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Thread: How much should I save before moving out?

  1. #1

    How much should I save before moving out?

    I'll try to keep this short, I'm a 22-year-old recently graduated Software Developer, I live near Newcastle where I grew up and have a job in the city (low-costs). I make a decent living for a new graduate and this is helped by the fact that I'm still at home, therefore I'm able to save quite a lot (in the region of 500-700 a month after car payments, bills, living expenses etc. are taken into account).

    I want to move out, but want to get a bit money behind me first. There is so rush in me moving out, I just want to get a bit saved so I have a good bit of money to fallback on if need be. For now, I'll just look to rent when I move out I'm not looking to buy.

    How much do you think I should save before I go?

  2. #2
    Why not ( look) to try to buy a place (flat or house) 1 or 2 bedroom in Newcastle that could be a good investment ie go up in value ( up and coming area) and a place which if you move locations you can rent out more than the value of mortgage. Obviously this isn't the easiest decision but if u rent for a while try to suss out which rent price gives u less than 1/3 of your income but is also an attractive area to rent...

    Tbh, not many people like living at home, but if you think about it enough, staying at home allows you to save the most money currently, however if u cannot invest your savings ( use the money for a deposit to buy a house), buy shares / isas / gold / property/ bit coins or other assets and earn a return for your money somehow ( or a least spend it on holidays/ socially), then you aren't really using your money...

  3. #3
    It's recommended that you have at least 3 months in savings to cover expenses such as rent, bills and food. In case of a bad spell such as losing your job or having your hours significantly cut. So I'd recommend 3k at least depending on how expensive your area is to live.

  4. #4
    You need to consider whether wherever you plan on moving to will be furnished or not. I spent about 1300 on moving out. I took some of my own things with me and we got a load of stuff from charity shops. (there's a lot of decent stuff in there, usually brand new / hardly used)

  5. #5
    Ah yes, I forgot about this.
    My figure was for a furnished place, since that is the majority norm where I am from.

    But yeah if you need to furnish some stuff yourself it could be anything from an extra few hundred quid to a couple of thousand. Depending on what you need to buy.

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