Income enough to rent in Dublin?

Wopp

Hi,

I hope this hasn't been answered elsewhere but I am looking to rent in Dublin for about 1000/1200 euro a month for the two of us sharing. We will be on about 22,000 a year after tax. Can anyone offer advice if this is feasible to budget? Is there anyone in a similar situation that can offer advice?

Thanks in advance.

MagicMarker

600 rent each on 22k net is fine, assuming you have no other major outgoings.

D3PO

Rule of thumb is don't spend more than 30% of your net salary on accomadation.

Therefore you shouldn't really be spending more than €550 a month on your accomadation. So yes in my opinion your budget is totally unfeasable

noodler

Is 22,000 your combined income or each?

If it is combined, then as D3PO says it really doesn't seem like a great idea to me personally.

I mean thats 1833 per month you have.

If rent is 1200 then you only have 633 for all other costs (food, electricity, transport, broadband etc I am ignoring Tv licence,any insurance you might have. or fuel costs). You could just about do it but you literally wouldn't have a penny.


If rent is 1000, then you have 833 per month which gives you more leighway but still is too tight imo.

Greenmachine

Agreed clarification needed on if that is how much you both earn each or in total. Would be utter madness if it is between you both. A more realistic figure in that case might be about €700 max

D3PO

sorry thought "will be on" meant that was combined salary. Defo needs clarification.

If its 22k each its reasonable although touching the 30% marker. If its 22k combined its insanity and just not realistic to live on at all.

Wopp

Its 22k total unfortunately. It would have been 37k a few years ago before the recession!

I think that is exactly what I needed to hear, I think ill save my money this year and consider it again next year when I will have a better income. Thanks for the advice everyone!

Mrs OBumble

D3PO wrote: »

Rule of thumb is don't spend more than 30% of your net salary on accomadation.

Therefore you shouldn't really be spending more than €550 a month on your accomadation. So yes in my opinion your budget is totally unfeasable

However it does depend on the implications: if you pay mre rent, but then have no transport costs and very low food bills (Lidl or Aldi in walking distance), then a higher % would be justified. How much higher depends totally on individual budget and circumstances.

That said, 22k after tax is a very low amount for two people to live on, and leaves very little room to cover emergencies etc.

D3PO

Mrs OBumble wrote: »

However it does depend on the implications: if you pay mre rent, but then have no transport costs and very low food bills (Lidl or Aldi in walking distance), then a higher % would be justified. How much higher depends totally on individual budget and circumstances.

.

Not really tbh. The variance a monthly bus or luas ticket would have to the % would not impact it to the degree that its worth overvaluing a premium of rent.

Having the mentality sure we can stretch it more and sure our transport costs will be less and sure we can shop in Aldi is going to line you up for a money crisis or at least put you at risk of that especially when your talking somebody on such a low income.

somebody on 22k a year net spending 12k of it on rent. Weather you live on beans and toast and are in a walkable distance to every amenity under the sun is just not even remotely workable.

cali_eire

The numbers look pretty tight but not impossible; what I might consider to be an appropriate amount of money to live is going to be different from the next person. I could live like a nun where as my neighbor might live like a crack addict. You need do up a detailed budget of ALL your outgoings and build in a reserve to put some money by for emergencies and the occasional treat. At that point if the numbers are workable you need to ask yourselves if you have a good track history of keeping to budgets, living within limits or sticking to self imposed rules. If the answer is no then it's definitely a no go, if the answer is yes then think carefully about what quality of life you will have under the budget and at that point if it's still attractive to you I would say that at least you are moving forward in a mindful manner.

MagicMarker

D3PO wrote: »

Not really tbh. The variance a monthly bus or luas ticket would have to the % would not impact it to the degree that its worth overvaluing a premium of rent.

Having the mentality sure we can stretch it more and sure our transport costs will be less and sure we can shop in Aldi is going to line you up for a money crisis or at least put you at risk of that especially when your talking somebody on such a low income.

If I pay exactly 30% of my net income on rent but spend €80 on the bus to commute to work, then moving within walking distance of work would make sense as long as my rent doesn't increase by more than €80, even though the income % spent on rent increases.

Greenmachine

cali_eire wrote: »

The numbers look pretty tight but not impossible; what I might consider to be an appropriate amount of money to live is going to be different from the next person. I could live like a nun where as my neighbor might live like a crack addict. You need do up a detailed budget of ALL your outgoings and build in a reserve to put some money by for emergencies and the occasional treat. At that point if the numbers are workable you need to ask yourselves if you have a good track history of keeping to budgets, living within limits or sticking to self imposed rules. If the answer is no then it's definitely a no go, if the answer is yes then think carefully about what quality of life you will have under the budget and at that point if it's still attractive to you I would say that at least you are moving forward in a mindful manner.

Numbers look impossible. Are there two of you what about, your partners salary or job seekers payment.

Wopp

Greenmachine wrote: »

Numbers look impossible. Are there two of you what about, your partners salary or job seekers payment.

The quote of 22k was the worst case scenario of what we would be on. Including the partners jobseekers (still pending) I our joint income would increase to a little over 30k after tax. I wan't to make sure we can survive with some sort of quality of life on the worst case before considering entering a years rental contract.

After a year my income increases aswell, so based on your comments and the previous comments I may save for a few months (try put away the amount rent would cost) to build up that safety net. Then It might just be manageable, at least for a years contract to see how things pan out.

Holsten

It's doable but you'll be broke all the time, not a good way to live.

SpaceRocket

I'm on 20k at the moment, and spend 10k a year on rent.
It's tough, yes... but it's temporary.
Couldn't live like this long term, but for a few years it's workable.
If your situation is due to change in the next year or so, if your salary is set to increase then you should be okay.
That said, if you are able to live somewhere rent free for awhile and save, that would be the way to go as you would have a far better quality of life not counting all the pennies every week.

Mrs OBumble

D3PO wrote: »

somebody on 22k a year net spending 12k of it on rent. Weather you live on beans and toast and are in a walkable distance to every amenity under the sun is just not even remotely workable.

I've done something pretty much equivalent (lower income and slightly lower rent) for six months. Hard - but definitely not impossible. But it was a lot easier than the 18 months before when I was only getting the dole plus occasional temping.

If you think that lower transport costs don't make a big difference, then you're dreaming. Some people I know spend E100/week on petrol alone, not to mention the other costs of running a vehicle. And by shopping carefully at the discount supermarkets, I was able to feed two adults very well for E45/week - being meticulous does make a huge difference in this area.

D3PO

Mrs OBumble wrote: »

I've done something pretty much equivalent (lower income and slightly lower rent) for six months. Hard - but definitely not impossible. But it was a lot easier than the 18 months before when I was only getting the dole plus occasional temping.

If you think that lower transport costs don't make a big difference, then you're dreaming. Some people I know spend E100/week on petrol alone, not to mention the other costs of running a vehicle. And by shopping carefully at the discount supermarkets, I was able to feed two adults very well for E45/week - being meticulous does make a huge difference in this area.

firstly your one person and this thread related to two. so if you struggled to do it on your own you have just confirmed that to do it for two people is impossible

K.Flyer

Wopp wrote: »

Hi,

I hope this hasn't been answered elsewhere but I am looking to rent in Dublin for about 1000/1200 euro a month for the two of us sharing. We will be on about 22,000 a year after tax. Can anyone offer advice if this is feasible to budget? Is there anyone in a similar situation that can offer advice?

Thanks in advance.

First things first, you need to buy a calculator.
Nett income 22,000 per year.
Less rent 1,100 / month = 13,200 per year.
balance 8,800 or 169.23 per week between 2 people, or 80.00 each per week!!

Now factor in your potential and realistic monthly phone bills, your electric and heating bills, internet / tv, transport to and from work if not walking distance, toiletries, clothing allowance and last but not least FOOD.
If you do not have a medical card can you afford medical insurance or any unforeseen Doctor / Dentist / Hospital costs.
Get these figures worked out first, they are real figures and as has been said before they might be just do-able but it is no joke sitting in week in week out trying to save on every penny just to pay the rent and eat, it can destroy relationships.

Best of luck.

Moonbeam

could you rent a room to begin with or share a house with friends?

Greenmachine

SpaceRocket wrote: »

I'm on 20k at the moment, and spend 10k a year on rent.
It's tough, yes... but it's temporary.
Couldn't live like this long term, but for a few years it's workable.
If your situation is due to change in the next year or so, if your salary is set to increase then you should be okay.
That said, if you are able to live somewhere rent free for awhile and save, that would be the way to go as you would have a far better quality of life not counting all the pennies every week.

You must eat newspaper for food. :eek:

cali_eire

Greenmachine wrote: »

You must eat newspaper for food. :eek:

I am sure there is truth to what you say in some respects - if someone shops with their eyes, arent budget oriented and looks at shopping for food as a rushed afterthought then the ends wont meet on a tight budget. However, If you don't eat out, if you shop with forethought and a weekly menu in mind, if you don't buy a lot of convenience/pre-made dinners etc, if you rely on the germans for the bulk of your items and shop from the others for on sale items selectively and you actually cook then you can have healthy, tasty meals for not huge money.

we use this methodology, we eat very well and cheaply. It takes time and effort but we enjoy it. I realize not everyone has budgeting skills, cooking skills (I am not saying this in a condescending tone) or time so I wont pretend this works for everyone. Basic cooking skills can be picked up , budgeting just takes your determination and practice, but obviously getting the time can be the killer.

Obviously, Ireland has expensive aspects such as energy (electricity, Heating Oil and Petrol) which I find very expensive, but as far as being able to eat decent food for a decent price, Ireland is cheaper than other places I have lived.

Tar.Aldarion

Greenmachine wrote: »

You must eat newspaper for food. :eek:

I spend like 66% of my money on rent temporarily, food isn't that much if you buy it properly, 30e per week.

OP why not get a cheaper one bedroom place like ~700?

Grolschevik

D3PO wrote: »

firstly your one person

Not necessarily:

Mrs OBumble wrote: »

II was able to feed two adults very well for E45/week