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Moving out and money


Jelina

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I'm 23 yrs old and I still live with my parents. I earn 15 dollars an hour. I just started working a stable job in October. I live pretty far from my job, I commute by train and then I have to take a subway train. It takes for ever to get home.

 

I really want to move out but I don't earn enough. I would like to live closer to my job but not too close. I want to get a studio that would cost $900 a month. I want to live by myself, I don't want a roommate. The only person who I'd want to live with is my bf, but I can't move in with him because his parents are religious and they would most likely hate me.

 

If I move out I would have to pay my cellphone bill, cable and internet service, gasoline for my car, car insurance and also food etc. I'm not planning to move out now obviously, I'm aware that I need to have enough money and think things through before but I just keep thinking about it. Anyways, I'm starting to save money.

 

 

So how much money should you have in the bank and also earn before you move out? Any tips advice?

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I would save a cushion of 3-6 months expenses before moving out - just in case you lose your job, get sick, or have unexpected expenses.

 

Also, before you move out, and even now, start shopping around. Look at the most economical cell phone plans that will do the trick for you, etc. Also, you don't *HAVE* to have a million cable channels to be happy. At my old place, I just made sure I had my basic local channels so I would get my local alerts if there was bad weather, or weather emergencies, and then I watched other shows on the internet or got netflix, etc. It turned out to work a lot cheaper than a $50 satellite tv bill for just the basics.

 

Find out all the other ways you can cut corners, for sure.

 

Also, here is also a way to ramp up to moving out. start paying for your own groceries. You sure will appreciate coupons and learn all the little tricks to saving money then. Buy the stuff you want but your folks don't eat. And then on staples - if your parents buy a giant peanut butter jar at costco or something and you eat it all the time, give them 1/3 of the cost. If they buy stuff to make dinner for the whole family, treat it like a friend asked you over to dinner and you are eating at their house for no charge.

 

Anyway, if you do stuff like this you will get a whole lot more realistic.

 

I would also set up a bank account and put the price of the rent you think you will pay away every month and don't touch it, just to discipline yourself and show yourself how much you would have left over or how much you would have to live on after the rent is paid. This will give you a really good assessment on if you can afford it or not, or at the very least, will give you that few months of living expenses you will need to move out when the time is right!

 

(or heck, if your credit is good and you sock a lot away, maybe its a downpayment on a tiny condo rather than an apartment...who knows!)

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I would get basic cable, I def. wouldn't get all the channels. If it was up to me I wouldn't get cable at all. The issue is that I'm a graphic designer and I need to be connected to the internet at all times. Sometimes I work from home and I need the internet to access my email and my work network. I'm not sure if it's possible to get the internet without cable or without a landline.

 

I actually am paying for my own groceries now, and I make payments for my car too. I am also paying my school loans. I am hoping to save as much money as I can and then move out. It has been hard lately due to birthday and Christmas expenses but I am sure I can. I was looking for apartments for rent in the area that I'd like to live in and there were some that were 900/ 800 per month and had a parking space too. The good thing also is that all three of the apartments I found were right near the train station. Moving closer would also make my commuting expenses way cheaper. Right now I pay 253 a month and if I were to move closer it would only be 160 a month.

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Definitely save at least 3 months worth of expenses. If you can make it work to live in an apartment by yourself then by all means go for it, but having roomates can significantly cut costs too. If you have any friends in the area, I'd still consider looking into getting a roomie.

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Go for saving the six months of living expenses if you possibly can. When I changed jobs (and cities) last year, I had about four months of savings, and I wasn't working for two months. Whatever I didn't use for my necessities for those two months had to go into relocation, which my new employer didn't provide for, and a small cushion for getting my feet on the ground in the new city. It wiped me out (and then some... ), and getting started over again in a place with a higher cost of living was no easy feat. I still haven't caught up to where I was before...just takes a while.

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I would really think about your 'no roomates' policy, because you can live in a roomate situation that's not a bunch of co-eds. There are plenty of people out there that are in your same situation and are renting a room or portion of their house out.

 

Also, how about off setting costs by moving into a place where you don't need a car? My hubby and I have done that and not only is it cheaper, it's way less stressful.

 

I live on the financial edge and would not even consider moving out until I had 3 months of living money saved up. (just to cover deposits and 'stuff' to move in will be at least one month of bills)

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I would really think about your 'no roomates' policy, because you can live in a roomate situation that's not a bunch of co-eds. There are plenty of people out there that are in your same situation and are renting a room or portion of their house out.

 

Also, how about off setting costs by moving into a place where you don't need a car? My hubby and I have done that and not only is it cheaper, it's way less stressful.

 

I live on the financial edge and would not even consider moving out until I had 3 months of living money saved up. (just to cover deposits and 'stuff' to move in will be at least one month of bills)

 

I wouldn't move out until I would have way more money in the bank than I need I guess. I wouldn't get a roommate because I dormed my first college year and had a very bad experience. I don't think it would work out and I am not willing to take that risk. I know that's being close-minded, but it's just a very scary thought for me. I also shared a room all my life with my sister, and it drove me crazy. I know it would be stupid to move out and have a car when I won't even be using it most likely to go to work due to the fact that I commute by train, but this car was just recently bought in October, and I've fallen in love with it, and my mom would shoot me if I sold it knowing that we went through hell trying to look for a car for the past year.

 

I think that I'm just going to keep saving alot of money, and try and cut back on things I don't need, so that within the next 2 years if I'm not even engaged or not with my bf anymore I could just move out by myself and know I can afford it. Whatever happens first.

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1) Live with roommates

 

2) Lose the car

 

You can save unholy amounts of money by doing those two things. Let me discuss.

 

1) Yes, yes, nobody wants to live with roommates... but if you're in your twenties, you're not a banking executive, and you're living in the city, it's a fact of life. I'm not sure why everybody thinks living with roommates is so horrible. I couldn't imagine living without roommates, I like my roommates better than I like my family. That's partly because I never see them, but that's okay.

 

Living in the dorm or with your family is not really anything like having grown-ups for roommates. You can have roommates of any age or any profession... my current roommates are a 60-year old couple. It's great... they're very quiet, they never bother me, and they're clean. There's a lot of options for roommates out there- I would look around a bit and see what people are looking. With Craig's List, this kind of thing is really easy to do.

 

As for savings- I don't know where you live, but I'm in Boston, which is the second most expensive city in the country (San Francisco is the most expensive). I pay $600 a month for a VERY nice apartment. Not only do roommates save you money, but they help you with chores and cleaning, they split the utility bill (I'm paying $40 a month for utilities) and they provide furniture and cookware. Roommates are awesome. I seriously urge you to at least consider roommates, perhaps look through Craig's List and see what type of people are out there (since you're not in a hurry to move you have lots of time to shop around).

 

2) BUT I COULD NEVER SURVIVE WITHOUT A CAR!!! Not true. First of all, let's look at how much a car costs.

 

Let's say, and I'm being conservative here, $100 a month for insurance, the same for car payment, and maybe $50 a month for gas (you'll drive it less in the city). That's $250 a month, but you also have to have money set aside for repairs. So, yearly, you spend about $3,000 on a car. Plus, you have to have money for repairs, oil changes, tolls, parking spaces (very costly in the city) etc. etc.

 

My combined bus/subway pass is about $50 a month. I also have a bike, which I purchased for $50 two years ago. My bike costs about $30 a year to maintain. I never have to worry about traffic, parking, tolls, and I get sexy legs and a great tan from riding my bike everywhere. My yearly transportation cost is something like $650. That's less than a fourth of the price of a car.

 

Living without a car can be kind of an adjustment, but I think it's totally worth it if your job is accessible via public transit. I never want to own a car again, cars suck majorly. If you're used to living in the suburbs it is difficult to imagine how you could possibly survive without a car, but it's much easier in the city. I'm not sure what city you're examining, but if it has a subway chances are it has buses and other forms of mass transit as well.

 

Some of my friends who don't own cars use Zipcar, which is a service that lets you rent a car whenever you want, for a small fee each month. I don't use zipcar myself, but my friends that do use it occasionally when they want to get groceries, visit a friend that lives out of town, etc.

 

Anyways, if it is at all possible to get rid of your car, you should give that serious consideration.

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Maybe I will re-consider living with roomates in the future, but I can't imagine ever living with people I don't know. Or I might not move out until I have enough money to live by myself completely. I commute to Boston everyday, I wouldn't need my car to commute to Boston, due to the fact that I take the commuter rail and the T and always will since my job doesn't offer parking. Parking in Boston is too expensive. I've grown used to commuting by commuter rail and the subway since I have been doing it for the past 6 and a half years.

 

I am keeping the car however so that I am able to move around town, since there is no way I am moving to Boston but I do want to live near it. I want to live in a town that is closer to Boston in comparison to where I live now. But I would never live in Boston. I don't want to live in the city, I would also use the car to go back home and visit friends,family and my bf. I am not very worried about my car breaking down since my bf works in a dealership and he fixes cars for a living. I guess I should be worried about gas, but I feel like if I should always have my car not only because I just got it, but because one day I hope to work in the same town I live in and away from Boston.

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Maybe I will re-consider living with roomates in the future, but I can't imagine ever living with people I don't know. Or I might not move out until I have enough money to live by myself completely.

 

Well, it basically comes down to whether you'd rather live with your family or with roommates. Personally, I prefer not living with my family. Obviously, you meet your roommates before you move in, have an interview, give them references, etc. I find there's much less potential for drama when you live with roommates, living with friends often destroys friendships. I'd at least check out some possibilities off of Craig's List and see if anything appeals to you. I would recommend living with another girl, I think mixed gender houses are trouble.

 

Anyways, it seems like you have a pretty clear idea of what you want to do, but do be aware that there are other choices out there if you're willing to have some flexibility.

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Everytime I got a roommate, she was married within six months. My friends were lining up to move in with me. I swear, it never failed! I, on the contrary, didn't get married until I was in my thirties. Did I say I went through a few roommates? Only one was bad, by the way. And she got engaged within 3 months anyway.

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Where do you live that an studio apartment runs for 900 a month???

 

I feel your pain, I just recently moved out, make the same amount of money as you, I pay $450 + electric for a one bedroom. I know thats dirt cheap but I live out in the boonies.

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Where do you live that an studio apartment runs for 900 a month???

 

I feel your pain, I just recently moved out, make the same amount of money as you, I pay $450 + electric for a one bedroom. I know thats dirt cheap but I live out in the boonies.

 

Wow $450 that is very cheap. I live in Massachusetts, I have seen some apartments for rent near Boston that are $800-900 for a studio. I also have a friend who lives in Boston who pays $900 for hers.

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