Knowing you're ready to move out?

Discussion in 'The Fire Hydrant' started by Southpaw, Apr 28, 2013.

  1. Southpaw

    Southpaw orange iguanas.

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    Sooo I want to someday be ADULT and finally move out. I feel like I must be getting to a point where it'll be "doable" but I don't know! I've always thought HECK NO to apartment living but I'm starting to think I wouldn't mind the right apartment in the right area.

    Anyway. I just have no idea how I'm supposed to figure out if I can afford it, or maybe more importantly, figuring out HOW MUCH I can afford. Or any other little tips and tricks to make it a smooth and logical process...

    This is still probably a ways away because I have no clue where I'm going to go with 2 "big" dogs and a cage of rats lol. Just been thinking about it a lot more recently.
     
  2. Dizzy

    Dizzy Sit! Good dog.

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    List your i comings, and what your outgoings will be.

    Check local average rents, rates and prices.

    There's tons of online forms you can use to make it easier :)

    You want to have cash left over after you've estimated all your outgoings, you ALWAYS need more money, and you need some disposable income or life is just super depressing.
     
  3. AdrianneIsabel

    AdrianneIsabel Glutton for Crazy

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    Roommates make life much easier, financially, at first. Do you have any friends to hook up with?
     
  4. CaliTerp07

    CaliTerp07 New Member

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    General rule of thumb is to not spend more than 25% of your income (though people argue if it should be gross or net) on housing. I think that rule is dumb for several reasons. 1) When you make less, your housing is obviously going to eat up a larger chunk of your income than when you make more. 2) In more expensive areas, people are forced to spend more on housing and make cuts in areas they can actually control (like eating out, or new cars). Still, if housing is going over 35%, that's pretty high. We spend 20% of our gross, 30% of our net on our mortgage.

    I charge EVERYTHING on my credit card, because it makes budgeting a breeze for me. (Note: I pay it off in full each month. This is terrible advice if you struggle with financial self control). My credit card company provides year end statements showing exactly where every dollar went over the year. When I sat down to figure out what I could afford in rent, it was easy to calculate how much I spent on food/clothes/etc throughout the year, and how much I'd have left over if that continued. Mint.com is great too--I have all my accounts linked together, and it tracks finances nicely.

    Apartment living is a pretty safe way to venture into living on your own, because the complex will take care of any major issues (mine even changed lightbulbs for me!). It is easy enough to estimate utilities (ask the complex or utility company for an average bill, or take what your family pays at home and adjust appropriately).

    You'll want to make sure you have an emergency fund saved before you move, if at all possible. Recommendation is 6 months of expenses (so you'd be able to pay all your bills for 6 months if you lost your job). You'll also want to have some leftovers each month to replenish that fund if/when you have to tap into it (like if your car needs major repairs).
     
  5. Saeleofu

    Saeleofu Active Member

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    I moved out as soon as I could afford to. Unfortunately after a few years my hours got cut and I couldn't find a second job, so I had to move back home. I plan to move out again as soon as I am financially able. Which I hope is SOON.

    Two years before my first apartment I lived in the dorms. I wouldn't live at home unless I had to...and right now, I have to :(

    When I first got my apartment, I just paid 6 months worth of rent at once with student aid. By the time I had to move back home, I was paying a good 60-70% of my income in rent, and just couldn't make it work with utilities.
     
  6. Lyzelle

    Lyzelle New Member

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    I'm not a huge help on this because my first time being on my own I didn't have to pay anything until I moved out, and even now, Beau and Rhio don't require that I pay anything (although I do anyway and they yell at me).

    But living on my own with Jin, the advice I have to offer is:

    1) Make sure you have savings first! Anything can go wrong at any time and you don't want to be caught in a financial bind with limited income and bills to pay. And take savings out of EVERY check. Even if it's only $5. Even if you have to sacrifice an out to eat lunch on your way home. Every little bit helps the cushion for later.

    2) Estimate your income and expenses. That includes everything, because little things add up to big things quickly. Going out to lunch, gas, groceries, loans, fun money, dog expenses, everything. What is left over will have to be your rent/bill money and savings money. If you can't afford it, start cutting out the smaller things.(Cable, going out to eat, fun things, etc.) And starting out, you will spend a LOT on getting started if you don't have much. Furniture, dishes, entertainment, cleaning supplies, etc. Try to round up stuff at yard sales and hand-me-downs.

    3) Keep in mind that when you rent, you'll need to factor in that first month's rent + deposit. It'll vary on each place, but it's usually either the rent x 2 or a little over. It's easy to forget when you hear "$$ per month". Ask about the typical range of light/gas/water bills.

    4) IF you decide to get a roommate, do so out of convenience, not out of necessity! If they bail or don't pay their portion of the rent//groceries, you're screwed.
     
  7. Fran101

    Fran101 Resident fainting goat

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    How did I know I was ready? I waited til the moment I was old enough and got the hell out of there :rofl1:

    Log your necessary expenses (mint is a GREAT tool for linking up account and seeing plainly what you spend) and see what is left over.
    Ask around and factor in what utilities would be (electric, heat) and monthly groceries.
    Find roommates if you can, they bring down expenses and help the transition of living alone.

    I wish I could say I was more organized about the whole process :rofl1: I picked a city/area, got on padmapper (the best site for apartment hunting IMO) and found a few places..and wam bam I had a place. Started with VERY basic furniture, basic everything.. but I made it work and I love living on my own.

    -Save up as much as you can before the move (for security deposit, first/last months rent, etc..)
    - Find someone willing to co-sign if you haven't built up enough credit
    - Ikea ikea ikea ikea ikea ikea
    - If you are going to do roommates, clear contracts on house rules, chore charts, labeling food, share nothing.

    https://www.padmapper.com/

    Honestly, the hardest part is just making the leap. Find a place you can afford and everything else is just finding your sea legs and making it work.
     
  8. AdrianneIsabel

    AdrianneIsabel Glutton for Crazy

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    We've always just flowed along, all roommates found through the Greek system in college. It's never been a big deal.

    I moved out as soon as I could.
     
  9. Tahla9999

    Tahla9999 Active Member

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    Count me in as someone who wants to move out. Unfortunately for me, it will probably be until next year before that happens. I am going to take the rest of this year planning for it though.
     
  10. Raegan

    Raegan Member

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    Never do it. Being an adult sucks.
     
  11. Laurelin

    Laurelin I'm All Ears

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    I moved 'out' when I went to college but housing was still payed for by my parents. After college I moved back for a couple months then moved out into a townhouse where I've lived for a couple years. I try for about 20-30% in rent/mortgage. Right now I'm at 20% and it's nice to have spare money. I have enough savings for a while.

    How I knew I was ready? When my dad said 'okay, you've saved up enough. Get out' lol

    Once you actually DO IT, it's great. My townhome is kind of crappy in some ways but being on my own is fabulous. I wish I'd moved out and forced myself to grow up earlier.
     
  12. Airn

    Airn New Member

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    I second Mint as a financial tool. We use it and it has its issues but for the most part, it's a pretty nifty app.

    Apart from what everyone's already said, I would advise not signing a year lease. Or any lease if you can avoid it.

    When I first moved out, I paid an extra $25 a month to have a 6 month lease. Everyone thought I was stupid for doing that. Well... when June came and the lease was up, we couldn't afford to make the next month's rent and had to live with my dad. So... consider the future.

    I have a heard time seeing too far ahead and I've learned that it helps ME to focus on shorter term problems. If I had not wanted to spend the extra $25 for the 6 month lease, I'm not sure where I would be right now.

    I'm moving out again this weekend and I can tell you, I've learned a lot from my first time. Budgeting is important, yes, but one thing I learned from my mother is that sometimes you have to splurge. You may be 'poor' all your life. Who wants to scrimp and save and never have a guilty pleasure all the time? (Now you have dogs, so I'm sure you'll 'splurge' a bit, but still, I think it's important to remember to BE HAPPY.)

    Maybe even temporarily moving out would be a good idea. It kind of hit me like a brick wall when I moved out. If you can at all, try to ease into it.

    Oh and I was ready when I... wanted to stop being in a long distance relationship. :rofl1: It was kind of either move in or break up.
     
  13. Southpaw

    Southpaw orange iguanas.

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    Thanks for the advice!

    The thing that makes me most comfortable about taking the plunge is that I know I can always come back. My 4 siblings that have moved out - I think every single one of them moved back home at least once before they finally left "permanently."

    I'll have to crunch some numbers and see what I come up with. I don't really know anyone that could be a roommate and to be honest I don't know that I really want one, either.

    I just keep struggling with what I want! For the convenience with the dogs, I don't really want an apartment. But if I'm going to live alone, I think I'd feel safest in an apartment. Although at this point I guess it's a matter of what I can afford, not what I want. :p
     
  14. PWCorgi

    PWCorgi Priscilla Winifred Corgi

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    I know this great apartment...where all the cool kids live.... :p just sayin.
     
  15. JennSLK

    JennSLK F150 and a .30-06

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    I second this.

    [​IMG]
     
  16. Dogdragoness

    Dogdragoness Happy Spring!!!!

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    As someone who is now living at home again I can't really give advice ... But it's more for my parents benefit then mine.
     
  17. Zhucca

    Zhucca Lab Love

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    I moved out before I was ready. I was 17 when I moved out and it's been really hard making up for the years of financial short comings (credit card debt). At 21 I finally feel like I have a good grip of my situation to move forward. If I had been older and in a better job initially, I'd just make sure I'd save up lots and lots of money. I think 5000 would've been absolutely ideal in my city and for me personally. Start off strong financially and remain responsible. Cost of living is pretty high here so that number might be lower.


    Even so, living on my own has caused a lot of positive personal growth, and I really do love it compared to living with my mother. I don't think I ever could live with my parents again. Maybe my father, but even then I don't think I would. Even with the struggle, it was still worth it. Just save!

    Also even though roommates can be awful at times, they are largely the best idea for when you're starting out. They really do save you a lot of money and instead of paying for a place on your own (and putting that money down the rent drain), take the savings of sharing rent and put it towards a house. Once I finish saving up for my new car, that's going to be my next direction. I pretend I have to pay the full 900 in rent, and tuck the other 450 away. I would never actually live by myself though, i treat roommates and paying rent like a prison sentence until better things. :p
     
  18. Dogdragoness

    Dogdragoness Happy Spring!!!!

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    I don't really want to burn money on an apartment because one day I will inherit the ranch & property & I want to save as much money as I can so I can put it into the property when I get it.
     
  19. meepitsmeagan

    meepitsmeagan Meagan & The Cattle Dog Crew

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    I always think moving out on your own is a good idea. I moved out.. suddenly. Had a BIG falling out with my dad, and no longer felt that I was safe, so I left. thankfully, I had a friend who had an apartment open, and had cheap rent, she didn't care about my dog, and I was working a TON. Gave me the opportunity to save enough money to move out west and pay off my Jeep.

    Now I've lived on my own/with Josh (minus living with a family friend in CO for a bit) for almost two years exactly. I love it. I LOVE IT I LOVE IT I LOVE IT. I couldn't imagine living with my parents (or other people) again. Ugh. If Josh and I got divorced, I would find a way to stay on my own.

    That said, roommates can be a good thing in order for you to save money. Lol. Do what you think is right. If you can swing it, I say go for it. Budget well, and try to stick to it as much as possible. Dave Ramsey is your friend.
     
  20. *blackrose

    *blackrose "I'm kupo for kupo nuts!"

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    I moved out when I was done with school full time and was working a full time job (I was 21). I just...needed to leave. I love my family, but I walking through the door immediately caused me to become stressed out.

    I would say about 40% of my income goes solely to rent. Which sucks, but I've been able to survive so far. Lol Add on my car payment and electric bill and I'd say my percent income that goes to just flat out bills is about 60%. But even though I live paycheck to paycheck, I have not accrued any debt. And if it wasn't for going on vacation and also buying Future Puppy, I would have a nice chunk of money set aside simpley from money I saved from my paychecks.

    Would it have been smarter for me to stay at home this last year and save-save-save while I was working fulltime? Without a doubt. But I have no regrets moving out when I did. Althouh it wasn't a very smart decision fiancally, it was the best one for me emotionally (even when I was going through my depression phase). I've grown up a lot this past year, and having my own place really facilitated that.
     

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