Is $5k enough in savings to move to Denver with? (apartment, rent)

[simon22]

I'm just curious if this is enough money. I'll likely be working as soon as I move there (if not then definitely within a few weeks). And I'll be doing a roommate or two and renting a room.

I plan on moving in September. And I'm also willing to take any other relocation advice you guys have to offer.

[Ruth4Truth]

How can you be so sure you'll have a job within a few weeks of relocating?

I doubt a conventional LL would rent to you, with only $5K in savings. If you're only looking for a "share", i.e. a room in a communal home or apartment, you might be able to find something, but you'll probably still get turned down by some. Unless you arrive with a job offer in hand.

[mkwensky]

5k is not even enough for Houston let alone Denver without a job. It might work if you have an offer letter from an employer.

[simon22]

Originally Posted by mkwensky

5k is not even enough for Houston let alone Denver without a job. It might work if you have an offer letter from an employer.

Well is it enough with a job? I moved to NYC with $3k and no job and did fine lol.

[simon22]

I can't edit my original post but I'd like to add that I will be moving to Denver with a job.

[ketchikanite]

Originally Posted by simon22

I can't edit my original post but I'd like to add that I won't be moving to Denver without a job.

You need to have 10k if you are moving without a job.

[simon22]

Originally Posted by ketchikanite

You need to have 10k if you are moving without a job.

I'll be moving with a job. So is $5k enough??

[HeartNox18]

How much do you spend / month? Some people spend <$1000, some spend >$10,000/ month

Rule of thumb for relocation

With a guarateed job: (Paying 3x expenses)
as a single person- (shared living expenses / guaranteed place to live at a known price)
3 months minimum living expenses (Room, board, transportation, entertainment)
+ one time costs (Deposits, PLUS fees for utilities, vehicle registration, licensing (Driver / employment / certificates)



6 months with (5) job prospects, basically a sure thing

12 months if solo and looking for a job

36 months reserves if burdened with a family and will be looking for a job, or if moving internationally (BTDT 4X)

[hikernut]

Originally Posted by simon22

I'll be moving with a job. So is $5k enough??

I'll say it's enough if you are going to roommate. It's honestly more important that your job pays enough so you can afford to live there. Also, if it doesn't work out do you have somewhere to land (with parents, friends) while you get back on your feet?

It would be best to arrive with both a job and a place to stay figured out. That way you'll already know up front how much cash you need to get into your housing. Plus you don't run the risk of getting stuck in a hotel or some other short-term housing that quickly drains your bank account.

Then you need enough money to pay expenses until you get through a complete payroll cycle, let's say one month of expenses. If you have a car you'll also need to pay to transfer the title and registration. Anything else you expect you'll need to buy right away?

[mkwensky]

Originally Posted by simon22

Well is it enough with a job? I moved to NYC with $3k and no job and did fine lol.

Yeah if you can do NYC with 3k and no job then it should be fine. Credit card can tide you over until you start making money. That's less than I'm comfortable with but there are people who made it work with less.