Monthly costs involved with renting ?

misspixierocktastic

Good evening everyone

Although i am in debt :eek: a fairly large amount *coughs* 19 k eeeejk ... my debt free date is meant to be 2011 but im crossing my fingers and everything to make it 2009

I'm 24 and want to move out of home (currently living home with my amazing mum) as soon as i am debt free

Just wanted some advice really,My income after tax is £1,000 every month
I know that the cost of renting will come out of that amount and wondered if everyone could help me compile a list of things that will need to be paid etc
How do you work out how much for example your electric would be every month
and is it better to rent somewhere that has partial bills included in the rent amount

any help would be appreciated, I'm determined to get this plan into action :j

Scarlett.1974

Hi :wave:

It would be impossible to give you a list of amounts because they all depend on so many factors, ie. where in the country you are, how much the property is worth (for council tax), house or flat (for gas & electric) etc etc etc....but the list would be:

rent
council tax
gas
electric
water
tv licence (this is the same for everyone I think, £11.61 a month)
contents insurance
landline phone
internet/broadband
food

And then others might include
mobile phone
pet insurance
car costs; insurance, mot, tax, repairs
savings for xmas/birthdays/holidays.

Er...... that's all I can think of right now, but there's probably more that could be added!

To be honest, I think on your salary, unless you are VERY good at budgeting you might struggle with all that Could you maybe rent with someone else to reduce costs? Or look for a better paid or 2nd job to help boost your income?

Hope this helps a little

Gemmzie

Rent, council tax, water, electric and or gas, tv license, food, b&c insurance

Scarlett beat me to it and better, it's possible if you're careful

misspixierocktastic

Thank to both of you
I know it would be tight, I am looking for a new job right now and will aim for a pay increase

Obviously my debt is the first thing to focus on, perhaps i'll be staying at home for a little while longer lol

thanks :-)

andan

Scarlett's advice is good, renting with someone else would definitely bring the costs down and having a flat mate can be great fun and makes you feel safer on a night.

I earn less than you and rent with others, i'm very lucky as our flatmates are hardly ever about and very quiet, but it's great knowing hardly any of my money is going to pay off someone else's mortgage, as we split the rent between three of us.

misspixierocktastic

andan its a good plan
and thinking about it any flatmate wouldnt get annoyed with me because i would be spending all my time on here learning about how to save me money :-)

theunknownstuntman

don't foget service charges, make sure any place you look at renting has those quoted in too, or don't forget to ask!

ZTD

A worse problem (for me) is the up-front costs. You'll need (these will vary from place to place):

Estate agent's deposit (to take the rental off the market) ~ £75
Damage deposit ~ 1 months rent.
Estate agent's fees ~ £200
First month's rent in advance.

Not cheap...

tealady

Hi. You could always be a lodger in someone elses house. That means some of the bills would be taken care of in your rent.
However if you put up a fuull SOA I'm sure someone will come up with a moneysaving idea to help bring your debt free date forward.

zcrat41

Hi Miss Pixie, I live in a shared house and we have a bank account where all the direct debits come out of - we payin 120 pcm each. This covers council tax, water, electric, gas, contents insurance and phone. Any money left over at the end of the year we split between the 3 of us equally or have a major party! I've rented a lot and never paid less than 100 pcm for bills. I've a few friends that take in lodgers and if you find someone nice that can be a really good way of keeping it cheap. just don't eat red pasta sauce on their white sofa!! she says speaking from experience!

debrag

me I rent in a shared house with bills included £376 a month in London
IF I ever get my debt cleared I'd love to get my own place.