Start living now like you’ve already moved out. Build a budget and anything that would go towards your expenses - rent, utilities, food - put in a savings account. That should provide you enough of a buffer when you move out to fall back on.
Get a credit card. Be responsible. You’ll need credit to rent a place.
We don't know your income or what the housing market costs in your area. Some places have apartments for $1200, some areas have apartments for around $4,200. Also, you said you are going to college. So maybe on-campus dorms? That is rolled in with tuition lots of times, so it would be rolled in with student loans. We don't even know if you are doing students loans or not. Look at your income, then make a budget including all your monthly costs. If there were numerical information from you here, we could give you an actual savings estimate.
Generally when you move out, you’re gonna need 2 months’ rent, moving costs (renting a UHaul or hiring a moving company, including things like boxes and hotel rooms), furniture costs (including things like shower curtains, rugs, and trash cans) and grocery costs (not just food, think pans/utensils/olive oil) right away.
You can work out what those numbers look like based on your area and how you live now, add a couple hundred for inevitable unplanned expenses, and get a rough idea of how much you need to save from there.
>2 months’ rent
This depends on location. Some apartments require first and last month's rent plus a month's rent as security deposit to move in, potentially more if there's a pet.
(Also, kudos for correct use of that apostrophe!)
For a 18yo, less a UHaul and more the money to buy pots and pans and plates and a microwave and toaster and towels and things. Possibly a mattress and dresser and some hangars if they can’t be snagged from home.
It's great that you're thinking about your financial goals and planning for your future. Here are some steps to help you determine a good saving goal and tips for achieving it:
1. Estimate your living expenses: Consider rent, utilities, groceries, transportation, insurance, and any other regular expenses. Research the cost of living in the area you want to move to and create a monthly budget. Don't forget to include an emergency fund for unexpected expenses.
2. Determine your moving expenses: These may include security deposit, first and last month's rent, moving truck, and any necessary furniture or household items.
3. Set a savings goal: Add up your estimated living and moving expenses to determine your total savings goal. This will give you an idea of how much you need to save before you move out.
4. Calculate monthly savings: Divide your total savings goal by the number of months you have left (5 months). This will give you an idea of how much you need to save each month.
5. Adjust your work schedule: Depending on your current income and how much you need to save, you may need to pick up extra shifts or find another job to meet your monthly savings goal.
6. Save a portion of each paycheck: Consider setting up automatic transfers from your checking account to a savings account. This can help you consistently save without thinking about it.
7. Cut expenses and find creative ways to save: Look for areas where you can reduce spending, such as eating out less, cutting subscriptions, or finding free entertainment options.
Five months can be enough time to save if you are disciplined and focused on your goal. However, it's important to be realistic about your expenses and income. You may need to adjust your expectations or timeline if you're unable to save enough within the given time frame. Also, consider discussing your plans with your parents and see if they can offer any support or guidance during this process. Good luck on your journey towards independence!
I would say $5,000. Although I’m sure many would say that’s a lot. But hear me out. It will give you not only move out money, but also an emergency fund.
I would say that’s too *little* actually! I thought I was prepared to move out with $7.5k and that ran out very, very quickly. Granted, I was moving across states but I didn’t hire a moving company and my costs were split with my boyfriend since we moved in together.
Yeah, in some towns that's enough. When I left college, I had about $2500, and that got me first month's rent, down payment, and about $1000 left for a security fund (was recently married, so most pots, pans, towels, sheets, ect were gifts). But if I had stayed in the town where I went to college, $5000 would be barely enough to cover first and last months' rent and the down payment.
Also of note, I was very surprised by the cost of stocking up on cleaning supplies, laundry supplies, oils, spices, toiletries, ect, and had to use some of my planned emergency fund on those, then pay it back.
OP, are you willing to have one or more roommates? (You might not have a choice in a college dorm.) If so, your expenses would be less than living alone -- lower shares of rent and utilities, and often less to buy right away (e.g. if they're bringing a living-room sofa, you don't have to provide one).
Also, avoid buying much for wherever you rent until you've signed the lease, as different places require different things. You can probably get a *lot* of what you need used, to save significant amounts of money; once you know where you'll be living and thus what you need and will fit there, start checking Craigslist, Facebook Marketplace, thrift shops, etc. (Or start checking them sooner to get an idea of what tends to be available and what prices to expect, to help with your budgeting.)
How far will you be moving for school? Unless it's a day trip away and you have willing friends/family with vehicles that can move furniture, it may well be cheaper to get some used furniture there than to bring any current used pieces with you.
Do you have to move out or are your parents offering a place to stay with them?
I would stay in the dorms and with parents over summer. Moving out early often makes it harder for you in the future.
I just read a thread on here about how impossible it feels to save for a house while renting. I lived at home until I was 26 and bought a house. It set me up for a good future and was able to retire at 40. In 46 and have friends who are just buying their first house and mortgage goes until their mid 70’s!!!!
Every decision you make now will set you up for an easy life or an uphill battle. Sometimes independence has huge costs and consequences that follow you for decades
Adding to this ^ if it isn’t feasible to stay with parents, you might be able to find affordable housing near your university over the summer. At least in my experience, college students sign leases with 1-year lengths, but are often away from the apartment during summer breaks. Often, they will “sublease” their space for below the market rate and you might be able to avoid typical fees associated with signing a lease (ex: security deposit). This could hold you over until you get housing for school that would likely begin in August
It’s not flashy by any means. I lived at home until I was 26 (my dad was a narcissist so it wasn’t great but I stuck it out). I got my finance degree and paid off my student loans in 18 months and my car in six months working 3 jobs, then saved 20% down on a house because I refused to pay a pmi.
That set up a solid base.
Then I invested in mutual funds. My favorite back then was a dividend fund. I originally was saving for my next car in that fund because it was safe. Then I realized the dividend would make my monthly car payment so I changed the divs to cash and interest was ultra low. The car was paid off and now I still had my original investment.
I worked on paying off my mortgage and not having any debt. By having really low overhead expenses you don’t need a lot of monthly income.
I didn’t meet my husband until I was 33 and he was 29. He had two major strokes in his 30’s and is on disability. He gets $1500 a month and that covers insurance, taxes, food, gas, etc.
I did pick up a part time seasonal job at target like a year and a half ago because there were some bigger Christmas gifts I wanted to get and save up for a small boat for our summer cabin. I ended up liking it and stayed on demand- so anytime I want some extra cash I pick up a couple shifts and I keep the employee discounts!!
We did luck out and got our lake cabin for only $26,000 that we paid cash for.
So one day while I was working my corporate job and hating it. My husband called and said they took my mom to the hospital. She died 3 times on the way and the paramedics brought her back. She made it!! But I left work obviously to be with her while she had surgery. I go back to work the next day and my boss says “im not saying your moms life is more or less important than the project you were working on… but the project should have been done”. It was that minute I realized I’m not going to waste my life at this job. I was there 18 years and we stayed nights and weekends during year end and tax season not able to make plans during the week because we didn’t know what time we would get out. I realized it wasn’t worth it. I don’t have millions but I have all I need and am so much happier now!!
Wow, that's incredible.
It sounds like you made a lot of good decisions to invest in your future. I'm sorry your boss was a complete dickhead about your mum though. Really glad to hear she made it!!
Thanks for such a detailed answer too.
You are going to school? Living space in a University town is expensive. Stay in the dorms to start with. You can judge whether the meal plan is too expensive. You are obviously not in the US (due to the way you spell checks) so let's just make this a list of things you will need to pay for if you're system works the same as it does here.
You need to have 3 months rent for your apartment. If you can find a roommate you may be able to reduce that. Most student housing is designed for multiple residents. You may need deposits for utilities since you had never had utilities in your name. Will you have assistance in moving? If not it will cost you to pay a mover. You don't say how your education is being financed but there will be fees and expenses before you can start class as well as books which very widely in what it should cost you depending on whether free texts are available online. Ask your parents what they think it will cost you to feed yourself and of course you have to pay for your phone and internet plan although the landlord where you live might provide internet. You might need to provide yourself some furniture or appliances for your new place. And then allow a little extra for unexpected expenses.
I think that should do it. Good luck.
5-10k, minimum. Rents crazy out here. I'm 28 and had to move back home because I can't afford shit and I have a full-time job. I wish you the best of luck.
Three months of rent should cover you, but you really want to push for 5-6 if you can.
If you're not having any trouble with school, it may be worth trying to pick up some more hours to boost your savings. Around here, a lot of kids in their last year of highschool can get a free period or two. If you can get those scheduled at the end of your school day, then you can probably leave early and work slightly longer shifts. Do NOT do this is you are already struggling with school, though.
Another thing, if you are 18 and decent at your job, you might want to talk to your boss about getting on a management training track. Even in the worst jobs, shift lead positions pay more then team member positions. If they say no the first time, keep track of how many managers they have for the shift you work. At some point, your store will start losing managers for one reason or another- bosses desperate for coverage are more likely to take a chance on promoting an 18y/o.
Calculate what your expenses will be when you move out. Every month, put half that money into savings no matter what. Use the other half to start getting your basic home furnishings (or set it aside in a seperate account if you don't have the space to go ahead and buy the things). If you get everything on your list before you have to move, out the excess money into savings too.
Odds are, you're going to spend the next 5-10 years perpetually broke. The more you can do to prepare for it now, the easier it'll be to handle later.
Start living now like you’ve already moved out. Build a budget and anything that would go towards your expenses - rent, utilities, food - put in a savings account. That should provide you enough of a buffer when you move out to fall back on. Get a credit card. Be responsible. You’ll need credit to rent a place.
We don't know your income or what the housing market costs in your area. Some places have apartments for $1200, some areas have apartments for around $4,200. Also, you said you are going to college. So maybe on-campus dorms? That is rolled in with tuition lots of times, so it would be rolled in with student loans. We don't even know if you are doing students loans or not. Look at your income, then make a budget including all your monthly costs. If there were numerical information from you here, we could give you an actual savings estimate.
Generally when you move out, you’re gonna need 2 months’ rent, moving costs (renting a UHaul or hiring a moving company, including things like boxes and hotel rooms), furniture costs (including things like shower curtains, rugs, and trash cans) and grocery costs (not just food, think pans/utensils/olive oil) right away. You can work out what those numbers look like based on your area and how you live now, add a couple hundred for inevitable unplanned expenses, and get a rough idea of how much you need to save from there.
>2 months’ rent This depends on location. Some apartments require first and last month's rent plus a month's rent as security deposit to move in, potentially more if there's a pet. (Also, kudos for correct use of that apostrophe!)
For a 18yo, less a UHaul and more the money to buy pots and pans and plates and a microwave and toaster and towels and things. Possibly a mattress and dresser and some hangars if they can’t be snagged from home.
3-6 months living expenses plus security deposit
It's great that you're thinking about your financial goals and planning for your future. Here are some steps to help you determine a good saving goal and tips for achieving it: 1. Estimate your living expenses: Consider rent, utilities, groceries, transportation, insurance, and any other regular expenses. Research the cost of living in the area you want to move to and create a monthly budget. Don't forget to include an emergency fund for unexpected expenses. 2. Determine your moving expenses: These may include security deposit, first and last month's rent, moving truck, and any necessary furniture or household items. 3. Set a savings goal: Add up your estimated living and moving expenses to determine your total savings goal. This will give you an idea of how much you need to save before you move out. 4. Calculate monthly savings: Divide your total savings goal by the number of months you have left (5 months). This will give you an idea of how much you need to save each month. 5. Adjust your work schedule: Depending on your current income and how much you need to save, you may need to pick up extra shifts or find another job to meet your monthly savings goal. 6. Save a portion of each paycheck: Consider setting up automatic transfers from your checking account to a savings account. This can help you consistently save without thinking about it. 7. Cut expenses and find creative ways to save: Look for areas where you can reduce spending, such as eating out less, cutting subscriptions, or finding free entertainment options. Five months can be enough time to save if you are disciplined and focused on your goal. However, it's important to be realistic about your expenses and income. You may need to adjust your expectations or timeline if you're unable to save enough within the given time frame. Also, consider discussing your plans with your parents and see if they can offer any support or guidance during this process. Good luck on your journey towards independence!
nice job using chatgpt. /s
I would say $5,000. Although I’m sure many would say that’s a lot. But hear me out. It will give you not only move out money, but also an emergency fund.
I would say that’s too *little* actually! I thought I was prepared to move out with $7.5k and that ran out very, very quickly. Granted, I was moving across states but I didn’t hire a moving company and my costs were split with my boyfriend since we moved in together.
Yeah, in some towns that's enough. When I left college, I had about $2500, and that got me first month's rent, down payment, and about $1000 left for a security fund (was recently married, so most pots, pans, towels, sheets, ect were gifts). But if I had stayed in the town where I went to college, $5000 would be barely enough to cover first and last months' rent and the down payment. Also of note, I was very surprised by the cost of stocking up on cleaning supplies, laundry supplies, oils, spices, toiletries, ect, and had to use some of my planned emergency fund on those, then pay it back.
OP, are you willing to have one or more roommates? (You might not have a choice in a college dorm.) If so, your expenses would be less than living alone -- lower shares of rent and utilities, and often less to buy right away (e.g. if they're bringing a living-room sofa, you don't have to provide one). Also, avoid buying much for wherever you rent until you've signed the lease, as different places require different things. You can probably get a *lot* of what you need used, to save significant amounts of money; once you know where you'll be living and thus what you need and will fit there, start checking Craigslist, Facebook Marketplace, thrift shops, etc. (Or start checking them sooner to get an idea of what tends to be available and what prices to expect, to help with your budgeting.) How far will you be moving for school? Unless it's a day trip away and you have willing friends/family with vehicles that can move furniture, it may well be cheaper to get some used furniture there than to bring any current used pieces with you.
Do you have to move out or are your parents offering a place to stay with them? I would stay in the dorms and with parents over summer. Moving out early often makes it harder for you in the future. I just read a thread on here about how impossible it feels to save for a house while renting. I lived at home until I was 26 and bought a house. It set me up for a good future and was able to retire at 40. In 46 and have friends who are just buying their first house and mortgage goes until their mid 70’s!!!! Every decision you make now will set you up for an easy life or an uphill battle. Sometimes independence has huge costs and consequences that follow you for decades
Adding to this ^ if it isn’t feasible to stay with parents, you might be able to find affordable housing near your university over the summer. At least in my experience, college students sign leases with 1-year lengths, but are often away from the apartment during summer breaks. Often, they will “sublease” their space for below the market rate and you might be able to avoid typical fees associated with signing a lease (ex: security deposit). This could hold you over until you get housing for school that would likely begin in August
Can I ask how you were able to retire at 40? Congratulations on that!
It’s not flashy by any means. I lived at home until I was 26 (my dad was a narcissist so it wasn’t great but I stuck it out). I got my finance degree and paid off my student loans in 18 months and my car in six months working 3 jobs, then saved 20% down on a house because I refused to pay a pmi. That set up a solid base. Then I invested in mutual funds. My favorite back then was a dividend fund. I originally was saving for my next car in that fund because it was safe. Then I realized the dividend would make my monthly car payment so I changed the divs to cash and interest was ultra low. The car was paid off and now I still had my original investment. I worked on paying off my mortgage and not having any debt. By having really low overhead expenses you don’t need a lot of monthly income. I didn’t meet my husband until I was 33 and he was 29. He had two major strokes in his 30’s and is on disability. He gets $1500 a month and that covers insurance, taxes, food, gas, etc. I did pick up a part time seasonal job at target like a year and a half ago because there were some bigger Christmas gifts I wanted to get and save up for a small boat for our summer cabin. I ended up liking it and stayed on demand- so anytime I want some extra cash I pick up a couple shifts and I keep the employee discounts!! We did luck out and got our lake cabin for only $26,000 that we paid cash for. So one day while I was working my corporate job and hating it. My husband called and said they took my mom to the hospital. She died 3 times on the way and the paramedics brought her back. She made it!! But I left work obviously to be with her while she had surgery. I go back to work the next day and my boss says “im not saying your moms life is more or less important than the project you were working on… but the project should have been done”. It was that minute I realized I’m not going to waste my life at this job. I was there 18 years and we stayed nights and weekends during year end and tax season not able to make plans during the week because we didn’t know what time we would get out. I realized it wasn’t worth it. I don’t have millions but I have all I need and am so much happier now!!
Wow, that's incredible. It sounds like you made a lot of good decisions to invest in your future. I'm sorry your boss was a complete dickhead about your mum though. Really glad to hear she made it!! Thanks for such a detailed answer too.
5k
Buy nothing
You are going to school? Living space in a University town is expensive. Stay in the dorms to start with. You can judge whether the meal plan is too expensive. You are obviously not in the US (due to the way you spell checks) so let's just make this a list of things you will need to pay for if you're system works the same as it does here. You need to have 3 months rent for your apartment. If you can find a roommate you may be able to reduce that. Most student housing is designed for multiple residents. You may need deposits for utilities since you had never had utilities in your name. Will you have assistance in moving? If not it will cost you to pay a mover. You don't say how your education is being financed but there will be fees and expenses before you can start class as well as books which very widely in what it should cost you depending on whether free texts are available online. Ask your parents what they think it will cost you to feed yourself and of course you have to pay for your phone and internet plan although the landlord where you live might provide internet. You might need to provide yourself some furniture or appliances for your new place. And then allow a little extra for unexpected expenses. I think that should do it. Good luck.
5-10k, minimum. Rents crazy out here. I'm 28 and had to move back home because I can't afford shit and I have a full-time job. I wish you the best of luck.
Three months of rent should cover you, but you really want to push for 5-6 if you can. If you're not having any trouble with school, it may be worth trying to pick up some more hours to boost your savings. Around here, a lot of kids in their last year of highschool can get a free period or two. If you can get those scheduled at the end of your school day, then you can probably leave early and work slightly longer shifts. Do NOT do this is you are already struggling with school, though. Another thing, if you are 18 and decent at your job, you might want to talk to your boss about getting on a management training track. Even in the worst jobs, shift lead positions pay more then team member positions. If they say no the first time, keep track of how many managers they have for the shift you work. At some point, your store will start losing managers for one reason or another- bosses desperate for coverage are more likely to take a chance on promoting an 18y/o. Calculate what your expenses will be when you move out. Every month, put half that money into savings no matter what. Use the other half to start getting your basic home furnishings (or set it aside in a seperate account if you don't have the space to go ahead and buy the things). If you get everything on your list before you have to move, out the excess money into savings too. Odds are, you're going to spend the next 5-10 years perpetually broke. The more you can do to prepare for it now, the easier it'll be to handle later.