How much should I save for an apartment?

Question

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!

I'm sry I shouldv'e put this subject in the Renting section, forgive me!

I'll be moving to Wisconsin and I'm making 800 in 2 weeks. I hope that answers alot of questions o.o;

I don't want to hear about living with my mother, because she makes me pay living here, she always listens to whatever I say to my bf on the phone, the boys (cousins and bros that live with us) are all perverts thinking they can find me naked one day if they keep walking in my room and putting holes through the door or wall. No one gives me privacy and I'm just dead sick of it. House is small and everyone is always yelling.

Gah, so many best answers =p thanks everyone!

Answer 1

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.

Answer 2

Depending on where you live is how to go about figuring up what your expenses will be. If you are really serious, then call all of the utility companies first to see how much it would cost to hook up your water, gas, electricity, cable, Internet, and phone. Oh and don't forget the cost of rent and the deposit down. This will give you an idea on how much you need to start out. You might also consider finding a reliable roommate to help cover the expenses. Ultimately, living at home is the best way to save money. Never know until you try though. If you can't financially do it then you can always move back home. It is a good and expensive learning experience. Just make sure that you don't let living on your own get in the way of completing an education. Good luck!

Answer 3

Rent should equal 1/4 to 1/3 of your monthly income so the first thing you want to do is determine if you want to live someplace you can afford to pay the rent, so 480 to 600 a month for rent.

Areas around universities and colleges are notorious for high rents and many (good) schools ask that you live on campus without a car for the freshman year.

It will cost between 800 and 1200 for movers. It can cost a couple of hundred for a U-Haul or some gas money for a friend with a truck.

You need to save a minimum of one months income or three to four times your rent for move in costs, plus moving costs.

If you can live at home, do it until you graduate. Pay your parents some kind of rent, this builds a habit of being financially responsible.

I moved out into a ghetto area in Detroit and drove a long way to school, generally on my motorcycle. Friends from the suburbs would not come to my apartment. Dates were not impressed with where I lived and the expenses made it difficult to make tuition.

I had some driving reasons to live on my own though and under those conditions I would do the same thing again.

Answer 4

You need to save enough for the first months rent, a securtiy deposit(same amount as the rent /might have other charges added to it). the last months rent is also required by some landlords. Once you find an apartment you can find out how much it costs to heat it and use electric by calling the companies and asking what the budget plan payment would be. That tells you what your average bill will be. Dont forget will need a phone( save at least $250 for that), internet connection($20 to 25monthly) Do you have a car? Can you get public transportation from your apartment to your job? Do you have a car payment? Insurance? You have to live away from your parents and pay your own taxes etc for three years to be considered for financial aid at college without your parents money being considered. So you may want to go to a community college for a while, as it is usually much less expensive. By the way you havent even eaten in the budget above.

Answer 5

I can understand wanting to get out on your own, but it's not all it's cracked up to be. Especially since having an apartment means paying for more than just rent. There's utilities (the basics are gas and electric which usually are not included in the rent); then there's the phone - land line or mobile, it's still a monthly expense; then there's cable; then there's insurance, fuel and maintenance for your vehicle; then there's groceries - which includes more than just food; then there's credit card bills if you have any; then there's a host of miscellaneous things you never think about and that I'm sure I'm forgetting about right now. Since you're not planning on going to college until the end of the year or the summer, you should (if you can stand it) stick it out at your parents and keep saving until 2 months or so before school starts (I would go for end of year). Then you'll be in a better position - you'll not only have the money to move and get BASIC furniture needs, but you'll have a bit of a "nest egg" to keep you afloat if something unexpected happens...like losing your job. Getting a roommate is a good idea too.

Answer 6

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!!

Answer 7

Luna,
Girl, you must have set some kind of record for number of answers!
I left home the day after I graduated from HS; but it wasn't all up to me. I found a lot of apts near the University, they were basically competing with each other for tenants; I ended up with a couple of roommates in a furnished place, so there wasn't much to buy household wise,,,you really can get by on very little to start---or so I found. We made it a challenge, and fun, to cut costs, even turning the hot water heater circuit in the fuse box off for hours so it didn't just keep running! I didn't even have a phone the first year. I ate a lot of bologna sandwiches, and cereal for dinner! I used the University Health center for medical needs.
Colleges have a Student Center where there are postings for people seeking roommates, people with places for rent, so I would check those out.
It wasn't always easy, and sometimes I had to skip a semester and work and save more. I think you sound like you've got a good head on your shoulders, keep stashing as much $$$ as you can before your "move out" day. When you do move out, try to do it on good terms, even if you feel smothered now, everything is about to change, and you want as much of it to be good and fun as possible.
Everyone has given you so much advice , your head must be spinning. The good thing is you have choices, & you do have a place to live while you make all these decisions.
Good Luck and remember,,Life Is Not A Dress Rehersal !

Answer 8

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.

Answer 9

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!

Answer 10

Like many have already said, stay at home and save -- $12/hr is only going to cover living expenses -- if you stay at home and stay focused on saving for college there's a much better chance you'll actual fulfill this as a goal -- I'd say that there is a low probability that you will ever go to college if you move out -- its cliche, but so very true that the ol' grass is always greener on the other side of the fence, and right now you undoubtedly are yearning for the freedom and real life experience of living on your own -- but very possibly, if and when you find yourself on the other side of that fence, living on your own, having blown some or all of your savings and facing the prospect of giving up your dream of college, you'll realize that the grass was really greener where you started, back at home -- you're only young once, choose wisely now and you'll benefit from those good decisions for the rest of your life -- GL with everything regardless of how you eventually choose

Answer 11

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! :)