To worry about rent increase

[pussinboots61]

Hi I am a born worrier and have anxiety.

I live in a one bedroomed Council flat which I love. Every April I have the same worry about the rent increasing. In April it will be £499 per month. This is for a small one bedroomed flat.

I know that its cheaper that private renting but I worry mainly about affording it when I retire in three years time, though I will get a good private pension plus a state pension but with this Government making cuts all the time I dread to think what might happen.

I moved into this flat six years ago from a flat which was not in such a good area but the rent was cheaper. I moved to where I am now because I lived here years ago and moved in haste when my Mum died as she lived near me. When I got this flat I couldn't believe that I had got back here again but I've worried about the rent ever since.

If it ever did come to where I couldn't afford it, it would be impossible to move because now there is a housing shortage where I live and people are bidding for properites and getting nowhere.

I feel I am driivng myself and everyone else who cares to listen around the twist with worrying about this.

Mine will be the same so I don't think I will be entitled to any benefits either.

I've tried to work it out and I think, with my work pension and state pension, I will get £2k a month or around that, which is what I earn now.

Why would you pay your rent out of your lump sum?
What are you hoping for from this thread?

You've already stated this OP, so now I think this is just a thread designed to get reactions from people. You know there's no issue with you paying your rent so stop trying to goad people.

Agreed, wind people up and watch them run.

I am not goading people! I didn't realise I'd put this comment on already.

The purpose of this thread is to try and relieve my anxiety, not goad people. Why do you have make these sort of comments?

Your rent is higher than your last council property because you have district heating, thus no energy costs, or very low if you use extra. Your rent is capped, so your pension will always go up more % than your rent. If you can manage now, you will manage when you retire

This is an example of how these COL threads are all relative. You OP are worrying about £499 rent when in receipt of both private and state pension upon retiring, that will easily cover £499 a month won’t it??

And then last week there is a poster earning £140k a year but mortgage has risen from £1,500 to £2,300 and nursery fees are £1,200 a month.

I think I’d rather be in your shoes to be honest. If you are worried I would just save like mad now so you are prepared as you can be.

I do have a heating bill with district heating and pay a standing charge in my rent for the meter in my cupboard. But the heating works out quite reasonable via direct debit. My neighbour's, however, is more expensive as she uses it on pay as you go. My flat is quite warm as its upstairs and retains heat. My previous flat was on the ground floor and quite cold so in the winter I had to have the heating on full blast so that cost more, even though the rent was cheap.

I have now found out via the Council after querying it, that the main rise is due to the water rates which have gone up by 35%, the rent has only gone up by 2.7%. There are still one bedroomed flats cheaper than mine with all the costs built in and sometimes I think about moving but then again I know I won't be as happy as I am now where I now live, plus I'd waited a long time to get back here.

Yes my pensions will cover the rent, but I do have other bills to pay also and I still want to be able to be comfortable and have a certain standing of living.

I do realise that my outgoings are less than someone with a big mortgage and nursery fees, both of which I don't have.

I could buy my flat with a discount as I've been a Council tenant for years but I wouldn't want to do this as it would cost too much in repairs, plus the roof needs repairing and I don't want to have that expense.

I do have money left at the end of the month which I save.

I have always been a worrier. I did have a mortage once when I was married but sold up and moved back into Council housing because I worried about the mortgage going up too much.

Start doing your sums. Add up your state pension and private pension less tax. And see what youu have left to live on. You might be entitled to Pension Credit.

I have always been a worrier. I did have a mortage once when I was married but sold up and moved back into Council housing because I worried about the mortgage going up too much

And now you're worrying unnecessarily about the rent going up too much. Have you sought any help from your GP for your anxiety?

Yes I am having treatment for anxiety.

I think that's the key here. But also maybe work through some financial advice websites and make some sensible plans

You could put £500 a month a way from now till you retire and you would have £18000 in savings in 3 years time (and that's before we include any interest) .

Or maybe you want to live a bit more but save for longer... You could save £250/month for the next three years and the first three years of your retirement, again building up to £18000 in 6 years time.

Either way, you have heaps of options other than just worrying and in that sense you are in a very privileged position

OP when you retire, if you’re worried about money, you could always do a bit of babysitting via the bubble app or cleaning. My cleaner has a women who covers for her when she is on holiday to supplement her pension on an ad hoc basis (around Xmas for example) and I’ve had quite a few retirees apply for babysitting jobs on the bubble app.
For example 2 nights babysitting a week would get you an extra £320 ish per month (whisper, <cash in hand>) which might give you some peace of mind. But to be honest, £2k per month income/pension, with rent of £500-£600 per month, minimal outgoings, no car or utilities and given you can take or leave holidays, I don’t think you have anything to worry about.