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How much money should I have saved before I move out?

by tom44 on May 2, 2013

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Question by Peppe: How much money should I have saved before I move out?
I am desperate to move out as soon as possible. I’m currently broke, carless and I still live with my parents. I have a stable job and I plan to work more and save more.

The questions is: What is the minimum amount of money I should save up to support myself to live on my own with a start rent payment of maybe $ 1k-2k per month in Los Angeles???

Please any honest and hepful advice- thank you!!

Best answer:

Answer by Mike
It does not matter how much money you save.
What you should be concerned about is cash flow.
Since you will have ongoing needs like food, rent, gas, insurance, etc you will need a steady stream of money to meet those needs.
You must generate regular income to move out.
That is a better plan than what you are thinking right now.
Good Luck.

Know better? Leave your own answer in the comments!

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2 thoughts on “How much money should I have saved before I move out?

  1. Angel says:

    You need to live within your means, which means, lol, that your salary needs to be sufficient to pay all your bills. So, you need to find a place to live that you can afford, and have enough to buy food and pay your bills. I found I could do that in Los Angeles, I had plenty of good health food to eat, paid the rent, parked my car and took the bus, and I did okay, but saving? I couldn’t save any money, there just wasn’t any left. And if you don’t live off your salary, no amount of money that you save will be sufficient for long. hopefully, you can move out and stay on good terms with your parents, and if you are to need help at a later date, go back home to stay a while. If you want to put aside money for future needs, check out Primerica, they have excellent mutual funds, and starting with just 1K can add up to a lot later, and they will talk to you for free and help you with your financial planning. They look out for your best interest, not their own. Primerica used to be A.L. Williams, check it out on the internet, A. L. Williams is really awesome. And you can sign up to work for them part time and make some extra money on the side, in your spare time, and help others to plan their finances and get paid for it, and have a lot of fun.

  2. Alex says:

    Build a budget including all income and expenses. Typical monthly expenses include: Rent, Loans, Water, Cable, Internet, Phone, Electricity, Car Insurance, Renter’s insurance, Groceries, Gasoline, and spending money. The cost of bills depends on where you live. There are lots of free budget forms for download; also check out DaveRamsey.com and mint.com for help budgeting. Rent should never be more than a third of income; many landlords verify this before they’ll offer a lease. If you don’t have enough money coming in to cover these expenses, consider getting a roommate.

    Make a savings plan to prepare for moving out. There are lots of “start-up” costs involved in moving out the first time. Deposits for apartment and bills are the largest factor. Other things to save for are: Furniture (bed, couch/chairs, coffee/side tables, TV stand), electronics (TV, Computer, Microwave), Pots & pans, Dishware, Silverware, Bedding, towels, and the list goes on. Buy items that are easy to move before moving to decrease the amount you’re spending at one time. In addition to saving for the items listed above, put some in savings for a “rainy day” in case of job loss, medical emergency or car accident. $ 1,000 is the minimum, 3-6 months bills is recommended.

    A great way to prepare for living on your own is to live by this budget before you move out and put what you expect to pay in bills into a savings account. Not only does this get you in the habit of living off the money budgeted for non-essential items, but it’s a great way to build up savings.

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