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When should I move out of my parent's home?
I am 22 years old and recently graduated from college with my bachelor’s degree in computer science. I’m currently making $18 an hour part-time with full benefits at my job that I acquired a few months before graduation in my career field. I will be salaried and put full-time in October. I have roughly $3,000 in a personal savings account, and $35-40,000 in a savings account I made to save for a down payment on a single family house one day in the near future.
I have a close friend who is in the same financial situation and educational background I am in. We have decided we want to move in together this August into an apartment between $800-$1000 a month (this area is pricey for a two bedroom place).
We both currently live with our parents, and have waited patiently to move out. Now that we’re done with school, we really would like to move in together. Our parents are both for the idea and know we are financially responsible to handle it, but worry about us wasting our money on rent.
My question is, should we move out of our parents’ homes? If so, when should we move out?
ok friend, I know the urge to get out & be on your own… Ask yourself this…
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when I do the math of all the bills that need to be paid each & every month regardless of working situation or not…no bills paid, screw up your credit & get evicted!
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If you at least own your own home, its yours…pay mortgage, take out a 30 year contract pay the same as renting but the house winds up being yours! Renting only makes the landlord happy & rich while you lose both your money & the apt.
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I like this, I heard it in some show, if you can show cause other then being cooped up in your mother’s home, that you are financially secured with the money for the rented place, then do it… I mean dont forget it is a long term thing…suppose you meet this awesome girl & really want to settle down, but you have either of these, home or rented apt…you are screwed!
In my honest opinion, I would recommend just staying at your mom’s for another year while you get your feet wet…save enough money. who know what happens in the future, but at least you have not lost any money that is stashed…I mean seriously you make 18$ an hour…(let’s round it off to 20 just for convenience…now multiply that by 8 for the hours a day, when there are 5 days a week…for 4 weeks…and that is just on the bills…like rent, phone, basic nec like other bills, food, transportation if own a car so then you also need to add insurance…not to mention if you guys like hanging out in the home, you will need some sort of furniture…and home entertainment system…not to mention internet & stuff! Now if you ask me, I would say screw that…let me save up, see if things are the same with the friend & all then see if you saved u[p enough money…in other words…if you can stay at your mom’s like if she allows you to keep living there, free of charge, free food…no bills but your cell phone & gas money or insurance on the car…I say go for it…who else will bother to do your laundry other then your mother!
Good Luck hun!
One simple life fact…no matter what, you need a roof over your head, be it rented or owned. Since you’re getting your first real start on your own two feet, I think renting is the only way to go…owning a home costs a lot of money as well as time invested. Renting leaves you time to explore the world a bit, get a feel for independence, and make plans and dreams for the future. Ownership of a house would be like a chain on your ankle at this time, I think…
Don’t touch your future house money…it will come in handy someday…but for now enjoy your freedom and youth.
p
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