How much should I save before moving out?

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Matt8393
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#1
Report Thread starter 6 years ago
#1
I'll try to keep this short, I'm a 22-year-old recently graduated Software Developer, I live near Newcastle where I grew up and have a job in the city (low-costs). I make a decent living for a new graduate and this is helped by the fact that I'm still at home, therefore I'm able to save quite a lot (in the region of 500-700 a month after car payments, bills, living expenses etc. are taken into account).

I want to move out, but want to get a bit money behind me first. There is so rush in me moving out, I just want to get a bit saved so I have a good bit of money to fallback on if need be. For now, I'll just look to rent when I move out I'm not looking to buy.

How much do you think I should save before I go?
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ebam_uk
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#2
Report 6 years ago
#2
(Original post by Matt8393)
I'll try to keep this short, I'm a 22-year-old recently graduated Software Developer, I live near Newcastle where I grew up and have a job in the city (low-costs). I make a decent living for a new graduate and this is helped by the fact that I'm still at home, therefore I'm able to save quite a lot (in the region of 500-700 a month after car payments, bills, living expenses etc. are taken into account).

I want to move out, but want to get a bit money behind me first. There is so rush in me moving out, I just want to get a bit saved so I have a good bit of money to fallback on if need be. For now, I'll just look to rent when I move out I'm not looking to buy.

How much do you think I should save before I go?
Why not ( look) to try to buy a place (flat or house) 1 or 2 bedroom in Newcastle that could be a good investment ie go up in value ( up and coming area) and a place which if you move locations you can rent out more than the value of mortgage. Obviously this isn't the easiest decision but if u rent for a while try to suss out which rent price gives u less than 1/3 of your income but is also an attractive area to rent...

Tbh, not many people like living at home, but if you think about it enough, staying at home allows you to save the most money currently, however if u cannot invest your savings ( use the money for a deposit to buy a house), buy shares / isas / gold / property/ bit coins or other assets and earn a return for your money somehow ( or a least spend it on holidays/ socially), then you aren't really using your money...


The
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SophieSmall
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#3
Report 6 years ago
#3
(Original post by Matt8393)
I'll try to keep this short, I'm a 22-year-old recently graduated Software Developer, I live near Newcastle where I grew up and have a job in the city (low-costs). I make a decent living for a new graduate and this is helped by the fact that I'm still at home, therefore I'm able to save quite a lot (in the region of 500-700 a month after car payments, bills, living expenses etc. are taken into account).

I want to move out, but want to get a bit money behind me first. There is so rush in me moving out, I just want to get a bit saved so I have a good bit of money to fallback on if need be. For now, I'll just look to rent when I move out I'm not looking to buy.

How much do you think I should save before I go?
It's recommended that you have at least 3 months in savings to cover expenses such as rent, bills and food. In case of a bad spell such as losing your job or having your hours significantly cut. So I'd recommend 3k at least depending on how expensive your area is to live.
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Tiger Rag
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#4
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#4
You need to consider whether wherever you plan on moving to will be furnished or not. I spent about £1300 on moving out. I took some of my own things with me and we got a load of stuff from charity shops. (there's a lot of decent stuff in there, usually brand new / hardly used)
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SophieSmall
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#5
Report 6 years ago
#5
(Original post by OU Student)
You need to consider whether wherever you plan on moving to will be furnished or not. I spent about £1300 on moving out. I took some of my own things with me and we got a load of stuff from charity shops. (there's a lot of decent stuff in there, usually brand new / hardly used)
Ah yes, I forgot about this.
My figure was for a furnished place, since that is the majority norm where I am from.

But yeah if you need to furnish some stuff yourself it could be anything from an extra few hundred quid to a couple of thousand. Depending on what you need to buy.
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paul514
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#6
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#6
3-5k


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Rakas21
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#7
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#7
Ideally a grand or so. Mainly for a bond and some cheap furniture.
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parentlurker
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#8
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#8
You'll need to pay a deposit and probably fees to a letting agent and a months rent in advance. That can easily swallow 1k. Then you need 3 months salary.

If your parents treat you well at home I'd suggest you stay and save up a deposit for a house, you;ll find that much more difficult when you move out. Friends children tend to move out then back in again.
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Bill_Gates
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#9
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#9
I moved out at like 21. But i had about 5k in savings. You'll be surprised how many unexpected costs turn up. So yeah i'd say 3-5k is ok.
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Tiger Rag
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#10
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#10
(Original post by Bill_Gates)
I moved out at like 21. But i had about 5k in savings. You'll be surprised how many unexpected costs turn up. So yeah i'd say 3-5k is ok.
This is true. You'd also want some money for unexpected costs. (repairs and stuff)
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Reue
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#11
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#11
I'd sit tight and save for a house deposit. Why lose your savings rate to rent?
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Bill_Gates
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#12
Report 6 years ago
#12
(Original post by Reue)
I'd sit tight and save for a house deposit. Why lose your savings rate to rent?
Tbh renting is a good transition especially for that age.

1. You're not fixed to one location
2. You still get the same responsibilities/freedoms
3. Landlord can deal with the larger unexpected costs like boiler.
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versari
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#13
Report 6 years ago
#13
Stay home and save. Rent will take all your money-landlords put up rent too remember. At home you've actually more control of your costs. You need to apply austerity to your spending though to really get anywhere. Boring-yes but the only way to get results unfortunately.
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Lol26543
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#14
Report 4 years ago
#14
I need to move out asap, so as soon as I can afford to move out I need to leave! I will be earning about 1200 a month for the next few months, I just need a rough estimate on how much I need? It will cost me about £500 pm rent and obviously about £750 pm including gas electric etc. So I need to know roughly minimum amount of money I need to save before I move out?
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