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Original poster

I will never be able to move out

146 replies

roldog · 15/05/2023 14:09

I'm 25 and desperate to get my own house. But right now feel that I will never be able to afford to.

I still live with my parents, I work full time and have a boyfriend who also works full time. I have a decent wage but just feel like I will never be able to afford to get my own place.

I am saving, but it's going to take so long. At the end of every month I barely have any money left which makes me think how the hell will I ever be able to actually afford to run a house.

I'm at the stage to be wanting to start a family etc now, but obviously want my own place first. It's really getting me down.

Sorry if this sounds like a pity party, I just wanted to rant I suppose. How are young people these days supposed to get on the property ladder with the rising prices of everything? Sad

OP posts:
Headoutofplace · 15/05/2023 14:11

It might sound trite but you have looked at your budgeting? What sort of bills are you paying at the moment?

TomatoSandwiches · 15/05/2023 14:13

Why do you have hardly anything left to save?
Where is your money going?

catchthedog · 15/05/2023 14:15

How long have you been in your job, can you get promoted / move company? I had to bounce around every 18 months or so for a few years to really start getting a high enough income to be able to afford my property.

redskylight · 15/05/2023 14:15

As per PPs - where is your money going? If you're paying high board money to your parents, maybe it would be cheaper to rent with your boyfriend?

If it's e.g. going on a car, can you manage without?

If you find the money just gets frittered away, maybe try paying into savings as soon as your salary gets paid in?

999caffeineplease · 15/05/2023 14:18

When you say a decent wage, what does this mean? Are you in a high CoL area?

What are your fixed outgoings that mean you are left with little at the end of the month?

ElTingo · 15/05/2023 14:19

I agree the cost of living is us and these days and I feel for young people. What are you working as? Could you use the time living with your parents to study and improve job prospects/ salary?

Both myself and DH went to university and have good jobs but couldn't afford a mortgage or children until we were in our thirties. This was 20 years ago so I know it will be even harder now.

Sissynova · 15/05/2023 14:21

I am saving, but it's going to take so long. At the end of every month I barely have any money left which makes me think how the hell will I ever be able to actually afford to run a house.

It sounds like you need to work on money management. If you’re living at home and have a ‘decent wage’ you shouldn’t have no money at the end of the money.

How much are you saving saving as a percentage of your income? You should be putting away like 50-60% if you’re at home with no rent and minimal expenses.

cobbledstone · 15/05/2023 14:22

I disagree. You should be saving £900 a month at least if you're living at home.

£900 x 12 = £10.800 a year

3 years of that, there's your deposit for an average priced house (obviously I don't know where you are, so maybe if it's considerably more you will have to consider moving area)

If you're 25 and you've been working since you were 18...Do you not already have a deposit saved?

You need a budget break down. Can you post what you're spending/bills etc and maybe people can offer suggestions on what to cut?

LittleMrsPerfect · 15/05/2023 14:25

How much rent do you pay your parents for you to have nothing left?

WhatNoRaisins · 15/05/2023 14:27

Where does the money go?

Are your parents getting dependent on the money you bring in. They really should be trying to cut you some slack, letting you save so in the long term you will get out of their hair sooner.

Chowtime · 15/05/2023 14:31

You can get 100% mortgage. Go and see a broker to see how much they will lend you, it's usually 4 or 5 x single salary. Is that enough to purchase a property where you live? If not, you either have to move to a cheaper area or get a better paid job.

Wyndam · 15/05/2023 14:33

Chowtime · 15/05/2023 14:31

You can get 100% mortgage. Go and see a broker to see how much they will lend you, it's usually 4 or 5 x single salary. Is that enough to purchase a property where you live? If not, you either have to move to a cheaper area or get a better paid job.

You need to have 12 months proof of rent payments higher than the cost of the mortgage for the 100% offer.

Dixiechickonhols · 15/05/2023 14:34

Where do you live Op? Is looking to relocate to a cheaper area an option.
What are your outgoings?
If you can’t save with only paying board then you’ll struggle with a mortgage anyway.

Saucemonkey · 15/05/2023 14:35

You could get a 100% mortgage.

Ponderingwindow · 15/05/2023 14:37

You can move into rented until ready to buy. If is long-standing tradition of generations past to rent an awful flat to save money, but at least be independent and out of your parents house.

Chowtime · 15/05/2023 14:41

Wyndam · 15/05/2023 14:33

You need to have 12 months proof of rent payments higher than the cost of the mortgage for the 100% offer.

Show quote history

Right-o.

Well in that case OP, just go and see a mortgage broker to find out how much you can borrow.

Original poster
roldog · 15/05/2023 14:41

Thank you all for the replies!
To answer a few questions..

  1. I pay no rent to my parents, they are pretty wealthy so kindly allow me to live her rent free which I am extremely lucky of
  1. My job pays £2,000 a month - this is a decent wage for where I live in Wales, house prices aren't too high. We're talking around £180,000 for a 3 bedroom house which I know is nothing compared to some places in England.
  1. I potentially could look for a higher paid job, but I absolutely love my job and would hate to leave it. I have only been working full time for 2 and a half years as I was in university but have worked part time since I was 16 (I didn't save anything during that time though as the pay was crap so it was used to basically live)

My outgoings:

  1. £200 a month on my car - I have no choice as I need it for work
  2. £400 a month in to my savings account
  3. £40 a month phone bill
  4. I'd say another £300 a month goes on necessities like petrol, dog food, food.

Omg writing that down I actually have no clue where the rest of my money goes, I definitely need to budget more! I just feel as though I always have something on - birthdays, weddings, hen parties. It's non stop!!

OP posts:
Anyotherdude · 15/05/2023 14:42

I’m in my 60’s, and my DC still live with me, one working, one not.
£900 is what the working one brings home. They have phone bills, car insurance, fuel, a loan and a “keep” contribution (£55.00 per week)to pay.
@cobbledstone That doesn’t enable them to save £900 (you’ll be telling OP to quit buying coffee and avocado on toast next!)
OP, if you can save more and budget, I’d recommend that: using an app that allows you to document every penny of income and expenditure will help (we used to use a double-entry expenses book).
Try to cut out/down on non-essentials (non-essential to YOU, not anyone else) but keep an open mind on what to drop, and you’ll be able to start saving more. (E.g. I bought a bike to get to work on - it cost me £90.00, or 3 months season ticket - but after that 3 months I was able to save an extra £30.00 per month which was 10% of my take-home pay at the time. And boy, did it get me fit!)
Young people today are earning around half equivalence of what was considered an entry-level job’s pay in the early 1980’s, while the cost of housing has increased by more than 700%, and the cost of living has also increased more than pay increases. It’s going to take more strikes and interventions to get life back onto a fair and even keel, but if you start counting your pennies, the pounds really will start mounting up!
Good luck!

Sissynova · 15/05/2023 14:45

roldog · 15/05/2023 14:41

Thank you all for the replies!
To answer a few questions..

  1. I pay no rent to my parents, they are pretty wealthy so kindly allow me to live her rent free which I am extremely lucky of
  1. My job pays £2,000 a month - this is a decent wage for where I live in Wales, house prices aren't too high. We're talking around £180,000 for a 3 bedroom house which I know is nothing compared to some places in England.
  1. I potentially could look for a higher paid job, but I absolutely love my job and would hate to leave it. I have only been working full time for 2 and a half years as I was in university but have worked part time since I was 16 (I didn't save anything during that time though as the pay was crap so it was used to basically live)

My outgoings:

  1. £200 a month on my car - I have no choice as I need it for work
  2. £400 a month in to my savings account
  3. £40 a month phone bill
  4. I'd say another £300 a month goes on necessities like petrol, dog food, food.

Omg writing that down I actually have no clue where the rest of my money goes, I definitely need to budget more! I just feel as though I always have something on - birthdays, weddings, hen parties. It's non stop!!

You should be saving considerably more than £400 a month.
Really your outgoings are £40 and £300, add in £100 a week spending money so you don’t feel like you can’t do anything social and you should still be saving £1250 a month.
You’re just frittering your money away and if you don’t get a handle on it now you’ll still be stuck living like a teenager in your parents house for years. I know many people who lived at home ‘to save’ and just spent all their money on day to day crap.

Lindjam · 15/05/2023 14:49

You are spending around £1k a month on social life. There's nothing wrong with that, but it's possibly foolish if it will prevent you from buying a home when you are clearly in a position to do so.

I would suggest you and boyfriend agree a budget and increase your savings significantly.

OhmygodDont · 15/05/2023 14:52

Yeah you’re spending far too much on all those events and things. Time to really rain in it if you’re serious about moving out. There should be no reason you couldn’t be saving over a grand a month. I bet your parents are wondering too.

cobbledstone · 15/05/2023 14:52

Anyotherdude · 15/05/2023 14:42

I’m in my 60’s, and my DC still live with me, one working, one not.
£900 is what the working one brings home. They have phone bills, car insurance, fuel, a loan and a “keep” contribution (£55.00 per week)to pay.
@cobbledstone That doesn’t enable them to save £900 (you’ll be telling OP to quit buying coffee and avocado on toast next!)
OP, if you can save more and budget, I’d recommend that: using an app that allows you to document every penny of income and expenditure will help (we used to use a double-entry expenses book).
Try to cut out/down on non-essentials (non-essential to YOU, not anyone else) but keep an open mind on what to drop, and you’ll be able to start saving more. (E.g. I bought a bike to get to work on - it cost me £90.00, or 3 months season ticket - but after that 3 months I was able to save an extra £30.00 per month which was 10% of my take-home pay at the time. And boy, did it get me fit!)
Young people today are earning around half equivalence of what was considered an entry-level job’s pay in the early 1980’s, while the cost of housing has increased by more than 700%, and the cost of living has also increased more than pay increases. It’s going to take more strikes and interventions to get life back onto a fair and even keel, but if you start counting your pennies, the pounds really will start mounting up!
Good luck!

£900 is what the working one brings home. They have phone bills, car insurance, fuel, a loan and a “keep” contribution (£55.00 per week)to pay.

Well then the working one'clearly isn't working full time as a full time minimum wage job is bringing home is £1300 a month.

Who buys a car and gets loans if you're not even earning enough to pay your own mother decent rent?

You're never getting them into their own homes!

Nordicrain · 15/05/2023 14:53

So you have £540 a month of essential outgoings? Which means you have almost £1500 that you could save. You are in a far better position than many, but agree with you that you won't be able to live on your own if you can't manage to save more than £400 with 1500 a month disposable income.

Munchyseeds2 · 15/05/2023 14:54

You can't have a full on social life and save a decent amount I don't think
Put £1000 into savings the day you get paid and live on what's left....it will soon mount up!

cobbledstone · 15/05/2023 14:55

OP - if your job is paying £2k a month, you're literally having a laugh with wasting money.

I just saw your parents don't even charge you rent.

You should be saving £1500 of that. End of. What on earth are you spending £2k a month on!