Saving money to live on my own?

Hello I'm 14. I plan on moving out of my house as soon as possible. I don't plan on running away because that's a ticket for disaster. I plan on waiting until I'm 18 or if I get into college I plan on waiting until I graduate so I can move out of state, or going to college out of state. It recently dawned on me that if I want to move out in the future I shouldn't just expect to magically be able to live in a five story house next to the beach. I want to move to California and get a one room apartment (hopefully my taste doesn't change) I have started saving up money and I have $180 right now. I know that's not much but keep in mind I'll be saving every penny for four years. I plan on getting a job at a sushi restaurant as a waitress because it pays well and my brother works there. I know that this is a long ways away but do you think it's a good idea to start saving now or worry about it once I'm older like 17?

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  • Maxi
    Lv 7
    5 years ago
    Favorite Answer

    You are making plans, you are mature and being sensible and know what you want out of life and what you don't want........ so good luck to you and don't be afraid of changing your plans in the future to suit the situation/time, lots of things change with time so moving forward and being flexible in your approach is a good thing

  • 5 years ago

    Saving money is key to your future. The real world is very expensive and its very difficult to predict all the expenses you will incur, so its essential you have a healthy savings to bail you out.

    First you need to research how much rent will cost you where you want to live, This amount is subject to change as the years pass. Generally you will need to pay an application fee, first months rent and a security deposit before you can even move in. Then you may encounter you have to pay utility deposits and/or installation charges for them (including cable tv/internet) as these are all the initial costs of renting.

    From there, the best idea would be to make a budget of all of your monthly expenses. This is a difficult task if you have never rented before because while you know you will have to pay a certain amount for rent, you don't know how expensive your power bill will cost or any other utilities. Then you have to include food, costs of owning a car, insurance and a few dozen other things you presently take for granted and don't identify as monthly expenses due to your age. The best idea would be to talk to your parents about these expenses, because they pay for them every month. Once you have the monthly total for your budget, you need to multiply that by 6 adding that too the initial costs of the apartment for your target saving amount. Its going to be thousands of dollars but I have little doubt you will achieve it. Good Luck,

  • 5 years ago

    Although you still wont have much money before getting a job, it will be the concept of saving money that you will be learning, as opposed to saving up a specific amount of money. Learning the value of money is definitely better than saving every penny.

    As a reference, and don't let it deter you, I'm in San Jose, CA paying about $1700/month for rent, not including food, car, insurance, etc. San Jose is an expensive part of CA to live.

  • 5 years ago

    Even if your plans change, you are developing financial habits that would useful throughout your life. Saving is a good trait so you are prepared for any potential emergency or being laid off from work.

    The amount you have in mind at present of the living expenses in California would change in 4 years. Normally the economy would go up over a period of time. You would need to include this in your savings.

    I hope this has been of some benefit to you, good luck.

    "FIGHT ON"

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  • chris
    Lv 6
    5 years ago

    Planning ahead is always a good idea. It will keep you focused. do well in school and save all the momey you can. You will be great!

  • Judy
    Lv 7
    5 years ago

    never hurts to save.

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