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#Vurella - Says,

Hi, I just turned 18 and I live at home still. I'm wondering how much I should be budgeting for expenses. When I get a place of my own, how much should I save to make shure that I can afford the essincials for the house, such as the down payment, furniture, appliances, and such.

I also need to know what would be a good price for a place of my own. Should I get a room-mate for a while so that way I would know that between the both of us we would have enough money for rent and the bills. Having a room-mate seems like a good ideal. It would mean the rent is paid and I would still have exta money and not stress so much about my expenses.

#marcusandila - Says,


I'm not sure what the percentages are, but I think I read somewhere on the internet that you shouldn't spend more than 30% of your pay for housing. If you want to rent a place, you may be able to find somewhere where the appliances are furnished by the landlord & you can always find used from craigslist and used appliance places for pretty cheap.

I agree with the having a room-mate being a good idea. Just make sure you check out the person thoroughly to make sure they are someone safe to live with or bunk up with someone that you know. You could always try to buy a home under land contract or something like that & you could have a roommate renting from you. Then you are buying a house for like 1/2 price!

#debranewell2008 - Says,

I guess it all depends on what size place you buy or rent and if you plan to have things like internet,cellphone,what package you have on your tv ect. So it is hard to say how much you need to save because a lot of things factor in when it comes to being on you own. And yes a roommate is a good idea. I know I still say i wish I would have saved money when I was at home instead of blowing money on unnecessary things. I would have had a decent down payment on a house or something I could have invested in that would be benefiting me now. My son already knows when he gets a job as long as he is living at home he will be saving. So I believe you are making smart decisions your parents should be proud.
#goodnatured - Says,

Have your parents sit down with you and go over their household budget. You will have to figure in the cost of utilities, consider heat in the winter, cooling in the summer, you will have to consider transportation , will you have a car or is there public transportation available. If you have a car, then you will have to consider car insurance, gasoline and etc. This is all besides rent, so there is much to consider. I don't mean to scare you, just want you to be aware of what is reality so that you make a good decision.
#fireyone - Says,

Also always have a good nest egg. Once you are out on your own and most of your money is going for household items, rent food, utilities, and such saving exrta money becomes a lot harder. There is always a time when you find yourself saying "wow, I am glad I had money put back or I do not know what I would have done!."
If you have just recently became 18 I would consider living with mom and dad a bit longer and save the extra money. No need to rush getting out on your own..reality sets on soon enough.

#greenlime - Says,

Agree with fireyone on this one, stay with mom and dad a bit longer if you can seeing as you just turned 18. I didn't officially move out until after college, but I wasn't living the high life either. I saved all the money I can while I was still living at home. And yes, get a roommate, that's not only financially sound, but also good for your safety/security as well.
#Vurella - Says,

I just turned 18 three days ago. I have never had a job. My mom would not sing my work permit for me to get a job because she didnt think I could handle working and doing my schooling. And I plan on getting a job as soon as I can.

I do plan on staying at my grams untill I get enough money saved to start living on my own. I also want to make shure I have extra money incase something comes up and I need it.

Im a very shy type of person so Im a little skeptical of a roommate. But at the same time I dont want to live on my own because I dont know if I will be able to handle it all by myself. At my grams I dont even have a room tho and my stuff is spread through out the house which is why I want to move out as soon as I can and still have they money I need.

#goodnatured - Says,

If you get into the habit of not doing wasteful spending at an early age you will be much better off, I think you will be fine, just coming here and posing the questions that you have shows that you have put some thought and concern into this, you may want to go online and pull some free budget sheets.

Are you working right now? Are you looking for work? Keep in mind that you will not only need rent but a deposit also on a place to rent, normally the deposit is about two months rent.

#Vurella - Says,

No, I do not have a job rite now. I'm looking. I plan on trying to put in apps tomarrow. I do have a car so I wont have to worry about a car payment and Im getting my insurane through my gram so it will be way cheaper.

Im not a big spender. I dont like to buy things I dont need or wont use, tho i am addiceted to movies and rent moves : ) but thats not that much, other than that the only other expense I will need is gas and cigaretts. Therefore I will have more money for rent and hous hold supplies.

#fireyone - Says,

One good warning here is credit cards. They are such an easy down fall. Although you need to build some type of credit and a card or two isn't bad do not go overboard. A lot of young people fall into this trap because they spend most of what they pay for food and shelter. This leads to getting a credit card for extras. In the beginning a few dollars a month seems to be easy to come up with but as the debt grows so does the payment. Avoid this trap if at all possible.
#Vurella - Says,

I dont plan on getting a credit card. The only card I need is my bank card which I can use just like a credit card if I need to order anything online or something like that. I'm not a big spender so I wouldnt need a credit card.

The only time that a credit card would be tempting to me is christmas. But Im also a good saver so I wouldnt even need one then. So I'm pretty much safe when it omes to credit cards.

#debranewell2008 - Says,

I vurella,

Sounds like you are very smart when it comes to making decisions on your own. I believe you will do ok when the time comes. But I don't know how things work where you are from in terms of renting a place. But here you have to have a reliable job that you have been doing for awhile before most people will even consider renting to you. Just something to keep in mind.

#Vurella - Says,

I learn from watching what other people do and how it affects them. I try to make the right choice that will have the best out come. Im trying to be independant and responsable.

And here you dont have to have a job like that. Acually you dont even have to have a job here to get a house. I should be all set with being able to rent a place in that department. I just need to make shure that I will be able to save money and know the best way to do it.

#debranewell2008 - Says,

Yes I know what you mean. But if you could I would stay put until you can save up a decent nest egg. Because take it from me life can through you a curve ball that your not prepared for. I had a great job making really good money and my credit wasn't a problem until about three years ago. Now I have neither. But you are a smart girl I believe you will make good decisions. As far as when your out on your own after you already have money saved. I would just get a place to where you can still save a certain amount and be able to pay your bills and still live comfortable.
#marcusandila - Says,


credit cards arent always a bad thing when they are used responsibly. If you are planning to buy a house someday, you will need to have credit established for that. A credit card is a good way to establish that credit. Just make sure you have the money for the purchases when you buy something. That way, you will know that you can pay for the things without ending up in debt.

A good idea for when you get out on your own might be to rent an apartment; rather than a house. Your uilities should be cheaper in an apartment. Also, to get the necessities you need for your house would be to gather things from rummage sales, yard sales, freecycle, and check with your family. People always have things they dont need or want anymore. You may be able to get some things you need to start out for free just by asking around.

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