Year 12s: what will be the first way you research your future options? >>

how do you move out at 17?

I hate my siblings and i'm desperate to move out. I already have a job that pays £10 an hour, what further steps do you take to move out?

Reply 1

ReadingMum

You would need enough savings to pay a deposit on wherever you are going to live. The landlord might also require a guarantor since you are under 18.

Reply 2

Griffby

Okay, I by no means have any experience regarding this but I have taken a keen interest in moving out as well. And I think I have doneenough research in the matter to be able to say that I could be of help.
Before anything else, you should consider...
-do you have enough to sustain this level of living on your own?
-if you can buy it twice, only then you can afford it
-how long will you be having this job? will it provide a reliable enough income?

FURNITURE
Okay, so furniture might be a bit of a jump, but its useful to know. Bring as much furniture as you can, borrow temporarily if needed, you dont, want to be spending excessive amounts. If you don't have much furniture to take, that fine, however you will need to move it into your budget. do what you can for as little money, you can upgrade later.

FINANCIAL PLAN AND BUDGETING
Are you paid weekly or bi-weekly? This will tell you when to do check ins.
Write down all the things that will be going out of your account: electric, phone, netflix subscriptions, water, rent...ect. Using this you can work out if you can affort to pay these with the income you are getting.
The 5:3:2 method will actually be your saviour. Divide your income into the ratio_ 50% goes to bills, 30% goes to your savings, 20% goes to your food or any clothes you wanna buy and what not. Alternitively, if you wanna save faster, 50% savings, 30% bills, 20% food and other stuff.
So for example, if you get paid £100 a month, put £50 towards bills, £30 to savings, £20 to food.
Therefore if rent is gonna be £40 (in this ridiculously miniscule example I'm providing), you will have an extra £10 to go towards your savings.

APARTMENT HUNTING
If you are hunting for an apartment, hunt within your budget. know your cap price: what you will go over and what you wont go over. This price will be an amount you can afford to pay but do not want to pay. So if £800 is your cap, look for places between £650-£700.
Other things to consider include. Is the area safe? are the apartments renovated? read reviews!

I honestly don't know if this has helped, but I would look at tonnes of youtube videos - they helped me lots.
Also, make sure you're moving for the right reasons. You don't want to be struggling financially when you have the option to save by staying. I understand how exciting it would be to have your own independance, so make sure you have a clear head when considering how financially able you are to move.