My first apt alone

[Norellicus]

btw, i don't care what anyone says, i cut up my credit cards when i lost my job when I was 20, and i've lived without them since. Unless you are 1000% sure you can be responsible with them, don't get them. If you do decide you want one, go to your bank, and get one directly from them that way. Note I said ONE. not two, not 3, not 15, ONE.

I don't care what people say about building credit history with CC's, if you have rent, water, cable, cell, etc, that's a damn good way to do it too. CC's are the best way to RUIN credit, not maintain it, for a young person.

Please please PLEASE don't start this "I lived just fine without it, why does anybody else need it?" shit again. We get it, you're old fashioned. Some people like to move forward with the times.

Revolving accounts (aka credit cards) are the single biggest contributor to your credit history. Longstanding low balance revolving accounts go the longest way to prove you're fiscally responsible to lenders, and if you want a good deal on a mortgage or car loan you're a damn fool not to have at least a basic $500 limit credit card backing you up.

Plus, using a bank debit card for everything is DANGEROUS when your money is already tight. Some transactions (gas stations in particular, preordering stuff will do this too sometimes) freeze large quantities of your "credit" account for a short period before processing the actual total, and if your bank account drops below zero even for a second you're gonna get slammed with overdraft charges. Credit cards charge by the average monthly balance so it doesn't really affect them, since the average is only calculated once in the month based on the actual transaction record and not any immediate balance shifts.

But on the subject of credit cards...don't pay the balance to zero every month. Keep at least one card with about 25% of it's total balance, and just pay it down to exactly that amount. Keeping a balance means you'll pay a little bit of interest (not horrible though as long as you keep it low), meaning the bank is making money off of you, meaning they're more willing to give you a higher limit. Keeping the card paid off usually means you get overlooked for limit increases, which further handicaps your credit score a bit (but this is far, far, FAR less important than keeping your accounts in good standing and paying your bills down, all things considered).

[Deejay]

What Norellicus said. This country runs on credit, to say that a person doesn't need it is pretty ridiculous.

[Isiolia]

I'll be living on my own in the next year and was wondering about a common rule.
Never live with your friends. Is that a basic rule of thumb or what? I'd hate to kill a friendship over rent or something similar. My friend and I like basically the same things, except when it comes down to food. He's extremely picky about it whereas I'll eat anything I see.

Would this work out cost wise or better to just live on my own? I know that's not a lot of info but I would rather cut some costs down and split it with a person I know and trust rather than live alone.

I wouldn't call it a rule, it works better as a caution. Just because someone is a good friend doesn't mean they'd be a good roommate.

I always roomed with friends, and a good number of people I know still do (if they have roommates). Generally speaking, it was positive. However, you're going to put yourself in a position where you can annoy, or be annoyed, more readily by the other person/people.
I have friends that I've roomed with in the past (or that mooched a room in my house for a bit) that I know I don't want to live with...but that I still will hang out with regularly. You won't necessarily ruin a friendship if things don't work out as roommates. IMO, might as well try it if you want to.

btw, i don't care what anyone says, i cut up my credit cards when i lost my job when I was 20, and i've lived without them since. Unless you are 1000% sure you can be responsible with them, don't get them. If you do decide you want one, go to your bank, and get one directly from them that way. Note I said ONE. not two, not 3, not 15, ONE.

Personally, I agree. I had a card a while ago, got a few grand on it, got that paid off, and since then I've never used one. I have one from my bank set up as overdraft protection on my debit card, but it's never had a single charge.

Sometimes, you may need a CC though. I'd just say to be -really- cautious with one.

It's possible to be responsible with one, but it's far, far more common to start racking up a lot of debt.

[Seraph]

But on the subject of credit cards...don't pay the balance to zero every month. Keep at least one card with about 25% of it's total balance, and just pay it down to exactly that amount. Keeping a balance means you'll pay a little bit of interest (not horrible though as long as you keep it low), meaning the bank is making money off of you, meaning they're more willing to give you a higher limit. Keeping the card paid off usually means you get overlooked for limit increases, which further handicaps your credit score a bit (but this is far, far, FAR less important than keeping your accounts in good standing and paying your bills down, all things considered).

For someone on a budget, keeping any balance other than $0.00 at the end of a month on a credit card is stupid because it's money lost each month. Having a credit card for convience is one thing, but my usual suggestion is to pay off the entire balance each month.

Many people get a huge throbbing hardon thinking they are maxing out their credit score, but credit cards are only part of the equation. If you have school loan debt that you make payments on, and have a reasonable credit card that you use actively and pay off on time, your credit score will be fine.

Credit cards fall into two categories: convience and emergencies. I've seen a bunch of people rack up a few grand in debt trying to 'build their credit' with credit cards. Just always seemed stupid to me. If you aren't even close to approaching the limit on your card, why try to build it higher? Trying to get that awesome mortgage interest rate? That isn't really applicable when you are living on a month to month budget as it is...

Credit cards fall into the same category as cell phones (I know there was a topic about this recently). Noone needs them. They are nice to have, and can save you some troubles, and if you are intelligent about it, they can even save you some money. Just realize, the credit card companies wouldn't exist if they didn't make money. Chances are over time, a credit card will cost you money, so often, those with the means will operate without them at all. It's an interesting situation, and noone can really offer perfect advice. If you can be responsible with cards, they are a good thing. If not, stay away from them, and cancel the ones you have.

[ferigor]

I lived in a 4 bedroom house all through college, with a revolving cast of characters (Only one other roommate of the initial 4 stayed the course with me. The most we ever had living there at a single time was 7, 4 guys and 3 girlfriend (Who weren't technically living there, but they definately weren't not living there)). 1 of the initial 4 to move in was my best friend in high school, he ended up moving out because nobody in the house liked him anymore after living with him. Another of the 4 (the one who stayed the whole time) has been one of my truest friends since like 2nd grade. It depends on whether or not you and the person have conflicting living habits, and not about whether or not you are friends. I will note, the 4 years I lived on Arthur Ave were the greatest years of my life. I had some of the craziest and best times in my life, and that shit wouldn't have happened alone (there are 2 parties in particular that I get told stories about constantly from people who don't know me, and then I go "Yeah, I threw that party).

I'm going to advocate getting a family plan. My friends and I have a family plan for 4 of us, its 40 bucks a month (more like 37 or so). We don't have extravagent plans; free txts, like 500 minutes a month per person, but we also get unlimited calls within Verizon. If you have friends in the area and they are looking to skimp on the phone bill, this has worked great for us.

[Xanthe]

Personally, I don't use a credit card for anything and for the most part it's worked for me. I do regret not getting one as soon as I turned 18 though. I didn't have student loans going through school. As a result, my credit history is shorter than the Bills' list of Super Bowl wins. I have a perfect payment history with rent, utilities, and my cell phone bill, but I can't even qualify for a Circuit City credit card. It really sucks when you have to bankroll to strait up pay for your new TV, but can't qualify for the promotional financing to get a better deal. So looking back, I wish I had picked up a credit card way back when. I would get a credit card not to extend my buying power, but to show my worth as a borrower. Spend a modest amount each month and pay it all off. In the end, no credit score is just as bad if not worse than a bad one.

[sb]

Some tip's re:food

Buy in bulk when you can, esp. look for sales. For example, you can buy a three pound bag of rice for $1.50 or a 20 lb. bag for $6. Eating vegitarian can cut cost's, but so can smart shopping. If you get a beef craving, you don't need to eat steak when a pound a burger meat will make four burgers and still cost less (including buns and condiments).

Living on raman alone and you will be sick of it (particularly if you drink the broth). However cook the noodles in the flavoring and drain most of it (that gets rid of a majority of the salt/msg...), and you have flavored noodles. Add a few veggies to that and you have a viable meal.

Oatmeal. Just like rice, oatmeal can make $5 stretch a few weeks worth of breakfast.

A couple quick/easy/cheap meals to make:
Tuna Noodle casarole-can of tunafish, box of pasta, bag of frozen mixed vegi's, cheese and bread crumbs
Shepards Pie-pound of beef, pound of potatoes, frozen mixed vegi's
Ministrone- water, some vegi's, some rice
Beans and rice-beans from a can(dried are much cheaper but you need to prep a few hours before hand), some rice, and add some salsa to the beans when you warm them up for flavor

All of those can be made for less than $5 and all can provide multiple meals.

[Norellicus]

For someone on a budget, keeping any balance other than $0.00 at the end of a month on a credit card is stupid because it's money lost each month. Having a credit card for convience is one thing, but my usual suggestion is to pay off the entire balance each month.

Many people get a huge throbbing hardon thinking they are maxing out their credit score, but credit cards are only part of the equation. If you have school loan debt that you make payments on, and have a reasonable credit card that you use actively and pay off on time, your credit score will be fine.

Credit cards fall into two categories: convience and emergencies. I've seen a bunch of people rack up a few grand in debt trying to 'build their credit' with credit cards. Just always seemed stupid to me. If you aren't even close to approaching the limit on your card, why try to build it higher? Trying to get that awesome mortgage interest rate? That isn't really applicable when you are living on a month to month budget as it is...

Credit cards fall into the same category as cell phones (I know there was a topic about this recently). Noone needs them. They are nice to have, and can save you some troubles, and if you are intelligent about it, they can even save you some money. Just realize, the credit card companies wouldn't exist if they didn't make money. Chances are over time, a credit card will cost you money, so often, those with the means will operate without them at all. It's an interesting situation, and noone can really offer perfect advice. If you can be responsible with cards, they are a good thing. If not, stay away from them, and cancel the ones you have.

Like I said, it's way less important than making ends meet, and if that extra $10 in interest will kill you then by all means don't do it. But having a higher limit on your card has very little to do with needing the extra purchasing power and more to do with again showing that you're good business for the loan issuers; that you'll make them money as well as be responsible with what they give you, so they'll likely offer you a better deal for it. Just because you're living month to month now doesn't mean you should neglect the possibilities down the road; you don't start saving for retirement at 50, so don't skip out on your future credit potential...plan early to build a strong credit history and you'll reap the benefits for it later.

[MisterBob]

God, I wish I had that rent. Getting a 1-bedroom (692 sq.ft.) in mid-August for $1,040/month with trash picked up from my door...

Haha yeah, I'm paying $2000/mo (utilities included at least) for rent right now. It sucks to pay that much, but I can't resist having a nice apartment.

[Oxyminus]

I'm just mad at how low the rent is where other people are. then again, I live in NYC, so I can't expect to find anything cheap here unless I want to live in the complete ghetto (which I almost do). my breakdown is like this

Rent: $700
Cable/Internet: $100/2
Electric : $100/2
Gas: $40 (by monthly)/2
Grocery/CC bill: ~$100-$150

considering I'm working full-time while I finish school, and barely pull in $1,400 a month, I suppose that's not too bad. but we'll see how things pan out in march when I may need to find a new apartment/roommate, or god willing find a decent studio/one bedroom

[pohibaba]

Revolving accounts (aka credit cards) are the single biggest contributor to your credit history. Longstanding low balance revolving accounts go the longest way to prove you're fiscally responsible to lenders, and if you want a good deal on a mortgage or car loan you're a damn fool not to have at least a basic $500 limit credit card backing you up.

You honestly think this is a great idea, don't you? What you're suggesting is to live your life in debt. Debt brings MUCH more risk than any good that it could bring. You want to buy a car? Buy a car that's a year or two years old and you can get pretty much the exact same car for a fraction of the price, and guess what? You can pay for it with cash instead of going into debt to pay for it. As for a mortgage, go find a company that actually does underwriting which means that they actually do their homework instead of just looking at a score on a computer screen. You can get a Conventional fifteen fixed-rate loan as long as you:

Have paid your landlord on time for 2 years
Have been in the same career field for 2 years
Have a good down payment
Not trying to take too big of a loan

Living in debt is not a way to live life, don't fall for the myth.

[Norellicus]

Do what you want, I'm just going based on what some good friends of mine who work in the loan business were telling me, and after only 30 months of credit history I have a 709 and killer interest rates to show for it.

[BIGSTIC]

Something I have not seen touched is if you are moving out on your own for the first time,

WORK YOUR ASS OFF

As many jobs as you can handle(unless you are going to school)

When I graduated college and finally had a place of my own I was a work-a-holic. Had a 60hr/week regular job then would deliver pizzas every night i was free. I had nothing to go home to other than laziness and if I went out I would just spend money. I had 90% of my bills paid off in 6 months. So yeah I didn't have a life but making money and paying bills is so much easier single than when you involve a SO. Also dont buy furniture. Ask people and get free leftover shit. No need to waste money on a couch when you will be working so much you will never sit on it.

Just an example is a HS friend of mine. He decided college wasnt for him so he went straight into the work force. did construction during the day and managed a Subway at night. I went to college for 4 years. At the end of 4 years he had enough money saved that he built his house for cash and already started a 401k plan. I, on the otherhand had 20k in student loans and no place to live.

[wintersquall]

I'm just mad at how low the rent is where other people are. then again, I live in NYC, so I can't expect to find anything cheap here unless I want to live in the complete ghetto (which I almost do). my breakdown is like this

Rent: $700
Cable/Internet: $100/2
Electric : $100/2
Gas: $40 (by monthly)/2
Grocery/CC bill: ~$100-$150

considering I'm working full-time while I finish school, and barely pull in $1,400 a month, I suppose that's not too bad. but we'll see how things pan out in march when I may need to find a new apartment/roommate, or god willing find a decent studio/one bedroom

i need to know where the hell you live, because i pay that much in minneapolis and want to move to NYC =P

[izembo]

im guessing rent is 1400 and half of that which he pays is 700, just guessing tho <_<

[Oxyminus]

i need to know where the hell you live, because i pay that much in minneapolis and want to move to NYC =P

Kensington, Brooklyn. the rent is more or less cheap, but the neighborhood sucks. it's not a bad neighborhood, I've lived in the neighborhood (in my current apt since march, and my former apt for like 6 years) and have never had any issues. my block is kinda shady, but its always just a bunch of drunk whoevers and are cool as long as i pretend i wanna drink with them. on the flipside, there is NOTHING in this neighborhood you'll ever look for. theres barely any decent take out, the one pizza places closes before i even get off of work, and the closest bar worth going to is either a 20min walk, or 2 subway stops away. since Brooklyn is blowing up, I can't complain. I think this side of the park is nicer than prospect heights/crown heights, but there's more people moving in there, more investment, and is developing more than my neighborhood

[Furionstormrage]

Living alone, make the most of leftovers, you can save a ton of money by buying in bulk, freeze things to cook later, and don't eat out often.
Doing things like making your own tea, drinking mostly water (which you should really do anyway), and buying 3 liters (if you drink soda) instead of 6 packs of bottles/cans all add up.
Also, most off-brand food can be very good with a little added seasoning, just don't stack on tons of salty seasoning. Get some herbs and spices and you're good to go.
When you go shopping, if something is on a really good sale, that's what you're eating that week.
Things already noted like leaving the lights off, AC off, etc. Only keep lights on in the room that you're in, don't run the TV unless you're sitting there watching it, and take short showers.

[Oxyminus]

the leftovers thing is key...

for about $10 or so I make some wicked baked ziti or stuffed shells, and they'll provide with leftovers for like a week.

[Darus Grey]

Living alone is over-rated. Paying significantly more money for a drastic decrease in quality of life? Sign me up!

My advice at least would be get room-mates or continue living with parents(unless they *really* want you gone). You're paying a huge premium for little more than some extra privacy. When I was faced with this choice as a younger man I simply paid 8k to build my own private addition onto our family home, so far that choice has saved me nearly $60,000 which is nearly a medium-large house in my area(our original 5 bedroom was only 80k).

Not the advice you want I'm sure, just remember to take these things into consideration when you figure out how much a little privacy is *really* costing you.

[MisterBob]

I don't really think it's healthy living in your parents house (extension or not). You really need to get out into the world and start doing your own thing.