A question for people in the UK with their own place.

[Ross_K]

How much would I need to save each week for bills?

 

I'm just asking because I want to have an idea of what kind of a place I could afford on minimum wage, if it's only something horrible like a bedsit then I might as well not bother, even though I want to move out and get my own place so badly.

[littlekitty]

Hey Ross. I'm 30, live in the UK and have rented for over 6 years and had a mortgage the last 3 years.

 

A lot depends on the type of property and the level of lifesytle you want!

 

You'd need to check out rents for yourself as they vary widely dependant on your location. Their pretty expensive, I have to be honest, at minimum wage I'm thinking you'd struggle for much over a bedsit or house share.

 

Here some to think about:

 

Rent: ???

 

Council tax: £70-100

Contents Insurance: £7

TV Licence: £10

Water: £15-25

Gas: £20

Electric (if gas ch, if not add on some): £30

Food and Domestic Products: £30-50

 

And they are just the basics really. There's bound to be other things... Sky, this, that, the other!

[Chinook]

How much would I need to save each week for bills?

 

I'm just asking because I want to have an idea of what kind of a place I could afford on minimum wage, if it's only something horrible like a bedsit then I might as well not bother, even though I want to move out and get my own place so badly.

 

When I first started out, it was easier to move into a shared house where all the bills were shared. I shared with 4 friends. There were occasional spats and fights if a couple of the girls didn't get along but otherwise it was great. No point me giving my circumstances because they're so out of the ordinary they'd be meaningless! I live alone though and barely scrape by. It's tough but it depends what is important to you. I could make my life easier by having a house mate but I really do not want the hassle.

[Chinook]

Hey Ross. I'm 30, live in the UK and have rented for over 6 years and had a mortgage the last 3 years.

 

A lot depends on the type of property and the level of lifesytle you want!

 

You'd need to check out rents for yourself as they vary widely dependant on your location. Their pretty expensive, I have to be honest, at minimum wage I'm thinking you'd struggle for much over a bedsit or house share.

 

Here some to think about:

 

Rent: ???

 

Council tax: £70-100

Contents Insurance: £7

TV Licence: £10

Water: £15-25

Gas: £20

Electric (if gas ch, if not add on some): £30

Food and Domestic Products: £30-50

 

And they are just the basics really. There's bound to be other things... Sky, this, that, the other!

 

Those figures are monthly though yes..?!

[littlekitty]

Those figures are monthly though yes..?!

 

Oh crap! Yes, monthly! Sorry guys!!

[Ross_K]

H

Rent: ???

 

Council tax: £70-100

Contents Insurance: £7

TV Licence: £10

Water: £15-25

Gas: £20

Electric (if gas ch, if not add on some): £30

Food and Domestic Products: £30-50

 

Is that what I'd have to be saving each week or a month? The reason why I ask is because I've always thought that gas and electric is nowhere near that expensive.

[littlekitty]

Is that what I'd have to be saving each week or a month? The reason why I ask is because I've always thought that gas and electric is nowhere near that expensive.

 

Yeah a month Ross sorry! You might well find it's quite a bit less, a lot is dependant on property size etc. If you phoned gas/electric they would give you a rough monthly cost based on the size of the property.

 

It's tough... but worth it.

[Chinook]

For me... example...

 

Mortgage: £140/wk

Council tax: £15.25/wk

Contents Insurance: £5.50/wk

TV Licence: £2.50/wk

Water: £5/wk

Gas: £7.75/wk

Electric: £6.75/wk

Food and Domestic Products: £30-50/wk

 

Total = £215/wk before anything else goes out which might include commuting to work or other essential things like maybe loans or credit card bills etc.

[Ross_K]

Thanks guys. Anyway, I'm basically after somewhere which isn't either a bedsit or some crappy flat in a rough area, and I don't really like the idea of house sharing either.

 

I'll do some calculations and see what I could afford to pay each month for the rent.

[littlekitty]

Thanks guys. Anyway, I'm basically after somewhere which isn't either a bedsit or some crappy flat in a rough area, and I don't really like the idea of house sharing either.

 

I'll do some calculations and see what I could afford to pay each month for the rent.

 

Yes you're right Ross. Sorry I completely muffed that up didn't I!! Ahh well got there in the end! Chinooks are a pretty good idea too, and his point about commuting etc are something else to take into account.

 

My first flat was a private rent on a part private/part council estate. I was pretty scared to go out alone at night for a while, but once I got to know the 'boys and their pitbulls' it wasn't all that bad, and the flat was pretty nice. That was the only place I could afford at the time. Have a good hunt around and don't be afraid to try to barter on the rent. I did it twice and got reductions as I was a good tenant and they obviously would rather have the place rented than empty.

[Ross_K]

Ok I forgot to ask, what is the minimum wage, it's something like £200 a week isn't it?

[Chinook]

Yes you're right Ross. Sorry I completely muffed that up didn't I!! Ahh well got there in the end! Chinooks are a pretty good idea too, and his point about commuting etc are something else to take into account.

 

My first flat was a private rent on a part private/part council estate. I was pretty scared to go out alone at night for a while, but once I got to know the 'boys and their pitbulls' it wasn't all that bad, and the flat was pretty nice. That was the only place I could afford at the time. Have a good hunt around and don't be afraid to try to barter on the rent. I did it twice and got reductions as I was a good tenant and they obviously would rather have the place rented than empty.

 

Hee! his comment is a hers!!

 

Seriously though Ross, have a think about sharing. It wasn't what I wanted either but in the end it was brilliant. It meant that there were always people around to talk to and always someone to share a problem with. Not saying you should consider it with strangers (I lived with three boys) but with friends or friends-of-friends might work. I wouldn't do it now because I'm alot older and basically set in my ways and can't tolerate people that well at the moment. When I was younger though, I loved it. It formed the basis of alot of my social life. Getting together in the evening, sharing house cooking and meals, going out to the pubs and clubs, cinemas and theatres. I wouldn't change a second of it!

[Chinook]

Ok I forgot to ask, what is the minimum wage, it's something like £200 a week isn't it?

 

If you google it, the first two links come up with the figures. Not sure whether it's taxed or not though. Think it's £4.25 per hour under age 22.... which works out at £170 per week for a 40 hour week.

[Ross_K]

Thanks. I just had a look on google, and it works out to be around £200 a week if you're over 30.

[Chinook]

Thanks. I just had a look on google, and it works out to be around £200 a week if you're over 30.

 

Well, bear in mind that the figure there for rent should be significantly less than a mortgage!

[Ross_K]

So is renting a place usually cheaper than a mortgage?

 

And if I had a minimum wage paying job, would my wage usually go up more the longer I work there?

[littlekitty]

So is renting a place usually cheaper than a mortgage?

 

And if I had a minimum wage paying job, would my wage usually go up more the longer I work there?

 

For you right now, probably yes. Plus as a general rule, mortgages are hard to get unless you have at least a 5% deposit. And they only lend up to about 4 x your yearly wage.

 

Again, yes. If you work hard, and put plenty of effort in, it's more than likely you can work your way up to a better wage. Most places offer a yearly rise (although not always large) anyway. But sure, if you work hard, you'll start seeing some increasess.

[Ross_K]

Thanks.