Author Topic: Can I Afford to Move Out?  (Read 5752 times)

RonMcCord

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Can I Afford to Move Out?
« on: September 13, 2015, 05:45:44 PM »
Currently I'm 25, single, debt free and living at my parents house.  I want to eventually move out, but I make about $16k with no benefits.  According to the MIT Living Wage Calculator, I should be making at least $20k, though looking at the way they get their numbers it could be possible the numbers might not accurately describe me.  Getting a cheap car in full/biking reduce transportation costs.  Buying staples and seasonal produce instead of processed/fast food would save the food costs, getting roommates would cut the housing expenses, etc.  That said, I don't know if I should take the leap yet, or just wait and see if I can find a better job.  What do I do?

JLee

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Re: Can I Afford to Move Out?
« Reply #1 on: September 13, 2015, 05:55:37 PM »
Currently I'm 25, single, debt free and living at my parents house.  I want to eventually move out, but I make about $16k with no benefits.  According to the MIT Living Wage Calculator, I should be making at least $20k, though looking at the way they get their numbers it could be possible the numbers might not accurately describe me.  Getting a cheap car in full/biking reduce transportation costs.  Buying staples and seasonal produce instead of processed/fast food would save the food costs, getting roommates would cut the housing expenses, etc.  That said, I don't know if I should take the leap yet, or just wait and see if I can find a better job.  What do I do?

Bingo.

RonMcCord

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Re: Can I Afford to Move Out?
« Reply #2 on: September 13, 2015, 06:32:43 PM »
Okay, so I guess my next question is where do I find a better job? I have an IT and art degree, but I couldn't find anything because I had no job experience and most of the IT jobs here are senior management level. I'm not waaahhing, but I legit want to know how to find something better when I spent the better part of last year wallpapering my room with rejection letters.

pbkmaine

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Re: Can I Afford to Move Out?
« Reply #3 on: September 13, 2015, 06:43:45 PM »
I think maybe your post should be titled: "How Do I Get a Better Job in IT?" There are many IT people who post here. That title will get their attention and I am sure you will get some helpful suggestions.

RonMcCord

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Re: Can I Afford to Move Out?
« Reply #4 on: September 13, 2015, 06:51:51 PM »
Okay, will do. I was trying to see if I could sustain myself on what I make now, but I guess that question has been answered.

pbkmaine

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Re: Can I Afford to Move Out?
« Reply #5 on: September 13, 2015, 07:01:16 PM »
Yes. It would not be impossible to live on your income, but it would be very difficult.

NataliaDuma

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Re: Can I Afford to Move Out?
« Reply #6 on: September 14, 2015, 01:45:36 AM »
It is not impossible as long as you learn how to live within your means and work around a budget that you have set for yourself. It may require a total lifestyle change if you move out of your parents house since everything will be shouldered by you. It's good that you have plans on cutting out on some things like food. It would also definitely help if you spend less on other stuff like clothing as well. Instead of buying new ones why not check out clothes at thrift shops or consignment stores.

ShoulderThingThatGoesUp

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Re: Can I Afford to Move Out?
« Reply #7 on: September 14, 2015, 09:00:57 AM »
Not impossible but you can get a better job, so you should.

frugaliknowit

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Re: Can I Afford to Move Out?
« Reply #8 on: September 14, 2015, 09:05:35 AM »
You can afford to move out if you can find a room mate situation for around $300 per month.

fitfrugalfab

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Re: Can I Afford to Move Out?
« Reply #9 on: September 14, 2015, 09:06:35 AM »
You can afford to move out if you can find a room mate situation for around $300 per month.

That depends on your location. Where I live, roommates splitting cost about $1000 a piece.

JLee

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Re: Can I Afford to Move Out?
« Reply #10 on: September 14, 2015, 09:54:31 AM »
Where do you live? I can get you an interview for an (fast-paced and stressful) IT job in Phoenix that'll pay around $40k.

thd7t

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Re: Can I Afford to Move Out?
« Reply #11 on: September 14, 2015, 10:12:36 AM »
Are you working full time?  If so, you're currently making under $.50 over minimum wage and this job is a dead end.  If not, do you like the job?  Does it have any room to grow into a better job?

Also, look around the journals section of the forum.  There are some people who are living on less and are very happy.  Reading their info might give you some ideas.

lostamonkey

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Re: Can I Afford to Move Out?
« Reply #12 on: September 14, 2015, 10:27:12 AM »
If you have a tech degree, there is no reason you should be making $16K per year without benefits. Find a better job, and move to a different city if neccassary.

2Birds1Stone

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Re: Can I Afford to Move Out?
« Reply #13 on: September 14, 2015, 11:17:15 AM »
My first full time job was as an assistant manager of a retail store in a mall, it paid $40k/year with full benefits.

If you are making 16k/yr I am assuming you are working part time, or flipping burgers.

RonMcCord

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Re: Can I Afford to Move Out?
« Reply #14 on: September 14, 2015, 07:15:25 PM »
To answer your questions: I would be willing to live a more modest lifestyle. I'm going to a technical college to get an A+  Certification for a help desk job, but I'm somewhat cynical and don't know if it'll pan out. Apartments and rental houses are $600-$1000 here depending on size, so roommates would get my rent down to something reasonable.  I live in middle Georgia, but thank you for the offer.  As for questions regarding the job: yes I'm full time, I like the job, but it's a smal print shop in a small town (with COL and wages to match) and it's about as far as I can go at the company.  I'd move if I could, but I don't know how to do it and not end up falling flat on my face.

thd7t

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Re: Can I Afford to Move Out?
« Reply #15 on: September 15, 2015, 06:45:46 AM »
To answer your questions: I would be willing to live a more modest lifestyle. I'm going to a technical college to get an A+  Certification for a help desk job, but I'm somewhat cynical and don't know if it'll pan out. Apartments and rental houses are $600-$1000 here depending on size, so roommates would get my rent down to something reasonable.  I live in middle Georgia, but thank you for the offer.  As for questions regarding the job: yes I'm full time, I like the job, but it's a smal print shop in a small town (with COL and wages to match) and it's about as far as I can go at the company.  I'd move if I could, but I don't know how to do it and not end up falling flat on my face.
Okay, this gets to a lot of the meat of your questions.  If you really like your job, it's time to start some kind of side hustle.  Can you practice your help desk skills with friends or family?  Do it for free and ask them to recommend you to people who need help.  Start by trying for a modest fee, but more than you get at work.  Just use it to build your skills (both technical and people/business).  Consider other skills or hobbies that you might be able to turn into a small income, as well.

Regarding getting an apartment, try looking for someone who already has an apartment, but wants a roommate.  This can really reduce your costs, because you won't have to supply everything you'd need to get started in an apartment.

Do you have any money saved up?  Are you saving money on a monthly basis?  As with anything on this board, this is a critical question.  You need to honestly assess where your money goes.  Working on a low wage requires that you be extra diligent.  However, the upside is that small gains have more impact on your finances.

Guesl982374

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Re: Can I Afford to Move Out?
« Reply #16 on: September 15, 2015, 06:57:06 AM »
Currently I'm 25, single, debt free and living at my parents house.  I want to eventually move out, but I make about $16k with no benefits.  According to the MIT Living Wage Calculator, I should be making at least $20k, though looking at the way they get their numbers it could be possible the numbers might not accurately describe me.  Getting a cheap car in full/biking reduce transportation costs.  Buying staples and seasonal produce instead of processed/fast food would save the food costs, getting roommates would cut the housing expenses, etc.  That said, I don't know if I should take the leap yet, or just wait and see if I can find a better job.  What do I do?

Bingo.

+1 This sounds like a motivation issue and a location issue. Look for jobs in the areas where you can command a much higher salary. At 25 and only making ~$8/hr <-- this deserves a facepunch. You need to get your ass in gear and work smarter (and possibly harder). There are others on this board who know a hell of a lot more about IT than I ever will so I won't try to pretend to know what the overall IT market looks like or what you should specifically be trying to do. I do know most of the IT guys I work with/know command $80-$150K/yr plus benefits depending on what they're doing.

Your only focus should be increasing your income at this point, not thinking about if you can move out.

RonMcCord

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Re: Can I Afford to Move Out?
« Reply #17 on: September 15, 2015, 09:14:18 AM »
Do you have any money saved up?  Are you saving money on a monthly basis?  As with anything on this board, this is a critical question.  You need to honestly assess where your money goes.  Working on a low wage requires that you be extra diligent.  However, the upside is that small gains have more impact on your finances.

I actually decided to check my bank statements for the past thirty days before I read this.  I saved 63% of my earnings. 10% was spent on entertainment, 5% was spent eating out, 5% was spent on gas, and 17% on miscellaneous purchases which were athletic equipment, a college textbook (which I couldn't get through Chegg or Amazon because it was a special campus edition with an online code), a copay, and a birthday present.  I've almost got $7000 in the bank to save for a car to buy in full. I haven't invested in a Vangard fund or anything like that yet, should I?

As for a side hustle, I can handle software/OS issues, but am going to school to handle working with hardware.  I can draw, have experience in Photoshop and Illustrator, and have some other skills I could maybe monetize, so I'll look into it.

And Liberty Stache, I don't know about a facepunch, but I am getting a much deserved fire lit under my ass.




thd7t

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Re: Can I Afford to Move Out?
« Reply #18 on: September 15, 2015, 10:00:54 AM »
Do you have any money saved up?  Are you saving money on a monthly basis?  As with anything on this board, this is a critical question.  You need to honestly assess where your money goes.  Working on a low wage requires that you be extra diligent.  However, the upside is that small gains have more impact on your finances.

I actually decided to check my bank statements for the past thirty days before I read this.  I saved 63% of my earnings. 10% was spent on entertainment, 5% was spent eating out, 5% was spent on gas, and 17% on miscellaneous purchases which were athletic equipment, a college textbook (which I couldn't get through Chegg or Amazon because it was a special campus edition with an online code), a copay, and a birthday present.  I've almost got $7000 in the bank to save for a car to buy in full. I haven't invested in a Vangard fund or anything like that yet, should I?

As for a side hustle, I can handle software/OS issues, but am going to school to handle working with hardware.  I can draw, have experience in Photoshop and Illustrator, and have some other skills I could maybe monetize, so I'll look into it.

And Liberty Stache, I don't know about a facepunch, but I am getting a much deserved fire lit under my ass.
Do you really need a car?  If so, you have too much money saved up.  You should be looking at a very inexpensive car (lets say $3k or less), given your income.  The rest of that money should be earmarked to get you started and as an emergency fund.  Again, at your income, this makes sense, because it is a small price to pay for some security.  Unless you've decided to stay at your parents' house, you should hold off on investing until after you "launch".

ShoulderThingThatGoesUp

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Re: Can I Afford to Move Out?
« Reply #19 on: September 15, 2015, 11:26:53 AM »
Can you drive to Atlanta one day a week and interview for better jobs?

RonMcCord

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Re: Can I Afford to Move Out?
« Reply #20 on: September 15, 2015, 08:44:22 PM »
I'd be willing to if the opportunity arose.  I need to create another topic about getting an IT job though, because it's becoming clear that even if I could live on what I earn now I wouldn't be able to save enough to reach FIRE goals.

pbkmaine

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Re: Can I Afford to Move Out?
« Reply #21 on: September 15, 2015, 09:10:34 PM »
A very good idea.

Guesl982374

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Re: Can I Afford to Move Out?
« Reply #22 on: September 16, 2015, 07:07:19 AM »
And Liberty Stache, I don't know about a facepunch, but I am getting a much deserved fire lit under my ass.

You are new here, facepunchs are often given when someone has been doing something that needs to be changed (usually financially). Just another way to say light a fire under someone's ass.