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I’m 18 and I am in college. I’m currently looking for a job, working part time. I plan on moving in the next year or 2. I wish it could be sooner, but I don’t have any money saved up. During the summer, I’d obviously work more hours.

The hardest part is breaking it to my parents. I’m thinking of just giving them $ 500 (when I have it) for my car, to pay it back. That’s the least I could do. If they want to keep my car, I could always look for another. They’re just way too controlling and overprotective. I understand that they care about me, but I need to breathe. I’m tired of living here. I know moving out will not be cheap, but it’s a risk I’m willing to take. Plus, my college tuition isn’t that expensive, so that’ll make things a tad bit easier. I also plan on splitting the rent with a friend.

I just need some advice. Is 1-2 years enough time to save up money for rent, car insurance, utilities, etc? How much should I have saved up, at the most? More than 10,000? How do I tell them this without them freaking out? If you’ve ever moved at 18 or 19, how was it like for you? How did you handle it?
Oh and the average rent where I live is around $ 800. If I split the rent, I’d be paying around $ 400.
Oh and the average rent where I live is around $ 800. If I split the rent, I’d be paying around $ 400.
Actually…the average rent is $ 900.

2 Thoughts on I’m planning on moving out. How do I go about this? I need some advice?
  1. Reply
    Signore †
    March 25, 2013 at 2:29 am

    First off, why are you paying them back $ 500. I don’t get that.

    Two years is fine, I understand why you would want to move out. Here’s an easy way to look at affording rent. Your rent payment should be no more than half of your paycheck. So if your rent is $ 400, your paycheck should at least be $ 800. I suggest you look into everything you will have to pay for. It’s expensive to live on your own. It is for me, especially since I live in a ritzy (upper class) city.

    Automobiles are expensive for gas, insurance, maintenance. I suggest you decide whether or not you REALLY need the car.

    EDIT: A piece of advice, try and get an apartment that is relatively close to your job, school or an area that has a lot of businesses that are useful (malls, gas stations, grocery stores, etc.). You should also visit your potential apartment in the morning, noon, and night to see what the life there is like. People will show you the apartment during the “quiet” hours. You might move in a realize your neighbors are loud and throw wild keggers every night.

    If you have a pet, make sure the apt is pet friendly. Most apartments will require a pet deposit if you have pets.

    And lastly, choose an apartment you like. If you don’t mind living in a trashy apartment, or a middle class apartment, than good for you, you’re economic! If you want to live in a really nice apartment, than you should save more money or at least get a better job.

    Sharing an apartment. Make sure the person you live with is very reliable. You don’t want to have to struggle with them not paying for rent or losing their job or just being lazy. Room mates can be helpful, but they can also be a nuisance.

    Telling your parents might be hard, but come on, you have to move out some time, right? Tell them that.

    I suggest you look over all the expenses you will have, see how much money you can save before you move out and how much you can earn on a monthly basis. Keep in mind you may lose your job. What will you do if that happens. Here are some general expenses:

    Rent, Food, Automobile, Pets (?), personal care, luxury expenses, health (medical), educational expenses. You also will probably have to go and purchase “household items” which can really add up. Shampoo, towels, dishes, etc.

    EDIT: One last thing. I highly suggest that after you sign the deal, but before you move in, you should go through the apartment and clean it! Sanitize!!! You never know who might have been there before you. Also, think about changing the locks. There have been reports of old tenants having duplicate keys and “breaking in” to their old apartments and cuffing the new tenants items.

  2. Reply
    March 25, 2013 at 3:25 am

    I understand your desire to move out. I moved out of my parents’ house when I was 18, and ended up moving back in when I was 22 because I finally learned that I’d rather be somewhat controlled and not constantly worried about money. I was fortunate that my parents were pretty cool about both me moving out and me moving back in.

    But I digress…

    First, you need to focus on income. You will need your savings as an emergency fund, so you need to be able to pay your living expenses out of your income. This includes rent, utilities, insurance (renter’s and car), food, furniture, clothes, etc. You’d be amazed how fast that adds up. And you definitely want an emergency fund of at LEAST $ 1000, but probably more like $ 2500 or $ 5000. Most financial experts say you should have 6 months living expenses in an emergency fund. And I would definitely try to avoid having your rent be half of your income – more like 25% or maybe up to 33%. Half is a lot.

    Can you live at your college? Sometimes living in the dorms will give you enough breathing room to be able to deal with your parents when you are at home, and it could be less expensive. Dorms often look expensive but it is a known costs rather than the variables of living in an apartment. Have you applied for all available financial aid? Some financial aid can help cover living expenses.

    Keep in mind that every dollar you can put away now, for retirement, is like 20 dollars that you won’t have to save in the future. Once you start adding expenses, like rent, it is hard to decrease them.

    Good luck to you.

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