How much money save up before moving out?

[Anonymous]

How much money should one have before moving out? it's one year salary enough? over 100k?

[Anonymous]

Depends entirely on the person and situation.
Most kids should work some while still at home and save up a nestegg that is only for emergencies, before moving out.

[Anonymous]

I think i had about $1,000. Most Americans don’t even have $100,000.

[Anonymous]

Anonymous wrote:How much money should one have before moving out? it's one year salary enough? over 100k?

$5K

[Anonymous]

Are they going to rent an apartment? Typically, a deposit of first month’s rent is required.

[Anonymous]

How far is the move? I didn’t have much money saved when I got my own place, but if things really went south, I could have always lived at home again (parents were about an hour away).

[Anonymous]

Anonymous wrote:Are they going to rent an apartment? Typically, a deposit of first month’s rent is required.

+1

[Anonymous]

6 months of rent, at a minimum. So it depends how much rent you plan on paying.

If a round number is good, I'd say $10k.

[Anonymous]

Forty years ago I was 30 and saved 50,000. It was enough to buy a home.

[Anonymous]

Anonymous wrote:Forty years ago I was 30 and saved 50,000. It was enough to buy a home.

This is the way to do it. Parents forcing kids out at 18 just puts them in financial stress for years and years.

Better that they live at home, work fulltime, and save up some money, rather than wasting it on rent.

[Anonymous]

It depends if they are renting or buying. For renting I'd say $5k-$10k. Obviously more if buying, maybe $30k or more

[Anonymous]

Anonymous wrote:

Anonymous wrote:Forty years ago I was 30 and saved 50,000. It was enough to buy a home.

This is the way to do it. Parents forcing kids out at 18 just puts them in financial stress for years and years.

Better that they live at home, work fulltime, and save up some money, rather than wasting it on rent.

+1

My DS saves 90K/yr after taxes and maxing out his 401K after graduating from college in 2019. He lived at home from 2019 until 2024, and invested that money in Nvidia, Amazon, and Tesla during the pandemic. He finally moved out two months ago with around 1.3M in cash & stocks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Forty years ago I was 30 and saved 50,000. It was enough to buy a home.

This is the way to do it. Parents forcing kids out at 18 just puts them in financial stress for years and years.

Better that they live at home, work fulltime, and save up some money, rather than wasting it on rent.

+1

My DS saves 90K/yr after taxes and maxing out his 401K after graduating from college in 2019. He lived at home from 2019 until 2024, and invested that money in Nvidia, Amazon, and Tesla during the pandemic. He finally moved out two months ago with around 1.3M in cash & stocks.

Congrats! That's very impressive and a great nest egg if he doesn't have to use much of it. He will be able to retire in his 30s most likely.

[Anonymous]

I had $6k and a job. Got roommate. Worked out fine.

[Anonymous]

First, last and security deposit - so 3 months of rent. THEN on top of that enough $ that they can buy groceries and pay for gas, phone, cable, any bills they have (car note?) and heat and electricity at the new apartment for 2 weeks before getting their next paycheck

This assumes they have a job that brings in money regularly.

I don't think people should be waiting until "things are perfect" to move out (like $100,000 in savings) but they shouldn't put all their money on an apartment and not be able to afford gas or metro fees to get to work!