would you move back into shared accommodation at 38

Lukeskyrunner

I m a 38 year old single man , I have a decent job that pays me 3k net into my hand every month but I always have had a problem saving money. To be honest I spend way too much on drink but that s a topic I don t want to get into here, let s just say I am aiming to kick that in the bud . I rent a 1 bedroom apartment which is 500 a month, my car which I only use to drive to work and around town is costing me 200 a month(insurance 140, petrol 60). My internet bill is 45 euro a month and I also pay 60 rising to 90 for all the tv channels plus sky sports. Other bills include electricity at about 100 euro a month. I have wanted to move to Australia for a long time and its about time I start moving forward with my plan. It s going to take 9-12 months before I get my visa so I m considering moving out of my apartment and into shared accommodation near work, I m also planning on selling my car since I plan to move near where I work. I should still be able to save a lot of money with all those bills but my capacity to save money if I moved into shared accommodation is massive, would appreciate some advice

fits

Id stay in the apartment and cut back on the drink.you should be able to save loads. How much do you want to have saved when you go? Divide that by number of months and put money aaway at start of month. Adjust lifestyle to fit the remaining budget. Btw sky is mad expensive along with broadband. You could cancel that and make do with something cheaper. Im stingy so we pay 35 a month on broadband and a tenner a month on netflix. Shop in aldi. Cut out thd takeaways. Cut back on booze.

the_syco

Lukeskyrunner wrote: »

I have a decent job that pays me 3k net into my hand every month but I always have had a problem saving money.

Moving into shared accommodation will cost more, as you'll probably be socialising with your housemates at the weekends, etc.

Lukeskyrunner

Here are my expenses itemised , the only reason I get the TV is for the soccer. united are ****e anyway so I may reconsider LOL

Rent 500
Internet 45
Car 200
TV 60 rising to 90 in 6 months(but in 6 months the soccer will be over so can get rid of the sports for 2 months)
Electricity 100

If I moved into shared accomodation Id imagine the costs would be

Rent 300
Internet 10-15
Car-0 since I would be getting rid of it
TV 20
elec-30

So Id save about 500-600 a month from the move, not as much as I thought

jive

Lukeskyrunner wrote: »

So Id save about 500-600 a month from the move, not as much as I thought

Plus money from selling the car, presumably?

If you're goal is to save then i would. 600 per month, is 7,200 a year, not to be scoffed at... given your current salary to make up that difference would be a raise €12k/year.

It depends if you want to share with someone or not, really. If you can find someone suitable to live with then it can be better than living alone...although this is rare

Lukeskyrunner

Na the car is a banger, wouldn't even get a few hundred euro id say

Geuze

Elec bill seems very high.

I pay 66 pm for a 4-bed detached house with 4 occupants.

Ursus Horribilis

Have you any thoughts on what age group you'd like to share with? I mean, by the time most people are 38 they're gone past the house sharing stage. I'm the same age as you and I'd lose the will to live if I had to go live with a bunch of people a decade younger than me.

You're also spending a lot on TV and you could probably save on broadband. Kick the drink and you'd have more €€ in your pocket. You're probably blowing a lot more money on other things too. I'd sooner tighten my belt in those areas than go back to sharing again. But that's just me.

Rented Mule

Respectfully, I believe you already know where you need to cut back.

Spanish Eyes

Rent at E500 for a one bed is something others would bite your hand off for!

Your take home is good and there is no way sharing will help you save unless you try to do it in your current situation.

There are so many ways to cut back and save, but you have to WANT to do it, consistently with a goal in mind.

Otherwise, just enjoy your life, be thankful your accommodation cost is so low for a single occupant and either make the decision to scrimp and save, or forget about it.

Only you can decide really.

The_Honeybadger

I'm a bit younger than you op. I don't think I could move back into shared accommodation at this stage tbh. You could get lucky and meet sound housemates or you could end up with a bunch of headcases. Either way, having your own space is the ideal, and I wouldn't be moving if I was you.

Your income is good and your outgoings look reasonable overall. You say yourself that you drink too much. That's where you need to cut back. If you are sensible you should be able to save near half your income each month.

Lukeskyrunner

I dont understand why my energy bill is so high either? I have the water in my emersion set to be heated for 1 hour twice in a 24 hour period . I cook once a day for about 1 hour using my oven, I have storage heaters to heat the house , i have my tv ps4 and laptop on a good bit

Spanish Eyes

You can save mightily where you are. No need to move anywhere really.

Do you WANT to do this or not? If you do, you can and you will. Set some goals every three months to have so much saved for example, with a picture of Oz on the fridge and elsewhere.

if you are dithering, forget it and just go with the flow.

The_Honeybadger

Lukeskyrunner wrote: »

I dont understand why my energy bill is so high either? I have the water in my emersion set to be heated for 1 hour twice in a 24 hour period . I cook once a day for about 1 hour using my oven, I have storage heaters to heat the house , i have my tv ps4 and laptop on a good bit

Storage heaters are one of the most inefficient ways to heat a home, especially if you work during the day. Is the bill still high in the summer months when they are off?

It's very high for one person

Spanish Eyes

OP, how do you think you would save massively by moving to shared accommodation?

If you are not saving now when you really can, what's the advantage in sharing with a bunch of people when you are used to your own space at a reasonable cost. Bills have to be paid, which will be included (or not) in a shared house too.

I really don't get your logic about a share being cheaper. Maybe a few bob a month, but it's a high price to pay for lack of privacy that you are now used to.

Get a plan where you are now. See how that goes. Should be very doable on your figures.

But YOU have to want to do it. We can't say.

Graham

Lukeskyrunner wrote: »

So Id save about 500-600 a month from the move, not as much as I thought

A good chunk of the savings you identified are from getting rid of the car. Could you start saving there?

Irish_rat

Lukeskyrunner wrote: »

I m a 38 year old single man , I have a decent job that pays me 3k net into my hand every month but I always have had a problem saving money. To be honest I spend way too much on drink but that s a topic I don t want to get into here, let s just say I am aiming to kick that in the bud . I rent a 1 bedroom apartment which is 500 a month, my car which I only use to drive to work and around town is costing me 200 a month(insurance 140, petrol 60). My internet bill is 45 euro a month and I also pay 60 rising to 90 for all the tv channels plus sky sports. Other bills include electricity at about 100 euro a month. I have wanted to move to Australia for a long time and its about time I start moving forward with my plan. It s going to take 9-12 months before I get my visa so I m considering moving out of my apartment and into shared accommodation near work, I m also planning on selling my car since I plan to move near where I work. I should still be able to save a lot of money with all those bills but my capacity to save money if I moved into shared accommodation is massive, would appreciate some advice

You get 3k net and rent on your own for 500, no way should you consider sharing!

Apart from tv charges the spending on essentials is on the average scale. There is a lot left over there really.

There is 2k you forgot to declare there a month :-D

Lukeskyrunner

Well as I have mentioned before the only reason I have gotten the TV is because of the soccer , that's the reason 90% of people get the channels. The other option here is to watch the matches in the pub and I don't know if id be disciplined enough not to have a load of pints, I don't want to put temptation in from of me regardless. My fixed expenses add up to around 1000 a month, I forgot the gym and my phone

Rent-500
Internet-45
Electricity-100
Car-200(my insurance costs a bomb at 145 a month)
TV-60 rising to 90
Gym-29
Phone-30
Food,drink, entertainment(the rest-2000)

I cant really get rid of the car if I stay in the apartment

Wesser

I think you. Need to look at the breakdown of where the 2000 goes every month. Keep a list of everything you spend on your phone and then tot it up at the end of the month and see what it says. You could easily save a grand a month.

Wesser

To answer your question no I would not move back into shared accom
Aged 38.

Geuze

I earn approx 3,000 net, a bit more.

Not much above your earnings.

I have four mouths to feed out of that.

I save 600 per month, after paying mortgage.

So clearly you can save much more.

Grolschevik

What's your car? My insurance only comes in about 30 a month...

Lux23

I don't think you even need to start getting rid of TV or Sky Sports, just put €1,000 into a savings account every month and live on the rest. I think its easily done and at least you will have the Sport to keep you occupied when you can't afford to go out.

Giblet

Lukeskyrunner wrote: »

Food,drink, entertainment(the rest-2000)

You are taking the piss here, you have loads of money, but it seems you are trying to live well beyond your means. Stop pissing your money down the jacks, and learn to cook a decent meal for yourself, you're 38. You won't survive in Australia with that lifestyle either. I would put half of that out of reach on payday, and live on the rest. Somehow I think you won't be starving.

Michael D Not Higgins

Frankly OP, you need a budget. You haven't run into trouble before because you salary is high enough but you can't continue to spend every single penny every month. Your living costs are reasonable so that's not where you should be focusing. You're clearly spending too much on your nights out.

witchgirl26

OP I think the others are right in that you need to look at where the excess is going. While your electricity and sky sub is high, it's the other part I think that is destroying your ability to save. I live in a house with 2 others (other half and good friend who's our licencee). My salary would be comparable to you & so would my payment towards the mortgage. My bills are probably comparable too as we have a 3 bed house versus a 1 bed apartment (having lived on my own in apartment I've noticed this). All in I'm able to save circa €1k a month and I'm not limiting myself in terms of having a social life to some mad degree.

Be harsh with yourself and completely honest - for a week write down every time you spend something. No matter if its €0.10 or €10. That will show you pretty quickly where your main income leakages are. Sometimes the big spends aren't as bad as that €3 every day on the way to work coffee. Make batch foods and bring your own lunch to work for a while. All make a difference but only if you know where you need to be cutting back.

As for going back to shared accommodation at 38, I wouldn't. I found it difficult to move from living on my own to living with just my partner in my late 20's so I can imagine that if you've had your own space for a while, it could wreck your head. And then would the savings, really be worth it?

rawn

You will always spend money if you have it. Put half your wages into the credit union immediately when you get paid then live off of the rest, you won't even notice it gone. I would not move into shared accommodation , the savings, if any, would be minimal compared to what you're giving up. 500pm for an apartment all to yourself is a steal, you'd be mad to give it up

Graham

witchgirl26 wrote: »

All make a difference but only if you know where you need to be cutting back.

It sounds like the OP is already aware where the big changes in spending need to be made but finds it easier to consider lower impact changes in the non-discretionary spending before tackling the spending that could really make a difference.

bucketybuck

I'd kill to have a one bed flat for only 500 p/m!

I'm mid 30's, get less than 3000 net per month and am paying nearly 700 p/m in rent, I go out regularly yet I can easily save 400/500 p/m.

You would be mad to move to a house share, especially when the savings you might make would be dwarfed by changes in other areas. It almost sounds as if you want to focus on that one change so that you don't have to address those other problems.

newacc2015

Lukeskyrunner wrote: »

Well as I have mentioned before the only reason I have gotten the TV is because of the soccer , that's the reason 90% of people get the channels.

Rent-500
Internet-45
Electricity-100
Car-200(my insurance costs a bomb at 145 a month)
TV-60 rising to 90
Gym-29
Phone-30
Food,drink, entertainment(the rest-2000)

I cant really get rid of the car if I stay in the apartment

No most people with Sky or Virgin have a basic package. They aren't paying close to €1200 a year to watch sports. €1200 is basically half a months pay gone just to watch sports.

Do you use the gym? Most people don't and refuse to accept that

Are you paying for insurance monthly? If so you are paying about a 13% premium to do so (insurere charge you interest on this). Did you do any price comparisons before buying insurance

Moving in shared accommodation won't solve your financial issues. Rent isn't even anywhere close to your take home pay. You need to cut back on 'entertainment'. Spending about €75 a day on drink and food is insane. €75 is most of grocery bill for a family of 4.

You just need to accept you have to cut down on drinking and mindless spending. There is plenty of spending apps to show you where you are spending your income as you don't really seem to know at the moment.

Elemonator

With respect, there's no point going to the gym if you are drinking that much. My dad taught me a life lesson last year, called "JFDI".

Stands for "just f***ing do it".

Doesn't take discipline to give up the drink. Just do it.

Plenty of savings and benefits there, not all monetary.

JDI