Wise to move out?
- Thread starter lola7
- Start date
@lola7 As others have suggested keeping an eye on your expenditure and cutting expenses is a good idea, better than moving out (if you move out you could be looking at 1300 a month in rent/bills).
As a fellow accountant I found that getting used to living on a low salary while training (rent was much lower when I was training though but so were salaries) was good for preparing you financially for a higher salary - it means you don't have to worry about unpredicted expenses and you are very comfortable on a higher salary and can afford luxuries while saving. This becomes even more important when life increases your need expenses (i.e. kids, cars, mortgages etc.).
As a fellow accountant I found that getting used to living on a low salary while training (rent was much lower when I was training though but so were salaries) was good for preparing you financially for a higher salary - it means you don't have to worry about unpredicted expenses and you are very comfortable on a higher salary and can afford luxuries while saving. This becomes even more important when life increases your need expenses (i.e. kids, cars, mortgages etc.).
resjudicata
New member
@lola7 The thing with the spending is if it’s on ‘frivolous’ (read: fun) things, you’re spending it cos you have it.
I saved fuck all living at home, but was well able to hand up a couple of hundred or so a month and have a good social life.
Then I moved out and obviously started paying more renting and I didn’t spend as much on the frivolous things but still managed grand.
It’s one thing if, after all your essentials you have no disposable income, but when you’re getting paid and then your rent is coming out you don’t have the extra there to spend. I laugh at how I can pay X amount on rent a month and be fine but couldn’t save that amount beforehand (obviously didn’t try very hard but it felt impossible anyway).
I adore my family but I wouldn’t move back home. The independence and freedom in your own space is class.
I saved fuck all living at home, but was well able to hand up a couple of hundred or so a month and have a good social life.
Then I moved out and obviously started paying more renting and I didn’t spend as much on the frivolous things but still managed grand.
It’s one thing if, after all your essentials you have no disposable income, but when you’re getting paid and then your rent is coming out you don’t have the extra there to spend. I laugh at how I can pay X amount on rent a month and be fine but couldn’t save that amount beforehand (obviously didn’t try very hard but it felt impossible anyway).
I adore my family but I wouldn’t move back home. The independence and freedom in your own space is class.
spiritsight
New member
@resjudicata I feel like you get a bit more for rent when you move out than people realise tbh. When you have your own place or even sharing with housemates who are a similar age and vibe. You’re less likely to feel the need to get out of the house and you’re more likely to stay in chillin
resjudicata
New member
@spiritsight Yeah absolutely. I share with one other girl and it’s great. Have had great housemates bar one and we have a great time sitting in sometimes instead of going out constantly like I did before.
The ‘renting is dead money’ argument bugs me when coming from people who own their home and never had to rent. We all know it’s really hard to get out of home in Ireland with the state of the market but when you do manage it’s great
The ‘renting is dead money’ argument bugs me when coming from people who own their home and never had to rent. We all know it’s really hard to get out of home in Ireland with the state of the market but when you do manage it’s great
@lola7 Here’s a simple experiment, before you decide to move out, for three months pay your parents the normal rent plus whatever the difference is between that and the market rate for somewhere you would like to rent.
Now you can model your budget on what it would be like to live out of home without the risk of committing to it. If you are running out of cash before the next pay day arrives then you need to do some work on your planning or perhaps more appropriately your execution of the planning.
Good luck with the plans !
Now you can model your budget on what it would be like to live out of home without the risk of committing to it. If you are running out of cash before the next pay day arrives then you need to do some work on your planning or perhaps more appropriately your execution of the planning.
Good luck with the plans !
spiritsight
New member
stan_garone
New member
@spiritsight Not all parents are desperate for their child's money. My parents would be appalled if I tried to pay them anything while living at home. They have plenty of money and not enough time. If I tried to hand them €100 for the week they'd look at me like I had two heads and ask "what am I supposed to do with this? If you wanna help out, go cut the hedges or do some of my ironing". If I wanted to help them out they'd appreciate my time far more than my money. I still buy groceries here and there but by far they much prefer me helping out around the house and garden than just paying them to live here.
adityaengg
New member
@lola7 Left home when I was 23 as well. Up until that point I was paying cheap rent to my rents and footing my bills. People are saying you should stay at home until you become financially responsible but people work in different ways. If you moved out, life comes at you pretty quick and you tend to learn pretty quick. It seems there's temptation there to dip into savings because you have the security net in your current situation.
I'd say you need to truly add up the costs for moving out and set yourself up with a clear (reasonable) budget. Do it for 6 months - and stick to it!!! - proving to yourself you can do it.
If you're feeling that you can't save at all and have destructive spending tendencies I'd say look at some therapy as there could be something else going on. Not suggesting there is but just saying if you feel you have to spend all your money and can't control yourself it's good to seek professional help.
Lastly, I might suggest you undertake the envelope method. Everytime you get paid, withdraw your money in cash and sort it according to your budget into your envelopes marked rent, bills, groceries, fun, savings. Not completely doable with everything (phone bill direct debit etc.) but it should help you start to segment your money and allocate accordingly. Having to physically open your savings envelope and take out physical cash and spend physical cash might help you cut down or tell yourself 'no' vs an easy Google Pay tap on the phone.
Good luck
I'd say you need to truly add up the costs for moving out and set yourself up with a clear (reasonable) budget. Do it for 6 months - and stick to it!!! - proving to yourself you can do it.
If you're feeling that you can't save at all and have destructive spending tendencies I'd say look at some therapy as there could be something else going on. Not suggesting there is but just saying if you feel you have to spend all your money and can't control yourself it's good to seek professional help.
Lastly, I might suggest you undertake the envelope method. Everytime you get paid, withdraw your money in cash and sort it according to your budget into your envelopes marked rent, bills, groceries, fun, savings. Not completely doable with everything (phone bill direct debit etc.) but it should help you start to segment your money and allocate accordingly. Having to physically open your savings envelope and take out physical cash and spend physical cash might help you cut down or tell yourself 'no' vs an easy Google Pay tap on the phone.
Good luck
@kevinjday To be honest I also think this is the case
@lola7 As others have pointed out there is a risk to moving out and not being ontop of your finances.
.if I were you, as a trial run, work out what your reasonably going to spend on bills and rent if you move out, take away the 300 you pay your patents in rent and put the rest in the credit union or somewhere you can't get at it easily, on line or otherwise... I say credit union but just somewhere it is a physical inconvenience to get the money..
after that, try keep your savings up and if you manage that you will manage in rental. If you are struggling, you will struggle in rental.. at least you will know and can find out why and sort the issue..
.if I were you, as a trial run, work out what your reasonably going to spend on bills and rent if you move out, take away the 300 you pay your patents in rent and put the rest in the credit union or somewhere you can't get at it easily, on line or otherwise... I say credit union but just somewhere it is a physical inconvenience to get the money..
after that, try keep your savings up and if you manage that you will manage in rental. If you are struggling, you will struggle in rental.. at least you will know and can find out why and sort the issue..
resjudicata
New member
@resjudicata A 23 yr old on 35k living in my house, would be paying over €140 to me every week, and paying for their own shopping aswell. I can understand people staying at home til their late 20s these days, places to live are hard to come by, inflation blah blah blah and the rest. But to say you cant mange on 35k a Yr? A single person?Coz ur eating a lot of take aways?? Cant mange after handing mammy 75 notes and getting everything done for em? Welcome to the Real world, pay me my 150 a week and do every thing urself, 35k is 673 a week, minus tax is roughly 600 a week, minus my 150 he has 450 euros for his take aways