Moving out tips? How much money should I save?

Question

I just turned 18 years old this week and I am thinking about moving out at the beginning of next year. I already have a job and I am putting money in my savings account. I get paid SS benefits (around $500 a month) until next September. But I am saving for the first $1000 for a car and I am also saving up another thousand so that I can pay 6 months of car insurance without having to worry about it. I plan on living with a roommate. All I need is a room. I'm not much of a phone person so I'm not sure if I'll even need one if not already provided. I will be starting community college in Spring as well. Tips? I'm sick of living with my mother. She makes me depress and I'm happier when I'm not living with her.

Answer 1

Check rent in your area then utility rates. You and your roommates might split the bills like heat and electric, water should be included but you will pay to heat it. You probably can't get a single room with a roommate but will want a kitchen and bath so you will need to buy things like bedding, dishes, shower curtain, bath mat, pots and pans, microwave. Renting a room in someone else's home will leave you were you are now living in someone else's home with their rules.
You won't find much of a car for $1,000 and will need a large emergency fund. Having your SS benefit run out just as you need to pay 6 months car insurance again and tuition and books will be hard. I would put up with your mom another year if she will allow you to live at home giving you time to save 6,000 or so to move out and start your first emergency fund.

Answer 2

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