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Luna | How much should I save for an apartment? |
I'd like to move out of my parents house and move in a 1 bedroom apartment, but my mom says it cost so much so I'm really worried. How much do I need saved up? I have $5500 saved up, and I have a job that makes $12 an hr. I'm also saving up for college too... but I don't plan to start 'til end of this year or the summer. Give me helpful answers that you can provide >.< Thanks!
Additional Details
I'm sry I shouldv'e put this subject in the Renting section, forgive me! |
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casapulla2001
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Money goes (disappears) faster than many of these kids realize -- that are posting. $12hr x 20 = $240 per week if part-time (as a tax exempt student) assuming you'll work through college, you're pulling in between $800-$1000 per month. Don't be SCARED away from moving out on your own, and double-up with another girl if you can... surely, but stay away from living with men (another issue!!). Realtors can take a month's rent as their fee + there's usually a month kept aside, in case you wreck the place (which you get back, when you move on). So, the $5,000+ is a GOOD START. But... not only will you learn to realize that gas & silly coffee prices add-up (there's 0 reason to drink coffee, really)... but, that heating and A/C, an oven and electricity and phone costs and groceries can add another $200-250 per month. Soooooo... to stay afloat, you will need to work 20+ hrs a month, let others pay for things (don't be cavalier on dates, let boys pay and pay and pay - which they should, if they'll ever become MEN anyhow). And you'll be fine. |
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Mr. DC Economist
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As a person who just graduated from college, mooch. Mooch as long as possible. College is eeeeexpensive. You need to save up all the money you have believe me. |
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Navi
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I'd keep living at your parents for as long as they let you...college is so expensive, plus you might have to live in a dorm... so I'd lay off the apartment idea until you are done with college.. |
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purplepartygirrl
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Depends on many factors:
Where you live (city, and neighborhood...) climate/crime rate...?
Work: Full time or Part time?
Any additional income (parents)?
Then, basics:
Deposit
Application Fee
Administrative Fee
Rent
Water, sewage, trash
Electricity
Phone
Cable? Internet?
Groceries
Car payment? Gas?!? Maintenance
Fun?
Continue Savings Account?
Stay at home as long as you can! Better to finish out college at home, and fly away from the nest forever, than to come back with your tail between your legs!!!! |
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y2jasmine
 |
This totally depends on where you live. On average, you should save up 3 months the rental cost of the apartment (ex. $500 rent - $1500 to save up). Plus, you have to figure in the other costs which you should also save up 3 months worth AND the security deposit. Depending on where you live, you might have enough money already. BUT, don't plan on being able to afford to save for college and live on your own, especially if your job is only part-time. |
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fallenangel10269
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Been there, done that!! I moved out of my mom's house as soon as I graduated high school about a year and a half ago and guess where I'm at now... back where I started... living at home with my mom. I don't know your situation with your parents so I'm not going to tell you that you should suck it up and stay where your at.
So to answer your question about the costs of living on your own, it really depends on your location. The best thing to do would be to figure up an average monthly cost of what it would be for rent, utilities, transportation (including gas, insurance, and payment on a vehicle if necessary), food, and anything else you would NEED to buy like toiletries, cleaning items, etc. Then multiply that amount by 3. Oh and don't forget about the initial security deposit.
Like I said before, it's definately not easy living on your own. I also tried the whole college thing while I was on my own and couldn't go to school full time. Some people can and some can't. Don't forget college is very extremely expensive. Hope this helped! |
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vince
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This is what you should consider in saving up for your move.
Your auto insurance may either rise or fall depending on your location of residence and the distance from your work. So once you find a comfortable place you think you may move into, call your insurance company to get a quote. Don't forget you want to pay a deductible cash, so make note of that. If you get in an accident, you must pay this amount prior to your vehicle getting fixed. Most times people do not think about this. No car no work or you have to get a rental, which is more $$.Record the quote somewhere. It would also help to go a few dollars higher as well.
Another thing you should consider are the living expenses that you will incur living on your own. These expenses can consist of auto (gasoline),utilities (electricity,water,food,etc) and amenities, such as cable, cell phone, or internet. Record the total amount of expenses.
Last, take into account how much your tuition will be for the number of classes that you intend to take, including books,lab fees, parking permit,etc. You'll prabably have to estimate this one. Record your results.
Last, you will have to inquire what the amount will be for your security deposit,rent and start up for your utilities.Record this amount.
Now take everything except for your tuition enrollemt and school fees (unless you plan to continue into the next semester) and multiply it X3 (or six). This by itself should definately cover your deductible on your vehicle, unless everything that can possibly go wrong for you does within the same month.You also want to add a personal savings account solely for your own personal interests, such as shopping or traveling. I personally have 4Xmonthly expenses in my checkin account. Once my checking drops to that amount I consider myself broke. My savings account are "fun" funds that I plan to use either for a tech toy,travel, or something for the house. Goodluck in your endeavors. |
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TEE
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Stay at your parents' house because college is very expensive, that 5500 that you have saved up is probably just enough for 1 year tuition and that is for a community college, don't rush things! |
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Jetgirly
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I pay $700 per month for a studio apartment including heat and hot water. I pay $90 a month for (local) phone, internet and (basic) cable TV. I spend about $150 per month on groceries for myself. I pay $65 per month on a bus pass. Incidentals like laundry (we have coin-operated machines), cleaning supplies, random household stuff, etc. cost about $50 per month. That doesn't include any entertainment or fun stuff.
So all in all I pay about $1000 per month for the necessities.
Keep in mind that you'll need to put down a half month's rent as the damage deposit. With that considered, you currently have enough money to live on your own for three months in my lifestyle (assuming you don't do any fun stuff and don't drink any alcohol). If you were working full-time you would be able to save about $600 per month which you could apply towards university. However, remember that during university you won't be able to work full-time.
I pay $6000 per year in tuition. The four years of university cost $24,000. Ignoring the summer months, there are thirty-two months of classes needed to get a four-year degree, and the cost of living is about $32,000. Assuming that you don't work during university, you would need to save $56000 in order to pay for university. With savings of $600 per month, it would take you 93 months (or about seven and a half years) to save up enough money to pay for university.
Now, that number is a little high because you can always work during the four months off each summer. However, when you're working full-time at $12 per hour you still only save $600 per month, meaning that in the three summers during university you could save $7200. With that in mind, you'd really only have save $600 per month for SIX years in order to pay for school.
My advice?
Work part-time during university, find a higher paying job and consider getting a student loan. If you do plan to move out, sharing an apartment will really cut down on costs. |
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thinkaboutit
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Start by answering ads looking for a roommate. Check out several places where you want to live. This will give you an idea of the the locations, cost per person for rent,security deposits, utilities, etc. You will find it is cheaper to share a place. Think about renter's insurance. |
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Mrs Robinson
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First of all, where do you live? Due to the cost of living, it matters what city you live in.
But, if I were you, I would STAY at my parents house for as long as I can! Sure, it's cool to live on your own, but you can save more $$$ if you stay with them. Just don't live with them too long. You need to start a family of your own sometime. |
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Poch
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There are some brilliant answers here and some great advice. But what I haven't seen is what about the costing of setting up your apartment (once you get it), apart from your on-going costs? Dont forget you need a fridge, table, chairs, couch, washing machine (and they are just the BIG things). Then you have your pots and pans, and your utensils, bowls, platters, grater, tablecloths (or placemats), tea towels, towels, a bed, linen for the bed, glasses, ice cube trays, bucket, bins, coffee table, side tables, entertainment unit, bar stools, mugs, cake tins, kettle, toaster, blender, food processor, the list is never ending. I am not trying to scare you, but I have just gotten a place, and you know what, you dont realise what everyday mundane things you use, until its gone. For instance, I wanted to make freshly squeezed orange juice. Do you think I had a citrus juicer???? No! Its cost me over $10K to get everything. Just to set up. Obviously though, you dont have to get brand new stuff. and the costing will drop drastically. If you can stay with your folks a little longer than do so, if you cant, look into sharing with a friend, or even just boarding a room. Good luck with Everything :) |
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Snowflake
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You should check how much it costs to rent a place in your area. Go to craigslist.org and see what's available. That'll give you some idea. In my area the answer would be "forget it" - it costs $1200 for one bedroom plus $100 utilities. I spend like $500 on groceries. With $12 per hour assuming you work full time (which you probably don't) you make $1400 a month (munis taxes). You do the math: 1200 +100 + 500 = 1800. That means $400 out of your savings every month. Your savings will melt completely in 5500 / 400 = 13 months if you were to rent in my area. So if you lived here, the answer would be forget it. Do the math for your area.
It is advised not to spend more than 1/3 of your income on your housing. In my state they won't lease to people who don't have income that's 3 times their rent. If you want to move out - I'd say, find a room for $500. If your income is $1400 then 1400 / 3 = 466 This amount will be comfortable to spend. Your savings won't get you very far as far as the apartment renting, so better save them. |
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princezzmichy
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Depends where u live for example my 1 bedroom apt in miami is 1250/month and about 130/month electricity and 30/month cable and 200/month groceries 200/saving/month and then gas,school,credit cards(if any), and going out somewhere even if i go out once a week i spend about 100 - depending where u go. so according to ur check, lifestyle, and where u live...i wish i can go back to my moms |
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happy
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It really depends on where you live as to how much you can expect to pay every month. Generally, you have to pay a security deposit along with your first months rent. Some companies, telephone, gas, electric, etc. also require deposits. If I were you, I'd stay with your parents as long as they will have you. If you move out on your own, you will likely spend the 5500.00 and have a really difficult time paying your tuition. College is so important. It will make your $12.00 an hour look like pennies!! :) |
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king_norb
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I'd suggest you look at www.daveramsey.com and read some of the budgeting advice he has. I'd definitely have what he calls an, "emergency fund". I wouldn't have your rent be more than 25-35% of your monthly income. If you can hang with the "folks" a little longer it would help your goal of saving for college. If you gotta get out on your own....then go cheap, simple and close to where you need to be for work, school, church etc. I would caution you against, splitting the rent with a friend and sharing a place. That's a great way to ruin a friendship and usually get burned for part of the utilities, rent, and definitely the food! |
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Kari
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depending on how much the rent is remember to save enough for first and last months rent. then have enough saved up for house hold items such as plate,utensils,blinds and such. then have enough to have food for when u move in. then have some money saved for maybe phone,internet, stuff like that. and u should save emergency money too. and if u wanna go to college at the summertime. save enough for the course u want. 5500 is a start, thats enough to have all ur apartment needs and to survive, but u may ne to start all over again for the college save up. hope this helps. |
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Whatabout
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Number one it all depends on the geographical area you live in as whether you have enough funds to move. Do you plan on going to school f/t or p/t? Are you working f/t or p/t? You need to write down all your expenses, leisure, etc. You seem to be very ambitious but carefully planning needs to be involved so you can have your cake and ice cream also. Have you considered having a roommate to split the cost because you have to pay utilities, cable, etc. I don't think you make enough money to have an apartment and go to school also. |
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Nikki
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Maybe a couple thousand because first you have to rent or buy the apartment and then you still need to buy groceries and other necessities. |
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Angelina
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Here's a few things to think about when you're debating getting your own apartment. You need to look at the average cost of rent in your area - with the average cost of utilities such as gas, water, sewage, electric - if you have to pay to have your trash picked up. If you're going to have things such as a home phone, cable, or the internet - check into a few providers and figure out an average cost for that as well. If you have a cell phone, a car payment, car insurance, health insurance, or any other bills you pay on a montly basis figure that in as well. You may need more saved up if the prospective landlords you are looking at require a security deposit. Then you need to account for food and any incidentals - like what happens if your car breaks down, or if you have to provide your own appliances and one breaks - what will that cost you? Will you have your own clothes washer and dryer - or maybe use your parents? If not you'll have to figure in laundromat expenses. The best way for you to start looking for an apartment is to first figure out if it's a feasible idea financially - if it is you then need to sit down and make a budget and figure out what you can afford - it may also be an idea to maybe find a roommate or 2 to help deter cost a little. Good luck! |
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hthr_1974
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It just depends on where you live. If your in my part of the country that would be sufficient, but you can rent a 1 bedroom apartment here for 250 a month. If you want to live in new york though you'll need much more than what you have. Have you considered finding roommates?? That's a great solution for a first apartment. Then you can afford something a little nicer too. |
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Lucy_Goosy
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You should research apartments in your town, you can go to www.apartmentguide.com or www.forrent.com to search apartments in your area. The nicer places are more expensive, but you have alot saved up with will cover the deposit, and the application fees. You also may need to pay a deposit for your electric and utilities. I moved with $2000 and i make $13 an hour. Although I'm in a stretch for money right now, I think its worth it because you're making it on your own. Granted, your parents will always have an opinion, but you don't have to take their advice.
Trust me, you have more than enough saved...if I can move out with $2000, so can you. Just do alot of research first.
as for college, apply for scholarships go to www.fastweb.com to apply for scholarships. YOu can get scholarships and not spend a dime what you saved!
Good luck with the move! Its fun to live on your own!
EDIT: also think about other costs...like car, insurance, telephone, internet...it all can add up..you don't need all those anemeties, like digital cable..you're never home, and it's not worth paying for it if you're never home...see what I'm saying? If you know how to budget, put that to use...you can't buy a $200 pair of high heels and not pay your electric... |
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TERRI
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best advice get a friend and get a place together it cuts everything in half . Or look on Craigslist for a roomie
goodluck |
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dancingdilemma
 |
You need to provide more information. What kind of work do you do? There are a lot of jobs out there that would provide you with more money, like bartending, serving, etc. Those jobs usually provide more money, less hours-so you could do that on the side. Are you eligible for financial aid? I think that $5500 is ample money to start out. But there are so many other factors to consider. Be careful if looking for a roommate-very careful. Be wary of landlords too. |
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sherijgriggs
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Actually, if you have a Mom and/or Dad that want you to stay home? Stay home. There isn't really anything that important for you to leave for unless it is wild sex and drugs and loud rock and roll. If I had known then what I know now? I would have stayed home with my parents because it keeps you closer and is a lot easier on your wallet. 12.00 per hour is not bad money but to put it to you truthfully, one bad incident and your money gets drained pretty fast. If you are lucky enough to have parents that still want your sweet self around, take advantage of that savings. Take advantage of the short time you will have with them. Take the time to have hot chocolate with Mom and go fishing with Dad. Take the time to let them know that you aren't trying to escape them but that you want as much time as you can get with them before they go. Later on, you will be interested in family genealogy. Ask as many questions as you can and be friends with your parents. If you want to be able to invite friends/partners over, just let the peeps know that you have needs and not to worry. I had the strictest parents around and they came around when they thought I was going to move out. They saw it my way! LOL!
You have plenty of money to move in an apartment. You usually need three times the rent which will include first, last and security deposit. Then you will need to have the monies for electric, gas, water if applicable and all the other things you are going to need when moving away from home. All the little things you never gave much thought to before, like a dish drainer, silverware, cleaning supplies, bed covers, pillows, trash cans, broom and mops, television, etc...Know what I mean? You have enough money to move, just be frugal with everything else until you are settled in and make sure your car is registered and insured and you should be okay. Good luck on your journey into self sufficiency!!!!! But don't forget how much your parents don't want you to leave because believe it or not, they know what ups and downs you are in for. Good luck. |
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wm43552000
 |
Rule of thumb is to have at least 3 months to cover your bills.
In your case, since you are planning to go to college.
The best things is to stay at home with your family.
I know every person in this world want to live on their own, but those time will come at no time at all.
By then, you wish you don't have those responsibility and debt free.
Once you move out, you won't have a chance to save any money at all.
It is very expensive to be on your own.
You will need it more when you go to college for things that you need.
You might not be able to work as much as you want to because of your home works.
Think hard before you make that move.
Freedom is good, think about all the home cook meal you will be missing. Yummies.
Hope it help and good luck with your decision. |
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xxon_23
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If I were you, I'd rather use the $5500 on my college education than on housing.
Live with your parents until you can get a dorm room (which is way cheaper than apartments) or if you still insist on renting a 1 bedroom apartment, pull in your best mate.
And do your research on how much the apartment is going to cost you, how much deposit must you place etc.
Best wishes! |
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southerncharm
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it depends on where u want to move aleast 2000 |
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Sugarshots
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I had a couple thousand left over after I moved out and paid for everything. One car accident, on top of having to move out when the apartment I first got into was robbed and I am living paycheck to paycheck.
Not only was the car wrecked (I was a passenger) but I had no insurance because I was only registered as part-time and needed to be full-time student to receive insurance.
College is far, far away now and I cannot replace my car and so rely on rides. I went from independence to nearly crippled with injury and bills. (3, 600+ for just the hospital bill)
Mooch as long as you can. Especially if, like me you are uninsured. You may be stressed or just want freedom to do as you please, but an accident or loss of time at work, and you are going right back to your parents house or worse, on some kind of government support.
I was in foster care and can't go back to where i used to live, so I am looking into support just to survive. So far I have just gone without rather than ask for a 'handout' but its getting to the point of sheer unrelenting depression at not being able to just buy groceries without panicking about the rent. Not to mention my education has stalled out. While this is a very doom-and-gloom case, its not like it couldn't happen to anyone who is out on their own without a support network. So don't be overly paranoid, but have a backup plan, like being able to move back in if things go wrong, or get roomates to help spread the burden. Get it in writing though, ask a renting specialist about it, otherwise they can cut and run and if your name is on the lease, your cooked. |
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princess-destiny
|
well first off you should make sure it is worth it. you might end up needing extra money for school or you might decide you need a car to get around. so you really got to weigh the situation and make it's a good choice to move out on your own right now. and as for an answer to your question. I'll just start by telling you what i pay on average for a two bedroom apt. in a small town.
rent: 645
hydro: 50-100 (depending on weather)
phone and Internet: 80 min (long distance more)
food: 250 min
and that's just some of your basic stuff and it's already a minimum of 1025 a month. then there is also cloths, cloths, cleaning supplies, transportation, entertainment (ie. eating out, movies, games....) and then other hidden costs as well
trust me if i could have. i would have lived at home much longer, (i moved out when i was 18) and it was rough for the first year or so and the only way i managed to do it was that my friends and my boyfriend didn't mind me mooching off of them.
so if you have to save up as much as possible then move, but if you can stay at home and save more money for school and live at home when you go to collage because it is so much easier. then find a roommate and move. so yeah.... good luck! :) |
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Christine
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There are a lot of great points here! I bookmarked this so I can go over it when I begin looking for a place.
Right now, the main advice I can give you is look into financial aid for school. I took a year off after high school and I was uninsured and incurred some medical bills. Neither of my parents were working at the time. If it weren't for financial aid, I wouldn't be in school. With financial aid, I go to school for free because my dad was unemployed for a few years. If your parents make enough money, you might not be as "lucky" to get as much money with grants/scholarships, etc, but definitely try.
Also, if you're enrolled in school full time, they offer health insurance. I go to a state school in Massachusetts and I am insured through school (just basic stuff . .not dental/eye). I don't know if you're insured? It was just a note if you're not.
My other advice is definitely move in with friends. So many people have said it and it makes all of the difference. If you guys can work together when it comes to splitting the cost of toilet paper, dish soap, etc (little stuff you need), it will help a lot.
Print out or write down what everyone else has said here!! It's all such good advice. Also, it might help your mom realize that you're really thinking this through and getting prepared. Goodluck!! |
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