Do I have enough saved up to move out of my parents house? (job, want to move)
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Office furniture stores and you can get a steal(better than thrift stores). My first place I bought a law firms former lobby 10 year old solid wood end and coffee tables, leather couch, wing chairs, desk and chair for $1500 bucks. Stuff lasted til I moved in with my wife and she threw it all out. Savings let me buy a good mattress. Depending on how well off your family is asking for used dishware pot and pans or a new washer and dryer if your place doesn't have them are good options as well. Most folks have decent pots and pans/silverware they don't use that they just need someone to ask them for to get rid of.
If you can save $12k a year living at home why not live at home for a few more years and continue to save. Depending on where you live in 4 more years you could have $60k saved up and have a down payment for a house heck in some parts of the country you could buy a house with $60k.
Or why not stay there until retirement age, think of all the money you'd save, and then you could stay in the house because it would be your house too.
It's called pride and independence, that's the reason to move out now.
If you can save $12k a year living at home why not live at home for a few more years and continue to save. Depending on where you live in 4 more years you could have $60k saved up and have a down payment for a house heck in some parts of the country you could buy a house with $60k.
Not only do you have more than enough, you are in the minority of people who are not living paycheck to paycheck. Most people move out only having a month or two of expenses.
Even the best of places will be no more than 2 months rent plus deposit, (considering you have no rental history). You will have deposits on utilities too. It will probably cost you a few thousand MAX to pay for everything to move into a place. Furniture can be bought from cheap as can be off craigslist or good will, to higher quality stuff, furniture can be $500 for an apt worth of cheap stuff, (bed, couch, tv/entertainment center, dining table,), or a lot more, your big things will really be a couch (how nice do you want it), a tv,( how big do you want it), a bed (how high quality do you want it). There is other furniture too, but I think those are probably gonna be your big 3. There is a lot of stuff that will add up; pots, pans, kitchen stuff (utensils, knives silverware, plates, cups, etc...), bathroom stuff (shower curtain, with rings, maybe a bar, a bathmat, towels, soaps, plunger, brush, medicines, bandaids, etc....). Its the odds and ends that can add up quick. Personally, don't spend too much, your style may change, you may move, life can alter things. I suggest making a list of stuff that you will need and a list of what you want, then figure out your budget. Make a dream list of do you whether or not you want that 85 inch tv, that brand new computer, that adjustable bed, or whatever it is you would really like to have. Start with the necessities, and to be honest if you saved that much in a year, you won't be saving as much any more, but make sure you keep saving.
Your other option is to stick it out for another couple years or so, and save up enough for a deposit on a permanent place of your own.
Or why not stay there until retirement age, think of all the money you'd save, and then you could stay in the house because it would be your house too.
It's called pride and independence, that's the reason to move out now.
Agreed,
Maybe he wants to experience independence, and not have to always answer to his parents if he wants to do something.
Quote:
Originally Posted by Dangerous-Boy
i'm in agreement with this statement.
Or maybe he doesn't want to do that. Some people actually want to experience independence while they're still young and single (without having a family to worry about).
I just wanted to see your opinions to see if you think I have enough money saved up to move out of my parents house.
Scenario:
I make 45k a year
The only debt is student loan which is about $350 monthly
I have a car all paid off
I have $12,000 saved up, do you think it is enough to move out of my parents house? not to a different state or anything but just somewhere else close by my parents place.
Note: I will also need to buy new furnitures if I move out
Thank you for your advice in advance!
You have enough to move out but the bigger question is do you "have" to move out ?
How is your relationship with your parents ?
If it's toxic and you have the need to move you should be fine.
If you are cool with your parents and can stay why not stay & pay off your student loan and become debt free ?
What about your retirement savings ? Do you have any ?
Use this opportunity while living with your parents to set yourself up financially with Savings, getting rid of your student loan debt & setting up your retirement accounts now while you are in your 20's.
I just wanted to see your opinions to see if you think I have enough money saved up to move out of my parents house.
Scenario:
I make 45k a year
The only debt is student loan which is about $350 monthly
I have a car all paid off
I have $12,000 saved up, do you think it is enough to move out of my parents house? not to a different state or anything but just somewhere else close by my parents place.
Note: I will also need to buy new furnitures if I move out
Thank you for your advice in advance!
I would pay off your student loan first before you move out.
A little suggestion---check out Caspar mattresses. Or Casper mattresses. They are supposed to be pretty good. Order online and delivers straight to your home. Expect to pay $600--$800+, maybe $1000, just get a frame, no need to invest in the bed itself, that's money you could spend on other stuff. You don't say how old you are, but at least get a full size, I would recommend queen size, wait until you find your new place to see what fits. Do remember, the bigger the bed the more expensive the sheets! But, you still want room for---"company"
I would pay off your student loan first before you move out.
This is sound advice! I consider paying off debt an investment! If you move before paying this off, you might revert to just making monthly payments and with interest, etc, it will roll on forever
You sound like you have a good head on your shoulders
Don't worry about buying furniture. Whatever you do, do NOT finance or otherwise go into debt for furniture! Don't rent, either! Check out thrift stores, Craig's List, garage sales, freecycle, etc. The only thing I would buy new is a mattress, and upholstered sofa, etc. Start with a few pieces at a time, the bedroom first, of course, and get a good, new, quality mattress. You don't need a bed at first, just a frame. Perhaps you can take some stuff from your parents, if they are willing. And DON"T spend any of your savings on furniture, that's your emergency savings.
This is the best information so far in this thread. Furniture depreciates so fast. Take someone's castoffs (when they decide to upgrade) for pennies on the dollar. Join Nextdoor for your area. In my neighborhood, people are always giving away decent stuff. I would never buy any sort of fancy bed, they always seem to take chunks out of my thighs at some point while I own them.
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