Im thinking of moving out...anyone give me some advice.?

Question

Im 20 years old and still living at home. I have a good job, my own car and am thinking about moving out with my cousin who also has a good full time job. We are looking at a flat on Thursday. I have worked out my finances, taking into account the cost of the rent, bills, food and my outgoings such as car insurance, phone bills, gym membership and any other direct debits. I have worked out that after this I would have around £250 spare cash for general living like going out and buying clothes etc. Is this enough? Or am I jumping the gun....?

Answer 1

your 20 so your going to want money for socialising and pampering etc otherwise what sort of a life will you have.i would say your going to want at least £50 a week spare after

rent

council tax

water

gas

elect

TV licence

insurance

phone bill

etc

if you think your going to be happy to scrimp a little then £250 a month left over is enough.

go to http://www.moneymadeclear.fsa.gov.uk/too...

which will give you an idea of how far your money will stretch.

if you decide that you are underestimating the costs involved then dont worry there is no pressure to move out the average age for women is 24 so you've still got some time left.

make sure your ready first and tell your parents not to decorate your room for 6 months just case.

good luck

Answer 2

you could live on £250, or yo could think about sharing with another person to reduce the rental costs even more

Answer 3

250 isnt enough if your thinking about food. I spend about 20-30 a week on food (just for me) , so 100 a month. have you accounted for council tax? with girls being girls and wanting to treat themselves to a little something each week then you will have to think about that.gas and electricity bills are souring too. then maybe you dont have enough.

its tough living on your own!

be prepared!

Answer 4

What bills have you worked into your figures?

I bet you've missed some like a TV License

Answer 5

It depends how keen you are to move out of home.

I would suggest, if you have no issues with staying at home, then do that until you have some savings.

I left home at 18 and a huge amount of my pay went on rent and bills, which meant that by the time I was 25, I was no further forward financially, I was still living in average rented accommodation, sharing with other people, and spending a huge amount of my pay on rent and bills.  In contrast, a workmate had stayed at home and had 20K in the bank and was looking for a place to buy.

It all depends on where you want to be in 5 years and whether your freedom now is worth it.

Also, consider how far £250 goes.  It sounds like a lot, but it works out at less than £10 a day.  And a night out (depending on where you are in the country) can cost anything from £50-£100 by the time you factor in taxis, drinks and food.

And will there be any of the £250 left for a new pair of shoes or new work outfit even?

Sorry to be negative, don't get me wrong, I loved having my independance, I loved being in control of my own life, but I didn't so much love having to turn down invitations to go out, or go on holiday, because I just couldn't afford it.

You will make the right decision for you.

Good luck.

Answer 6

You should also have at least 3 months of pay saved up for emergencies. Otherwise, one small problem and you are instantly in debt.

Answer 7

only you know if your ready, my advice make sure you have enough in savings in case something does happen and you wont be forced to move back into your parents house.