Costs of living on your own?

Question

I am considering a move from my parents house (recent college graduate). What are some financial costs such a move would cause me to incur? What are some ways to mitigate that transition? Are there any hidden costs?

Answer 1

Join the military. Free housing, food, medical care, training and a paycheck.

Answer 2

Depending upon exactly where you are moving (private rental, apartment complex, etc) there are a variety of different costs. Number One-Your Rent. Now a days(atleast in Jersey) rent is outrageous. I currently privately rent a 3 br 1bath home with three acres. 1400.00 A MONTH. There is also then electric(ranging from 75-175 mth usually), cable/phone/internet(50-200 mthly), as well as considering whether you will have a well-or a city water payment. Another thing to look into is the type of heat. Heat can be electric, gas, or oil. Oil is expensive all at once, but lasts for a while(ex: 250 gallons/About 3mth give or take/500 dollars). Gas is also somewhat expensive, yet paid monthly. Electric is an excellent choice, yet jacks up your bill monthly like crazy. Also ask if you will need renters insurance(only about 10 dollars a mth). Then think about your personal needs- food, toiletries, gas, etc. Factor in any car payments and the such. My advise is to sit down-look at your expenses, and your money coming in. If you can budget so that only half of your paycheck is going towards bills weekly-then good, go for it, Otherwise...Stick with mommy and daddy until you have some loot in the bank

Also-Most places will require either first/last mth rent OR 1 1/2 mth security deposit on top of your first mth-so make sure after those expenses you'll still be okay with the load.

Answer 3

1. Electric bill
2. Water bill
3. Garbage bill.
4. Cable bill
5. Car payments
6. Rent
7. Deposit
8. Daily food
9. Going out to eat
10. Clothing
11. Shoes
12. Lingerie
13. Toiletries
14. Monthly magazines bought at the checkout
15. DVD rentals
16. furniture
17. dishes
18. vacuum cleaner
19. household cleaning supplies
20. Laundry
21. Gasoline!

The list goes on and on.
Some tips:
1. Learn to cook. Cooking your own food will reduce your eating out expenses by more than half and reduce your food costs by 75%.
2. Buy gently used clothing at thrift stores and save 75% of your clothing expenses.
3. Learn to use coupons (even for fast food) and save 40% of your food and grocery bills.
4. Don't be embarrassed to have used furniture for a while until you get secure in your job. Used furniture may be cheap, free is better, and a coat of paint and new fabric on chairs can do wonders (watch "Design Remix" on HGTV and you will see what I mean.)
5. 99cents Only Stores, Dollar Stores, and Big Lots has cheap cleaning products and soaps, toilet paper, laundry soap, and new kitchen utensils all for a dollar each or less.
6. Bring a calculator and do the math while shopping. Store brand labels may be cheaper, but sometimes on sale plus a coupon brings down the brand-name price for everything from food items to paper towels.
7. Spend your money on good shoes, and keep your feet healthy.
Good luck navigating that brave new world of independence.

Answer 4

You'd best have a nice nest egg saved up because it's going to cost you a good-sized chunk of money to move out. For starters, it's going to cost you to move all your stuff out of your parents' house. You can save money on that if you rent a Ryder and move the stuff yourself (or get friends to help).

Once you get a place of your own, there are a lot of initial costs. Here's a list of some of them:

-- First month's rent and security deposit (apartment)
-- Down payment (house)
-- Furnace, air conditioner, water heater (house)
-- New roof, windows, gutters (house)
-- Telephone hook-up, if you get a land line
-- Cable or satellite TV hook-up
-- Major appliances (washer, dryer, dishwasher, stove, etc.)
-- Stocking the refrigerator/kitchen from scratch
-- Buying stuff you'll need for your home, like:
--- Towels
--- Curtains or blinds
--- Bed sheets
--- Tablecloths
--- Small appliances (microwave, toaster, blender, etc.)
--- Silverware
--- Kitchen utensils
--- Dishes
--- Glasses
--- TV/VCR/DVD/stereo, if you don't have these items
--- Computer, if you don't have one

Bear in mind that you're better off getting a place that (a) has most or all of the major appliances you'll need, and (b) will require little work in terms of roofing, windows, gutters, paint, wallpaper, carpet, tile, and stuff like that because all those extras eat into your nest egg and will force you to prioritize. You may have to do that anyway, but you're better off not buying any big-ticket items (or getting into a place that requires major repairs or replacement of expensive items) if you can avoid it.

Here's a tip: Look around your parents' house and take note of all the things they have that you don't. Leave no stone unturned. Be cognizant of little things like light bulbs and Pine-Sol and Tylenol -- you're going to have to stock your place with all that stuff. If your goal is to save as much money as possible, then look into moving yourself (as opposed to hiring a mover) and getting an apartment first (since many apartments have all the major kitchen appliances, so you'd only have to buy your own washer and dryer -- and you might not even have to buy those).

Good luck!

Answer 5

to move into an apartment, you'll need the first and last months' rent plus a security deposit, which is usually half a month's rent. how much you'll need for this depends on where you're planning to live and how many roomates you have. it will be much more expensive to live on your own. then you'll need to factor in getting any furniture you don't have already or appliances your apt doesn't already have. add to that the cost of a moving truck if you don't have a friend or family member with a large vehicle, groceries, cleaning supplies, and other random things you'll need to get settled. when my boyfriend and i recently moved out, we spend about a thousand dollars between the rent and other items we needed. of course, that will definitely vary.

Answer 6

Along with what Buffalove said you also have to factor in having the utilities turned on