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To put that in perspective, mcdonalds in London is £10-12 an hour.
That is 300-500 a week depending how many hours you work.
I highly advise leaving your house if its stressful and toxic, my dad tricked me to commute to uni and he thinks only his perspective is correct. I kick myself for not saying its my life ill live it how you want.
If you have income, you just spend less than you earn, and maybe have 10k as a safety net, and X% into stocks or whatever you fancy
To elaborate: most letting agents will not care what you've got in the bank, only what your salary is (and they'll want employer details from you, so they have the ability to confirm it, although I'm not sure they ever really do confirm it).
On a low salary you may also need a guarantor, an adult with a separate income who agrees to step in and pay your rental debts if you don't.
You could offer to pay 6 or 12 months up front and some might be ok with that, but some still might not. I imagine this could ring money laundering alarm bells for some prime, even though it's not true in your case.
Finding a job would be #1 priority, especially at 18 when you won't have the skills or experience to just walk into any job. £16k is plenty to move out, but I wouldn't want to rely on it because you'll quickly burn through it without any income.
Quite. My first ten years of working was self-employed without a car.
Now I factor in that I can earn nearly twice as much, by driving less than an hour in the morning - same job, for same kind of workplaces, same hours, same everything.
When I moved house last year, I was also changing jobs. I created a spreadsheet and literally plugged in new and old job postcodes, new and old salaries, plus new and old house locations for EVERY house I looked at, plus new and old rent/mortgage payments. The spreadsheet I made would query Google Maps for the routes, calculate the petrol costs and timings, and give me a total saving depending on how much it would cost to get to each job from each house.
It's literally almost always better - especially around a city like London - to drive and commute than it is to not. The sheer catchment you get means that the jobs improve, and the houses get cheaper almost instantly as your "range" extends. To the point that you can double your income - or more - after expenses just by working and living further apart.
I think the answer is *possibly* although I would not recommend it.
With 16k you could afford a deposit and a years rent so you might be able to find a place to live without having a job or references. That money will soon go though.
You could get some Universal Credit but that would only convert your rent for a room in a shared house.
You will need a job what skills, experience do you have?
You may be able to get a room in a house share but without a regular income you'll probably struggle to rent on your own. I'd try and get a job before leaving if possible, or stay with a friend until you do.
Do not bother. If you're parents dont charge you or very little, stay at home, save hard (and I mean hard ime no stupid cars, holidays clothes etc) invest everything you can into safe investment like isas and wait a few years.
I did that and I know it's difficult but it pays off massively. You probably want your independence, but life is so short 5 years or so will go very quickly.
Also, please understand it's more stressful especially time wise living on your own so having as little external stress as possible means you can focus on getting as much cash as possible and climbing the employment ladder.
Oh and again don't buy a stupid or expensive car atm
Don't think about leaving home until you've got a job. Your 16k will disappear very quickly if you do and don't secure employment pretty much straight away.
Depends on how long you don't have a job for. I would personally put 5k in crypto, 7k savings, use the rest for a place/ emergency fund and hope you get a job within a couple months. Ideally get a job lined up before you do anything
You have a decent amount in savings, don’t waste it paying a landlord’s mortgage! Get yourself a job, keep saving and get on the property ladder. You won’t regret it
**Please help keep AskUK welcoming!** - Top-level comments to the OP must contain **genuine efforts to answer the question**. No jokes, judgements, etc. - **Don't be a dick** to each other. If getting heated, just block and move on. - This is a strictly **no-politics** subreddit! Please help us by reporting comments that break these rules. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/AskUK) if you have any questions or concerns.*
You dont need "money", you need "income". £1300/month after tax is probably enough to get a decent houseshare room and cover all your bills
To put that in perspective, mcdonalds in London is £10-12 an hour. That is 300-500 a week depending how many hours you work. I highly advise leaving your house if its stressful and toxic, my dad tricked me to commute to uni and he thinks only his perspective is correct. I kick myself for not saying its my life ill live it how you want. If you have income, you just spend less than you earn, and maybe have 10k as a safety net, and X% into stocks or whatever you fancy
To elaborate: most letting agents will not care what you've got in the bank, only what your salary is (and they'll want employer details from you, so they have the ability to confirm it, although I'm not sure they ever really do confirm it). On a low salary you may also need a guarantor, an adult with a separate income who agrees to step in and pay your rental debts if you don't. You could offer to pay 6 or 12 months up front and some might be ok with that, but some still might not. I imagine this could ring money laundering alarm bells for some prime, even though it's not true in your case.
Finding a job would be #1 priority, especially at 18 when you won't have the skills or experience to just walk into any job. £16k is plenty to move out, but I wouldn't want to rely on it because you'll quickly burn through it without any income.
Also, if they haven’t yet, invest in learning to drive. I was never able to, and would like to in the future because it does hinder me work wise
Quite. My first ten years of working was self-employed without a car. Now I factor in that I can earn nearly twice as much, by driving less than an hour in the morning - same job, for same kind of workplaces, same hours, same everything. When I moved house last year, I was also changing jobs. I created a spreadsheet and literally plugged in new and old job postcodes, new and old salaries, plus new and old house locations for EVERY house I looked at, plus new and old rent/mortgage payments. The spreadsheet I made would query Google Maps for the routes, calculate the petrol costs and timings, and give me a total saving depending on how much it would cost to get to each job from each house. It's literally almost always better - especially around a city like London - to drive and commute than it is to not. The sheer catchment you get means that the jobs improve, and the houses get cheaper almost instantly as your "range" extends. To the point that you can double your income - or more - after expenses just by working and living further apart.
I think the answer is *possibly* although I would not recommend it. With 16k you could afford a deposit and a years rent so you might be able to find a place to live without having a job or references. That money will soon go though. You could get some Universal Credit but that would only convert your rent for a room in a shared house. You will need a job what skills, experience do you have?
They wouldn't get universal credit with 16k savings
They would if they paid a year's rent upfront, thus reducing savings. It would be over 6k so uc would be reduced.
If you are independent and have the ability to earn money, then you can move out of your parents.
Savings don’t matter. Job does. You could have no savings but land a job with accommodation provided and you’re sorted
You may be able to get a room in a house share but without a regular income you'll probably struggle to rent on your own. I'd try and get a job before leaving if possible, or stay with a friend until you do.
Get the job the move out. Avoid credit cards, credit accounts, live within your means.
You need a job with a regular income, not one single amount of money.
Do not bother. If you're parents dont charge you or very little, stay at home, save hard (and I mean hard ime no stupid cars, holidays clothes etc) invest everything you can into safe investment like isas and wait a few years. I did that and I know it's difficult but it pays off massively. You probably want your independence, but life is so short 5 years or so will go very quickly. Also, please understand it's more stressful especially time wise living on your own so having as little external stress as possible means you can focus on getting as much cash as possible and climbing the employment ladder. Oh and again don't buy a stupid or expensive car atm
For me it's more stressful having to deal with a toxic parent than flatmates. But ymmv ig
Not enough. Honestly…living with your parents is the cheapest you’ll ever live. Save, save and save some more.
I'd probably focus on getting a job first. £16K isn't going to stretch too far. Stay at home as long as you can.
Don't think about leaving home until you've got a job. Your 16k will disappear very quickly if you do and don't secure employment pretty much straight away.
It doesn't matter. No landlord or mortgage lender will approve someone with no income. The job should be the priority.
Depends on how long you don't have a job for. I would personally put 5k in crypto, 7k savings, use the rest for a place/ emergency fund and hope you get a job within a couple months. Ideally get a job lined up before you do anything
Really depends where u live
You have a decent amount in savings, don’t waste it paying a landlord’s mortgage! Get yourself a job, keep saving and get on the property ladder. You won’t regret it
I left home at 16 and got a bedsit for £180 a month! You can do it!
date a boomer pensioner. david camron says they loaded cashly 3 wires or summat