Moving out?

So I am twenty and am living at home currently.  I was going to more out with my good friend into a two bedroom that we just found for about 1500 a month.  The thing is I have been thinking about it and dont know if I can afford it.  Also I still am in a bit of debt with my parents.  I just feel like I need a change and like moving out would help me be more independent even though my parents said I can still stay at home for a little while.   Should I take the chance and move out and hope this money thing works or stay at home for a few months and save money and end up living with people I dont know?

If you know you can't afford it, don't do it! Don't get yourself in over your head in this (sucky) economic climate. I know you want your independence, but if you're feeling uneasy about your decision to move out right now, don't do it.

I think the important thing is 'budget'...  Hoping the money thing works out is a bit of a risky strategy in this day and age.  1500 a month is probably only the tip of the iceberg when you take into account things like utility bills, grocery shopping, insurance, repairs....   If you've got the opportunity to live rent-free and clear your debts then grab it with both hands.  Credit is getting more expensive and property is getting cheaper by the day so you lose nothing by delaying for six months.

Yeah, I would wait too. Save, save, save and pay your debt back. Go to school if you have the opportunity. As you're saving, keep an eye on the housing and rental market. You'll have time to see plenty of houses and can wait for the perfect one to come around and you won't have the same money issues. By the time you're ready to move, maybe you can get a place by yourself and have a chunk of money for a down payment...who knows?

If your pal moves on his/her own, maybe you'll have a place to hang out every now and then. Your responsibilities at this age alone are helping to develop your independence from mom and dad. Just work towards it by checking off your smaller goals and getting yourself into a stable financial place.

It would be really unfair to your friend to get a place together and then find out that you can't afford your part of the expenses.

Try this--- Add up all of the money you would pay in rent, utilities, phone, cable TV, internet, etc. PLUS your food bill, PLUS all of the little things you would need to buy to live on your own (bed, linens, night stand, living room furiture, plates, kitchen stuff, etc) Take the total amount of the monthly expenses and say 1/4 of the other items and start paying that to your parents to pay off your debt. If after 4 months you have paid off all of your debt (and haven't incurred more) maybe you should move out! Otherwise, keep paying off your debt and once that is over, start building a fund so you WILL be able to afford to move out! Good luck! Enjoy living with your parents.... if you want to feel more independant, start making THEM dinner once or twice a week, do yardwork without being asked, cleaning up THEIR messes, doing THEIR laundry, and generally helping out more! You will feel better about living there and they will develop more respect for you.

If you can't afford it yet, hold off. If you get behind in your rent, not only will you have more debt, but it would be really unfair to your friend if she is also on the lease the landlord could also hold her responsible.

If you don't think you can afford it then listen to your gut.  I've been that "other" person getting stuck and if not for a really nice landlord things would have been a lot worse on me when my roomie couldn't own up to her end of things.  Nothing sours a friendship faster then a living arrangement gone totally wrong. 

 

Unless you have worked a budget to the dollar and are SURE that you can afford it don't do it.  Plus realize you'll have to give up going out for dinner or buying DVDs or CDs or those new shoes if you are spending all your money on rent.  That will not make you feel much more free!!!

Plus you should be building up a savings account for when you can get out - but for now - enjoy the freedom or not having a rent/ mortage!

Also, i think other people have said this but a bad roommate can make your life miserable.  and a good friend can be a bad roommate, you know?  that doesn't always translate.

good luck!  you will be able to afford it someday!

Please think this through before making a big commitment like moving out. It sounds as if you may not be completely sure about your budget. Take some time to write down everything you spend money on, not just monthly but also yearly. Figure out what you spend on car insurance, car maintenance, hair salon, clothes, gifts etc. then divide that amount by 12,  ADD it to your MONTHLY budget.  That way, you can avoid any surprises. Just like the others have said, your ability to handle your finances by saving and paying off your debt while living with your parents, shows tremendous independence and responsibility. Staying put for a while is a golden opportunity for you. Good luck with whatever you choose to do.

I am right there with you. I am 22 and Im still living at home.  My b'f and I want to move out but right now he is in between jobs and I dont make enough that would support the 2 of us. 1500 is alot to afford. especially if the utilities are not included. Also when you first move into an apartment the landlord usually wants a 1 1/2 months deposit. Since I cant afford to move out I redecorated my bedroom. I repainted and bought new furniture. My b'f moved in so I got a bigger bed when I was redecorating.

The most logical thing to do is to wait until you can afford it. It wouldn't be in your best interest to lock/commit to something you're unsure of financially. This sounds like an idea time for you to save and get situated. Take care of the debt you've aquired and save a bit. It wouldn't be helpful to your friends if you aren't able. It may cause strain on a good relationship with friends. It sounds like living with your parents will make future plans easier on you.

The transition would be easier on you in a few months after saving/paying off debt,imo. That sounds far less stressful than moving with uncertainty. Good luck!