I only earn minimum wage (￡6.50 an hour) but is it possible for me to live on this? I am considering opening a savings account and putting at least ￡100 a month in there. I also have ￡1000 I have left from my student loan. If I save up for a year and avoid buying clothes where possible, could I realistic have enough to rent a flat, potentially with my bf?
It would be really difficult to afford anything on minimum wage with little savings, but I sure get you wanting to leave! Try to save more so you can get out sooner. Try for two hundred pounds in savings every month at the very least (preferably 300), and pay off the loan asap. Actively look for a job that pays more, or go for a promotion if you can. Don't waste your paycheck on a bunch of clothes and stuff that will be out of style in a year, or any other frivolous spending because it will keep you from getting your own place all the longer. Research rent prices in the area you're expecting to live and write out a reasonable budget so you can have a goal to go for.
Look and see what the cost of rents are where you want to live
the rough guide is that the rent should be 1/3rd of your income
If the rent is ￡500 a month, then you need a wage of ￡1,500 a month
Sharing with someone obviously means sharing the rent,and other bills and is the only way you could do it
Start saving as you'll need money for he deposit and other bits and bobs for the flat.
"I am 24 years old... I only earn minimum wage"
Why are you still only earning minimum wage? That's for 18 year olds who haven't had a chance to learn a skill or prove themselves. Have you accomplished nothing in the last 6 years?
"(￡6.50 an hour) but is it possible for me to live on this?"
Yes, if you get a roommate.
"I am considering opening a savings account and putting at least ￡100 a month in there."
If you're living with your parents, then you should be able to save a lot more than that, even if you're only earning minimum wage. ￡6.50 per hour for 40 hours per week for 4 weeks per month is ￡1,040. If you're only saving ￡100, then what are you doing with the other ￡940?
Depends which part of the country you live in becase rent prices vary, Lodo will cost around ￡1500+ plus council tax but here in Scotland a 2 bedroom flat will cost around ￡400 per month plus around ￡100 council tax but then you have food, gas, electric, broadband, insurance etc, Good Luck
You'll need a higher paying job.
Either look for a higher paying job or find a side job to work after your full time job.
I also live with my parents but my situation isn't too bad. I still plan to move out this year.
If it is going to be a struggle to put 100/way each month, chances are you will not be able to afford to move out. You should be saving at least half your income in order to afford to move out.
It might be cheaper to get your minister or an older family friend to mediate between you & your mom, so that she will stop nagging you as much (either because she doesn't see a need to, or because she suppresses the urge). If she knows the alternative is you moving in with your boyfriend, that might be enough to motivate her.
