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Old 03-20-2008, 09:43 PM   #11
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Default Re: Turning 18 soon, Need help

I'd say don't move out until you finish your education, but I guess that is just my mentality.

The way I look at it, you are going to go to college, then grad school... you have a good 8 years of school left. Plus you are going to have to pay for those. Why not just stay at your parents 'till you have a job?

I personally am not going to move out until I am 24, if not later, and my parents really do not care all that much about it.
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Old 03-20-2008, 11:09 PM   #12
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Default Re: Turning 18 soon, Need help

Jee, I can remember this like it was yesterday. I was so nervous. But believe me, eighteen feels no more different than seventeen other than you hitting a milestone by becoming an adult.

I do want to advise you that living on your own is not as easy as you think. Take all of this into consideration. You might want to really, really think about the entire picture. It is much much harder than living at your mothers. So please, think long and hard about it, and i'll giv you some suggestions from my personal experiences.

1. Factor in the cost of rent/mortgage. Most young people start out renting: however, it is best to own. Of course, you'll need credit before a lender will give you a loan for a home. A good and quick way to build up your credit is to get a couple of secured credit cards. Secured credit cards is when you put a certain amount of money towards the card, and you borrow against yourself. It is treatd like a regular credit card that you cannot be late on your peyments. If you are, negative marks will go on your credit report thus lowering your score. When the creditors see that you can pay your bills on time for a period of time--a varies for each credit card issuer--it will turn into an uninsecured credit card, meaning that you won't be borrowing against yourself. Try to get those now so you can start building before the age of eighteen. But back to the renting and owning thing. Make that as part of your budget.

2. You'll want to open a savings and a checking account. the checking account will be for bill paying, and the savings will be for money that you should be saving for a rainy day. I urge you to put away at least $100 a month, and do not touch it.

3. To shop cheaply for cleaning supplies and toilet paper, go to the dollar store. When you are at the grocery store, do not shop name brand. Buy everything generic. This is what I do. Walmart will also become your new best friend.

4. You'll also need to factor in the price of car insurance and gas, as well as your other utilities, such as gas, electric, and water. If you'd like, do some research. Call your utilities' companies in your area and get the average price people pay for utilities. Electricity and gas are monthly, and water is quarterly. You can even talk to some other people to get an idea. Here, I try to keep electric under $200 a month. The water bill under $50, and the gas at no more than $50. You always want to budget at least twenty percent higher then you'll normally spend to allow you some room on a rough month or on a month you accidently consume more than planned.

This is my two sense. I hope it helps.


It is very hard out here.
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Old 03-20-2008, 11:23 PM   #13
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Default Re: Turning 18 soon, Need help

That's true. I make a decent amount of money at 19, but not enough to comfortably support myself with just that income. I'm making $16/hr full time. Comes out to $1000 every two weeks after taxes. So $2,000 a month. Factor in rent (Which is typically $400 for me), gas, insurance, phone bill, miscellaneous things like my car needing a lot of maintenance, etc. etc. and it doesn't leave much at all.
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Old 03-21-2008, 12:32 AM   #14
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Default Re: Turning 18 soon, Need help

the detailed replies are very helpful. Ive thought and done a spreadsheet on things i would need to factor into the equation. I can see its very hard. But im going to do my best
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Old 03-21-2008, 09:03 AM   #15
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Default Re: Turning 18 soon, Need help

Well, I wish you the best on it. It is a good thing you have a job with a steady check. It is tougher when you are a business owner, then you have other worries. It just involves creativity then. Nonetheless, I hope things work out.
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Old 03-21-2008, 10:56 AM   #16
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Default Re: Turning 18 soon, Need help

Quote:
Originally Posted by Š88 View Post
you heard that it's best to stay with your parents as long as possible? I'm pretty it's the opposite.

As far as what you should do, there isn't much. Find a place to live, either buy or rent. Go to a grocery store to buy food so you have something to eat. Pay your rent and your bills (just like a good little working person). And I would suggest getting a credit card.
Credit card for a typical kid = very bad idea. Stick with a debit card for now if possible. You don't want to ruin your credit already...
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Old 03-21-2008, 01:28 PM   #17
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Default Re: Turning 18 soon, Need help

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Originally Posted by freestyler105 View Post
Credit card for a typical kid = very bad idea. Stick with a debit card for now if possible. You don't want to ruin your credit already...
not it's not a bad idea. I have had a credit card since I was 18 and it's just about being responsible. It's not very hard to do.
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Old 03-21-2008, 01:52 PM   #18
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Default Re: Turning 18 soon, Need help

Any Preparation before moving out should start by looking at the area you want to live in, get to know some locals and find out a bit about the community,look at the rent prices and give yourself a target of what you think its going to cost you all in(all bills) then consider what your living requirements would be, food, clothes, petty cash to go out with, once you have your overall target then loo around for a local job that meets them recommendation's(unless you already have one), Are you happy living on your own? maybe renting a flat for a couple of weeks as a trial to see how you cope and feel, if everything is fine then make it permanent, don't go gung ho and regret your actions do it slowly and carefully and you will not enjoy your freedom and build your own empire as you see fit.
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Old 03-21-2008, 03:01 PM   #19
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Default Re: Turning 18 soon, Need help

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not it's not a bad idea. I have had a credit card since I was 18 and it's just about being responsible. It's not very hard to do.
Depends on the kid I guess...
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Old 03-21-2008, 03:08 PM   #20
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Default Re: Turning 18 soon, Need help

Save as early as you can too... That will make a big difference later on.
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