Given your situation, I'd just keep the money in the 401K for now if your former employer allows that (if you can't, it'll auto roll in to a Rollover IRA I believe). If you get a new job with a 401K plan, you can roll that money in to your new 401K plan later. The only real benefit to rolling that money in to a traditional IRA is your investment choices I believe are going to be more varied.
Then, I'd go ahead and make the Roth IRA max contribution for 2014 now. You can withdraw your contribution (the $5,500, no earnings) at any time at no penalty if you run in to an emergency. And since you live at home, it won't be likely you'll need to touch that money anyway so why not have it work for you?
For me, I like to keep my money out of any traditional IRA. Mainly, because I always tend to work for companies that offer a 401K plan anyway (which I believe means I cannot make a deductible contribution to an traditional IRA). Also, since I exceed the income limit for direct Roth contribution, I use a traditional IRA account as a vehicle to do a backdoor roth conversion but in order to avoid pro rata taxation, I have to keep my traditional IRA balance at zero.