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To move or not to move?
I'm freshly graduated from SFU and have a huge $23,000 debt to pay off.
I will be living with the parents at least until the end of the year. But will I save up enough money to be financially stable when I move out, and will I be able to save? That is the big question.
I've tallied it up and figured this out. Staying with the parents till the end of the year I will save about $10,000. To you that might be good enough to move out. But I want to put some of that money away to invest also, probably half of it and still have the other half to pay for all the fees of moving out. With my current wage, if I am on my own I could still save 200-300 bucks per month. But right now, living at home, I am able to save about 1,000 bucks per month.
I could stick it out and live with the parents for another year and have really good financial stability, and lower my debt. But there is this thing in the back of my head that's saying to me "MOVE OUT!". I think even though I'll be only saving a couple hundred bucks a month instead of 1,000 I'll be a lot happier with my life and strive that much more to make the changes to save more money.
Well I still have a couple more months to ponder. What to do...
I will be living with the parents at least until the end of the year. But will I save up enough money to be financially stable when I move out, and will I be able to save? That is the big question.
I've tallied it up and figured this out. Staying with the parents till the end of the year I will save about $10,000. To you that might be good enough to move out. But I want to put some of that money away to invest also, probably half of it and still have the other half to pay for all the fees of moving out. With my current wage, if I am on my own I could still save 200-300 bucks per month. But right now, living at home, I am able to save about 1,000 bucks per month.
I could stick it out and live with the parents for another year and have really good financial stability, and lower my debt. But there is this thing in the back of my head that's saying to me "MOVE OUT!". I think even though I'll be only saving a couple hundred bucks a month instead of 1,000 I'll be a lot happier with my life and strive that much more to make the changes to save more money.
Well I still have a couple more months to ponder. What to do...
Comments
I moved out when I was 19 to live with my bf and as far as saving money goes, it's really damn hard when you live on your own. I'm assuming you factored in groceries, telephone, internet, laundry, etc. into your budget? These things really add up and definitely prevent you from saving. And there's also the investment of getting your place set up. Just keep all that in mind!
If I could do it again (and if I got along with my mom better), I would stick it out at home for a few extra years. It makes a difference on the bank account!