Can't afford to move to London for a graduate job...

I am an unemployed graduate looking for a first job. I currently live in a small city so am obviously looking for jobs in London/the south starting from £17,000. I've had a few interviews but no luck :frown:

The problem is, how am I supposed to move to these cities if I do manage to find a graduate role?! It will cost me min. Of £1,200 and I can't even find casual work in my city, I have to survive on almost nothing!

I asked my bank if I could get a graduate loan, but they said since I haven't been paying enough money into my student account, I won't be able to get one!

How on earth am I meant to find work then? I don't have a rich family to support me, so I'm thinking I shouldn't even be applying for jobs as I won't have enough money to actually accept it...

How do other people pay to move for their first graduate jobs? :confused:

Reply 1

username1020490

The cheapest way to find accommodation is to flatshare. £17,000 will be tough to live off, but I shouldn't think it would be impossible. My flatmate earns about that in Leeds and he's pretty comfortable, I understand London is more expensive, but it should be doable.

Reply 2

Exopaladin

2

Original post by Free.Help

I am an unemployed graduate looking for a first job. I currently live in a small city so am obviously looking for jobs in London/the south starting from £17,000. I've had a few interviews but no luck :frown:

The problem is, how am I supposed to move to these cities if I do manage to find a graduate role?! It will cost me min. Of £1,200 and I can't even find casual work in my city, I have to survive on almost nothing!

I asked my bank if I could get a graduate loan, but they said since I haven't been paying enough money into my student account, I won't be able to get one!

How on earth am I meant to find work then? I don't have a rich family to support me, so I'm thinking I shouldn't even be applying for jobs as I won't have enough money to actually accept it...

How do other people pay to move for their first graduate jobs? :confused:

You basically have to find a bedsit or flat share at that sort of wage, no real way you'll afford to live in/near London alone since you'll get ~£1200/month on £17k/year after tax/etc. If you live far enough out you should find flat shares for £250-£300/month.

Reply 3

Free.Help

OP

7

I lived on £100 per month and had to pay for bills, books, transport, food and everything else with that while I was a student. Trust me, I'll be fine on £17000!

That's not my problem. I don't actually have a job yet. My problem is, if I get a job, I won't be paid for a month, and how am I meant to pay for a deposit/rent/food/costs of living until I get paid from my new job?

Even if I could get an advance, that means it'll have to last me 2 months which is impossible! I'm just so confused how others manage it...Do parent's help?

Reply 4

Exopaladin

2

Original post by Free.Help

I lived on £100 per month and had to pay for bills, books, transport, food and everything else with that while I was a student. Trust me, I'll be fine on £17000!

That's not my problem. I don't actually have a job yet. My problem is, if I get a job, I won't be paid for a month, and how am I meant to pay for a deposit/rent/food/costs of living until I get paid from my new job?

Even if I could get an advance, that means it'll have to last me 2 months which is impossible! I'm just so confused how others manage it...Do parent's help?

Ah, okay. Most people I know (including me) heavily leaned on their interest free overdraft and at times student credit card for the first couple of months. If you don't have a student account with overdraft at the moment, Natwest do a graduate account where you get £2k overdraft with no interest for a year, then £1k.

Often parents do help, mine did a little (I pay ~£750/month rent so needed a ton for deposit/first month's rent) but I think overdraft tends to be normal if you've not managed to work/save during uni.

Reply 5

Free.Help

OP

7

Original post by Exopaladin

Ah, okay. Most people I know (including me) heavily leaned on their interest free overdraft and at times student credit card for the first couple of months. If you don't have a student account with overdraft at the moment, Natwest do a graduate account where you get £2k overdraft with no interest for a year, then £1k.

Often parents do help, mine did a little (I pay ~£750/month rent so needed a ton for deposit/first month's rent) but I think overdraft tends to be normal if you've not managed to work/save during uni.

I have reached the limit for my overdraft :frown:

and due to going over a few times, they decided to change it into a loan, which I have to pay back £40 per month, and am not allowed to get any loan from then for 12 months...

I finished uni last year, so I'm not sure what my opitions are really...I mean, would I be able to get any loan?

Flatsharing.

It’s not particularly comfortable, but £17,000 in London is definitely doable. I’m on £10p.h. for my internship, which works out at just over £17400 for the year.
When I first moved down to London to start work, I spent a few weeks living in a youth hostel, paying £14 a day in a 6-bed dorm. Given that this option doesn’t add bills on top, it makes for a monthly accommodation cost of less than £450, and is a good option whilst you claw together a few hundred for a rental deposit.

I spent evenings doing house viewings and moved into a 3-bed houseshare in North London (zone 4) where rent is £500 and bills about £50 extra. Add in other major costs: a travelcard of £170, and a phone contract of £26, and that’s a total committed spend of £800 per month. Which is only two-thirds of the monthly income accounted for.

You then have approximately £100 a week for all your other costs, which is absolutely fine to live on. It’s very easy to get by on £40 a week for food, and then £60 is free for all incidentals, like a new shirt or the occasional cup of coffee.

You won’t feel particularly flush, but £17000 can be quite a pleasant existence if you take advantage of all the free stuff to do in London. Go to the library, visit all the incredible free museums and galleries in the centre, watch films on Netflix, learn a language, and go out running. Not saving much, but who really expects to save much in their first job?