$5,000? $10,000? 3 - 6 months living expenses? I'm just curious to know what others have done.
2007-05-18 08:43:17 · 9 answers · asked by JB 1 in Business & Finance ➔ Personal Finance
Depends on a number of factors. (i.e. the situation your are moving into, etc.) However, with a $5,000-10,000 or 6 months of living expenses should give you a nice cushion. GOOD LUCK
2007-05-25 13:58:09 · answer #1 · answered by Phineas J. Whoopee 5 · 0⤊ 0⤋
Stay as long as you can. Free rent, free utilities, free phone, free food, clothes are washed for you (probably), free house cleaning...why did I move out??
I personally like one year of income (not expenses) saved in liquid cash. I keep 3 months in a high-yield savings account, 3 months a short term CD or Money Market, and 6 months in a brokered cash fund. If I were to lose my job, I have three sources of income that will keep me going for a year.
Cash in the bank is a great thing, but when you get out on your own, just remember that you have to spend less than you make. For every $100 you make, save AT LEAST $10 (the golden 10% rule). You would be left with $90 per $100 made for housing, food, utilities, car etc.
Start your retirment fund now. Open an account with Fidelity or some other brokerage and buy some mutual funds. Starting early helps...1 Million at retirment age takes saving $15,000 at the age of 24, $30,000 at the age of 30, $60,000 at the age of 36.
2007-05-25 09:40:40 · answer #2 · answered by bankr 2 · 1⤊ 0⤋
I would also say the amount you need to get into the new place, PLUS 3-6 months of living expenses. Add 100-300 over what you think the expenses will be to cover things you can't account for or didn't think of. Is your job stable or does your income fluctuate? If it fluctuates you may want to have more reserves.
2007-05-18 09:40:32 · answer #3 · answered by Jennifer M 2 · 0⤊ 0⤋
I'd say to save at least 3 months expenses in case something happens. It's better to plan ahead.
2007-05-18 08:52:31 · answer #4 · answered by Deb S 6 · 0⤊ 0⤋
I myself have saved up to $359.00 dollars and i have yet to move out of my parents house and i am 22 years old.Try getting a job that should help also.
2007-05-18 08:53:08 · answer #5 · answered by Anonymous · 1⤊ 0⤋
It depends on the cost of living in your city, and your monthly rent, when you get your own apartment.
2007-05-25 18:34:22 · answer #6 · answered by newyorkgal71 7 · 0⤊ 0⤋
yea 3-6 months of what your rent would be..
2007-05-18 08:54:31 · answer #7 · answered by shorty21 5 · 0⤊ 0⤋
The answer is "zero". Can you afford a roof over and food.... that's the real question.
2007-05-26 00:32:53 · answer #8 · answered by Treebeard 2 · 0⤊ 0⤋
ít's not a matter of money
you have to bay your soul
2007-05-18 08:52:27 · answer #9 · answered by Anonymous · 0⤊ 0⤋