Made A Mistake Moving Out Too Soon Now We Want To Be Ready: Suggestions

Discussion in Savings & Investments Plans started by LilyRaven • Jan 15, 2016.

  1. LilyRaven

    LilyRavenNew Member

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    My partner and I made the mistake of moving into our own place too soon and sadly, are forced to move back in with family members due to not being able to afford our place. We are both very responsible, but we got in a little over our heads with this move. We made the move impulsively due to not getting along with the family members we were staying with at the time and now we are moving in with different family members. We want to be prepared this time around, so any suggestions would be appreciated. What is a good way to set aside enough money to cover the rent, deposits, furnishings, etc? Should we do this weekly or monthly? Is there a set goal we should have in order to ensure we have it all together? What is a good time frame to hope for?
     
  2. Denis Hard

    Denis HardWell-Known Member

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    You first have to determine how much money you'll need for your rent and other related expenses.

    Once you get the figure then you'll need to do some calculations. How much money will you have to save in order to cover all your costs and still have a little left over? You can then afterwards find the best way to save the money. Each time you get paid transfer the amount you planned to save to your savings account. Save enough for six months then move out.
     
  3. Pat

    PatWell-Known Member

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    I understand you desire to be more prepared for your move, I did the same thing and it has taken me a little more time than I thought it would to get myself back together. I am looking at how much money I need to spend for the type of home I want along with the furniture to go into that type of place along with the life style I want to live once I have moved into my new home. The above post is very good advice. I plan to pay 6 months rent all at one time to give myself more of a cushion.
     
  4. Ke Gordon

    Ke GordonWell-Known Member

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    Yes, probably anticipate more money than you actually will need. That way you can have cushion. Just like when you are in the store and over estimate what the items cost so you aren't short at the register...you should do with the home you wish to buy or the apartment you wish to rent, that way you will have no problems.
     
  5. MrsJones

    MrsJonesActive Member

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    First off, keep in mind of the hospitality that has been extended to you. You don't want to over stay your welcome. Although it's understood that your intentions are to stay until you get things together financially it would be good to verbally discuss how long that would be. Also, offering to contribute to the household financially as well as tasks around the home.

    Second, having experienced what costs are expected as a renter, you should look for a place that you are able to afford taking into consideration of necessities like distance to you work, laundry facilities, entertainment, etc. It would be good to find a place where utilities (gas, light, water, trash) are included in the rent and also appliances.

    Third, furnishings can be rented (to own) if this is an option open to you both. Tack that cost to the rent. Or you can ask family and friends if they have pieces that they no longer want (Free) until you have saved enough to get what you both like. Buying one piece to replace another.

    These are things that I myself have expected from family members that needed time to get on their feet and it has worked out well for everyone.
     
  6. thenextGeek

    thenextGeekActive Member

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    First of all, you should have a definite plan with your partner. Think of things that you can cut down on such as your daily coffee if you're into Starbucks, making your own food and lessen the times you go out, etc. This will help you in increasing your cash flow that you can put into your future house plans.

    The next step is for you to create a monthly budget and stick to it no matter what. This will help you from committing unnecessary expenses. Finally, you should consider your cash flow and try to target locations that are within your cash flow. You could always move into a better place once you are earning more cash, and it is always harder to move when you are paying for a place you could barely afford.
     
  7. shoptodrop

    shoptodropActive Member

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    I know that's not a very good feeling. Been there, done that. But keep positive, you'll be out again in no time. But this time around, think about how much the cost of living is where you live, factor in how much each of you would need to make in order to afford rent every month and things like groceries or toiletries. As long as you guys have jobs that can support that, you can float. It also helps a lot to get food stamps. I know it's not ideal, but it really helps take the load off when your rent is already high and you have other bills to pay. You guys can do it! Wishing all the best to you.
     
  8. Onionman

    OnionmanActive Member

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    Put everything down on paper. What you both bring in, what goes out, what you own and what you owe. I say "on paper" but really it makes sense to get into all into a spreadsheet. That way you can adjust the numbers. It's important when budgeting (and that's what part of this is), to get a sense of your "wants" vs your "needs". The more "wants" you can strip out of your spending patterns, the better placed you will be. Once you've looked at all of this then you've really got to work out how much you can afford. And that means looking at all of costs of running a home.

    And even before all of the number crunching, take a look at how you look at money and what goals you've set for yourself. Are they aligned? In other words, are you spending in a way that sabotages any chance of being able to afford a home? Probably not but it's always worth asking yourself the deeper questions.
     
  9. xTinx

    xTinxWell-Known Member

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    Whatever floats your boat, as I always say. Are you comfortable with weekly, monthly or yearly savings? Since I don't know the ebb and flow of your income, the ones who have to make a decision would be you and your partner and you guys know better. Secondly, list down your priorities. This will help facilitate whatever decisions you want to come up with.