To go and live in a cheap room for a month or two

[Ripsinead]

With my partner who I currently live with (providing he agrees)
We currently live in the city centre (this is very convenient for us as non drivers due to work locations).
Paying £1050 per month including all bills and council tax, however this is for a studio flat. I pay a bit more due to our incomes, so I pay closer to £600.
I also have to pay £55 to student finance each month (this is due to a period I was working abroad) £110 CC debt, and honestly it's killing me.
Our flat is lovely but absolutely tiny.
I've just changed jobs and gone from weekly to monthly pay which is also killing me atm. I only have around £600 n savings.
Our tenancy is due to end on the 1st September. Part of me is very tempted to go and live in a flatshare for a month or two, where rent will be more like £350 each including all bills. I have seen some where you can just rent on a month to month basis without having to sign a tenancy which will be ideal.
We'd also get the deposit back from our current place.
I'm not saving and I'm anxious about paying next month's rent. I just want a month or two to save up a few hundred, then we can look for a more affordable property. Does this sound like a good idea? We're in Manchester.
Obviously he has to agree too.

It's going to be a big adjustment for you both to go from a place of your own to the two of you basically living in one room, even if you are in a studio at the moment. Do either of you need to work from home? Could you both do so from your room if you went into a houseshare? It sounds like you plan for this to be short term but with the rental market in Manchester being insane right now it may end up being longer, so it's worth thinking about.

I haven't house-shared for a bit but if I went back to it I personally wouldn't want to live with a couple. Not sure what the dynamic is like the other way around, I guess it depends on you all getting on which is the real gamble with housesharing.

Try to teach in a private school? Also do a bit of private tuition one evening and charge a lot. You can also sign up to a babysitting app. Lots of money to be made!

I've been a lodger twice. The first time was great, we got on well and shared our space even though it obviously was their home that I lived in. The second one was with a LL that never ever left the house, and that started to drive me mad because I'm someone who really really needs their own space without other people in it from time to time. He'd work from home and then work in the corner of the living room, watching TV through a mirror, meaning that I never felt comfortable just being in there, and he would never go out either - it got to the point that I'd be taking annual leave just to be able to be in my home on my own. At one point he invited a friend of his to sleep in the dining room for several weeks without checking with us or letting us know (which, of course, he can as it's his house, but...).

The dynamic with a house share is different from being a lodger, but my god, do I feel lucky sometimes when I wake up in the morning and can walk around my flat in my underwear if I feel like it, or use the living room to work on the table, or have my DH go out and give me the place to myself on a Friday, and never getting ready for work and almost falling over some guy sleeping under the dining table. When I put our current rent into Rightmove all I seem to see now are rooms in houseshares for the same amount and the thought of doing it now in our forties as a couple is not appealing, I have to say.

I think it’s a good idea, but it would need to be for longer than a month or two.
My sister is currently doing the same in Chorlton.
Previously, she also rented a room from a lovely older chap, with the agreement that she assisted with some of his care/social needs - like having breakfast etc.

Good luck; I know the rental market is wild at the moment.

They're doing it as a couple, though, which might be tricky in terms of an arrangement like that (although that sounds like it would be good for someone who isn't working full time at present!)

You sound very sensible and grounded op. Yes, do it to save up a buffer amount. That will give you a bit of security and peace of mind.

I was renting a flat with my boyfriend at the time and we went into separate houseshares to pay off debts and save for a deposit on a mortgage.
Short term pain for long term gain

Really sensible to consider reducing overheads if they are making you nervy.
one thing to consider is what the cost of renting a new place might be when you are ready. Often the best way to keep rent low is to stay put as rent increases are usually minimal for current tennants as landlords prefer to keep tenants rather than finding new ones. Renting the same or similar place down the line could cost more which negates any savings. That said it doesn’t sound like you love it where you are anyway.

curveball. Could you rent a 2 bed and sublet the spare room? That way you control who lives with you and, might even find a mid week only lodger. Just a thought.

Buy or rent somewhere near a tram stop in Manchester - prestwich ?

I think it's a great idea. It will allow you to save and think about a long term goal. We wanted to move nearer family in Surrey so super expensive. The only way we managed is moving further away for several years to save money to then afford our long term goal of buying in Surrey. Your wages as you identified are due to go up. Do monthly savings plan you won't notice as you just won't have that money but it will soon add up. Good luck

On those sorts of figures per month each, that would be c.£17-18k each annually, so well above minimum wage!

I thought min wage was around £20k?

My husband is a landlord and our tenants are almost exclusively in your position. He provides higher standard ensuite rooms at a lower than market rent and is picky about tenants, so that everyone is on the same page, ie they want a clean comfortable and respectful home. It would be more profitable as a student let, but not nearly as pleasant as being able to wish tenants well as they move into a house they've been able to buy for themselves. They tend to look after the houses well, so in the long run it's less hassle than students! We've seen numerous tenants move out together as couples and the housemates usually continue to socialise with each other. Our first 6 tenants from 2009 recently had a reunion and sent us pics, which was really lovely. Housesharing doesn't have to be unpleasant

I think you need to check around and see how easy it is to get a new rental. Round here rentals are scarce and snapped up

I know someone who did this for a year because they wanted to make a dent in getting a deposit to buy a flat. I think they moved in with a relative!

They saved a relative fortune and managed to buy their own place far quicker. I remember doing this by living somewhere cheaper for a year and we saved one of our salaries towards our house deposit. If you can do this you suddenly find you've twenty grand in the bank.

Yes, it could go spectacularly wrong, but if you make sensible choices it’s a really good idea. It might also go spectacularly right - I lived in some great house shares (in Manchester) when I was younger and met people who I’m still friends with now, as well as saving lots of money.

OP go for it especially if it's only short term. My eldest did when they bumped up the rent by £400 and now has a decent buffer built up after a year in a house share. Also made some lovely friends too. While your at it I would advise to get yourself signed up on various different Housing association housing lists in area's you want to live too.

I think it’s a great idea. I moved to London with my then boyfriend many decades ago and house sharing was our only option for a few years. To be honest we made some lifelong friends that way and lived with some lovely people. There were a few odd characters over the years but they were no trouble. We really missed them when we finally earned enough to buy our own place. Good luck x

£350 inc bills?! You sure?

As a Lettings Agent I would strongly advise against moving out of your current place.
As your work is not a permanent contract you will not pass referencing and won't be able to secure another tenancy.

£350 a month seems very cheap for a house share, I was paying more than that 10 years ago in Liverpool and not in the expensive areas? Are they student house shares? You may not be eligible for those as you living there would make them liable for council tax.

It's a good plan but bear in mind how much demand there is for rental properties at the moment it might not just be a couple of months, it might take a lot longer to find another place of your own to rent

Without being rude, you have half your salary left after bills and no car costs. Unless there are some debts you haven't mentioned in your post I don't really understand how the bills are "killing you".

I paid a mortgage and all bills, plus a car on one salary that was less than yours for a number of years

Your rent is now currently £1050 and you think you could a share for £350. I'm unsure where you live but £350 inc utilities sounds very cheap. Are you sure that's the going rate? So let's assume it is £350 for a double room, that's going to save you £700pcm. That's worth doing....however, you'll inevitably loose some of your belongings due to lack of storage and you're going to he incredibly cramped. Let's say you do it for 3 months and save just over £2k....then what? Unless your finances change considerably you're in the same position. If you rented 2 rooms for say £700 would that be more manageable longer term? OK so instead of saving £700pcm you save half that but you have a much better quality of life. Once settled in you can set one room up as a living space and another as a bedroom. Going to bed at exactly the same time will be tough. What if one of you wants to watch TV, has a friend round, or is ill....or just fed up of one another. 2 rooms sounds a better compromise. If each of you would pay a fiver each day to have some space 2 rooms are better value. Of course of there's an end plan and you know for sure its only going to be 2or 3 months then possible 1 room, but I don't think my relationship would survive this.

That’s a great idea. Do it. And if DP doesn’t agree then he is emotionally and financially immature.

Where in Manchester are you finding £350 Inc bills????
I'm city centre Manc and never see anything that cheap, not even for the cheap areas