Moving out, Being Independent...?

Question

I am getting to a point in my life where I want to smell the scent of freedom. I live at home. Im trying to repay some debts. Im not being forced to leave but I feel so out of place at home. I despise the lack of privacy I have and I feel like I don't get any respect for staying at home. Really my plans were to stay at home until 24 or so (im 20) to prepare and to go to school. My folks seem to be okay with me staying at home for a while.

Getting to the point...

Should I wait or Should I move out?

Id love to be on my own. I feel like I would be so much happier.

Also, If i decide to move out soon, what sort of things should I do to prepare? Starting money? Furniture? Transportation? What are your average costs for living? (In an appartments pls) What sort of things should I consider besides the practicallity of this descision?

Answer 1

This is a great goal. However, living at home does offer some perks as well. It will be far easier for you to save money for your education, and retain some money for having fun if you continue residing with your parents. That being said, reconsider your reasons for moving out. Is there some way that you and your parents can reach a compromise on these issues? Although they may not always want to acknowledge, your parents do realize you are growing up and that you will need additional privileges and responsibilities to help you make the transition to being fully independent of them.

As far as the costs to consider, there is quite a few. For furniture as a 20yr old, your best bets are thrift stores, garage sales, and the hand me downs of friends and relatives. My first apartment was 550 square feet, no air-conditioning, no dishwasher, no cable TV, but it only cost $552 per month including most of my utilities. A roommate might help out with the price of a nicer apartment. Here's a list of costs you might have to pay monthly or annually.

Taxes
Charitable contributions
Savings
Rent
Gas/Transportation/ Car payment
Grocery
Electric
Phone/Internet/Cellular phone
Clothing/Dry Cleaning
Medical Insurance
Auto Insurance
Retirement
Water
Renters Insurance
Entertainment

Note that I do list entertainment and fun last. Unfortunately, when you are on your own, that should be your last financial priority.

Answer 2

You should try to stay at home as long as possible. I moved out 3 days after I graduated high school because my home situation was terrible. Your expenses will vary depending on where you live, but you probably will not be able to afford anything decent if you don't have a room-mate and if you do, then hope to God that your he/she doesn't rip you off or cause you problems. You will not be happier, you will soon realize that you need money and you'll have to endure the embarrassment of asking your parents for money to help pay your bills. I've lived with my fiancee (then boyfriend) for 4 years now, and I often fantasize about how much easier going to school and setting up my life would have been if I could have stayed at home. Just owning a used car will cost you about $300-500 per month and this is a hunk of junk. In Houston, you can find a decent 600 square foot apartment, bills paid, for about $650-$700 per month. That's not including phone, gas for the car, groceries, medical expenses.... are you getting my point yet? MILK IT WHILE YOU CAN! Get done with school and worry about that stuff later when you can afford to do it right.

Answer 3

Whoa, you could literally write a book to answer this! The short answer is stay at home as long as you can deal with it. Living on your own is great, but think of all the little things that you do not have as you go about your day. All the little kitchen stuff, renters insurance (a must have), car insurance, car maintenance, gas, haircuts, clothing, medical insurance, food. You should have about 90 days (minimum) of money in savings that you only touch if you lose your job or have big emergency. This is to pay the rent, car payment, utilities, etc, etc.

Suggestion on the lack of freedom. Do you have any friends out on their own? See if you can trade off hanging out with them to get away from home with buying the pizza for the evening, etc. Worst case you can take mini vacations to the beach or something to get some space.

You will be respected when you can move out and stay on your own. I suggest you try moving out with some friends, the cheaper the better. Also, it is better to have friends around. Too many move out and end up back at home when they run into unexpected bills. If you do not have a credit card, work on getting one (also only for emergencies).

Good Luck!

Answer 4

i wanted to move out so much at 20, but stayed until 23. stay until you pay off your debt, and make enough to pay for your costs. make a budget (Rent, food, clothes, transportation, telephone, utilities, etc.. get some figures from friends and relatives) when you start putting that mush in the bank, plus enough for surprise events (cars breaking, medical, etc..) then you can move out. but don't start out on in debt if you can, it will just follow you around. don't forget, when you move out, there will be deposits for a lot of things, and it will be either really expensive or really cheap, depending on your credit, and you will need furniture, kitchen stuff, and cleaning stuff

Answer 5

My sons stayed at home for 4 years after college - with my blessing - in order to save money to go to other states and establish careers there. They saved enough to purchase new cars, had enough to purchase - for cash - all of their furniture, had security deposits, utility deposits, apartment security, and 12 months rental secured and saved before they left. They also had enough to buy professional clothing, etc., and a healthy reserve account for emergencies. I did not charge them rent because I did not want or need it as long as they were doing the above. Also, they had no college loans because I paid them as I did not want them to ruin their lives with these burdensome debts.

I am not rich but I had saved for them even before they were born so that I could do this. God has been good to me and they are wonderful sons who are doing good works for themselves and society.

Answer 6

every living arrangement has good/bad points. i prefer living alone, but it's less expensive to live with others. I'd say start paying your parents a "rent" to get an idea of what its like. from there learning to budget is a really good idea if you don't now. also, putting aside 10%(if possible) of earnings and spending less than you earn are always good ideas.

Answer 7

please let me give you a piece of advise, do your homework properly, you are young and you can not think right at this age, talk to your friends/relatives. it's better to stay at home, find a job or do something creative.Give a second thought and do something wrong and pay the price at the end and you will regrets. good luck.........