I live with my family currently and want to know how much I should have saved before I move out as a cushion just in case something goes wrong?
How much should I have saved before I move out on my own?
- Thread starter Triforceofcourage
- Start date
When I moved out I had just enough for the first months rent and security deposit. Matter of fact, I had to wait until the end of the week when I got paid to have enough.
Just do it when its possible.
Just do it when its possible.
You can go ultra cheap if you want. Lawn chairs / fold-up table / air mattress bed (definitely not recommended). Are you starting with nothing or can you take at least _something_ from your current residence?
Pretty much starting with nothing as far as furniture goes. I have all of the electronics I need but as far as furniture I have nothing.
Where you live, how much you make, how old you are, your current bills, how much your apartment will cost is all required info. Do you have insurance, stable job, are you a full-time student, do you intend to change jobs soon?
I've found that having 3 times your rent AFTER you pay security/first month will set you up perfectly. 2 months worth for rent itself, and 1 month worth for necessities.
If you lose your job or something, sometimes it's hard to find a new one right away.
Just prepare for the worst. It's all relative to the situation, really.
the first step is having all non-month to month bills paid off, 0 to no balance on CCs... those sorts of charges can really put a hurting on you if they are due the same week as rent.
Above all else, though, you must be making more in a month than you need to spend to pay the bills. There's no point in moving out if you are only breaking even in life. You won't enjoy it.
I've found that having 3 times your rent AFTER you pay security/first month will set you up perfectly. 2 months worth for rent itself, and 1 month worth for necessities.
If you lose your job or something, sometimes it's hard to find a new one right away.
Just prepare for the worst. It's all relative to the situation, really.
the first step is having all non-month to month bills paid off, 0 to no balance on CCs... those sorts of charges can really put a hurting on you if they are due the same week as rent.
Above all else, though, you must be making more in a month than you need to spend to pay the bills. There's no point in moving out if you are only breaking even in life. You won't enjoy it.
If you have a good job (at least 20$ per hour) then I would say a financial cushion of no less than 6000$ in checkings, and 6000$ in savings. The world comes crashing down more often nowadays (in terms of lowish job security) and its nice to have something to fall back on when sh1t happens.
If you live by an Ikea, it costs about 500$ to furnish a bedroom, skip the living room for now, and 100$ for kitchen. In all, I would say it costs 1 month rent to furnish your place (coming from boston, 1 month rent is $650-1400 per month per person).
If you live by an Ikea, it costs about 500$ to furnish a bedroom, skip the living room for now, and 100$ for kitchen. In all, I would say it costs 1 month rent to furnish your place (coming from boston, 1 month rent is $650-1400 per month per person).
This is assuming you want brand new furniture and you don't have relatives that want to unload their old furniture off on you.
For a first place by yourself... you don't need designer furnishings.
Craigslist FTW.
Find some solid boards, cinderblocks, and buy a black can of spray paint. Instant entertainment center!
What's that? You need book shelves? No problemo! More boards needed, some more cinderblocks, buy a saw! Voila, shelving!
No couch? Got a friend with a pickup? Get to a college town and end of term (especially start of summer) and pick one up off the street. Craigslist will probably have freebies or uber cheap ones.
Edit: had some fun searching craigslist:
free:
love seat, computer desk & curio cabinet
6' cabinets
table and filing cabinet
cheap:
Bar Stools!
Decent bed
Easy chair
The only thing I wouldn't skimp on is the matress, uness you are one of those freaks that can sleep on the floor or something and wont care..
Anyway, my point is that you should get furnashings that you need (not want) as cheaply as possible if finances are a concern. Then, as you get comfy with your budget start replacing single items as you can afford. Ghetto things like my shelf idea can look just find, "industrial" if you like, if you are willing to be utilitrian and your friends can value that.
Also, if you get your family to spare garage space start collecting up furnature now. Sometimes they will also have furnature they've been thinking of replacing which you might be able to get. My GF and I moved out with everything we needed for an entire apartment by peicing together gifts and buying a carpet and coffee tables. Most of the extra furnature was because of divorces and a marriage in our immediate families.
What's that? You need book shelves? No problemo! More boards needed, some more cinderblocks, buy a saw! Voila, shelving!
No couch? Got a friend with a pickup? Get to a college town and end of term (especially start of summer) and pick one up off the street. Craigslist will probably have freebies or uber cheap ones.
Edit: had some fun searching craigslist:
free:
love seat, computer desk & curio cabinet
6' cabinets
table and filing cabinet
cheap:
Bar Stools!
Decent bed
Easy chair
The only thing I wouldn't skimp on is the matress, uness you are one of those freaks that can sleep on the floor or something and wont care..
Anyway, my point is that you should get furnashings that you need (not want) as cheaply as possible if finances are a concern. Then, as you get comfy with your budget start replacing single items as you can afford. Ghetto things like my shelf idea can look just find, "industrial" if you like, if you are willing to be utilitrian and your friends can value that.
Also, if you get your family to spare garage space start collecting up furnature now. Sometimes they will also have furnature they've been thinking of replacing which you might be able to get. My GF and I moved out with everything we needed for an entire apartment by peicing together gifts and buying a carpet and coffee tables. Most of the extra furnature was because of divorces and a marriage in our immediate families.
Sphexi
Diamond Member
- Feb 22, 2005
- 7,280
- 0
- 0
Check CL, the newspaper, garage sales, whatever. Ask buddies if they have stuff in storage they don't need, turns out a LOT of people have crap just sitting around in storage units from past moves. Offer em a little bit and they're usually willing to part with it, or let you borrow it indefinitely.
Most cities have listings for cheapcycle and/or freecycle. Just an email list that people throw stuff up on to get it out of the house. Some is dencent stuff and some is not. I got rid of an old bedroom set banged up a little by the military. I like Value City lots better than Ikea btw.
The build quaility is really something to look at when spending your own money. Spend the extra if possible to get decent stuff. Look for places in your area that sell to builders and offer a good warrenty, especially for appliances.
For furtnitue. Look at the fit and make sure its got joints made of real wood. Not stapled or plastic. The card board backboards can be ok as long as its nailed into real wood and not press board. I also like to do the fingernail scratch test. If I can visably mar the thing with my fingernail I pass on it too unless its made to look distressed.
The build quaility is really something to look at when spending your own money. Spend the extra if possible to get decent stuff. Look for places in your area that sell to builders and offer a good warrenty, especially for appliances.
For furtnitue. Look at the fit and make sure its got joints made of real wood. Not stapled or plastic. The card board backboards can be ok as long as its nailed into real wood and not press board. I also like to do the fingernail scratch test. If I can visably mar the thing with my fingernail I pass on it too unless its made to look distressed.
Saint Nick
Lifer
- Jan 21, 2005
- 17,722
- 6
- 81
you should have at least:
first months rent + deposit (which in many places is the same as another month in rent.) some places ask for last also.
money to begin furnishing
check to see if the apt provides a fridge, or else there's another expense (Craigslist!)
furnishings
cleaning supplies
food
money stocked away for utilities (the first bills will always be high)
emergencies.
a few grand at the very least. moving always costs me a lot of money.
first months rent + deposit (which in many places is the same as another month in rent.) some places ask for last also.
money to begin furnishing
check to see if the apt provides a fridge, or else there's another expense (Craigslist!)
furnishings
cleaning supplies
food
money stocked away for utilities (the first bills will always be high)
emergencies.
a few grand at the very least. moving always costs me a lot of money.
when I moved out I bought all my furniture at thrift shops, goodwill, etc. Furnished my whole place for < $100. I'd say the good bet is 3x rent after paying deposit and first months rent. Never can be too sure about your job stability.
My personal goal is to keep 6 months living expenses reserved, that's rent, bills, food, everything. That way I can ride out any bad streak of unemployment and not lose my house, which would be a bad thing.
My personal goal is to keep 6 months living expenses reserved, that's rent, bills, food, everything. That way I can ride out any bad streak of unemployment and not lose my house, which would be a bad thing.
Originally posted by: dug777
No idea mate
Do it asap tho, i'm 22 now & i can't imagine living with my folks, last time i lived with them for anything more than vacation was 6 years ago
I agree, live on Ramon noodles or something to save money, cause living with the folks sucks. I lived with my parents for an extended period once and I was saving every penny I could to pay for the deposit on my house.
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