Leaving Home!

[indieanna86]

Hi guys, I'm 21 and still living at home with my folks. I pay �340 a month in rent. It's got to that point now where I'm itching to get my own place.

The minimum rental cost of a 1 bed flat in my area is about �500, but as far as living costs go, I have no clue! Could anyone let me know how much it would cost me a month roughly? I have no idea how much water, electricity etc. is these days. I know I have to set money aside for food, clothes, petrol amongst other things.

At the moment I only bring home �1000 a month after tax, so I doubt I can afford to move out yet, but it would be good to get an idea of how much I'd need to be earning in order to fly the nest! I've thought about flat sharing, but the idea really doesn't appeal to me, I'd go crazy I think!

Any advice would be great, thank you!

Anna x

[shylock73]

Anna, I strongly advise you to stay at home, life on the outside isn`t as nice as you may think as many young things (if you`ll pardon the expression) think it will be. You don`t earn nearly enough money per month to get by in the real world. Please,please stay with your parents until some young feller snaps you up and before you make a big mistake.

[cuddleMe]

Anna
if u are already paying �340 to your parents.. could u cope with your finance then? (was all the bills included??) if u you think about it... if u move to a flat and u said its going to cost �500, thats �160 more than you r paying now. And that doesnt even include bills and stuff!! so i think you would prob need �750-800 a month?? u need to think about car insurance, car tax, petrol, tv licence, council tax, maintence fee?? food, elec/water bills, internet/phone, think of all hat it piles up! also your spening!! sounds scarey hu?

[Buenchico]

Electricity is likely to be one of your biggest costs. Allow �70 per month:
http://www.theanswerbank.co.uk/Home-and-Garden /Question531756.html

If the flat has a water meter, you'll not have very big bills. �20 to �25 per month might cover it. (That includes the sewerage charge which makes up much of the bill for light users of water). However, you'll pay more if your water usage isn't metered. (Possibly �40 per month)

Your telephone landline bill might be around �20 to �25 per month if you don't use it much. (Most of that is line rental). Remember to add on your internet subscription.

Contents insurance will probably cost no more than �10 per month.

Council tax will probably be around �55 to �60 per month for a single occupier.

Food costs can vary greatly according to your lifestyle. If you never eat out and don't buy takeaways, it's possible to survive on about �20 per month. (I know because I've done it but I definitely don't recommend it!). �40 per month will still see you living very frugally. Most people would probably want to set aside at least �100 per month for food. If you eat a lot of chilled ready meals, that might go up to nearer �200. A couple of takeaways each week can add another �50, or more, to your monthly food bill. That doesn't include any booze. Just one night per week in a night club could easily add �100 per month to your bills. If you eat out and drink out a lot, add yet more money to your total.

Chris

[indieanna86]

shylock73 - I already live in the 'real world' I am by no means pampered whilst living at home I can tell you! But I did say originally that I know I can't afford to move out yet.

Chris - Thanks very much, that helps loads. I don't eat takeaways and I don't drink so I save quite a bit of money there :)