Should I Move out?

[MC#4]

Okay, this is a bit odd, asking relative strangers about a pretty personal topic but there are a lot of really cool people in this forum with great advice and insight, so here goes.

I'm 21 years old and I live with my parents, gasp I said it! My parents and other family members don't think this is a big deal and literally everyone I talk to says I'm nuts for even thinking of moving out. I've got it made yada yada yada. My parents and I get along great, in fact I couldn't tell you the last time we even really argued. I wanted to move out last year but figured I'd save up some cash, and ride it out a bit longer. I got another job 6 weeks ago, and I'm working 1st shift m-f and 3rd shift 3-4 nights a week with a weekly changing schedule. I'm hardly ever home and when I am I'm usually asleep. I really wanna move out but I feel like I'd have to work all the time to pay the bills. I feel like I don't have enough now, and I know rent and all the crap that goes with it will eat up all my precious $$$.

Compared to some of my friends and coworkers I guess I'm doing pretty good. I have my bike (paid off) My truck (paid off) soon will have my car on the road (paid off) and about 11k between checking acct. and cash. i have no debt now (or ever) I've never taken out a loan. I paid everything w/cash. I have minimal credit ( not bad credit just no history. )

I guess I'm not really looking for advice, but I'm curious what other people's situation's were like when they decided to cut the cord.

Keep in mind that even though I have 2 jobs, I don't make jack. I'm pulling in around $300-$400 a week total. Housing is fairly cheap around here, I could get a small 1 bedroom apt. for $350 a month. Thanks for reading!

 

[Harda toenail]

If you are going to move out, don't waste your money on an apartment. That is money down the drain with no ownership. Get rid of some monthly bills (if you have any, like get a pre-paid phone) and save up to put a down payment on a small house. That way, when you get married/ kid shows up, you can sell and get that money back. Many people don't have this option but you do. I see no reason to move out of your parents at the moment. There is a lot of upkeep living on your own and you aren't home much so I don't think its for you

 

[iSpoolin]

IMO, and i'm not trying to be rude so sorry if I come off that way, but if your only bringing in 400$ a week thats nowhere near enough to be able to live on your own. Set back and reflect on EVERYTHING you have to pay monthly.

Such as: Power, Phone, Rent, Groceries, Gas, etc etc

Now i'm 20, and I do live on my own, and im not bragging here. I did realize though that living on your own is a MAJOR difference from what you think.

When I moved out I just thought about Rent, Power, TV, Internet and that was all I accounted for. However theres a lot of bills you take for granted and don't really think about.

I accounted for about 1200$ in bills when I moved in, now I have about 2700$ worth a month.

I was pretty much in the same boat as you, i'm 20, cars paid off, bikes are paid off (until I bought the Daytona anywho) I had no bills other then Insurance and cell phone. So I decided to move out.

My monthly salary is between 3000-4000$ on average.

my bills are
Rent 660$
Power 30-50$
Phone 100$
Insurance 200$
Bike payment 300$
Internet/TV - 90$
Fiancees Car - 400$
Fiancees Insurance - 400$
Gas - 200$
Groceries - 300$

and a few small stuff here and there, eating out, movies, etc etc but I still generally have about 1000$ left.

IMO nobody should move out on their own until they have a job that they make enough money doing to where they have at LEAST 500$ a month left over to put back into savings for emergencies.

In your boat i'd stay where I was at to be honest.

If you are going to move out, don't waste your money on an apartment. That is money down the drain with no ownership. Get rid of some monthly bills (if you have any, like get a pre-paid phone) and save up to put a down payment on a small house. That way, when you get married/ kid shows up, you can sell and get that money back. Many people don't have this option but you do. I see no reason to move out of your parents at the moment. There is a lot of upkeep living on your own and you aren't home much so I don't think its for you

Thing with that is that he has no credit, he'd have to save up in full to buy a house almost. I make 4000$ a month, had a 20,000 dollar down payment and STILL couldn't buy a house because I had no credit history.

 

[kevin8198]

Keep suckin on that teet, oh and build up some credit for crying out loud. Get a couple credit cards and don't abuse them. Buy a couple thing here or there and make sure you pay then off. You will want good credit in the future and not no/bad credit. Don't EVER miss a payment!!

 

[Spitfire]

When I moved out, I was 22 and moved in with a friend from work in an apartment. 2 BR 2 Bath, it was nice... Once the lease was up, I moved back in with the rents, broke... It hits you hard... I was making decent money, 2 jobs, 1 under the table... Probably pulled in $600/wk...
So when I moved back in with the rents I decided to do school and work, got some out of the way, about a years worth, then got married yada yada... I'm 26 now, I'm the only income, married, and we're making it just fine but I'm still in school.
In my opinion, stay with your rents, get school out of the way (if thats in your plans), and stay till you either 1, find you're significant other or 2, start your career.

 

[Marthy]

Look at it this way. If you get along so well with your parents... stick to this deal for as long as you can... or until you meet someone and move in with her. Buying a house is great, with the economy these days there's some good deal out there. Let's do some math's here...

On a let's say... $1000.00 mortgage payment a month, in the first few years roughly $180.00 or so will go on principal and the rest it interest. Yep, feeding the pig! So for every $1000.00 dollars more cash down you put on a house you pretty much wack 1 year of payment! Well not exactly but you're getting the whole idea here...

In other words, stay with Mom and Dad and pile some $$$! Don't stay there pass 30. Chick don't dig that. Unless you're parent are old and you can claim that you are taking care of them...

Might not be a perfect deal, but it's not any better if you go on to live on your own but can't afford to do anything. Take iSooling numbers up there in consideration. Actually use that as a budget practice. Open a saving and put that money aside every month for few years... It will be good practice.

 

[MC#4]

If you are going to move out, don't waste your money on an apartment. That is money down the drain with no ownership. Get rid of some monthly bills (if you have any, like get a pre-paid phone) and save up to put a down payment on a small house. That way, when you get married/ kid shows up, you can sell and get that money back. Many people don't have this option but you do. I see no reason to move out of your parents at the moment. There is a lot of upkeep living on your own and you aren't home much so I don't think its for you

Well, I found out last year that getting credit it a huge PITA! I got turned down my first couple tries and I ended up getting a secured card. I send them a check for x amount and they hold it in case I default. x is my credit limit. I got the card 9 months ago and pay it in full every month. I use it for gas and once in a while ebay buys. Usually $100 a month. I just got turned down for another credit card even though It said I was PRE-APPROVED! I really don't see any bank lending me money for a house and that sucks, because that would definately be the way to go. I have almost zero monthly bills. I pay $80 a YEAR for my cell phone which is really just for emergencies. I carry minimum ins. on the bike for $125 a year. I spend very little "fun money" I buy a new video game every other month or so, that's it. If I ain't working, I'm sleeping for the most part.

 

[MC#4]

IMO, and i'm not trying to be rude so sorry if I come off that way, but if your only bringing in 400$ a week thats nowhere near enough to be able to live on your own. Set back and reflect on EVERYTHING you have to pay monthly.

Such as: Power, Phone, Rent, Groceries, Gas, etc etc

Now i'm 20, and I do live on my own, and im not bragging here. I did realize though that living on your own is a MAJOR difference from what you think.

When I moved out I just thought about Rent, Power, TV, Internet and that was all I accounted for. However theres a lot of bills you take for granted and don't really think about.

I accounted for about 1200$ in bills when I moved in, now I have about 2700$ worth a month.

I was pretty much in the same boat as you, i'm 20, cars paid off, bikes are paid off (until I bought the Daytona anywho) I had no bills other then Insurance and cell phone. So I decided to move out.

My monthly salary is between 3000-4000$ on average.

my bills are
Rent 660$
Power 30-50$
Phone 100$
Insurance 200$
Bike payment 300$
Internet/TV - 90$
Fiancees Car - 400$
Fiancees Insurance - 400$
Gas - 200$
Groceries - 300$

and a few small stuff here and there, eating out, movies, etc etc but I still generally have about 1000$ left.

IMO nobody should move out on their own until they have a job that they make enough money doing to where they have at LEAST 500$ a month left over to put back into savings for emergencies.

In your boat i'd stay where I was at to be honest.

I apprectiate the honesty, I don't take any offense to what your saying. This is why I asked for insight. Here are some rough numbers I've come up with

rent: $350
power: $50?
phone: I hate phones. My cell is about $7 a month.
ins. for vehicles $100
internet: $50
Gas $100
groceries $200
Tv: hate it $0

That's $857 a month plus as a wise man once said. add $200 to whatever you think it will cost a month and use that.

Sittin pretty at $1050 a month. Yeah I hate lookin at that number.

I'd love to have $500 extra every month for savings and emergencies but I'm plannin on keeping the nestegg I have now for that, and paying bills with what I make, if that makes sense.

If you see holes in my logic let me know.

 

[ksanbon]

That's $857 a month plus as a wise man once said. add $200 to whatever you think it will cost a month and use that.

Sittin pretty at $1050 a month. Yeah I hate lookin at that number.

I'd love to have $500 extra every month for savings and emergencies but I'm plannin on keeping the nestegg I have now for that, and paying bills with what I make, if that makes sense.

Those numbers sound pretty tight to me. The $500/month extra might be more important than you think.....
1. Health insurance: even if you employer provides it, you still have co-pays & deductibles to meet (please don't assume that nothing will ever happen to you!).
2. What are you spending for going out to have fun?
3. Prepare for the unexpected expenses like vehicle breakdowns & replacing tires.

Stuff happens. I think you should keep banking your money for the future.

BTW, if you want to establish a credit history, my understanding is that it's best to NOT pay off the balance every month because lenders want to see you make consistent payments on a borrowed amount over a period of time, ususlly a year.

 

[Marthy]

I apprectiate the honesty, I don't take any offense to what your saying. This is why I asked for insight. Here are some rough numbers I've come up with

rent: $350
power: $50?
phone: I hate phones. My cell is about $7 a month.
ins. for vehicles $100
internet: $50
Gas $100
groceries $200
Tv: hate it $0

That's $857 a month plus as a wise man once said. add $200 to whatever you think it will cost a month and use that.

Sittin pretty at $1050 a month. Yeah I hate lookin at that number.

I'd love to have $500 extra every month for savings and emergencies but I'm plannin on keeping the nestegg I have now for that, and paying bills with what I make, if that makes sense.

If you see holes in my logic let me know.

All you're payment put together should be under 35-40% of your monthly gross income

 

[redprodigy35]

I moved out @ 21 myself. 25 now.

All I can say is that you should stay with the rents and really appreciate that you have that option while you have it-- as long as you aren't or at least feel like your NOT imposing. That call is on you.
I had no reason to leave really, just wanted to GET OUTTA THERE (although my rents were mad cool).
Yeah I had some wild parties @ the time, could smoke in the living room, etc.-- But I feel like I rushed out just to pay my own bills.

And one thing I tell people moving out of their parents house which Spitfire touched on... There will be many expenses that you had never accounted for.
It's the RANDOM stuff that gets you.

Random Examples:
1.) Cleaning supplies for new place.
2.) Filling up your fridge (nicely and properly).
3.) Electricity bills during summer for AC.
4.) Parking?
5. ** SOME TYPE OF SOCIAL LIFE** Surprisingly people forget this one. When you make all your projections, leave room for living. Having a brew. Going out to dinner. Presents for family. Updating your wardrobe. And much, much, more! (LoL!)
6.) Smoke cigarettes? If yes then factor that in somehow as well.

What IS really good is that you have a solid chunk 'o cash in the checking account. But I wouldn't think of that as $$ to spend.

What I have done and suggest you do is to consider that money for emergencies. What if god forbid you lost your job, got injured, etc? In this day and age of mass layoffs, and unstable markets you must factor in the price of living for 6 mo. unemployed. You may say 6 mo. is a long time and it is, but that is the reality many Americans are facing today. You wanna be able to touch that chunk, get back on your feet, and still have some on the side.

Looking back, I would also take iSpoolin's advice-- Get your studies done if you have something planned in that regard before you step out. I was able to go to school and work and pay for my own place, but it would have been a tad bit easier if I was able to solely concentrate on studying.

Just my thoughts.
Good luck with whatever you may decide.

 

[MC#4]

Those numbers sound pretty tight to me. The $500/month extra might be more important than you think.....
1. Health insurance: even if you employer provides it, you still have co-pays & deductibles to meet (please don't assume that nothing will ever happen to you!).
2. What are you spending for going out to have fun?
3. Prepare for the unexpected expenses like vehicle breakdowns & replacing tires.

Stuff happens. I think you should keep banking your money for the future.

BTW, if you want to establish a credit history, my understanding is that it's best to NOT pay off the balance every month because lenders want to see you make consistent payments on a borrowed amount over a period of time, ususlly a year.

1. Yeah, I'm not real keen on insurance. I'm on my parents plan till I'm 26. If I move out I'm pretty sure that's gone and I got nothin.
2. Fun, I don't get it? Seriously, I don't spend money on much of anything. I never go out, and I rarely buy things I don't need. My idea of fun is riding my bike to work!
3. I got vehicle breakdowns pretty well covered. I'm part owner of a full service garage with my dad. Parts at cost and labor is free! Well I have to do the work.

I've heard both sides of the building credit story, some say pay in full every month and some say keep a small balance. No one seems to know for sure.

 

[MC#4]

All you're payment put together should be under 35-40% of your monthly gross income

In a perfect world marthy.....

I'm only at 88% with my numbers

 

[Spunky99]

The economy is getting really bad now and it's going to get a lot worse.

Don't believe the unemployment figures the Feds publish. Double them and you have the real average. It is 4 times what they say for black kids and that suks.
Unemployment is 3 to 4 times their published number in the cities.
I am starting to see roving groups of hungry homeless looking for easy pickings round here. They come from the poor area into the better area to see what they can take from open garages. I added a second garage door lock a month ago.

You have a job and a cheap place to stay. Good for you!
Don't lose either one of them.

The economy is getting worse, not better. CA just decided to tax every internet purchase no matter what state or country the product comes from. Every government (City/State/County/Fed) is looking for new tax revenues as they refuse to downsize or reduce entitlements.
Amazon just cancelled contracts with all vendors within CA as they refuse to be the tax collector and be financially responsible for the unconstitutional tax imposed by Gov Moonbeam.

Wait it out with your parents and see what happens. You may end up having to pay your parents mortgage if your Dad gets laid off or loses his business.

 

[MC#4]

Wait it out with your parents and see what happens.

The story of my life. 21 years seems like a long time to wait for anything. Maybe one more year wouldn't be so bad though. If I can hold out till next spring, I'll be sittin around 20k and hopefully be raking in a bit more $$$ by then.

 

[Dunkirk]

Hi MC. Some random thoughts.
1. You and I must live in different worlds. $350 for rent? I think I'd rather be safe at home, than to live in a place that only charges $350.
2. I moved out at 26, but I was making good money by then.
3. For myself, moving out was a great life experience in itself ... are you moving down the street from mom, or some place farther away?
4. I'm not gonna tell you my family's monthly expenses. You'd laugh.
5. If your girlfriend refuses to rock at your parent's house, I can see you wanting to move out
6. At 21 I wouldn't buy. Current American housing prices, maybe I would. You know, can go both ways here. Get the parents to co-sign if you wanna buy.

 

[ChUcK]

Tv: hate it $0

I don't know you at all, but I think we could get along just fine, with that little factoid.


I'd have to agree with the folks who say "stay with the 'rents and avoid the rents." If you are a pleasure for them to keep around, I see no problem with that.

Don't let Hollywood tell you you're a loser for living with your parents beyond age 18. That's BS.

 

[MC#4]

well dunkirk, We kinda are in different parts of the world.

1. $350 will get me a small, 1 bedroom efficiency apartment, wih off street parking in a low crime small town. I wouldn't be afraid to leave my door unlocked around here for the most part.
2. There's no way I wanna wait till 26. I wanted out at 15 but decided against it.
3.I'll be close to home, I'd like to stay in a 10 mile radius so I don't have to commute and what now.
4. I don't know why I'd laugh? unless it is even remotely funny, i may chuckle
5. I don't even have a girlfriend. Never had anything even remotely serious. I wouldn't wanna go out with a girl who is 21 and lives w/parents and I assume the feeling is fairly mutual.
6. I'd like to buy but There is no way my parents would co sign, and I would never expect them to.

 

[MC#4]

Don't let Hollywood tell you you're a loser for living with your parents beyond age 18. That's BS.

Straight up, I've always felt like a failure by living with em after 18. I truly am embarrassed to tell people that I still do. ( not so much on the internet I guess ). Everyone In my extended family moved out as a teenager. My sister moved out at 17, and she screwed her life up so much and I don't want to end up like her. My parents realize this I suppose and actively encourage me to stay.

 

[Spunky99]

Here where I live, a 1 bedroom efficiency apartment, with off street parking in a low crime area will cost you minimum $1200.00 a month. You can do a bachelor apartment for $900.00. Your bike will be effed eventually by the kids unless you have secured parking.

well dunkirk, We kinda are in different parts of the world.

1. $350 will get me a small, 1 bedroom efficiency apartment, with off street parking in a low crime small town. I wouldn't be afraid to leave my door unlocked around here for the most part.