Hi everyone, I am to move out soon and have done a little research on how much savings is reccomended before you move out. I want t know how much did you have in savings before moving out of your family home and going it completely alone?
... also any tips on minimizing costs when moving out would be super helpful thanks!
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I had (the equivalent of) about $25,000 right before I moved out. But I'm not "going it completely alone", I'm living together with my girlfriend. I'm also supporting her a bit financially because she's a foreigner and thus currently not allowed to work more than a certain number of hours per month.
I don't think there's a general recipe to minimize costs that works for everyone. It depends on your individual situation. For example if you already work a real job when you move out, you won't have to live as humbly as if you still study. My girlfriend and me both study at university, so we have to pay a closer attention to our spendings (her even more than me). I think one important thing is to find out what your priorities are. Obviously, you can't live like a king/queen when you start living on your own - but that doesn't mean you have to live like a monk/nun either. Finding a nice middle-path is always the best solution. Therefore, choose perhaps 1-2 activities or aspects of life that are very important to you and that you want to keep spending some money on. For me, this is cooking/eating and going to the movie theater once in a while. I'm a big foodie and I love to eat good and especially good-quality food. That is why I'm willing to spend money on this. And because I've got a girlfriend, I want to be able to go on a nice date with her sometimes (maybe once a month) and so I also want to spend some money on movies and eating out. Especially eating out is unfortunately extremely expensive in my country. On the other hand, there are many things where I cut back more because I don't find these things very important. One of these aspects is clothing. Having lots of new clothes is really not important to me and I'm fine with the ones I have. Thus, I hardly ever go shopping. I've had my pair of shoes for two years now (yes, just one pair :-)) and some of my hoodies and t-shirts are over 10 years old. I try to take good care of things and thus make them last longer. The same goes for electronics. Electronics are very expensive and I can't afford to buy a new phone every year, so I treat my electronic devices like little babies. I've had my PC computer for 12 years now and apart from a few minor fixes, it's still running (something I'm very proud of :-)). And of course there are also more subtle ways to save money: save water, don't heat too much in the winter etc. And, also important, always look for good deals when you're out shopping :-).