Living Alone to Gain Independence

[sungrl]

i am 24 years old..i live with my parents pretty much rent free..i have student loans and i pay my cell bill, gym bill etc. I am saving money and paying off my loans..my full time job is a decent amount for living at home but probably wouldn't be good getting an apartment for 1000 a month or more..it amazes me how much rent costs.

 

As more time goes on..i crave just having my own place..and also being at an apartment with parents i feel like there is not a lot of privacy and sometimes i just want peace and quiet and my parents bicker sometimes back and forth or sometimes i just don't want to hear anybody else you know? I love them very much but i really do want that feeling of a little more independence..i think i would appreciate them more too

 

honestly-i don't even want to live alone full time..i wouldn't mind still living with my parents a few days a week so they won't feel alone...but actually being able to say nah i think i will stay at my place tonight or saying i have to go to my place to check on things...just to have that feeling where if i do need peace and quiet or a place to have a friend over..i can do it you know? I was thinking of getting a second job as a bartender to make some extra cash

 

it gets to the point that if my parents go out early in the morning to do shopping or something i will wake up when they leave so i can have the place to myself.

 

the thing is..its probably smarter to pay off student loans first..but also how much rent will add up to at the end of the year makes me wonder is it worth it? maybe i should stay and save for a down payment on a house instead..i just really don't know what to do..feel kind of stuck and annoyed most of the time when here..

[JohnnyBlaze]

Of course, if you can save up to put a down payment on a house, that's much better than renting; unlike renting, the payments will end one day, and you'll have something to show for it.

 

However, that takes a considerable chunk of change to do. When you're on your own and still have major debts, it might prove a little overwhelming. I do know how you feel, but at this point in time, my recommendation would be to stay at home for now and work your butt off while costs are down. Take care of your student loan and stash some cash. Once the loan is taken care of, sit down and do the math. Talk to people who live on their own in your area (or wherever it is you want to live) to find out what the average cost of living is there. Then you can look at the immediate costs of renting vs. buying (e.g. most rentals are inclusive - no hydro bill, no water bill, just rent), compare each option to your current financial situation and make a more informed decision then.

 

Alternately, you can do what a lot of people do: rent now, regardless of your financial situation, live on K-D for a few years, and then re-evaluate.

[sb129]

I am 31 and about to move into my second purchased house. For the last 1.5 years I have been renting because that was cheaper than buying and we managed to rent AND pay off debts AND save for the down payment on the house we bought.

 

Before I bought the first house, I rented for a long time too.

 

The best way to rent is to live with other people (friends, roommates etc). By doing that it cuts costs of tax/electricity/gas/water etc by splitting it between people. When you rent alone you are responsible for all the bills by yourself and it can get expensive.

 

When my fiance and i rented together last year, we saved by living in a cheap area, and we lived with a few other people who we didn't really know. We lived in a small room on top of eachother and it was pretty stressful sometimes.

When you have a financial goal, usually somethings gotta give, whether its money, or space or little luxuries.

 

The BEST thing we did was a monthly budget so we knew exactly how much we could save each month and exactly how much we had to spend on necessities. It really helped.

[sb129]

PS- I also lived with my parents for a few months and moved out about a month ago.

it was hard to live with them at my age, and I couldn't wait to get out..we drove eachother crazy.

 

However- my fiance and i disrupted their routine hugely by living there, and sometimes i lost sight of that.

 

You are living in your parents house. It is THEIR house, not yours, and you should respect that. Have you considered that they may be looking forward to the day when you move out so that they can have some time to themselves too?

[sungrl]

no, i know my parents.. i know they wouldn't really want me out of the house..i know they would be a little sad by it especially my mom...they probably know eventually its what i will have to do but i think deep down they wouldn't want that day to come.

[sb129]

Have you actually asked them? Their reaction might surprise you...

 

PS forgot to mention, I still have a student loan. I am paying it off at the minimum repayment and its been no hindrance anywhere.

[sungrl]

i know my parents...trust me, they don't want me to be all grown up and out of the house even though they know one day it will eventually have to happen.

[Disillusioned]

Well take it from one who did it... I inherited my mother's house when she died, and currently I live alone in it (unless you count my Realdoll)... but even if the place is paid for and you own it, you better make sure you have a steady job with good pay, if you're going to keep the property tax and utility bills under control. I would suggest finding a part time day job with good health care, and try to turn any abilities you have into your own home business.