Looking to Be On My Own after College.
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  1. #1
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    Default Looking to Be On My Own after College.

    Greetings,

    I would like to thank those who had helped me with my investing inqiuries for the last forum! Everyone here is so nice!

    With that in mind, I have made the decision to hold off on investing until I attain enough funds to sustain myself responsibly. As stated in my last post, I am a 21 year old college student with a major in animation. I currently have no debt or college loans to pay off with my education. As of right now, I am currently broke with some income coming from my TIAA CREF mutual fund. I get a weekly stipend from my parents to live off of, and I also am planning to work my job at school the maximum number of hours for a student employee (20hrs/7.50). After college, I am concerned as to what I will do with my living situation once I graduate. As of right now I have no car or apartment, and it seems as if my parents wont be helping with any of that once I graduate.

    Therefore, with graduation to be expected around next year or so, if I was very frugal with my money and saved a decent amount until graduation, would anyone know how much I would need to live off on my own and sustain myself? The only things I would need to start out with is a cheap used car, and a one bedroom apartment, does anyone know how much I would be able to save up? If I have about 7000 dollars saved up between now and next year, would that be just enough to afford a car and a place of my own and sustain any expenses I would need while looking for a job?

    Thank you so much for your patience in reading this thread! I appreciate it!

  2. #2
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    Don't forget food, car insurance, phone for potential employer to call you, internet if needed to look for a job and apply, vehicle gas, electric, fees for turning on electric, laundry costs etc. I'm sure there's more that I'm not thinking of right now that are kind of like "hidden costs".

    A studio apartment would be somewhat cheaper. Can you live at home for 6 months to find a job and save some money? Maybe a year in return for helping parents?
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    I am afraid not.

    However, if I did get a job over the summer and save some money, would I be able to have enough to live off on my own?

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    It is difficult to say as there is a vast diff. in housing costs. Let me also say that I applaude you for wanting to be so responsible. The answer for you is almost certainly room mates as you work a lower wage job while searching for a better one in your field. Please take advantage of any job placement services the college could help w/. Not having any college debt will help you immensely as no college debt will be hanging over your head. I would save all I could also from parents allowance and summer jobs.
    As I have learned from my DD and her friends most people group live for awhile and trade favors and share to get by. Maybe carpooling could work. Cars are much more exp. than the initial price w/ ins.,repairs,gas,licensing and such. Would there be safe public transportation handy??
    Also and I never would have said this pre 2009 but take any assistance you can get like food stamps. when you get a job you can live on (certainly not minimum wage) then you can always pay it forward to charities if you feel the need.
    Its hard to start out. Are you sure no relatives can help at first?? Or that you couldnt live w/ the folks and pay a small rent. My DD is 25 and still lives here but pays a small fee (to cover the cost of having her) to do so.

    Call around to apartments and see what it costs to get in one not just the rent. Most apts. want you to have a job,good credit rating and a security deposit of usually 1st and last months rent. They want references.
    Find out what,if any, utilities they provide.

    lastly,have a talk w/ parents about their expectations and what they could help you w/,would help you w/ after graduation. Get all your costs info. together before you sit down w/ them. Thank them for any help they already gave so they understand you have matured. Go over w/ them potential cost and earnings. I agreed not to charge rent while she was in school but after you work.

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    The choice to keep a car is biggest budget stressor. This is completely your choice...I always just had a junker but I had a parent who would fix things. I was able to move on my own at 22 after finding good professional job as I busted my butt so I would not have student loans, while paying my own way after Pell grants were canceled for all back in 1990s. If you are really conservative about entertainment expenses & you get car payment and low rent apartment (in safe area) if you have money left over at end of month, then I think you may be good candidate to afford a car. But you need to 'pay yourself first' and put away this extra money with scheduled deposits into emergency fund monthly so you will have extra money to deal with car repairs, medical, etc when things happen. Experts are recommending emergency fund of 6-9 months of normal expenses in case you become unemployed, so after you build up this size of emergency fund you just move the extra money over to IRA. You can even work on multiple savings accounts with purpose for each as you get raises or bonuses at work...It's completely doable to live on own. But, if you have little money left over at end of month, you are better arranging your life to depend on the bus for a while.

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    Check out your local library. Most libraries have free Wi-Fi these days so you can save on internet this way. Many also have museum passes (ask about the rules to avoid incurring any fees) as well as ebooks, CD's and DVD's, which will help you save on entertainment.

    With the economy being what it is, check to see if your local library offers events where speakers come in and speak about finances. They may also have events that help with resume writing and job searching. Can't hurt to ask.

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