5 Thoughts on How much money do you need? Outside the house
  1. Reply
    March 5, 2013 at 8:14 pm

    2 month’s rent, security deposit, cash deposits for utility companies. Minimum is 5k

  2. Reply
    Dave H
    March 5, 2013 at 8:58 pm

    you need a ot more than you imagine… Accomodation,food,electricity,gas,water transpo.

  3. Reply
    March 5, 2013 at 9:43 pm

    Do you have 6 months worth of living expeneses in a savings in case you lose your job, or your car breaks down, or you get sick?

    No one, absolutely no one should live without this.

  4. Reply
    March 5, 2013 at 10:01 pm

    It depends on what you what to do, where you live, etc. You need a steady income that covers your expenses. So rent, utilities, car payments and repairs, gasoline, food, toiletries, clothes, entertainment, tuition, etc. Make a budget and determine how much you will need per week or month, then get a job that pays that much or more. It helps to start taking on expenses at home before you move out so you get used to having a budget and being responsible for yourself.

  5. Reply
    March 5, 2013 at 10:45 pm

    Build a budget including all income and expenses. Typical monthly expenses include: Rent, Loans, Water, Cable, Internet, Phone, Electricity, Car Insurance, Renter’s insurance, Groceries, Gasoline, and spending money. The cost of bills depends on where you live. There are lots of free budget forms for download; also check out DaveRamsey.com and mint.com for help budgeting. Rent should never be more than a third of income; many landlords verify this before they’ll offer a lease. If you don’t have enough money coming in to cover these expenses, consider getting a roommate.

    Make a savings plan to prepare for moving out. There are lots of “start-up” costs involved in moving out the first time. Deposits for apartment and bills are the largest factor. Other things to save for are: Furniture (bed, couch/chairs, coffee/side tables, TV stand), electronics (TV, Computer, Microwave), Pots & pans, Dishware, Silverware, Bedding, towels, and the list goes on. Buy items that are easy to move before moving to decrease the amount you’re spending at one time. In addition to saving for the items listed above, put some in savings for a “rainy day” in case of job loss, medical emergency or car accident. $ 1,000 is the minimum, 3-6 months bills is recommended.

    A great way to prepare for living on your own is to live by this budget before you move out and put what you expect to pay in bills into a savings account. Not only does this get you in the habit of living off the money budgeted for non-essential items, but it’s a great way to build up savings.

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