I'm going to be moving out my parents house soon.

[oiprocs]

I spent the first 3 years at college, the last 2 years back at home, and now I've finally gotten stabilized (decent grades, good job). I'm ready to try once again to make it without Mommy and Daddy.

I want some advice for making sure I save as much as I can each month.

$675 covers rent and utilities. But not internet. However, if I'm not at work during the day, then I should be at school. In which case I can use the internet there. But late nights, when I'm at my place, might really benefit from internet access.

I'll probably need about $100 per month for gas since I live ~10-15 mins from school/work. I'll be driving 5 days a week. Civic.

Food is a tough one. I COULD never eat out and spend $200-300 on groceries only. I think. I'm hoping someone can advise that $200 is plenty for food. I don't eat big meals; I prefer to snack throughout the day. Costco FTW?

I feel like I'm looking at expenses of ~$1200 a month. 675+300+100+50(household things)=1125.

This is a lot.

My job covers these expenses with a couple hundred to spare. Once summer rolls in, I'll be working full time and I can meet this easily. I'm also considering getting another job, some kind of evening gig.

 

[XZeroII]

The best food is usually at the bottom of the trash can. Don't be afraid to dig.

 

[brxndxn]

The best way to save money after moving out is to move back in with your parents.

 

[OCGuy]

Smaller lines, fatter hookers.

 

[Mr Smiley]

Best way to save money is to make more money.

 

[nonameo]

you could always take out a student loan...

 

[Gooberlx2]

For one person, $200 on food should be easy. Definitely buy in bulk. I don't think I could survive without internet access, and that can potentially remove any need for TV service. Your calculations look about right. How much will you be earning? If you know you'll have a couple hundred to spare at the end of the month, I don't think you need to sweat it.

 

[xanis]

I gotta say, $100/month for gas seems kind of high. I drive about 15 minutes to work 5 days a week, drive places to hang out with friends on my days off, and I only spend about $80/month. I drive a Cavalier too, which I'm pretty sure gets worse mileage than your Civic.

Also... $200-300 on groceries seems a bit high. If you're smart about what you buy and you pay attention to sales and coupons, you could spend a lot less than that per month and still eat fairly well. EDIT - Like Gooberlx2 said, buy in bulk. Get yourself a membership to Costco or Sam's Club or whatever.

As far as internet is concerned, I would just get DSL from a local provider. Granted, it won't be the fastest access you'll ever have, but for as little as you're planning on using it, the lower price over cable or fiber will be well worth it.

 

[oiprocs]

Originally posted by: Gooberlx2
For one person, $200 on food should be easy. Definitely buy in bulk. I don't think I could survive without internet access, and that can potentially remove any need for TV service. Your calculations look about right. How much will you be earning? If you know you'll have a couple hundred to spare at the end of the month, I don't think you need to sweat it.

About ~1300 after taxes right now, and in a few weeks that should jump to ~2200.

 

[oiprocs]

Originally posted by: Mr Smiley
Best way to save money is to make more money.

Hence why I'm thinking a second job might be in order.

 

[joesmoke]

FORCE yourself to learn to cook. Not just easy stuff like pasta/sauce and macaroni, but real meals. Whole chickens can go a long way when ur broke.

 

[oiprocs]

Originally posted by: Xanis
I gotta say, $100/month for gas seems kind of high. I drive about 15 minutes to work 5 days a week, drive places to hang out with friends on my days off, and I only spend about $80/month. I drive a Cavalier too, which I'm pretty sure gets worse mileage than your Civic.

Also... $200-300 on groceries seems a bit high. If you're smart about what you buy and you pay attention to sales and coupons, you could spend a lot less than that per month and still eat fairly well. EDIT - Like Gooberlx2 said, buy in bulk. Get yourself a membership to Costco or Sam's Club or whatever.

As far as internet is concerned, I would just get DSL from a local provider. Granted, it won't be the fastest access you'll ever have, but for as little as you're planning on using it, the lower price over cable or fiber will be well worth it.

Good to hear that gas may not run that high.

The food does seem high then. I guess the buy in bulk is a good concept.

I think I'll probably go without the net for now and see what happens. If I end up needing it I'll take action then.

 

[xanis]

Originally posted by: scorpious

Originally posted by: Mr Smiley
Best way to save money is to make more money.

Hence why I'm thinking a second job might be in order.

Take a look at your local grocery stores. A lot of them will probably looking for some overnight people. You could probably just do weekends... your paycheck might not be too big, but it'll put a little extra cash in your pocket.

 

[Atomic Playboy]

Find cheap hobbies. Obviously you need to keep entertained, but if your idea of a good time is going out clubbing, you'll find yourself dropping a hundred dollars in a weekend. If you can find a hobby that keeps you entertained but doesn't demand a lot from you financially, you'll find yourself saving a lot of money every month.

 

[xanis]

Originally posted by: Atomic Playboy
Find cheap hobbies. Obviously you need to keep entertained, but if your idea of a good time is going out clubbing, you'll find yourself dropping a hundred dollars in a weekend. If you can find a hobby that keeps you entertained but doesn't demand a lot from you financially, you'll find yourself saving a lot of money every month.

This. The best way to save money is to find cheap weekend activities. Going out to the bar with your buddies every Friday/Saturday night will add up... fast.

 

[waffleironhead]

Look into naked dsl, at&t offers it for around $20 a month. It does not require a phone line. Your food budget is high. Between my wife and I our budget is $250 a month and we do not eat cheap.

 

[mshan]

I'd say keep living with your parents till you have formally graduated, pay them a couple hundred dollars in rent if it makes you feel better, and put the rest of the "saved" rent and utility money into some good mutual funds for retirement. I'm guessing you'll be very, very happy with your return on investment 30 - 40 plus years down the road.

That's all after tax money you may be spending on your own place, and you might even be able to have your car covered under your parent's auto policy till you move out (?).

 

[oiprocs]

Originally posted by: Xanis

Originally posted by: Atomic Playboy
Find cheap hobbies. Obviously you need to keep entertained, but if your idea of a good time is going out clubbing, you'll find yourself dropping a hundred dollars in a weekend. If you can find a hobby that keeps you entertained but doesn't demand a lot from you financially, you'll find yourself saving a lot of money every month.

This. The best way to save money is to find cheap weekend activities. Going out to the bar with your buddies every Friday/Saturday night will add up... fast.

I don't drink. So I'm already ahead of the game.

I mostly play sports, watch sports, play sports video games, read about sports, play poker online (for fun), work on engineering classes, and research future careers. That's pretty much the extent of my activity.

I have enough time that a second job won't be difficult.

 

[jpeyton]

Find the closest Asian grocery store.

Noodles, rice and spice taste good, are cheap, and will fill you up.

 

[Red Squirrel]

The best way to save is to finish school, work full time, then move. Sounds like you're trying to work + school at once, so that probably means work is hardly bringing in any money compared to full time. I'd finish school first.

Right now is actually a really good time to buy stocks, but don't go overboard...

I've been working for almost 2 years myself and also going to move out soon. Can't wait! Just need to keep trying to find a decent house. Lot of shacks around here.

 

[SilentZero]

Cut out everything that you don't 100% need. If its a "want", then forget about it. You will save a ton.

 

[oiprocs]

Originally posted by: RedSquirrel
The best way to save is to finish school, work full time, then move. Sounds like you're trying to work + school at once, so that probably means work is hardly bringing in any money compared to full time. I'd finish school first.

Right now is actually a really good time to buy stocks, but don't go overboard...

I've been working for almost 2 years myself and also going to move out soon. Can't wait! Just need to keep trying to find a decent house. Lot of shacks around here.

This is a good point, but after this spring quarter ends I'll have 1 class in the first summer session, 2 in the second session, 1 this fall, 1 next winter, and 2 next spring.

If I had a full load of classes your point would hold more water.

I do save a lot at home though, close to $900. That's without paying rent though, and I commute 1 hour to school/work each day.

 

[mshan]

Personal Finance for Dummies :thumbsup:

 

[InflatableBuddha]

One other thing to look at is making sure you're getting a good cell phone deal (i.e. not overpaying/paying for features you don't use).

Sounds like you're being sensible on rent/utilities and transportation costs, and your hobbies are inexpensive.

With food, don't skimp. Seriously. Buy quality stuff - fresh produce, roast chicken, whole grains, eggs, frozen vegetables, etc. Store-brand stuff (for pasta, canned beans etc.) is fine, but avoid packaged stuff as much as possible. Buy in bulk and freeze, and look for stuff on sale.

Look for items that are higher fibre/lower sodium/lower fat/lower sugar. Even if they cost a bit more, it's worth it for better health and energy levels.

I eat like a horse on about $400 CAN (roughly $350 US) per month - very healthy food from the supermarket, and I rarely eat out.

 

[lxskllr]

You might luck into some leachable internet. That would save a little bit of money. If you got friendly with your neighbors, they may even give you free, or sell for a cheap price, access to their encrypted network.