Moving out on 20k w/ savings - Cambridge - Is it possible?

Evening all,

After graduating from University with a 1st Class Hons. in Computer Science I've landed myself my dream job as an application developer. During my degree, I worked flat out, (3 jobs) and have managed to save around £12,000 in the last three years.

My new job's salary is £20k and it's fairly close to Cambridge, at the minute I live around an hour and a half away and I would like to move closer to dodge the commute and spread my wings. I want to know, how well would I be able to live near the Cambridge / Royston area on my current pay?

As you can tell by my saving habits, I'm generally quite good with money but for moving out, my parents are telling me I'd never be able to manage on that money... I want to know, how real is what they're telling me?

Also, if at all possible, I would like to avoid house sharing. I am incredibly clean and tidy, the thought of living with a messy person just wouldn't not be a good match for me.

Any advice would be greatly appreciated.

Reply 1

Quady

You would have to house share. To live alone rent would be £600+, council tax £75, water/elec/gas £75 so £750 of your £1,350 monthly take home pay is gone before you've made a phone call or been on the internet or bought any food. You should have £500 disposable income a month which might sound like a lot but isn't really.

Reply 2

Baloney

I've had a look at prices on Rightmove of 1 bed flats in Cambridge and for a decent flat you're looking at around £800-£900pcm. Considering your bills and other costs, it would be very hard/ almost impossible on a salary of 20K. You'd have virtually no room for error/spontaneous costs.

I'd say you need to be earning at least 2K a month so, 24K plus per year for your plan to be doable.

House sharing is always an option, but if it doesn't appeal then don't do it!

Is your salary negotiable?/Have you signed a contract? You've obviously got to tread lightly, but you could explain to your employer that you want to live closer to work and perhaps negotiate a better salary? (Bit of a long shot - but maybe worth it?)

The fact you've saved 12K throughout uni is pretty impressive.

If I were you, I'd commute, for perhaps the next 3 years, double or even triple your savings and look into getting a mortgage. (Hopefully you'll be on a better salary then also)
It's just whether you can cope living at home and commuting!
Try to make a 5 year financial plan.

Posted from TSR Mobile

Reply 3

Hedgeman49

Original post by Rjolka

You need to suck it up and share, who said you have to live with a messy person?

Reply 4

seveneleven

You can do it, only if you live;
1- off of knock off brands, tesco value or lidl everything
2- don't eat out much, cook and pack lunch everything
3- don't buy any new electronics; yes, no new white ps4, no new 4k tv.
4- don't 24/7 have the water heated. heat it up once a day only in the morning when you shower.
5- winter time; if you can, wear a jumper rather than using the heating.
6- Drink tap water. you can't be living off of evian

I grew up broke. i know the feel bro.

in the long run, SAVE SAVE SAVE SAVE SAVE. once you have around 24k spare in savings. invest in the S&P 500. with compound interest. if you invest £1000 a month after two years of investing. your 24k should become around 40K (for free) bear that in mind. Obviously this is more for the long run and is slightly risky if you don't know what you are doing.

Moving out on 20k w/ savings - Cambridge - Is it possible?

Quick Reply

Related discussions

Latest

Trending

Trending

Articles for you