Why I Saved Over 11k Before Moving Out of My Mother’s Home
This refund helped me out tremendously when I decided to move out of my mother’s home. While living with my mom, I utilized this time when I didn’t have many expenses to worry about to save at a high rate and tackle minor debts. Every company that hires entry-level candidates usually have some sort of 90-day review to see whether or not they’ll keep you with the company. I had one year under my belt as a Software Engineer so I felt secure enough to move out on my own. Plus, I hated the commute from Loganville to Alpharetta, GA. While I was living with my mother, I helped her out with the cable bill and gave her around $400 a month to simulate the feeling of paying rent. I was looking at apartments a few months earlier but I totally forgot I had to buy my own furniture. What a brain freeze, I was so used to living the college life I thought the apartment was going to be fully furnished lol.
The process of getting my first apartment after college was very expensive. Like most recent grads I didn’t have a lengthy credit history coming out of college, so I had to pay a larger security deposit up front. Even though it was refunded when my lease was up, it still was a large expense I initially didn’t budget for. There’s also an application fee which some apartment complexes may waive or add to your security deposit upon application approval. Lastly, my first month’s rent was due on my scheduled move-in date.
I signed a 12-month lease for $1000 a month for a 2-bedroom starting on April 2nd, 2014. Now I have to furnish my apartment right? With my tax refund, I had over 11k total saved up, so I was prepared to buy all of my furniture in cash. While shopping for furniture I applied for an in-store credit line at Rooms To Go and was approved for $3500. I was ecstatic because now I didn’t have to pay for everything in one lump sum. I bought a king size bedroom set and leather sectional sofa with my new credit line. My Rooms To Go credit card had a promo interest rate of 0% for the first 6 months and 30% hike after the promotional period was over. So I made sure to pay the balance off within the first 6 months to not only build up my credit history, but to avoid being charged with such a high interest rate. I purchased everything else in cash, which felt really good. I also bought everything brand new so I didn’t have to worry about moving costs since it was being shipped to my apartment.
What surprised me was how all of the little things that goes into getting an apartment added up. The silverware, dishes, mops, brooms, lamps, cleaning supplies, toaster ovens etc…. Things that I normally don’t think about because my mother took care of all that stuff my whole life. I’m thinking this “adulting” is not what I signed up for. I definitely had to learn how to grocery shop for other things besides food. I saved up at least 11k because I wanted to be fully prepared for all of these expenses, furnish an apartment and be well prepared for emergencies. In the beginning of your career, you may bounce around from several jobs or even get laid off. In the event of this happening, I didn’t want to move back into my mother’s home or rely on personal loans/credit cards. This financial cushion would provide me with enough time to search for a new job without falling into a deep financial hole.
I moved out of my mom’s crib when I was 24 years old, do not feel embarrassed that you’re still living with your parents after a certain age. We’ve witnessed one of the greatest recessions in American history starting in 2008. You have to be cautious and I mean, who cares what people think anyway? Move out when you’re financially stable and more importantly, when you’re ready. Use that time to stack up a nice cushion so you won’t end up in the worst-case scenario being evicted or having to break a lease and pay a huge penalty.
PS: For the people who can’t live with their parent(s) who move to different cities and survive with a lack of resources I have a huge amount of respect for you guys!!! That takes a lot of faith and courage.