I'm 26 years old, I have some disabilities that affect my quality of life, but I am still fully self sufficient. Family doesn't want me to live here anymore. Will be moving out in about 3 months. I am concerned about losing my job in the future and not being able to pay the rent. I'm looking for financial advice in regards to how much money I should have saved before I make a move and anything I should do to be prepared.
Background *college grad, $18k debt (paid down from $26k) 2 years out of college *$0 credit card balance *car paid off ($17k original balance) $200 savings (nothing in savings or checking) *full time job, i'm hourly I make $26.00/hr equivalent of $54,080/yr ($3000 a month after tax, health ins, etc). Sometimes with overtime I have the opportunity to make a whole lot more. My job is 100% project based, when there are no projects I stop making money. This usually happens once or twice a year for 3-4 weeks at a time, while they look for another project. *live with parents, take care of sick family member -taking them to ongoing appointments, picking up meds, etc. Live here for free. Parents refuse to take money for rent. *planning to move out in the next 3 months. Looking for an apartment $1100 or less including utilities (can reduce some of my non-essential expenses to accommodate if necessary)
Expenses I don't have a whole lot of expenses, but I do have a spending problem buying non-essential stuff. Since I got this job every month I've been paying a car loan, student loan, or buying useless stuff. I just recently paid off a $6k car loan all at once. Usually I end up with $150 a month in the bank after expenses. Besides the car loan this what my normal expenses look like *gas $250 mo/ *(car repair $1200 a yr/) *meds $200 mo/ *student loan $250 mo/ *food $240 mo/ *misc purchases (clothes, electronics, etc.) $1000 mo/ - I know it's a lot, I don't even realize how much I usually spend, but that's how much it ends up being after paying off credits card balances every month. *cars insurance $170
Concerns 1. Since my work is project 100% project based and I'm not salaried I stop making money when a project is finished. When i'm in the middle of an apartment lease this might be a problem. Also, there is the possibility the company might let me go if they can't find another project for me after some time. I have credit cards that can cover up to 6 months of rent, but it's not something I want to depend on. 2. I don't really see this as a problem, but a possibility. My disabilities are manageable for the most post part and seldom affect my ability to work, but if I can't work for an extended period, I won't be able to pay rent. In 2017 I was hospitalized for 2 weeks, and used up my vacation hours to cover it. 3. Unforeseen expenses. Hospital visits, car repairs, etc.
Outlook 1.My main concern is that I don't want to lose my job while i'm in the middle of a lease. 2. I'm currently looking for another job that is salaried and doesn't depend on project work. I've had several interviews, but so far no offers. I have 2 more coming up in the future. I don't want to continue with my current job if I can find another salaried job, it's too much of a gamble.
Before I make the move in 3 months, how much should I save? Is there anything I should look out for? Any general financial advice?
Sorry for the long post. Feel free to PM me. I sincerely appreciate any help.
Submitted November 05, 2018 at 06:34PM by KeyAward https://ift.tt/2SP2P7x
