‘This is honestly just a shot in the dark and I have nothing to go off of currently’: Trying to move out of state at 18. How can I prepare for the unexpected?

Hey Money Minder, I’m 17 turning 18 in December and things have been kinda rough, but I’m looking to get my act together soon. I live in Idaho and my boyfriend and I are thinking about moving to Florida to be with a friend. We’re not exactly sure when we should go or how much money we need to save. It’s a bit of a shot in the dark for me right now. Currently, I’m working at Dollar General making 15 dollars an hour. I’m saving up for a car because I currently walk to work, and also hoping to save up to move out of state. I’m considering getting a van so I have somewhere to crash during our cross-country road trip, or I could sell my car for extra cash. Not sure what would be the best move. I estimate it’ll cost about 1k in gas if we drive, way less if we flew. But then I’m worried about finding a vehicle once we’re in Florida. I’ve heard you typically need to have first, last, and deposit saved up for a new apartment, which could be around 6k total. That’s 2k each for me, my boyfriend, and our friend. Thinking about all the new stuff we’ll need for the move, but I’ll probably wait to buy those until after I have a job lined up there. I’ve heard getting a credit card right when I turn 18 can help build credit, but what else should I be thinking about and preparing for? Any advice?

Farewell from the Author: “Thanks for the help, Money Minder!”

Response from THE MONEY MINDER:

Hello There,

Congratulations on taking the initiative to plan for your future at such a young age. It’s admirable that you are thinking ahead and considering your next steps. Moving to a new state can be both exciting and challenging, so it’s crucial to plan carefully.

In terms of saving money for your move to Florida, it’s wise to start by setting a specific goal. Considering the costs you’ve estimated, such as gas, rent, and initial expenses, aiming to save around $10,000 would be a good starting point. This will help you cover unforeseen costs and provide a cushion as you settle into your new life.

Since you have a job at Dollar General, continue saving diligently. In addition to saving for your car and eventual move, try to set aside a separate amount specifically for your relocation fund. Cutting down on unnecessary expenses and creating a budget can also help you reach your savings goal sooner.

Regarding transportation to Florida, driving in a van could be a cost-effective option. However, selling your current car might provide you with extra funds for your move, but ensure you have a reliable vehicle for the cross-country journey. Consider the pros and cons of both options before making a decision.

As for finding accommodation in Florida, it’s crucial to have a plan in place. Research potential rental properties in advance, and consider reaching out to your friend there for assistance and advice. Planning for first and last month’s rent, as well as the security deposit, is a good start.

Building credit at 18 is a smart move, as it can open up opportunities for future financial endeavors. Look into secured credit cards or student credit cards to begin establishing your credit history responsibly.

Remember, meticulous planning and consistent saving will pave the way for a successful transition to Florida. Best of luck with your future endeavors, and feel free to reach out if you have any more questions or concerns.

Farewell from THE MONEY MINDER.