Good point. I have only taken a car and a motorcycle loan and paid them off in the last 5 years. Zero credit cards or other credit. Cash and carry.I dont believe that credit should not be used at all... it should be used... but carefully and wisely!
I put 90% of my pay into savings now. Have been for a while now. It's money I have that I don't use, and don't really plan to use. It's the closest thing to savings I know. The 10% I use is for gas and vehicle insurance so I can get to work.The only advice i would suggest is to put at least 10% of your current paycheck in savings... more if you can do it. Thats what helped me put aside the money for a ring when I got married, money for the house etc! There will be some point where you'll need to dip savings... make sure you have some then...
Wow, that's messed up Parcho. I can't imagine having a heart attack at my age. I feel like most 21 year olds I guess. Totally indestructable, prime of my life, no illness, no disease, nothing can touch me. I guess in the back of my mind I know life sure does have a sick sense of humor sometimes though...Stay at home. It's natural to feel like you want to set out on your own, but do it when you need to. Especially if you have no problems living there currently and are hardly ever there besides to sleep.
Just keep this in mind, Sh*t happens. When I was 21, I had a heart attack out of the blue and set me back $44,000. No family history or drug use, I was in good physical shape too. Your 11,000 won't last you to many of life's "oh sh*t" moments that you will get.
Build that savings and never spend it all.
I agree with that... it definitely was not easy moving out.. and i learned a lot of things that I probably wouldnt have if I was staying at home... but I'm lucky that I came out ok.... If had gone broke and had to move out... then I would probably be sulking about the experience than thinking of it as a good thing...The life experience you AREN'T getting by living at home in the safety net ca't be expressed in dollars.
@Parcho: I'm not trying to politicalize at all, and also off topic, but I feel for you guys down there. Holy! A heart attack up here costs nothing, except the opportunity lost by being off for those weeks.When I was 21, I had a heart attack out of the blue and set me back $44,000.
OP, be a man and ignore the words in bold...So I may have missed if someone mentioned this, but I didn't see it so I will bring it up (be it the woman in me and all......)
The costs you have going on are all fine and dandy, however from the get go....unless the place you find is already furnished.....
Where will you sit to eat your breakfast/lunch/dinner? Everyone needs some kind of table and chair set up.
Couches and living room furniture are a good idea, even a small loveseat and a table.
I'm assuming you have bedroom furniture you'll be moving in with so you should be ok to sleep and have dressers and coat hangers in the least to deal with your clothing.
Vacuum cleaner, broom, something to clean the floors with - yes you will have to clean your place once in a while.
You will need basic start up things for the bathroom, towels, mats, soap holder/dispenser. Tubs never have big enough ledges to carry ALL your stuff, so you'll have to get a caddy to go over the shower head to hold shampoo, soap....Small appliances for the kitchen, unless you just microwave and stovetop everything. A toaster oven is a good investment.
Things like this drive your start up cost of moving out. Food for thought....I'd figure it would be something common sense, but even when I first moved out got overwhelmed at all the "extras" I need to have and didn't think about.