I will never be able to move out

[roldog]

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?

If you were very serious about moving out you should be saving at least £800-£900. Your outgoings are incredibly low on a 2k income (which by the way is a good wage).

You need to start putting the money away at the start of the month which will then help you budget what you spend in the month on your social life.

Firstly try writing down everything you spend daily. Be honest with yourself, even the smallest amount. At the end of the week look at the list, it will give you a good idea of where your money is going. Next allow yourself some weekly pocket money, not much just enough for a little treat. When you have spent that you can't have any more until next week. If you constantly buy things on impulse then don't take your debit card out with you, stop buying off the internet. You need to know exactly where your money is going and then take action to stop buying unnecessary items if that is what you are doing. You could also put spare change in a jar, or collect pound coins. Whatever you do it will add up, but first write down everything you spend. It can be an eye opener.

Take a look at your bank account at what you are actually spending on. At the beginning of the month, transfer money into your savings before you spend anything. You’re currently frittering £1k and saving £400, swap those around. Get a LISA. You’ll be able to buy within a couple of years, sooner if you do it with your BF.

Agree with PP, check your bank statements and write down every single thing you spend.

Thank you everybody! I completely agree with you all, it's shocking and I should definitely be saving A LOT more than I am.

It's embarrassing that I'm spending so much money a month on basically nothing, going out with friends, eating out, buying things online... it all adds up! Gonna have to be more careful from now on.

Ive always found that the best way to save is to put money away as soon as it hits the bank account, and not if theres any left at the end of the month.
Because having money just there means you are more likely to spend it without any thought.

So instead of putting 400 away to your savings account, go for the full 1000. Then youll have 400ish a month to play around with.
It isnt much, but it is enough to still do some fun things and not feel like youre not leaving the house!

I get the eating out, it does seem to have become a lot more expensive in the last year or so. I can see how it would make your outgoings go up without you even changing your habits.

(1) How are young people these days supposed to get on the property ladder with the rising prices of everything?

(2) 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!!

There you go...

You are in a great position Op.
Your income is approximately £30,000 a year. Only fixed outgoing is car.
Assuming boyfriend on similar you are looking to borrow 3 times joint income.
You are frittering huge sums. There’s income/outgoing guides online.
I’d be looking to save bulk if your income.
You could have a deposit saved in a few months.

I’d also say expectation to buy 3 bed as a first time buyer isn’t norm.
People move up property ladder. So buy a 2 bed, do it up then move on.

You’re in a really good position to save and get a house. Your income is reasonable and house prices relatively low. Even with some spending money you can save £1k per month, but you need to decide what’s more important to you, house or an expensive life and prioritise which you want more. You can still go to some events and have the odd meal out, but if you put most of your spare money each month into savings you will have a decent deposit pretty quickly.

Once you set up direct debits for all the savings you can for the day after your salary goes in.... try living with cash in your purse instead of using cards.
Then you will see how money disappears!!

Is the 2k a month your net or gross pay? If it's gross pay, your take home is presumably around £1600 a month.

It still looks like you could save £8-900, though.

Is it your dog? Are you paying a lot in dog insurance, car insurance, other set costs?

You should really be able to save at least £1k a month. We're living with my inlaws at the moment, and we save £1k a month each on a similar take home.

And I really wouldn't be worrying about this. We're 32 and 36 living with parents, although we're under offer to buy a house now. No rush!

Why is your phone bill £40 a month?
I pay £11 a month for a SIM only plan and own a Samsung smartphone I bought outright for £130 in 2018.

You are being a being a bit unreasonable expecting to go straight from your parents to owning a 3 bed house at 25. I left home at 18 to go to university and then lived in rented houseshares until I bought a flat at 32.

You're being ridiculously sensitive and you can't take that out on other people.

The majority of people aren't struggling to survive, particularly when they are in their early 20s and have limited outgoings.

People are not born learning to budget and if they don't have a family that are open about finances then they don't automatically learn it young either.

There is nothing wrong with OP looking for advice on her finances and advice on how to budget. Someone else not being able to afford things doesn't change her situation.

Maybe you are the one who should grow up? Clearly you have some emotional work to do if hearing about a random stranger’s financial situation is bothering you so much.

I am very glad you spotted it and owned it op, because without that...your post reeks of entitlement. You've been working for 2 years only, spend £1k a month going out which you didn't realise, have a car, and a place to live for free...and you want a 3 bed house and a family.
It might be the first time I've ever rolled my eyes and thought 'kids today. Don't know they're born'
It isn't normal to have worked for 2 years and expect to have a 3 bed house and family by now. 10 years minimum spending very little socially, then complain. Not yet.

I started buying clothes £10 per black bag I then carboot on a sat/sun gives about £200 a week it’s a good side hussle

Believe it or not but there are parts of the country where it's possible to buy a 3 bed as a first home. I have friends who are the same age as me, 67,who bought 4 beds as their first, last and only home. They saved up, with good jobs in cheaper parts of the country and bought their forever home at a young age. Some didn't go to university, but took apprenticeships and then set up their own business as a plumber, builder etc.
The OP has asked for help, I don't think she deserves to be abused. She has probably taken on board sensible suggestions, and can act on them. We all need help sometimes.

To be fair a 3 bedroom home in the area OP lives is very achievable on her salary since she seems to be aiming to buy with her partner.

If OP even saved half of her take home income, which is should be able to do, and her partner did the same they could begin looking at houses to purchase in less than a year. Totally reasonable.

I was going to say too that £40 a month for a phone is more than you need. I pay £7 with unlimited texts, calls etc and bought an older model iPhone.