Friday, January 15, 2010

How much money should one have saved up before deciding to move out of parents' house?

Assuming that you have a car already too. decent credit rating. Let's say i want a studio or single-person apartment tooHow much money should one have saved up before deciding to move out of parents' house?
Py off all your debt first. Credit cards, Car, student loans, everything. Then make sure you have at least 6 months of living expenses saved in an emergency account. If you lose your job when you move out and you have a 12 month lease, if you don't have this money you will be screwed. I would recommend that for the first couple of months after you decide to take the plunge in the real world that you take it easy on spending. If this is your first time out of the nest, you probably don't realize just how expensive it is to be independent. Don't go out and buy a new furniture set on a credit card. Pick up some used stuff. It may be ugly and not the best in the world but you can and will survive on it. Trust me, we all did. Just don't go into debt. Good luck dude.How much money should one have saved up before deciding to move out of parents' house?
You generally need to pay first and last months rent when renting a place for the first time. If you have a decent paying job and can afford the rent from that point then you should be fine with just the first and last months rent. Do you have furniture? Consider that you need to buy some.





The most important thing is looking at the monthly costs and determining if you can afford them. You can save up as much as you want, if you are constantly overspending on car insurance, rent, utilities etc. you will eventually run out.
Who is making the payments ? Studios cost $800-$900 a month approximately. Do you have a job ?





I mean you should start off with $5000 to $10,000 and should have a job that pays you $1200 a month to $3000 a month ...





also only payments you should be making is for rent, food, car insurance, medical insurance, electric/heating bills, School payments ?? college fees ?? i mean ..you can take student loans to pay off for school ... but also what adds up is things like Gym membership, Sports supplies, Clothes, shoes, gadgets, colognes ...





more your needs more you will need.





Do you have other loans ? Car payments ? Loan payments ? do you own anything ...





consider whole bunch of things ...before you move out.
Assuming you have a job right now and can bring in regular paycheck, then I would say 6 months rent+food is the minimum, one year is preferable if you want to be super secure. Just making sure you understand the true cost of living on your own (gas, car insurance, rent, food, internet, cable, etc.)
You should have enough saved up that you could meet your bills for six months should you not have any income.

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