MOVING OUT ... a couple of questions

**buildmybudget** · 09-01-2009, 06:42 PM

Are you going into debt to make the move or are you using savings? HOw much savings do you have to live off of in your new location while you try to find a job? Mostly irrelevant to your situation, but are you planning on finishing school at your new location? Even without looking at any additional information, my opinion is that you should look for a cheaper car...you need to keep your expenses as low as possible because of the risk of not finding a job, etc.

**WegFurImmer** · 09-01-2009, 07:51 PM

Will have 10k in savings by the time I move. The 3k down payment will not be coming out of that sum. Yes I am planning to transfer to Community College as soon as I am set up (have a job) it will take me about a year to graduate. Then transfer to 4 year school.

About the car: the rule is don't go over 20% of your income. Let's say 10/hour is my income to works out 1600. 20% of that is 320. That's where I am at, remember my numbers are a little inflated for 'protection'. I drive a car that I leased now (a terrible mistake), when buying I will be buying a car thats is 2-3 years old. To capture that 'used discount' but not old enough to need major repairs (especially since I know next to nothing about cars).

This goes back to my question about what the typical fees are. The car I want to buy NEW is under 15000. A 2 year old car will be 12-13k

**Seeker** · 09-01-2009, 09:20 PM

I'd suggest staying in a Community College until you have all the credits you can transfer to a 4-yr Univ. Save money with the lower education cost, as long as you can.

Second, if the CC is close to any communities, then find a room within a household or a sharing situation. Rent & Utils will drain your budget without a good solid "income" or a good solid savings. It's much better to find a sharing situation.

Third, the car rule is good for your income now.... but you're moving into unknown territory.

- Without a job $100/month auto + $100/month insurance, is a lot of money. I'm not sure you could get a loan for an auto without a job. Even at the 8% interest you project.

- If I were you with only 10k savings, I'd get a mechanic friend of mine to go out with me and help me shop for a good reliable clunker. I wouldn't pay more than $3k for such a car -- or (another alternative) I'd wait until I had a job out there before buying any car.

In an attempt to answer your questions:

1) Varies depending on state, but it's usually some "x" percentage of the purchase price. So deal well when talking price with the seller.

2) Again, I'd recommend you find a room, not a place, to rent. You're going to be busy with part-time work and education... you don't necessarily want to be tied into a year lease. Especially without a job lined up.

3) Gasoline, Misc, and Food are totalling $400/month... but you don't know what your income will be. Nor do I see any college costs listed.

I would also encourge you to find a job before you arrive there. I know it's not easy when you are at the other side of the country, but it's sort of important.

**PetMom** · 09-02-2009, 04:41 AM

Have you checked any resources your community college might have such as housing info, etc...

They might have answers geared toward your situation as being new to the area and a student.

The car registration costs - the county should have a website about vehicle registration and associated fees.

MOVING OUT ... a couple of questions