A
male
age
30-35,
anonymous
writes:I'm currently in a comfortable lifestyle with some good savings in the bank, but I'm really worried about where my future is gonna take me in the next year. Currently I have a year contract for a funded degree at my uni, and it pays pretty well, or at least well enough that I never have to worry about money given my low expenses e.g I don't drive, don't have debts etc. However, in four months time this contract ends and I won't be employed (my supervisor made it sound like I was definitely gonna get offered a paid PhD, but the position went to someone else). Now, moreover, I very recently signed a lease for a new flat with two friends, which is further out from the city centre, but not really inconveniently so. The place itself is big, although I must admit it needs some work done to it... Like, I will likely need to spend a bit of money (not too much, and definitely not enough that I'd care if I had the cash inflow I have now, but if I'm unemployed it's more worrying) making my room a lot more homely than it is.I guess my worry is I rushed into something in a passive ill-considered way, and now unless either a new PhD or a geniunely good job comes up within a good distance of the new flat, I could be living in this new flat for about 10 months without great income, which could affect my savings and ambitions for beyond this year e.g. travel. Could this flat agreement leave me financially screwed if things don't work out for me income-wise this year? Like I say, I do have savings and will have some good qualifications.[Mod note: despite the flag chosen by the poster, the country of origin is the UK, which country he is in is important in answering a question about flat agreements and financial regulations.]
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Fancy yourself as an agony aunt? Add your answer to this question! A
female
reader, BondGirl72 +, writes (5 July 2012):
 Anytime you sign any kind of agreement where money is involved, you will always worry. That is a good trait to have because it shows you are conscientious and responsible. One thing that sets you apart from most others who sign agreements like this is that you have a savings. To be honest with you, I know many many people who do not have savings of any kind. So, you are in pretty good financial standing. As far as jobs, if you have to take a low paying job to get by, do so. Do not be ashamed to do something you normally wouldn't do...even if it is just for a short period of time. Do what you need to do to get by for the time. I would not make yourself sick worrying about it. It sounds like you actually have things together and know what you are doing. Just be conservative about spending what money you have...and when your part of the agreement is up, you may want to consider getting a place that is cheaper or better for you in some way. Until then, don't worry so much you destroy the excitement of moving into a new place. This is always a little scary but also exciting.
A
female
reader, Dorothy Dix  +, writes (5 July 2012):
Hi there. Well one thing for sure, is that until you have secured another job, it's going to be a very wise thing for you to reduce your spending - just in case it takes a few months to find another job you like.
Especially, as you have a decent amount of money in your savings.
So that is going to act as a buffer for you, in case of financial hardship.
Because you don't want to find that you are delving into those savings in a big way, and that you are draining them dry, and then you will have nothing at all as a backup.
The savings are good as a short term form of security.
Taking out a rental agreement, probably means that you and your friends paid out a fairly large amount of money, as a bond - in case you damage the place at all.
That money covers the landlord's expenses in repairs, should that ever happen.
You probably can't back out of the agreement, because the others would then have to pay more rent because there is one person less living there.
The great advantage of a few people renting one property together, is that it decreases the amount which you all pay each week, and that helps a lot in this day and age.
If it comes to a point where you are starting to use your savings and still have no job on the horizon, well then it might be possible, that your friends could find another person to simply take your position to rent there, instead of you.
The other thing you should do, is to go and see the agent who you rented the property from and explain what your situation is, and see what your rights are as a tenant.
Then you get the correct information right upfront.
And prior to doing this, have a chat to your friends and forewarn them that you might find you have to move out in a couple of months - if you don't find another job soon.
So that way, they can make some tentative plans about finding another tenant to replace you.
As long as the rent is being paid every week, and you are all looking after the place, there really shouldn't be a problem at all.
And if it comes to a point where you find you really can't afford to be there anymore, well then what about moving back with your family for a little while, just until you find another job and things become stable once more.
I say move back with your family, because if you can't afford to rent one place, well then you couldn't afford to rent ANY place, could you?
So you really have to consider what you CAN afford and what you CANNOT afford to do.
And you need to be realistic.
It's that simple.
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