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how much money should you have saved up before you move out?

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How much money did you have saved up before you moved out of your parents house?

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asked Mar 1 in Business and Finance by Joseph

2 Answers

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I was 22 when I moved out of my parents house. I had about $1000 of usable cash and $5000 credit to fill up the apartment with necessities. (I warn you against doing such; if you don't spend wisely that credit will hurt you in the end with debt.)

I am the "breadwinner" of the household, with my income ~$800 biweekly and my fiance ~$600 monthly (she is a college student).

It's been close to 2 years and although times get hard we cannot imagine willingly going back to our previous living situations. Not that they were bad, it's just hard losing the sense of freedom once you obtain it.

If you are thinking of doing so, it can never hurt stockpiling cash until you have more than enough to cover deposit, necessities and I'd say 3-6 months of rent. Worse case scenarios happen far too often, and usually without enough warning. I love in Northern California btw.

P.S. You will most likely have to borrow, more than once. We have all been there. You aren't the first and will not be the last. Don't beat yourself up about it when you do.
answered Mar 1 by Dareius Tucker
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Do I have enough money to move out of my parents house?
Right now I have a little bit over $7,000 in my savings and a couple of hundreds in my checking! Im putting most in my savings because I need/want to move out of my parents house. Currently right now Im a cashier part time at a health food store and I get paid $9.50 an hour I get paid almost bi weekly. So I make around $600 no lower than $600 a month. I plan on moving out early next year and my goal is $10,000 I plan on moving with a roommate if I have enough.
I dont plan on moving out right now but would I have enough to live on my own living with a roommate if I have $7,000?

Ive been in and out of community college but I plan on becoming a massage therapist part time so I can have some income enough to support myself and then intern at a casting agency for TV/Film. So Im attending Massage Therapy in the fall and its a 6-7 month program, if you pass the class the state exam you will be certified.
answered Mar 1 by anonymous
No; you can't afford to go out on your own.
Not if you want to do things like eat in addition to paying rent & utilities.

Savings don't enter the discussion.
If rent & utilities will cost $500 a month (about as low as you can go)...
the the weekly (net) pay should be about $500; no less than $400.

When you can achieve that income?... still stay home and keep adding to the savings.
Pay Mom *something*; do chores cheerfully and buy groceries while there too.
$600/month is too low to move out on your own, even with $7K saved. If the situation is really bad (and can't get more hours at current job) then get a second/third job and save as much as you can. Is it possible that you move out the classes for January? IMO, it would be best if you work 2-3 jobs now and save enough for at least a year of expenses. No use in starting classes if there is a considerable risk of getting kicked out and losing money and time.

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