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joscketSeper's avatar

How do i Save money to Move out of My Parents' when i owe Loans and Car?

Asked by joscketSeper (323points) March 13th, 2010

I’m in my early 30s. In my culture, this is normal. kids live with the parents like this. But i’m tired of it and i don’t like my parents nagging on me and controlling my life. I want to move out. And i also have to move out if i ever want to be independent and also get married.

How do i save and how much do i save in order to move out?
Add the fact that i owe 400 monthly for car payments( and there’s still about 17000 dollars left) and I have a 20,000 school loan( still owe 20000) for which i pay from 200 to 300 a month.

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10 Answers

Just_Justine's avatar

Could you not join a commune? or share an apartment. Over here we have what is termed “granny cottage” living, but it is an “outhouse” or “guest-house” made into a mini apartment. They are cheaper and nice too, as there is often a pool attached to the main house and a garden. I guess we could all stay at home because of cost, you just have to jump, and fly!

Cheeseball451's avatar

Well i personally know that loans can be a pain in the butt (i’ve had to pay them off before) this is what i did:
1. Try to save as much money as you can. (pay your loans each month, but try to save your money and try not to spend it on worthless things.)
2. Find a cheap place. (there is plenty of cheap places out there, you could stay in a apartment or share a apartmentwith a friend or someone.)
3. Make smart choices. (try to use coupons in till you pay off all your loans or intill you know you have enough money.

This is what i did with my loans and debts

kevbo's avatar

Your moving out money is in your car payment. If you’re that serious, you would sell your car and buy a beater.

mrrich724's avatar

A few questions for you, if you don’t mind. How much money do you earn in a month.

And one thing I can say off the bat, is if you have money issues, you need to get a better grasp of how you view money. ( I can tell this because you say “I spend 200–300” on loans, when in fact, it’s probably one fixed rate every month)

Give me a little more data . . .

and i agree with @kevbo if people truly lived within their means, most people wouldn’t be driving beemers and big ass SUV’s etc.

Tropical_Willie's avatar

This may sound rough but sell the car and get a “beater” for less then $7000, you don’t new a new car.
Set a goal for monthly savings and make it happen. If you have a bank that will automatically transfer from checking to saving set a target. How about $400 a month?

joscketSeper's avatar

To the person who asked me the question.

-How much money do i earn in a moth.. Well its 15/hr and it’s a temp job still. about 475 per week. so 1900 per month.

apartments here are like 1000 plus( california) so i guess i can’t do that. But i’ve heard some places are like 700.
700 + loan( 400 ) + carpay(300) + (money to give to parents cause they are getting old and sick).

I’m willing to give up TV and unneeded things.

But then it’s not just that. I live with parents who don’t want me to move out and who like to keep me like a slave and don’t respect my decisions and say anything i do is stupid.
Like i said “I ‘m moving out soon” and they said “don’t be stupid. first save for your house”
In other words, they are trying to keep me with them.

gorillapaws's avatar

Get a second job/work weekends—you won’t be around as much to have to deal with your parents and you’ll be making more money which means you’ll be able to move out that much quicker: win-win imo.

mrrich724's avatar

A mistake that people make is that once people get a job, they just stay there. If you need money, you can try getting another job, or you can continue to apply for jobs, and when you find one that a. isn’t temp and/or b. makes a few more dollars an hour.

I feel you on the rent for an apartment, I live in Los Angeles, I think it’s horrible how much people pay, and I’m moving to Florida once my lease is up. We live in a one bedroom now and it’s 1200 a month (for what LA is dirty, and poor, and poopy. it also has more gang members than anywhere in the world. it’s horrible), I moved from Florida, and I’m going back, where I payed 600 a month for a big two bedroom place.

I wouldn’t say give up “unneeded things” just to save money. Decide what gives you the most value TO YOU. and keep those, if you don’t really care about TV anyway, yea, give it up. But if you give up more than you should, you won’t be happy and there won’t be a point to saving up money if you aren’t going to get anything for yourself.

I’d say go for the job switch/more work hours for now. And still try for a cheaper car. You don’t need a “beater.” You can get a Kia or Toyota in excellent condition for a few dollars

Also, you can consolidate your student loans if they are federal loans by going to They will consolidate your student loans, and let you increase the time period you have to pay it off (lowering your monthly payment, for now)

I wouldn’t say to rush to move out of your parents house though, get your ish together first. Yea, you may be tired of living with the ‘rents. But it’s way better than scrounging and scraping JUST to make money for the bills every month.

njnyjobs's avatar

If you have room in your house now, I say stay on… but turn the table around. Let your folks know that you are staying as a boarder paying rent and do pay the market rental rate. This way you get to keep on giving money to your folks while trying to gain independence from them. . . . Make sure that they understand what you are saying… If possible at all, make some alterations so that you gain more privacy from them.

Citycashloans's avatar

If you have good income, you can go for a debt consolidation so that you get a net figure to pay every month.If you are able to pay off that amount, you can leave otherwise stay there only.

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