about 17k including the 5k you currently have.

Alistair31

Thatsthespirit said:

Retireby40 said:

Thrugelmir said:

Retireby40 said:

Laycity said:

Thatsthespirit said:

Just after some straight up advice really. Unfortunately split up with partner of 8 years recently so back to square one.  Moving back in with my Dad as has kindly offered me to pay less rent until I find my feet again. 

My income is approx £1750 p/m. My total outgoings p/month will be approx £750 (£650 to him, £150 mandatory personal). That leaves £1000 leftover, but I haven't accounted food or car maintenance in that.

I have £5000 to my name. No assets of great significance. I just don't know what to do. I'm 30 and was hoping to first time buy together with my ex, now I've literally got to start over. My old man has suggested saving hard over the next year or so and getting a deposit down. This isn't something I was planning on doing by myself (being first time buyer). But I just don't know what to do?

Didn't attend for this to be a sob story btw, just after some advice on what you'd do in my situation financially... where to save it etc. I was even looking at investing it but that's long term so don't think ill follow through!

Your Dad suggesting you save hard over the next year seems at odds with him charging you £650 a month?

Was thinking the same when I seen the amount. Kindly offering to charge you 37% of your salary for rent? 

Presumably that's fully inclusive. Why should parents subsidise their children? 

Fully inclusive meaning what? 

Where did I say parents should subsidise their kids?

My point of view is if someone is out of the kindness of their heart trying to help their child after a difficult time in the current situation charging them almost 40% of their salary for rent isnt exactly what I would call help. 

If the parent was able to comfortably live in their house without sons contribution surely a more modest arrangement could be made? No? 

650 pounds all in for me to live in his 3 bed house? He won't be living there. Stop scaring me with your percentages. I await your very unhelpful reply of negativity, rather than focus on the positive of how much I will actually be saving.

to be fair it did read like you were being charged £650 to stay in his back room (in which case your dad would be rinsing you) not that you have the full house to yourself, 

NottinghamKnight

I don't think £650 a month is rinsing by any means in many areas of the country for all in costs. Let's not forget that many parents will charge a reasonable amount as an example of discipline and real cost of living, typically for children that haven't left home, to ensure their offspring get an idea of how expensive independent living can be. Some will retain this in a separate account and then gift for a house deposit for exapmle, which could be win win. 

Retireby40

Thatsthespirit said:

Retireby40 said:

Thrugelmir said:

Retireby40 said:

Laycity said:

Thatsthespirit said:

Just after some straight up advice really. Unfortunately split up with partner of 8 years recently so back to square one.  Moving back in with my Dad as has kindly offered me to pay less rent until I find my feet again. 

My income is approx £1750 p/m. My total outgoings p/month will be approx £750 (£650 to him, £150 mandatory personal). That leaves £1000 leftover, but I haven't accounted food or car maintenance in that.

I have £5000 to my name. No assets of great significance. I just don't know what to do. I'm 30 and was hoping to first time buy together with my ex, now I've literally got to start over. My old man has suggested saving hard over the next year or so and getting a deposit down. This isn't something I was planning on doing by myself (being first time buyer). But I just don't know what to do?

Didn't attend for this to be a sob story btw, just after some advice on what you'd do in my situation financially... where to save it etc. I was even looking at investing it but that's long term so don't think ill follow through!

Your Dad suggesting you save hard over the next year seems at odds with him charging you £650 a month?

Was thinking the same when I seen the amount. Kindly offering to charge you 37% of your salary for rent? 

Presumably that's fully inclusive. Why should parents subsidise their children? 

Fully inclusive meaning what? 

Where did I say parents should subsidise their kids?

My point of view is if someone is out of the kindness of their heart trying to help their child after a difficult time in the current situation charging them almost 40% of their salary for rent isnt exactly what I would call help. 

If the parent was able to comfortably live in their house without sons contribution surely a more modest arrangement could be made? No? 

650 pounds all in for me to live in his 3 bed house? He won't be living there. Stop scaring me with your percentages. I await your very unhelpful reply of negativity, rather than focus on the positive of how much I will actually be saving.

Thats different. You said "moving back in with Dad". That means living with him 

"I await your very unhelpful reply of negativity, rather than focusing on how much I will be saving"

God talk about being rude. Maybe if you didn't change what you said it would help the person replying.

Listen what you save is up to you but not many people pay 37% of the salary to "house share" with their parents. That was all I was saying.

You've saved 5k in 8 years with partner. If you saved 750 a month in your new accommodation you might just about have a deposit for a flat in Worcester (100-120k). To buy any form of house you're gonna need to save probably 2-3 years to have a deposit of 20-30k for a house. More realistic 3-5 years. A long term plan is what you need. It could even be an option taking a 2nd job if/when CV permits.

MaxiRobriguez

Relationship break ups are difficult but after 8 years it probably hasn't come out of the blue I would guess. You're 30, still young, you have a chance to do what *you* want now, without having to consider someone else's needs. It's a chance for some self-introspection which is never a bad thing. 

Wondering if your dad would let you subcontract a room if it is just you in that 3 bedroom house? You may be able to get a good chunk of that £650 rent covered by someone else which will allow you to build up cash reserves faster.

Take a few weeks to plan out what you want to do. There's no rush. Let the hurt of the breakup subside a bit before making any medium or long term commitments. 

Alexland

MaxiRobriguez said:

Wondering if your dad would let you subcontract a room if it is just you in that 3 bedroom house? You may be able to get a good chunk of that £650 rent covered by someone else which will allow you to build up cash reserves faster.

Good idea up to £7,500 tax free from renting room(s) and no requirement to own the property. We both had lodgers to help pay for our first properties and it was a bit of a compromise on living standard for long term gain. Still there's the risk of damage and wear/tear so he might not want to do that.

https://www.gov.uk/rent-room-in-your-home/the-rent-a-room-scheme

Retireby40

So this is a lovely message I have recieved from the OP.

Has the cheek to tell me that I should "read instead of jumping to conclusions".

Sorry to say but if you say "moving back in with my Dad" that means your Dad will be there. At least the schools I was educated in that's what it means.

OP also asked me for my Facebook account lol. Maybe he's going to poke me to death or something. 

TheAble

You know the area best but it looks as though you can get a good 1 bed in Worcester for 100k or so, maybe less. So perhaps aim to have 15-20k saved for a deposit plus expenses, plus a bit left over. I'd estimate you can maybe save £800 or so a month? So in around 12 months' time you won't be too far off.