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Perhaps some of you have been in a similar situation and can offer me some insight as to what I should or shouldn't do next.
I am 29 years old and have always lived with my parents/family. While they tell me they are fine with me living at home (traditional family), I am not exactly happy with where I am in life. I have been considering moving out for the past year, but haven't pulled the trigger until I knew I could get my finances in order to support myself. My siblings and I were pretty sheltered as kids, and I feel like I need to move on in order to keep growing as a person. I love my family and feel lucky to be in a position where I can make such a decision, but simultaneously feel stuck in this small town. I am currently working full-time making $15/hr with insurance benefits/PTO. I've not seen a raise since I've been at my current company (2+ yrs). That's another issue entirely. Anyway. Here are some of my stats:
Savings: $18,000
Credit Cards: 2 (Fico score 720)
Student Loans: $33,338
Credit Card debt: $0 (pay it off every month, and use it sparingly)
Car: Driving a beater at the moment. In the process of trying to sell it, and purchase another car that is reasonably priced. (Parents have agreed to partially help with this purchase)
Phone: $80/month
Groceries: $70/week
Gym membership: ~$270/yr
Degree: Associate's Degree
I have extended family in the South (DFW area), and that's where I'm looking to put down some roots for the next few years. I've visited a few times already, and like the area and the opportunities it has to offer. It's thousands of miles from where I currently reside, so it's a huge change. I'm still relatively young, so I don't know if I'd be there permanently, but I figured it would be good to have a support system there since I don't really know anyone else in the area. Ideally, I'd like a 1BR 1Bath starter apt in the range of $650-$750 and in a safe area. I'd have to accrue furniture, etc. a little at a time as well.
Here are my options:
1) Apply to jobs in the DFW area while currently still employed and mention to potential employers that I will be relocating. Then find an apt close to that job and make arrangements to move.
2) Temporarily stay with extended family in DFW, bust my behind to find a stable job while I'm there, and work to save more while looking for apartments. They have plenty of room, but I just don't want to be a burden on them.
I know the smart thing to do would be to find a job in the area first, and then move down once that's finalized. I plan on revising my resume and applying to jobs within the next week. If things go accordingly, I'd like to be in the DFW by the end of this year/early next year.
So ... am I overshooting here or do I have a good enough foundation to go for it? Thanks again.
Have you ever been to Dallas? Have you visited recently? If not, plan a visit with your relatives here, and check things out.
I'm curious as to what kind of school you went to in order to accrue $33k in student loans and end up with an associate's degree.
I'd also be curious to know what your monthly payment is on that student loan. Is it a private loan or a federal student loan? A federal loan may be able to be deferred under certain circumstances.
Dallas isn't as cheap as it used to be, and your grocery bill will probably go up. But, if you live in an apartment complex, you may very well have a gym, so no gym fee there.
Also, there's a lot of driving here. You'll want a reliable car.
Personally, I'd like to see you stay at home and throw every penny you can at that student loan debt, then get a reliable car before you move here.
But, if you really feel the need to move, I'd check with your family here, and make sure they're good with you living with them for awhile.
Start sending out those resumes ahead of time, and then move here.
And if you want to live in a safe area, plan on the higher end of your rent estimate.
I disagree. There are plenty of ordinary 1 br. in the suburbs for around $650.
That's good to know. I don't expect the prices to be that low downtown, but I would not mind staying in the burbs. At least good enough for a starter apartment.
Quote:
Originally Posted by ChristieP
You need to plan to stay with family until you have found a job, get an apartment rented, and possibly find a roommate. 30 minutes north of Dallas is likely near Plano, and there are plenty of jobs in that area. If you move here without a job lined up, you could possibly end up with a very long commute, which would make your budget even tighter.
That's what I've heard. That a lot of Fortune 500 companies were relocating their HQ to the Plano area. Yeah, not to mention the ongoing construction on the Dallas highways which I also had to drive though when I was there. My GPS was as confused as I was. Hopefully I can move close to the DART line ( runs throw the DFW area as far as I know? ) so I can save on gas as well.
Quote:
Originally Posted by WorldKlas
Can you come down and stay with family while you interview for jobs? Perhaps create a resume, use your relatives' address on the resume but on the cover letter explain you are relocating and can be available for interviews. Then, if you can line up a few job interviews, fly down and rent a car or just drive down. Maybe you will land a job before you actually move. Then you can stay with relatives for a short time and make the move into an apartment quickly.
Your phone bill, by the way, is quite high. Have you considered changing carriers (perhaps look at Consumer Cellular)?
The thing about living in an apartment for $750.... You may find some in the burbs in some of the older, worn out areas. You neighbors might not be scary, but likely not up and coming young professionals either. You might get a bit depressed.
Yes, if I really had to, I could stay with them while I try and line up interviews. I have mentioned in passing how I'd like to visit them down there again. They have reacted positively and even suggested I try my luck down there because they know I'm not happy here. Lots of Fortune 500 companies are moving their HQ to Plano from what they've told me. They are about 30 minutes north from Dallas. I have a week plus of vacation saved, so I could use that time wisely while I'm down there instead of blowing it on leisure travel.
My phone carrier is AT&T, and it's a shared family plan. I agree that it's way too high and once the contract is up I'll probably be changing to T-mobile, or something less expensive. Haven't had the greatest experience with T-mobile in the past but I guess I'll have to cut corners where I can.
As far as the apartment location in the burbs, I don't think I'd mind. I may be 29 but I am not into the bar scene and would prefer to come home to a quiet neighborhood. As long as it's a safe area and everything works.
Quote:
Originally Posted by chipper21
I applaud your initiative as a 29 year old millennial to move out of your parents home. But you need to be rent free and eliminate your student debt before you think about moving on to the next phase of your life.
That debt has kept me second guessing my decision as well, believe me. But I know in any phase of my life, I'll most likely always be in some type of debt (whether it be credit, car loans, house loans, etc.) If I stay at my current position and continue to pay off the student debt, who knows when I'll be debt free enough to break away from the small town shackles. I think I'll have missed a really big window and be in my mid 30's by then. This area isn't suited for a mid 30s single person.
Quote:
Originally Posted by TurtleCreek80
Did you finish college? If so, what did you major in? Just wondering why you are 29 and still working in a job that requires no more than a high school diploma.
As for living costs, it really depends on where your job is. Ie, If your job is downtown, you can find an apartment in far out suburbs for close to your budget, BUT you will spend up to 1.5-2.5 hours per day in your car which costs money (low mpg in stop-n-go traffic, will wear your tires and other parts out faster with a high mileage commute, etc) and in some cases, unavoidable tolls ($80-120/mo). You could have a $700 apartment but be spending $250/mo commuting between gas and tolls. Ideally, you would find work in lower cost suburbs like Hurst, Euless, Bedford, Arlington, etc. But as a single 29-year-old, you'll probably be bored and have troubles finding a friend group as most upper 20's suburb residents are at least married, and most likely have kids.
I have an Associate's degree and it's in Lib Arts. I completely agree. I had 0 experience coming into my current position a few years ago, and have learned everything while on this job, but I have outgrown this position. No room for advancement. Instead of searching for upgraded positions, I have been looking at similar jobs on the same pay scale. And I don't know why, because I am not progressing that way and selling myself short. It may be a livable wage in my small town, but it won't be in a larger area like DFW. I'll look into those areas, thanks.
That's a good point. I am not into the bar scene, so that's not something I'd miss, but I do enjoy going out and finding entertainment. That's part of the problem I have here; there's just nothing to do within a close proximity. Nothing accessible unless I want to drive 30-35-45+ minutes away every time I want to do something fun. I am a bit worried about finding friends my age as well. I've gotten better the past few years, but if I'm being honest, I'm a natural introvert so that's something I need to continually work on in order to connect with others. I'm hoping wherever I end up, there is good bus transportation as well to cut costs on gas. (DART, I believe it's called there in the DFW area?)
Quote:
Originally Posted by TurtleCreek80
My initial instinct was to tell OP to live at home for 2 more years and throw every dollar at paying off the student loans. I might be inclined to agree if Op is a male.
If OP is a female and desires marriage and kids, she is better off moving out (whether in her current city or here) and starting the process of finding a husband. Unfortunately, the "ticking clock" is a real thing when it comes to female fertility and for many, it's difficult (or very costly) to get pregnant once in the mid-30's.
Quote:
Originally Posted by RJ312
If OP is male, OP needs to move out because women look down on a man living at home more so than men look down on a woman living at home.
A woman can find a husband living at home no sweat.
Good FICO score, but too much debt relative to the quality of the degree. $15/hr salary wouldn't be bad if you were 22-25, but at 29, it's tough.
If you are to move to Dallas, you should do option #2.
If you move out of your parents' place either at home or in Dallas, you are going to need to take on at least one roommate. It is feasible but not ideal. Think 2 bedroom apartment with your half being $650. That can happen.
I would be more inclined in your position to make things work where you currently live and move out of your parents house there while finding a roommate.
F. The dating scene here is almost non-existent. I've tried. I don't really have any desire to move anywhere close to this area. If things work out accordingly, I'd like to be in the DFW by the end of the year/early next year so that gives me a couple more months to save maybe $3-4k. I've had a college roommate and couldn't wait to get out of that living arrangement, it just wasn't for me. It's not ideal but I may look into having a roommate if need be. If nothing else, it may help ease the transition since they may be a good resource on things to do/see. I agree, the salary I'm on is on the very low end and I need to make much more if I want to survive in a large city.
Quote:
Originally Posted by TheotherMarie
Have you ever been to Dallas? Have you visited recently? If not, plan a visit with your relatives here, and check things out.
I'm curious as to what kind of school you went to in order to accrue $33k in student loans and end up with an associate's degree.
I'd also be curious to know what your monthly payment is on that student loan. Is it a private loan or a federal student loan? A federal loan may be able to be deferred under certain circumstances.
Dallas isn't as cheap as it used to be, and your grocery bill will probably go up. But, if you live in an apartment complex, you may very well have a gym, so no gym fee there.
Also, there's a lot of driving here. You'll want a reliable car.
Personally, I'd like to see you stay at home and throw every penny you can at that student loan debt, then get a reliable car before you move here.
But, if you really feel the need to move, I'd check with your family here, and make sure they're good with you living with them for awhile.
Start sending out those resumes ahead of time, and then move here.
And if you want to live in a safe area, plan on the higher end of your rent estimate.
The last time I visited was last year. I am planning another visit sometime this fall to check things out like apartment complexes, jobs, etc. more closely and hopefully get some interviews in. I figured somebody would notice the debt. I did a 2 year stint at university and had to take out several private loans to attend. First year was good academically, but the 2nd year I got sick and had to be hospitalized for a really bad infection. At the same time, I was fighting severe depression and let it get to me. I took time off, deferred federal loans, and went back to community college to finish my Associate's in Lib Arts. Now I'm chipping away at both federal and private loans. I'd like to go back to for a Bachelor's but taking out more student loans kind of gives me anxiety attacks. I could do it slowly, 1-2 classes this time around but it'll take me much, much longer to finish.
I'm not in an immediate rush and plan stay here at least until the end of the year/early next year, save up, and continue to pay off my debt. However, I don't think I'll fully pay it off on my current salary, at least for a few more years. By then I'll be mid 30's, and feel like I'll have missed a really big window of opportunity. I'm not making the maximum monthly loan payments, but enough that I can manage my bills and still have a life. I think for the sake of my sanity, I need to move soon-ish and not feel stuck here for another few years. I'll talk to my family down South ASAP about my current situation. Appreciate the feedback. Gives me a lot of think about.
'm not making the maximum monthly loan payments, but enough that I can manage my bills and still have a life.
OP, if you are dead-set on moving at the end of this year/early next year, I'd reconsider the above. If you throw every last dollar you have at your student debt, you might be able to make decent progress. A short-term sacrifice will be worth it in the long-term. Is there a second job you can pick up too, even if it's just 10-12 hours a week? That will help out too.
Honestly, you sound level-headed and like you have a decent plan. I think with just a little more effort these last few months to pay things down you'll be able to make this transition.
OP, if you are dead-set on moving at the end of this year/early next year, I'd reconsider the above. If you throw every last dollar you have at your student debt, you might be able to make decent progress. A short-term sacrifice will be worth it in the long-term. Is there a second job you can pick up too, even if it's just 10-12 hours a week? That will help out too.
Honestly, you sound level-headed and like you have a decent plan. I think with just a little more effort these last few months to pay things down you'll be able to make this transition.
I've been stewing on this idea for a while now and that's why it probably shows. Money is the biggest obstacle here. How much of the $33,300 debt do you think I should pay off before moving? All of it? I'm not sure I can save enough (emergency fund, disposable income, etc) and pay off my debt AND then move and be sure I won't be eating into my savings and living pay check to pay check. I'll be at least 35 by then and probably stuck here without any savings to my name.
What cities would include a safe and affordable apartment option, and also be somewhat accessible to venues/restaurants/lakes?
McKinney? Addison? Arlington? Farmer's Branch? Irving? Fort Worth? Uptown? (probably too expensive for my budget) I know this will be based on where my job lands me, but just want people's opinions on the different areas so I have an idea of what cities I should concentrate on.
I've read The Village apartments are a good option for starter apts for my age demographic. Not sure what the noise frequency is like there. I've been reading more into Plano and it seems very family oriented which may not suit me too much at this juncture.
What cities would include a safe and affordable apartment option, and also be somewhat accessible to venues/restaurants/lakes?
McKinney? Addison? Arlington? Farmer's Branch? Irving? Fort Worth? Uptown? (probably too expensive for my budget) I know this will be based on where my job lands me, but just want people's opinions on the different areas so I have an idea of what cities I should concentrate on.
I've read The Village apartments are a good option for starter apts for my age demographic. Not sure what the noise frequency is like there. I've been reading more into Plano and it seems very family oriented which may not suit me too much at this juncture.
Thanks all.
Here's my take on these cities:
McKinney is family-oriented, as are Plano, Carrollton and Frisco. All have nicer, safer areas though.
(When I say "safer", I mean relatively speaking. It's a huge metro. Always watch out for yourself.)
Both Plano and Frisco have some exciting new living/entertainment coming, but those areas will be expensive.
Addison seems to be young professionals, lots of restaurants and bars. Close to Plano, also.
I'm too old to know anything about Uptown!
Maybe skip Arlington.
Not much going on in Farmer's Branch for you.
Irving: Don't go south of 183.
North Irving -- specifically Las Colinas -- is very nice, and somewhat safer too. But can be pricey.
We lived there when we first moved to Dallas 3 years ago, and our one bedroom was $1100/mo.
There are less expensive options, but the properties are older.
They are building an entertainment venue there with restaurants, bars, etc.
Right now, there are some restaurants, but not much else.
Don't really know anything about Fort Worth, other than it would be a LONG drive to see your family in Plano.
McKinney is family-oriented, as are Plano, Carrollton and Frisco. All have nicer, safer areas though.
(When I say "safer", I mean relatively speaking. It's a huge metro. Always watch out for yourself.)
Both Plano and Frisco have some exciting new living/entertainment coming, but those areas will be expensive.
Addison seems to be young professionals, lots of restaurants and bars. Close to Plano, also.
I'm too old to know anything about Uptown!
Maybe skip Arlington.
Not much going on in Farmer's Branch for you.
Irving: Don't go south of 183.
North Irving -- specifically Las Colinas -- is very nice, and somewhat safer too. But can be pricey.
We lived there when we first moved to Dallas 3 years ago, and our one bedroom was $1100/mo.
There are less expensive options, but the properties are older.
They are building an entertainment venue there with restaurants, bars, etc.
Right now, there are some restaurants, but not much else.
Don't really know anything about Fort Worth, other than it would be a LONG drive to see your family in Plano.
I'll look into Addison. I've been to Carrollton and all I know about it, is that there is a large strip of area called K-Town and has some good eats. Any reason to skip Arlington? And what is south of Irving 183? Too ghetto?
I've been stewing on this idea for a while now and that's why it probably shows. Money is the biggest obstacle here. How much of the $33,300 debt do you think I should pay off before moving? All of it? I'm not sure I can save enough (emergency fund, disposable income, etc) and pay off my debt AND then move and be sure I won't be eating into my savings and living pay check to pay check. I'll be at least 35 by then and probably stuck here without any savings to my name.
I don't think you necessarily need to wait or have a certain amount paid off. I think your original plan of later this year is doable. I was just trying to give some ideas of how you could push extra hard these last few months of the year before the move. Are there any things you can cut out to help save even more money, like cancel your gym membership, eat out less (not sure if you do this now), etc.?
I don't think you necessarily need to wait or have a certain amount paid off. I think your original plan of later this year is doable. I was just trying to give some ideas of how you could push extra hard these last few months of the year before the move. Are there any things you can cut out to help save even more money, like cancel your gym membership, eat out less (not sure if you do this now), etc.?
I live pretty frugally at the moment. I've already paid for a year's worth of gym membership so I might as well ride it out, plus there's a cancellation fee for early termination. I don't eat out too often, cook my breakfast, lunch and dinner monday-friday. Some weekends I'll buy something to splurge on to eat, but nothing too expensive or out of the norm. I've stopped buying/drinking coffee in the mornings to save a little bit as well. Don't really collect or buy things, much more on a need-to-use basis. If anything, I could pick up a PT job on the weekends to help save.
Quote:
Originally Posted by ChristieP
There's no reason to look at apartments until you know where your job will be.
Yes, Irving south of 183 isn't a safe area. Lots of Arlington has similar issues.
Good to know!
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