If your a parent you’ve heard you adult teen or teenager say, “I’m an adult I can move out if I want.” If your adult teen you’ve probabl y heard yourself say this many times. I know I said those things when I was a adult teen, just the thought of living on my own was an amazing idea no more having someone telling me what to do, when to go to bed, what my curfew was, that I could or couldn’t where I wanted. Just the thought of FREEDOM was the drug I wanted.
Now first off if you want to move out you have to have a job, and right now in this economy its even hard to get a job at McDonald’s but you can do it if you really want a job, any job.
So, now you have a job. How much are you being paid an hour, how much taxes are being taken out, how much are you putting into your 401K or retirement. Also do you get insurance at this job, how much is being taken out for that. Also how many hours are you working, are you getting the same hours each week?
Now comes how much an apartment will cost you and if you want a one or two bedroom apartment. Will you be able to afford it on your own or will you need an roommate. Apartments can run from 400 to 1,000+. You also need to find out how much renters insurance will be, in case something bad happens you have insurance to cover your back.
Do you have a car? Is it brand new or used? How much do you pay for payments? How much is your insurance, if your on your parents and choose to have your own insurance that means your insurance will go up. Can you afford that? How much gas do you use in a week or bi-monthly according to when you get paid.
Now you need to find out if the apartment covers your utilities. This is water, gas, and electrity. Talk to someone you know who is renting to find out what these bills run for them so you have an idea.
Okay lets look at what you have to pay so far:
- Renters insurance
- Gas for your car
- Car payments (if your leasing or you bought the car.)
- Car insurance
Now if your like anyone else you probably have a cell phone with add ons to the cell like texting. Time to look at how much your paying a month for that cell. Do you use all those minutes or texts? If not check if you can lower your payment to a plan to the amount of minutes you use.
Do you want to be able to watch TV? Does your apartment offer basic cable for free? If it doesn’t and you want to be able to watch TV you’ll have to cable. If you have more than one cable company in the area and if your apartment doesn’t have an agreement with a certain cable company. It’s time to do some price searching.
What about the Internet can you or can’t you live without that? If you can’t live without it, most likely you want to do a package deal with the cable company you choose to go with.
There is one thing the most importation thing of all is FOOD. Now, you gotta figure out how much you can afford weekly or bi-weekly according to when you get paid.
Another thing, do you have credit cards? If so, what are you monthly payments. If you don’t, it might be a good idea to have one for emergencies, but at the same time if you know you won’t be able to include that in your payments. Than DON’T GET ONE! Because you max out your credit card, its bad for your credit, if you can’t make payments, it also bad for your credit. If you do get a credit card, make sure your able to pay off what you put on each month. But once again if you can not afford a credit card DON’T GET ONE!
Oh yeah washing your clothes, if your apartment doesn’t have an washer and dryer; how much will bi-weekly will you need money wise for washing your clothes? Or will your parents let you come over and wash your clothes there?
Do you have a pet, such as a cat or dog? Check to see if the apartment allows pets. If so you’ll probably have to pay a pet deposit and a monthly pet fee. This is if you plan to take your pet with you. If they don’t allow pets will your parents let you keep the pet at your place?
So lets check the things you have to pay now:
- Renter insurance
- Gas for your car
- Car payment
- Car insurance
- Cell Phone
- Cable (TV & Internet)
- Money for washing clothes
- Pet Fee
I know your probably freaking out about now. Your probably starting to feel like you want to press the rewind button and go back to being a kid where you can hide behind your parents. We all go through this we all are scared of adult life.
Like adults who go through mid-life crisis, teens also go through beginning of adult life crisis. Adult teens want to put this heels in the dirt and grab onto a pole and stop themselves from entering an new era they are ready for but at the same time they aren’t.
Parents before your teen moves out go over balancing their check book, if they don’t know how to do this now. Also teach them how to save some money from their pay check each month, so they can have a emergency fund if they need it.
Since this is your first apartment you might need a co-signer since you haven’t built up much credit. If so your parents will probably be the first person you ask. If your lucky, they will be the co-signer. But since you probably have no credit your apartment deposit might be higher.
Well adult teens, have fun entering the adult world and living on your own.