Saving money to move out

posted 3 years ago in Parenting
Post # 3
Member
8701 posts
Bumble Beekeeper
  • Wedding: December 2012

When I moved out, I was expected to be a big girl and stay moved out on my own. If my parents had given me enough to “stay moved out”, where would the limit end? I disagree with giving children startup money after they’ve moved out… that’s kinda the entire point of moving out to be your own adult.

 

I wouldn’t want their furniture. If they wanted it, super. If they didn’t, that’s super too. I wouldn’t care if they took it.

Post # 4
Member
6048 posts
Bee Keeper
  • Wedding: March 2012

We had to pay 15% of our pay to the household for room and board when we started working.  They let us take the furniture, not the beds and the car we bought ourselves to carry our stuff out.  There was no start up money or wedding money.  They did pay for college and I’d take that over rent money anyday.  I graduated with no debt.  Maybe you should look into putting aside money for college. 

Post # 5
Member
4043 posts
Honey bee

@tiffanyscanlan:  I would consider setting aside money for college, but probably not for what you mentioned. 

Something I have heard parents do, which I think is a good idea, is to “charge” your teenager a percentage of their income (if they have a job) while living at home. Then the parents set that money aside (to ensure it is saved) and give it to the child when they move out. It can then help with rent/start up costs/etc. That way, the child has earned it and you can make sure they don’t blow it all before “real life” bills come into the picture.

Post # 6
Member
3280 posts
Sugar bee
  • Wedding: June 2014

When I moved away to college, my parents kept my room the same but when I moved in with FI I took all of my furniture. They also paid for my cars, etc but they consider them mine so it’s mine to do with as I please. FI’s parents loaned us a downpayment on our house to pay back intrest free whenever we can. Something like that would be nice to do. We’ll probably do something similar in addition to paying for their colleges, vehicles, and girl’s weddings. 

 

Post # 7
Member
1103 posts
Bumble bee
  • Wedding: July 2014

So far, none of my friends that moved out took any furniture from their house with them, including me.  It just doesn’t seem to be the norm.

Post # 8
Member
577 posts
Busy bee
  • Wedding: April 2012

We are planning to pay for 100% of our kids’ college tuitions but nothing else. They will have to get jobs to pay for anything else. I wouldn’t care if they took their furniture or not, but I’ve never known anyone who has done that. 

Post # 9
Member
1721 posts
Bumble bee
  • Wedding: August 2010

I think it’s a nice idea.  Would be cool if you got them a couch or a refrigerator or something for their first house/apartment.  I also think it’s a better idea to save up for college, but maybe you mean in addition to that?

Post # 10
Member
4872 posts
Honey bee
  • Wedding: September 2012

My parents kept my room the same all through college. I was not paid any money when I moved out. 

Post # 11
Member
1678 posts
Bumble bee
  • Wedding: July 2012

Haven’t 100% hashed this out with DH yet (but we’re still years away from TTC anyway), but I always imagined saving up a huge chunk of change for each kid, and letting them decide what they want to use it for. Let’s say we were able to save $30,000– they could choose to use it for college tuition, a wedding, or a downpayment. I personally like this plan because I worked my ass off in high school to earn a full ride scholarship so I didn’t have to worry about tuition for undergrad (knowing my parents wouldn’t be able to contribute a dime to my education), and I feel this plan would reward that kind of effort.

ETA: none of my siblings or I took any of my parents’ furniture when we moved out. I mean, it could be because there are still some of my siblings living at home, but I think it would be weird for there just to be empty rooms sitting around with no beds or dressers. 

Post # 12
Member
679 posts
Busy bee

@ruby26:  thats what my parents did for us. Set up stocks when we were babies and when we would get birthday money at like 4-10 they would juat put it in there. Which I never noticed. Also contributing their own money. I was able to use that as a downpayment and for home renovations and still have some as a ‘savings’ . 

Post # 13
Member
1134 posts
Bumble bee
  • Wedding: December 2014

@tiffanyscanlan:  Honestly, I think it’s better to put that money towards university or some kind of other post-secondary education or training. That’s what my parents did – I finished university free of debt, on the condition that I support myself when I moved out. So I got a job in high school to start saving for that. As a teen I was also expected to pay my own cell phone bill, put gas in the car if I used it, small things like that, in place of paying them “rent” or whatever. All the leftover money, and any money I got from them or from family, I put into savings for when I moved out. I’m not saying your idea is bad, I just don’t see the point. A kid is going to have to learn to support themselves at some point as an adult, why not start right away?

As for the room and furniture – with me, when I moved out I took all the furniture in the room except for the bed. I left that for my parents if they wanted to make it a guest room or something. I even took the window dressings, the rug, the TV and game console, and the landline phone that was in the room. I refinished the room for them, though. I took down all the posters I stuck to the walls and the ceiling (yeah, that many), redid the drywall, and painted everything in a colour of their choosing. It was great – painting the room felt like I was closing one chapter of my life and opening the next, because it was no longer my room.

Post # 14
Member
5 posts
Newbee

It is always good to make up budgets and plans for a better tomorrow as though what I would suggest you that until and unless you don’t have kids try spending less on children’s room may be that would help you securing your savings but when you have kids then there you may plan for renovating their room.

Post # 15
Member
1891 posts
Buzzing bee
  • Wedding: September 2014

@MrsN14:  Your parents a freaking awesome!!!

Post # 16
Member
97 posts
Worker bee
  • Wedding: August 2014

I’m surprised everyone is saying they didn’t take their bedroom furniture. I took everything in my bedroom but I didn’t get any money from my parents. I got a couple hundred dollars from my mom for college but it was a tiny percentage of how much it cost. If I have kids I will probably set up a college fund for them but not for just moving out. 

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