Finance advice for a soon-to-be college grad looking at relocation?

[26smr]

I'm about to enter my final year of college (getting a BS in physics) in MN and am thinking about relocating to Cleveland area upon graduating (partly personal reasons, partly as they have a large medical imaging industry). I'm going to graduate at 20- I've lived on campus all through college so its not like I have a whole apartment set up, although I will NOT have any student loans or debt (which frees me up quite a bit). My parents would let me to live at home and work in Minneapolis area, which is still very much on the table, but I'd prefer to be on my own if I could. I'd like to go about it the right way, though.

How much should I save to cover relocation costs, set-up costs, etc? Any advice on the best way to prepare financially for graduation? I feel like by properly preparing, I will be able to stand my ground on future discussions with my parents.

[Joan.of.the.Arch]

I don't get the "stand my ground" part. Are you expecting a disagreement with your parents? Are they hoping to help you ease into the work world by having you live with them?

A year ago, I used some online salary look-up tool to see what physicists make in Minneapolis. Surprisingly, their info said that BS physicists make more than MS or PhD. I was guessing that that means Minneapolis offers some good industry/medical positions for BS grads, but that MS and PhD were more likely to be in slightly lower paid academia....But anyway, if level of earning does seem very important to you, do look into what is available in state.

As for setting up a first apartment, don't think that you need to have everything all at once. In fact, if you are going to move to OH, I would say purchase what you need there. Continue to live for a while as students everywhere do: make do with a lot of second-hand. Hit the yard sales, estate sales, thrift stores, Craigslist, etc for your needs. This will give you some leeway.

You will need to save up for a deposit, first month's rent, probably some utility deposits if you have no utility subscription. Find out what rents and deposits run well before moving, so you'll know what you'll face. In my city, there are some peculiar customs regarding initial rental and deposits. That could catch a person new to the area off guard.

Will you need a car in Ohio? If you don't already have one, that would be a big expense. And of course you'll need money for local licenses, insurance, etc.

If you will only go there after securing a job, that would certainly mean you'll need less savings than if you will move there, then find a job.

If you know someone in Cleveland already, do listen to their advice on where to live & how much to pay, but try to take out only a short lease, as you may have different tolerances and ideas about how you wish to live than do your friends. After you are more acquainted with the area, you can make a more informed choice about what meets your needs.

[MonkeyMama]

Joan gives good advice.

Definitely find out as much as possible about the area you are moving to.

I also notice a lot of regional differences in my own field. More degrees = less options. Well, regionally it certainly does, and I know the region is unique in that manner. This is why I think it is always good to have a career mentor of sorts - in the area you want to establish your career, of course. (That said, though higher degrees and private universities are mostly frowned upon locally in my own career choice - we are not near as critical when it comes to out-of-staters - who probably needed higher degrees and had less public university choices).

Moving/relocation costs will largely be what you make them. Accept hand-me-downs and shop thrift to stretch money further. OF course, you will need deposit for an apartment, and a job, etc. Not to underscore how expensive it can be to move and be out on your own. BUT, if you want to immediately fill your new space with new things, it will be extraordinarily more expensive than taking it slow and frugal. & of course I agree with more temporary living arrangements until you get a feel of where you want to settle.

[26smr]

[QUOTE=Joan.of.the.Arch;298254]I don't get the "stand my ground" part. Are you expecting a disagreement with your parents? Are they hoping to help you ease into the work world by having you live with them?

QUOTE]

Yes, I think they'd rather try to ease me into it rather than sending me off on my own. Part of it is I'm young (graduating at 20 y.o.). The offer is certainly on the table, but I'd really love to get out on my own, but go about it the right way and make sure enough is 'in the bank' to do it. Especially as entry-level salaries are between $25-30,000. Certainly not expecting a cush job or place to start. Not in today's economy.

[Frugal]

You can REALLY save up by staying with your parents, even if you pay rent. You don't realize now how much you can bank saving since you don't have student loans. I was forced to move home after college, because I could not find a job and had student loans to pay off. Even with those loans, I still managed to save beaucoup money living at home...and yes, I helped them with expenses and paid my own way. Still, it didn't bankrupt me like paying way too much for rent on an apt. would have. while I looked for work.

[DKAS]

I would suggest staying with your parents for a couple of years at least if they are okay with it. It should help you get a head start financially (you can still pay some expenses if you like).

[timbuckley10]

Like Joan said, if you know somebody in Cleveland get as much information as you can from them about costs of living and rent and location. It's essential to get as good of a grasp as possible before you get there and it's very smart of you to be thinking of this in advance, that gives you a huge advantage. Maybe consider finding a roommate on Craigslist for the first 6 months or year to help divide costs and easing into it.

Also, I would recommend beginning now to search for a job. Start contacting potential employers and give them a specific explanation of your situation and aspirations to move to Cleveland.

Best of luck!