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Old 04-28-2013, 05:01 PM
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Southpaw Southpaw is offline
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Default Knowing you're ready to move out?

Sooo I want to someday be ADULT and finally move out. I feel like I must be getting to a point where it'll be "doable" but I don't know! I've always thought HECK NO to apartment living but I'm starting to think I wouldn't mind the right apartment in the right area.

Anyway. I just have no idea how I'm supposed to figure out if I can afford it, or maybe more importantly, figuring out HOW MUCH I can afford. Or any other little tips and tricks to make it a smooth and logical process...

This is still probably a ways away because I have no clue where I'm going to go with 2 "big" dogs and a cage of rats lol. Just been thinking about it a lot more recently.
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Old 04-28-2013, 05:03 PM
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List your i comings, and what your outgoings will be.

Check local average rents, rates and prices.

There's tons of online forms you can use to make it easier

You want to have cash left over after you've estimated all your outgoings, you ALWAYS need more money, and you need some disposable income or life is just super depressing.
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Old 04-28-2013, 05:11 PM
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AdrianneIsabel AdrianneIsabel is offline
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Roommates make life much easier, financially, at first. Do you have any friends to hook up with?
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Old 04-28-2013, 05:20 PM
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General rule of thumb is to not spend more than 25% of your income (though people argue if it should be gross or net) on housing. I think that rule is dumb for several reasons. 1) When you make less, your housing is obviously going to eat up a larger chunk of your income than when you make more. 2) In more expensive areas, people are forced to spend more on housing and make cuts in areas they can actually control (like eating out, or new cars). Still, if housing is going over 35%, that's pretty high. We spend 20% of our gross, 30% of our net on our mortgage.

I charge EVERYTHING on my credit card, because it makes budgeting a breeze for me. (Note: I pay it off in full each month. This is terrible advice if you struggle with financial self control). My credit card company provides year end statements showing exactly where every dollar went over the year. When I sat down to figure out what I could afford in rent, it was easy to calculate how much I spent on food/clothes/etc throughout the year, and how much I'd have left over if that continued. Mint.com is great too--I have all my accounts linked together, and it tracks finances nicely.

Apartment living is a pretty safe way to venture into living on your own, because the complex will take care of any major issues (mine even changed lightbulbs for me!). It is easy enough to estimate utilities (ask the complex or utility company for an average bill, or take what your family pays at home and adjust appropriately).

You'll want to make sure you have an emergency fund saved before you move, if at all possible. Recommendation is 6 months of expenses (so you'd be able to pay all your bills for 6 months if you lost your job). You'll also want to have some leftovers each month to replenish that fund if/when you have to tap into it (like if your car needs major repairs).
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Old 04-28-2013, 05:25 PM
Saeleofu Saeleofu is offline
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I moved out as soon as I could afford to. Unfortunately after a few years my hours got cut and I couldn't find a second job, so I had to move back home. I plan to move out again as soon as I am financially able. Which I hope is SOON.

Two years before my first apartment I lived in the dorms. I wouldn't live at home unless I had to...and right now, I have to

When I first got my apartment, I just paid 6 months worth of rent at once with student aid. By the time I had to move back home, I was paying a good 60-70% of my income in rent, and just couldn't make it work with utilities.
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Old 04-28-2013, 05:25 PM
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I'm not a huge help on this because my first time being on my own I didn't have to pay anything until I moved out, and even now, Beau and Rhio don't require that I pay anything (although I do anyway and they yell at me).

But living on my own with Jin, the advice I have to offer is:

1) Make sure you have savings first! Anything can go wrong at any time and you don't want to be caught in a financial bind with limited income and bills to pay. And take savings out of EVERY check. Even if it's only $5. Even if you have to sacrifice an out to eat lunch on your way home. Every little bit helps the cushion for later.

2) Estimate your income and expenses. That includes everything, because little things add up to big things quickly. Going out to lunch, gas, groceries, loans, fun money, dog expenses, everything. What is left over will have to be your rent/bill money and savings money. If you can't afford it, start cutting out the smaller things.(Cable, going out to eat, fun things, etc.) And starting out, you will spend a LOT on getting started if you don't have much. Furniture, dishes, entertainment, cleaning supplies, etc. Try to round up stuff at yard sales and hand-me-downs.

3) Keep in mind that when you rent, you'll need to factor in that first month's rent + deposit. It'll vary on each place, but it's usually either the rent x 2 or a little over. It's easy to forget when you hear "$$ per month". Ask about the typical range of light/gas/water bills.

4) IF you decide to get a roommate, do so out of convenience, not out of necessity! If they bail or don't pay their portion of the rent//groceries, you're screwed.
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Old 04-28-2013, 05:36 PM
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How did I know I was ready? I waited til the moment I was old enough and got the hell out of there

Log your necessary expenses (mint is a GREAT tool for linking up account and seeing plainly what you spend) and see what is left over.
Ask around and factor in what utilities would be (electric, heat) and monthly groceries.
Find roommates if you can, they bring down expenses and help the transition of living alone.

I wish I could say I was more organized about the whole process I picked a city/area, got on padmapper (the best site for apartment hunting IMO) and found a few places..and wam bam I had a place. Started with VERY basic furniture, basic everything.. but I made it work and I love living on my own.

-Save up as much as you can before the move (for security deposit, first/last months rent, etc..)
- Find someone willing to co-sign if you haven't built up enough credit
- Ikea ikea ikea ikea ikea ikea
- If you are going to do roommates, clear contracts on house rules, chore charts, labeling food, share nothing.

https://www.padmapper.com/

Honestly, the hardest part is just making the leap. Find a place you can afford and everything else is just finding your sea legs and making it work.
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Old 04-28-2013, 06:00 PM
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AdrianneIsabel AdrianneIsabel is offline
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We've always just flowed along, all roommates found through the Greek system in college. It's never been a big deal.

I moved out as soon as I could.
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Shamoo NJ-N RATI RATN 3/1/98 -
Phelan du Loups du Soleil CGC RATI 6/15/13 -
Chili Brigades Brover 5/23/14 -

Arnold CGC TDI FD 6/29/04 - 07/05/13
Backup CGC HIC CD SRD SJ-N RATI 12/29/09 - 07/05/13

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Old 04-28-2013, 06:31 PM
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Tahla9999 Tahla9999 is offline
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Count me in as someone who wants to move out. Unfortunately for me, it will probably be until next year before that happens. I am going to take the rest of this year planning for it though.
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Old 04-28-2013, 07:47 PM
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Raegan Raegan is offline
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Never do it. Being an adult sucks.
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