How much should we save before moving out?

[Sam _]

Me and my girlfriend have decided that we will move out of our parents and into our own apartment in two years if things go well for us. She is 16, I just turned 20 a couple days ago. In two years, my GF will be in college. Right now, her parents refuse to allow her to get a job because they are that anal about her education (they hardly even allow her a social life). She is already in a two-year university earning her bachelor's degree (extremely intelligent girl). Only time she is able to have a job is during the summer, and she is saying that she will start saving as much money as she can over the summers so she can move out at 18 (her parents are very malicious towards her).

She will go to whatever college accepts her that offers the courses she needs to go into her dream career. When she told me that, she told me she wanted me to move in with her if she winds up having to go out of town. I live with my mother and I'm living paycheck to paycheck in terms of my own bills. Several of my bills are temporary and a few are well on their way to being completely done with.

We don't know where we will move, but we know it will be inevitable. I would like to know the rough estimate that we should collectively save and what the most efficient way to obtain the money would be.

 

We don't have to worry about furniture since I'm allowed to take whatever furniture I have in my room with me. Due to my financial status, I know I will qualify for an EBT card when I move out of my mother's so that takes care of food.

 

It doesn't have to be in two years because she says that, if taking a year off of school is what is needed, she will stay to build more money. But we both would like it to be as soon as possible starting in two years from now.

[waveseer]

If you have enough to barely get by then you can always increase your income by taking side or part-time jobs to cover unexpected expenses and the nice little extras.

[SayWhen]

How much you should save wholly depends upon what sort of living arrangements you are planning on keeping for yourselves in the future. For example, my boyfriend and I are about your age (21 and 22) and we have had our own apartment for a year. The rent is $850/month. Electric is $25.00/month. Groceries are $300/month. Transportation is $170/month. Health insurance is $160/month. Entertainment is $100/month. We saved NOTHING prior to moving to our apartment but we both hold steady jobs and have been able to make ends meet. My recommendation would be to save as much as you can, but in the long run it is more important to have a good job that will be able to support you, because savings do not last forever if you cannot add to them. The other source of financial support you or your girlfriend could reach out for would be a cost of living loan. I got one last year when we first moved because it was super expensive moving out and paying for all of the initial costs. It was worth it IMHO to take on a bit of debt to smooth the transition. All in all it is hard to support yourself as a poor college student but it is doable. Just remember that you need to both support each other...so I hope she is also going to be holding a job. If not it will be VERY hard on you financially and it could create some tension. Fighting over money is common...try and make it as easy on yourselves as possible. It is a possible situation...but prepared for some hardship. I am always shocked at how little we can save each month but I remind myself that soon we will not be living hand to mouth once I am teaching and once he is doing his medical school residency.

 

Good luck!

[Sam _]

I'm not going to be going to college. It just isn't right for me. She plans on working and doing college and knows I will be there to support her and help her with it all and I know it is the same the other way around.

I may be only 20 years old, but I managed to become an assistant manager in retail at 18 and any other retail store I've applied at has automatically put me into management. I've got an interview with Family Dollar for an assistant manager position, but is funny because I'm an assistant manager at their biggest rival (Dollar General XD )

My job offers health insurance of all types, life insurance, and has a 401k plan. All I have to do is let them take about $100 a month out of my check, but it'll be a lot more than that added to that $100 to put both of us on (from what I've heard).