What are some good things to buy in order to be prepared to live on your own?

Question:

In two months my parents and siblings will be moving out-of-state. Since I'm wanting to stay, they are giving the house to me. I am so excited! Tomorrow is my last day of high school and on Mother's Day I will graduate. For almost two years I have worked at a long term care facility in the area as a CNA, and plan to keep doing so for a couple years. So I've got an awesome, rewarding job that just so happens to be good-paying too, but I want to be prepared to live on my own. Over the last few years when I've had extra money I went out and bought little things like silverware, dishes, cups, towels...you get the idea. But what else should I buy? My parents are leaving the washer/dryer, stove, microwave, and dishwasher to me. I've got a TV, entertainment center, bed, dressers, computer, a desk; but what about other things to furnish my house? What comes to your mind? As far as money goes, I'll make about $1,665 a month, and won't have to pay rent, just utilities and health/car insurance.

Sounds like you are pretty much on your way. You really only need the things that you feel is comfortable to live. Maybe a couch, which you didn't mention but I'm sure you have. Don't forget about buying food for the fridge too! :-)

A savings account. With about 3months worth of living expenses just in case something unexpected happens.

Make sure you have at least 6 months or a year would be excellent in emergency cash in your savings account. Since you will have no rent, you may want to get a high yielding savings account online as this will bring a little more income for you every month. Dont forget you own this home so if something breaks you have to get it fixed which is why you want to have some liquid investments to fall back on. Also check into getting some insurance for you home or if it can be transfered to you. If you need any more suggestions feel free to contact me. You sound like you have the maturity to be on your own congrats.

You could check out Goodwill and other thrift stores for the little things that are not as important. Also Craigslist is a great resource too. You might want to figure out how much you can spend each month on these household items, after your living expenses. For bigger things you can save up and purchase them later. Maybe a futon or something for when you have guests over. Or if you don't have a computer already, it might be a good purchase to make.

You might also want to consider putting some money into savings each month, in case some thing breaks and you need to replace it, or you have car trouble. That way you won't be strapped financially should something happen.

You should not be focused on buying things right now; you should be saving any extra money. Even though you are living rent free, your budget is not going to go as far as you might imagine. Plus there will be unexpected things you'll have to pay for and fix in addition to regular maintenance that comes with a home (pest control, lawn care, AC filter changes, hot water heater replacement, patch leaky roof, etc).

If I were you I'd be saving steadily to go to college one day. $1600 a month is not very much money, and you don't stand to raise your income much over the years without education and training.

Additionally, you say your parents are "giving" you the house? I'm confused. Are they just letting you live there rent free or are they signing over the title to you (and generating gift taxes for themselves in the process)? Is the home paid off? Who will be making mortgage payments otherwise? If you don't actually own the home, you should also be saving for the day you have to or want to actually live in your own place.

There is a good list of pantry needs at Flylady.com and a basic household goods list at hudstonvalleyweddings.com/guid...
Good luck.

Just the standbys..towels, washclothes.a toaster, pots and pans...
Furniture.

What are some good things to buy in order to be prepared to live on your own?

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