I need some advice rop

[Trying2save]

I am currently living with my parents. I am 26 years old. Originally I wanted to stay here a few years longer while saving up for a downpayment but now I'm thinking that it's never going to happen and I should just leave and get a bachelor apt. before they drive me batty.

I currently get about $2200 net monthly, but with car payments, insurance, student loans, CC debt. I barely have any left to spend. Recently I've been trying to clean up my CC debt and have got it down to about $2K, my student loan is at about $6K. I have a good RSP fund, a few hunded in EF and next to nothing in savings. Everything that I have had in savings goes to my annual insurance for car which is about $4K (had an accident and still paying for it!!!)

I don't know how I can move out. I'm thinking of paying off my CC debt then only spend one paycheck a month and bank the rest for a few months. I really have to move out, I can't live with my parents anymore. I just don't know how I'm going to do it..

Also, the realization that I will never be able to save for a downpayment when I move out is very depressing.... Once I get a few thousand saved up, I will pretty much be living paycheck to paycheck to keep thing afloat..

any helpful advice/suggestions?

[maat55]

Try getting a part-time job in addition to your full-time job. This would allow you to save more money and spend more time away from home.

[asmom]

Do you have some other expenses you didn't name? If your car insurance is 4K per year then that should only cost you ~333/month. How much is your car payment? I suggest you suck it up and pay off the student loan and the credit card and even the car if possible and then cut back to save to move. Maat's idea to get a part-time job is a good one plus you will be around less for your parents to get on your nerves.

[cicy33]

Your parents are more patient than I am. I personally would not want my kids living at home at 26. They drive ME crazy. But onto the other. I would say try to pay off perhaps the credit card and then take that payment and pay off the car. Without knowing numbers it is hard to know but I think you could probably reasonably set a 1-2 year mark to move out. possibly with a down payment. This is based upon the fact that you said you have 2200 per month but no extra left. how long ago was the accident? sometimes the rates will be lower after a year or so.

[nanamom]

I agree with paying off everything you can before you move out. From what you said there is only 6K in unsecured debt (cc and student loan). Then save up the deposits you will need when you move. Moving out doesn't have to cost as much as you think. You can usually get an apartment or even mobile home pretty economically. Of course if you want to live in the life style you are now that may be another story. Cheap meals can be learned, as can doing without cable. Both bills that it sounds like your parents are picking up the tab for. Before you burn any bridges, figure out exactly what it will cost you to live alone vs what you are paying (or not paying ) now and decide what is the best option. You have stood it this long, perhaps you need to find something to do one evenign a week tha tis free, like go to the library, go for a walk, or visit a friend and play board games to give yourself a break. Furnishing a house or apartment can be a challenge too. Spend Saturday at some garage sales and get an idea what is available and how much you will need .

[snafu]

Check the cost of a basement room in someone's house near where you work and deposit that sum in a saving a/c for 4 months to see how you manage. You will need to forego cable, internet, and most of your social life but it will get you away from parents. If you have your own laptop there is free WIFI in many parking lots or use the library's service. You will need to buy food, prepare your own meals as well as regular visits to the laundromat. Alternatively, how do you think you would get on as a roomie following 'house rules'with 3 others to spilt costs 4 ways?

[disneysteve]

I simply can't comprehend the trend among 20-somethings today to continue living with their parents through their 20s and even 30s. I think the problem is nobody wants to struggle. They want to have a nice apartment, cable, internet, drive a good car, eat out, travel, etc. They want it all from day one. We have repeatedly tried to impress upon our daughter that we didn't have all of these things when we started. We worked up to it over years.

Get out on your own soon. Find a cheap room for rent or share an apartment or house with a few other people to keep costs down. Ask around for unwanted furniture from family and friends or shop yard sales and thrift shops for what you need. Live lean and bank as much of your income as you can. I was out of my parents' house for 8 years before we bought our house. It took that long to save up the down payment (and even then, my parents helped out a bit).

You need to crawl before you can walk and walk before you can run. It is time to start crawling.

[wnlbutterfly]

No one asked yet how much that car payment is. Seems to me unless you are paying your parents money (for food/utilities), you should have more than enough for the expenses you mentioned and still be saving to move out. So I am going to guess the car is fairly new with a big payment?

Do you work a long distance away and using the $ in gas maybe?