Making strides...

[papakron]

I've been an avid visitor to this forum for many months now, and it has been an inspiration to change my financial habits. For starters, I now keep track of all my expenses (personal, bills, car, savings) on spread sheets. I have a Emergency Fund/Personal Savings account with 3k in it, making 2.9% interest. I have around 1300 in my RRSP (similar to a Roth IRA, only Canadian) that I just started in March. I eliminated almost all consumer debt, aside from 2,400 I still have on a personal loan... not that this is causing me any problems.

I'm 21, and still live at home. I feel this is quite pathetic, even though almost all my friends live at home aside from my best buddy who just recently bought a townhouse with 2 older brothers. I pay $200 a month rent, buy my own lunch food, and pay for everything on my own (including my own orthodontic work which I recently fniished paying off). I really feel the need to move out of this tense environment (my parents have a very unhappy marriage, which rubs off on me and my brother) but I'm not sure if is financially a good idea. My girlfriend (who I've been with 5 years) finishes her degree in a year, and we've often talked about getting our own apartment.

I moved out last summer with a friend, but after a few months we ceased to be friends, and we both moved back home. Nonetheless, we haven't spoken since. I can rent a 1 bedroom basement suite in my area for 500-600 dollars, but that is quite a jump on what my living expenses are right now.

That was rather long-winded, but I felt the need to fully explain my situation. On one hand, I feel staying at home and continuing to build up emergency money/inevstment money/down payment money would be greatly beneficial. However, I'm longing 'grow-up', is teh word I guess. Any opinions?

Thanks everyone

[papakron]

I forgot to mention my income. When full-time, I take home roughly 2000-2500 a month, depending on overtime. It's been slow these few weeks, and my net income will be more like 1600-1800 monthly. I know if I get a handle on my social spending (drinks, going out for dinners, pub, etc.) I can handle it.

[Scanner]

I'd consider rooming with someone in a 2 BDR. apt. or townhouse who is a reliable and a compatible roommate.

Truth is at your age I think roommates are more of an asset than a liability because you get to meet people in 2 different social networks which means connections to jobs and marriage, which are primary at your age along with cutting expenses on renting "common areas" (kitchen, family room, etc.)

At $2500/month net, I think this is doable. But with your takehome, I wondering why you don't have a bigger emergency fund started yet. Something is not adding up.

As far as shacking up with your girlfriend, that's a judgement call that involves nuances of relationships and mores, probably beyond the scope of the forum but I guess I would just get an exit strategy that's fair should the both of you break up.

You are both young and maybe even likely that will happen.

[Scanner]

Wow. . .you know. . .you really brought back some memories.

When I was 21/22, I was just finished college and kind of in la-la land with my parents when I decided to go to chiropractic school. I packed up my little Nissan Sentra with all my worldly possessions and left for chiro. school about 1000 miles away.

I can remember that day I left saying bye to mom and dad and crying/choking back the tears as they lost it but kind of having the same feelings - the calling to leave, knowing I had to do this.

I guess my point is maybe not to plan it out too much as I kind of left home with little more than a few suitcases and a handshake. I certainly hadn't thought everything out.

That's kind of what family is all about - if I somehow fell flat on my face, they'd take me back.

And it's like the Rod Stewart song - "Young hearts beat free tonight. Time is on your side." Very true words.

But it was probably better than being paralyzed and just staying at home.

So. . .just take the plunge. You'll grow up and stop the drinking and spending.

Good luck.

[jamai]

@ scanner, touching story!!!

[Tree0164]

I would wait for the year for your girlfriend to be done with her degree. I would start building an emergency fund in the meantime.