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I'm 20 & my boyfriend is 24. We've been together long enough to know we want a life together (he won't marry me until I'm done with college though) and are wanting to relocate. I'm simply a babysitter in the crappy town we live in and he's in truck driver training.
I've got $1200 in saving (if his financial aide/loan goes through soon we won't have to touch it) and he gets done with training June 17th. Already has a job lined up for after training.
We're wanting to move end of summer/really early fall. At the moment we don't pay bills (living with parents while we try getting stable).
For a couple with no kids, minimal needs, and both willing to work hard how much do you think we might need to save? We KNOW he has a job (maybe not the best) and will more than likely be able to find a better one (he's only pre applied to one company, not to others yet).
You should have 6 months expenses saved in an emergency fund. How much that is depends from person to person, but generally 10K+. Take what you think you'll be paying in rent (or mortgage?), avg food expenses, gasoline, etc, add it up for a typical month, multiply by 6. Keep that in savings. Once you do that, if you're living paycheck to paycheck, you'll be prepared if for some reason the paychecks stop for a period of time.
There's no saying you have to save this before you move out, you could save as you go, but it would certainly be easier when you have no expenses like rent/electric/etc.
Hope that helps!
Edited to add: At the very least you'll want one month's expenses + 1 extra month's rent, usually required as a security deposit.
I'm 20 & my boyfriend is 24. We've been together long enough to know we want a life together (he won't marry me until I'm done with college though) and are wanting to relocate. I'm simply a babysitter in the crappy town we live in and he's in truck driver training.
I've got $1200 in saving (if his financial aide/loan goes through soon we won't have to touch it) and he gets done with training June 17th. Already has a job lined up for after training.
We're wanting to move end of summer/really early fall. At the moment we don't pay bills (living with parents while we try getting stable).
For a couple with no kids, minimal needs, and both willing to work hard how much do you think we might need to save? We KNOW he has a job (maybe not the best) and will more than likely be able to find a better one (he's only pre applied to one company, not to others yet).
Any advice? How much should we save, minimum?
What you need to save for FIRST is a wedding. Doing things the right way will start you off on a strong and happy life together.
Also, remember that, as a truck driver he will be gone a lot. You may not even have to have two cars. So you won't have to have a big place to live. Keep expenses down whenever you can and save like crazy.
I think 10K is a pretty good start, 15K would be better.
If you've only lived at home , you'll be shocked at home much things cost. Trust when you move (or buy a house) it feels like everyone has their hand in your pocket.
In addition to the bills, you might have (depending on your credit) to put down deposits for each of the utilities or pay connect charges.
Also - I'm assuming at 20 and living at home that you are still on your parents health insurance? dental insurance?
I agree with having 6 months expenses saved is a wise idea. Do you have an idea of where you would like to live? I have been married for 17 years, and we did not start our journey together married, so I don't think that is the most important thing, but hey that's my opinion, and you know what they say about opinions. Bob, My husband and I, sat down and made a list of what was important to us, we wanted to live near or on the East Coast, not in a city, we would like some land and privacy, but not in the sticks, ...etc., you get the point, get to know each others likes and dislikes to about living together, I mean, it drives me crazy when someone comes out of the bathroom brushing their teeth. It sounds funny but it will help you in your search. Next step is to research the places on line that you think you would like to live, you can find help on "find a spot". Even if you want to stay in your own state, might there be a better town suited to your needs. Then take some drives around the neighborhoods, where you think you want to live, see if it feels good. Even if it's another state Bob and I camped down the East Coast looking at different states. Minimal money, goods times!!!! Most important, always maintain good credit no matter what you do and where you go, pay your bills and on time I can't stress how important that is to your whole future!!!! Good Luck and enjoy the adventure!
I would like to give you an honest answer, but I need more info..
How far away are you moving?
When do you finish college? What degree?
Do you have a car or 2? Payments?
Cell phone bills? Credit card bills?
Are there jobs where you want to move?
You're gonna need 1st, last and security I'm sure. Gas money, food, electricity deposit in a lot of places...
so many variables....
I have moved quite a few times, so I have some rememberance of what it is like..
It took us $5k to move to where I live now, with all of the start up expenses and a week of my husband waiting for his job to start.. it was scary at times.. but we survived!
Dear Amazing,
You say your boyfriend is waiting for you to finish college before he will marry you. THEREFORE I advise before you two move, you should finish college, period. Let us say you've got another year. Then try this idea on for size, just see what you two think of it: YOU stay home whilst finishing college next year, let him start up his trucking thing on his own and get happy with it, you'd both still be rent- and bill-free, you'd have built-in company for when he's gone until you get used to it, and let HIM be the one to save up some BIG cash. That way, by the time you finish college, he'll be "in charge" since he's been working for a year, and he has lots of money saved up, so GUESS WHAT?? He will then want to marry you. While you are engaged to him, you can enjoy planning a modest wedding from home with the help of parents, set a date, and when he has time, begin looking for a place together to rent and move into right before or right after you marry.
The good thing about this plan is, HE will rent a place and put down first and last month's rent (or you can add some of your savings in for part of it), HE will rent a place that he can afford on his ONE income. That way, if it takes a while to get YOUR career going next year, it won't matter since your home quality is based on his income only. Also helps if one of you loses a job, even tho you SHOULD have six months' income saved in an untouchable account, maybe as three-month CDs, just for that possibility. But money should LEAD what you can do, not your dreams and hopes. You can have dreams, but only after knowing how much you are allowed to spend on those dreams.
After you get all settled in your new location, and he's off to work again after a brief honeymoon, then you can begin YOUR career search and so forth. Until then, HE will pay the bills, he will pay rent, he will handle the cash. You, the money you make, this will suddenly make you guys twice as rich, and this will make things much easier for you two. As a couple you can then choose to save the same percentage of your incomes into a common savings account that earns interest, a same modest percentage for an allowance for free pocket money (the same percentage gives him more since he makes more). Also, you can begin to divide the bills, which the rent and groceries must be evenly split 50/50, and the rest of the bills can also be 50/50, or better yet you take over about 50 percent of some bills that you tend to run up (phone, bathwater, TV for movies), which will also help establish your credit.
Then once you've been working about a year, him two, throwing away money, running out of money, building up money, you all will know how things are going with your finances. You may find that you are saving lots and lots of money, so for the next year, could be you can then plan for some new "smaller" things you'd like: A good used second car, a yearly vacation, and more of your individual hobbies. You put a budget together so you don't spend too much. I might add, always keep enough of your savings back for ordinary emergencies, like car repairs, a visit to the ER for broken leg, the dog needs to go to the vet. Never spend all your savings. Eventually you can plan to BUY a house, IF you both get substantial work raises AND have really lots of endless money saved up. Do NOT buy a house to your max loan amount; only look at homes that will be a little better and bigger than what you have. THEN as soon as you build up a whole bunch of more money, if you would like to love on some children, go right ahead, just remember a baby in the family is even more costly than another adult, so plan carefully.
But if you go back and do what YOU'RE planning in your post, and do all this stuff NOW, this is how that picture might look in a big hurry: You will move somewhere and maybe have SOME savings, plus just enough to put down first month's rent and deposit, pay a few bills for a couple months, fun fun fun being away from home. BUT what if his job just doesn't quite turn out and you are still in school? That equals NO MONEY, no place to live, returning home, your boyfriend perhaps not willing to return after living away for a while, and all sorts of problems WILL come up, total disaster.
You want to always position yourselves monetarily so any disasters will be completely minimized. Money equals REAL fun. See, the better alternative to your plan is, if he has been working six months and you're still home, and he loses his job, or gets really sick, or his rig needs repair, NO BIG DEAL. But if you're away from home and some big financial issue comes up, HUGE DEAL since you will not have the big savings he will have from working, you can't make rent, and your income will not be going yet. So, when you start out, it's just silly to jump off a cliff without a rope. Might be a nice view going down, but when you hit...
GG
Truck driver training well there 's a bill he probably signed his name to also has a starting place that's a plus but, be ready for the set backs of starting out as a new driver with no on the job experience he will pull loads that don't pay him that well he will be laid over quite a bit & if he see's home in a month he'll be lucky for he will only get is 1 day off for every week he is out on the road. be ready for this for he will need "3" years road experience before he gets his foot in any trucking company that has much to offer. they are promising him the world just like a good ol car salesmen would do ,but after he gets the rude awakens he realize this isn't a can of worms he expected ,but he has to get the experience someplace he has to learn so have your collage degree in hand first for you & money in the back to fall back on.from a 40 year road driver
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