How much money should I save up before moving out of my parent's house?
I am in my early 20s and I have $0 in my bank account but planning on getting a job soon to fix that. How much money should I save up before moving out that is a reasonable amount?
- A.J.Lv 78 months agoFavorite Answer
Enough for the move itself, a startup of a new residence, and continued income without using your savings after settled in.
You also need to have proven income level, credit rating, and acceptable background check good enough to meet or exceed the requirements of where you are planning to move into.
You will need to know how to budget money and estimate all expenses.
There is a huge difference from living on a friend's sofa to having your own apartment or owning a home.
To share a place, you need to find someone you can trust about many things including the financials of a lease and household expenses. There are often huge issues in finding a place.
To get your credit rating up, you need to be able to get your own credit card, and that can be a problem, or if a parent has an account in good standing that they use, get added as an authorized user even if never using it.
Generally, gross income needs to be at least 3X rent and sometimes higher to get your own apartment.
Suppose renting an apartment is $600 per month. That is usually low.
You need to gross no less than $1800 a month, $21,600 per year, $10.80 an hour full time 40 hours with a few months proof. There are exceptions such as having your parents co-sign, or renting a room that they are not as particular. In an apartment rental, it is often a one year lease and you will be responsible for the full year's rent.
Move in list: $50 application fee is common, $600 security deposit, $600 first month rent, may have $250 utilities deposit and fees, often $300 minimum moving cost, $500 in initial minimal furnishing, $200 in initial cleaning and kitchen and grocery supplies. These numbers vary a lot, and I show $2500. You don't want to empty your account, or be surprised, so $3000 in this.
Consider transportation to and from a job, food, clothing, shelter, medical, maintenance, personal supplies, entertainment, utilities.
You may own a car and residence change affecting insurance.
When you move into an apartment, pots and pans, dishes, a bed, television, seating, and even toilet paper and toothpaste. Maybe you'll want an electric steamer for cooking or a crock pot. What about storing leftovers? Even if an apartment has a dishwasher, it uses detergent. Laundry?
The keys here are income, credit rating, investigating options of places to live, learning to budget, understanding how much is involved. For example, somebody has to clean the toilet. And there are cleaning supplies to do it.
When you live in your parents home, you often don't realize expenses and labor involved.
If you cannot meet your expenses without dipping into savings, eventually you have to move back to your parents, and may have lease breaking issues. Income level is more critical a set amount of money.
Here in Las Vegas, I can rent a furnished weekly for $250 a week, minimum requirements. They can legally lock you out if an hour late on rent due.
- SumDudeLv 78 months ago
Easy guess: $5,000 (first, last, deposit, household furniture, goods, and food; renters insurance, utility deposits and bills. Hint: Make nice with your parents and stay home as long as possible to bank as much money as possible.
- 8 months ago
This depends on your life style. Most rental places want your income to be 2x-3x the rent. So, you cannot budget for the apartment until you have a job and have decided if you will live alone or not.
However, you will be able to find out the range for your monthly expenses and decide what to keep and what to cut in about 2 hours. I say 2 hours because you will need to have a conversation with your parents about this.
You need to ask them/look up information on average rent and deposit for an apartment in your town/city (parts of your city if you live in a huge city), average electric, water, gas, trash and sewage bill. Find out if places in your area require rental insurance. Make a required bills list for people living on their own and with others.
Talk with your parents to find out every part of your daily living they pay for that they will not pay for/let you take with you/allow you to use when you move out. Examples: Doing your laundry at their house, help with transportation costs, taking eating utensils and cookware, furnishings and use of their streaming sites. Make a list of everything you use now and a list of everything you would like to furnish your apartment with.
Add the total cost of your wants list to your required bills list. Multiply these amounts anywhere from 3-6 times.
- JudyLv 78 months ago
,Three times what your rent will be plus about $3000, and have a job making 3X the rent.
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- MichaelLv 78 months ago
First you need a job so that you know what your income will be.
Then you need a budget so that you have an idea as to what your expenses will be. Add up the expenses in your budget that you don't have to pay while living at home (rent, utilities, food, whatever else). This is the value of your "parental support".
While still living at home, practice living on your budget. Every month you should be able to put the value of your parental support into savings.
If after three months of practice you have been able to live on that budget then you are ready to move out. You will also have a nice savings built up of at least 3 months of parental support money that you can now use for apartment deposits and all the other household items that people moving out for the first time need.
If after three months of practice you don't have 3 months of parental support money in savings, then that means that your budget isn't realistic and needs to be rethought. Learning that your budget isn't realistic is something that you would much rather learn while still living at home as opposed to sometime after signing a lease.
- JohnLv 78 months ago
Finding a job that can support you would be your first priority.
- Anonymous8 months ago
You need good credit too.
- Anonymous8 months ago
- BlessedLv 78 months ago
first and last months rent. utilities turned on deposit. food and furniture purchases. transportation to and from work. I would guess about 6 thousand