Question by Sasha L: I have some questions about moving out for the first time?
Ok, right now I am only 16 but I am really hoping to move out and do it right when I am 18. So I realise these are a lot of questions, but if you can answer just one I would be more than happy!!
1. I want to buy a new car, like a hybrid, and I found a standard price for 1 of $ 21,500.00. Is it better to buy n full and aviod interest or to get financed and pay less immediately but more n the long run? Also, how much would someone expect to pay as insurance for that in Alberta, Canada?
2. I want to buy a house. How much does the average home cost? Is it better to buy a previously owned home or a new home. AND what kind of home loan/morgage would be best. Which is better, rent-to-own or a morgage? I want a house that has at least 5 bed, 2 bath, and a big yard!
3. Furnature I plan to buy myself and have delivered, after putting it on layaway.. Easy home allows you to make payments on furnature. Would it be wiser to make payments or buy in full?
4. Satalite vs. Cable? I don’t watch a lot of TV but there are certain channels I would go insane if I dd not have. they are few, but still I watch them. Is it better to get Satalite or Cable? is there any way I can make my bill smaller? How much should I be paying?
5. Internet access? What is best to get. I want internet for lots of things and it has to be fast. How much should I be paying?
6. House warming party. Is this practical? Is it a way of maybe getting a few little things? Or is it more work than good?
7. House insurance? I have to have it as far as I know because I want to be a foster parent. What do I expect to pay?
8. Saving money. What is the best way to do this. How much should I try and have saved up before I move? When should I start worrying about work? asap? this summer?
I’m sure I have forgotten so many things so anything you can tell me about personal experieces moving out that would be great! right now I am going to have maybe $ 10,000.00 if I moved out without getting any more money. HOWEVER I do expect to work. I tried to make myself a little list of how much money I could get if I went back to work next month (November) making $ 10/h and every 3 months increasing that by $ 1/h.
Each month I ‘made’ $ 2,080.00-$ 3,328.00. I made it so that I worked 8 hour shifts every day but wednesday. Then I concidered monthly expenses. every month I took out $ 100 for food, $ 100 for pet care, $ 40/birthday or aniversary, $ 200 for major holidays like x-mas, easter and halloween. $ 20 for ever ‘day’ I worked and ended up haveing my monthly expenses range $ 920-$ 1540.
After subtracting my expenses from my pay I ‘put’ the money in an account that had 5% interest compounded monthly. my opening balance each month was the last closing balance+my earnings-monthly expenses. Then interest was calculated and then I added that to my ‘opening balance’ to make my closing balance.
I did this from November 2008-June 2010 and had a final ‘balance’ of $ 49,007.73.
This is not including any other things like money coming to me, or possible expenses like the posibility of having to pay rent to my mom, or any money I already have.
Is this number realistic?
I know this was a very very long question but I ask for your cooperation and patients, please give real advise and Thanks in advance
(I am putting this question in this catagory because it is one of the largest I can think of and I respect your opinions)
Best answer:
Answer by *mendokusai*
I’m sorry, but this is highly unrealistic. I am assuming that you are going to school, so how can you possibly make that work that much and which person would even pay a 16yo that much money? Aside from that, you will not be allowed to work a full 40 hour work week until you are 18. What you want to do in the next two years at your age simply isn’t feasible. The average price of a house is well over 200,000. The house you want might be double or triple that price depending on the location.
Just do what I did; concentrate on your schoolwork more instead of working and get into a good college (a good distance from your parents) . I certainly don’t have all those grandiose things you described but I am living on my own. After you leave college you should start making enough money to eventually get all of those things, but right now, don’t worry about it. You are simply too young to accomplish all of that within 2 years. You should be having fun, not working your butt off =]
What do you think? Answer below!