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

How much should I save before moving out?

I’m currently 16, planning to move out at 18. I currently have saved up quite a bit and by the time I claim my trust fund, I should have at least £12K. I can’t work, as of now, considering I live in London and most work opportunities are already taken or in need of experience.
I plan to move out when I turn 18 but, how much money would I need to have saved up? And where in the UK would be cheapest, as I know how expensive London housing may be.

Reply 1

lunak97

Honestly it's as much as you can. London is not cheap, if you're looking to go to uni, don't just rely on SFE may universities and private entities provide scholarships that will help offset the cost for living and tuitions. you have two years to search and reach the ones that you're eligible for.

be prepared to spend that £12k on expenses alone for one year (im using the estimate that is given to int students in London) accom, food, transport

during the next two years, im not saying to be a monk but prioritise you needs over your want to maximise your savings. do odd jobs for your family and friends or if you have any side talents. don't ignore deals or discounts if you can. a penny saved is a penny earned

Reply 2

Ivyreign

Stay at home real world is scary

Reply 3

Ivyreign

Seriously tho I would stay at home for longer than 18 get a job or go to uni whatever you are doing but have your main base at your parents where you will pay no or little rent. 12K is a lot I’d continue to save don’t waste it on rent, it will be gone on a year or 2. Continue to save so you can put a deposit down on a house and get a mortgage (I’m 18 and that’s what I’ve done and I’ve saved around 20% of the house price I’m looking at for when I leave university)

Once you have real world things to pay bills, tax etc you will find it hard to save unless you have a decent job which is why many struggle to save that 10% minimum deposit and get on the property ladder. Best advice I can give as I’m not that old myself.

The North east is the cheapest to live Durham, Newcastle etc. You can buy a decent 4 bed detached house with good size garden and garage for £150,000. In London you may get a shed or some land big enough to pitch a tent.

Reply 4

WhoElseButMe

Original post by roscpctals673

Get a job first. Clear any debts you may have. Estimate what you'll spend a month, and save 6 times that amount.

That should be enough to get you on your feet with stability.

Reply 5

Surnia

Why are you planning on moving out at 18? What quals will you have by then, and what are you aiming to do as a career?

Of course you'll find it difficult getting a job at 16, but that doesn't mean you can't get experience that will be useful in future. What do you do in the way of extra-curriculars and hobbies that would enhance your CV?

Don't just aim to live to the cheapest part of the UK, because sometimes housing is cheap for a reason; bad landlord, bad area, needs renovation, no decent local facilities. Plus you need to take into account everything for independent living, like soft furnishings, linens, small electricals, food, travel. You could end up wasting money when you should be looking at something satisfying, with job stability.