How much money should a college student save before moving out on her own? -

This is in the state of CA. Say you want a place that will cost about $800/month. What are the steps, how much income should you earn to afford a rent of this magnitude, is it too high or too low? Tips please? I was thinking I should start a list of how much furniture will cost, and all the basic need etc, so that way I can save...and then move out. What do you think?|::::|I rented a furnished apt. And I live in Florida. I saved enough to pay first/last months rent plus deposit. Also had to have the money for deposits on utilities. I then saved enough money that I thought would be sufficient to live for 3 months without any income at all. For me it was $4500.00|::::|Just keep a positive attitude and I m sure things will work out fine for you. Report Abuse |::::|There are a lot of factors to consider besides the actual rent itself, for example: Deposit. Most places want you to pay not only the first month s rent, but a security deposit that could (and usually is) about the same as a month s rent. Utilities: Again, you ll most likely have to pay a deposit when turning them on, electricity, gas, water, cable etc... and you also have to consider garbage pick up who pays that? you or the landlord? Then there is furniture and appliances to consider as well. One should also consider insurance, gas (for the car), upkeep for the car, emergency funds and most importantly....food. Sadly there is no magic dollar amount that will keep you safe, only experience can do that. Maybe it s best to have room mates, until you get a handle on how personal finances and household finances are run and expended?|::::|Starting a list is a good start, but you will also need to keep in mind the bills and weekly shopping... If you re a good money saver then $7000 would be almost perfect, but if you re a good money spender you ll need about $11,000. Try your best to save money and good luck =]|::::|Regarding the $800 month figure being too high or low, well that depends on your area. Speak with several real estate agents or Realtors to get an idea and do your own independent research. Don t buy furniture. Go find decent used furniture for free on craigslist or with friends and family. If you are in a college town watch the apartment complex dumpster areas or just the apartments as good furniture turns up all the time in such locales. If you don t like my statement on that then you ll have a hard time saving money because the first rule in saving money is to save it not spend it. Target a place with appliances, especially a washer and dryer unless you love the hassle of going to the laundry mat and constantly paying for laundry. I m not sure how they calculate in California, but in Texas rent qualifications are (at least in most cases I ve encountered) based on 3.5 times rent. Thus an apartment renting for $800.00 would require an income of $2800.00. Potential expenses include first month, last month, and security deposit. Let s plan for worst case scenario and say the landlord wants max, thus that s $800.00 x 3 = $2400.00. But wait that s not all. Save an additional $800 x 6 = $4800.00. Why? Well in case you lose your job or other unplanned rental expenses during your lease. But wait there s more. Find a place you are interested in and go to the local electric company and get any information on bills, preferably the previous 12 months or the highest and lowest electric bill. Do the same with water if necessary. Take that number (lets say $200) and multiply it by 6 for $1200. Add $600 as an estimate for utility deposits. Include $2000 for an emergency rental fund (in case you need something like a lawyer to get your landlord s attention in the future - hopefully not). Thus $2400 + $4800 + $1200 (or what ever the electric bill average is or high bill times 6 if average is unavailable) + $500 + $2000 = $11,000 is a conservative starting estimate. Food is such a variable cost that only you could accurately estimate your expense on that item. Don t forget to budget fun. Don t forget to create a budget and NOT SPEND your savings money. Let it generate interest. I generally prefer to be paid interest rather than to pay interest, which is why I avoid credit cards and other debt.