FINANCIAL TIPS FOR SOMEONE MOVING OUT?

I am eighteen years old, as well as I need the checking comment for myself, I’ll be relocating out in 2 months, I’ll have the pursuit by 2 weeks from now, I do not only wanna go to the bank though carrying finished my research, though I hardly know how to do my research. My mother wants me to figure it out by myself.

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Muga Wa Kabbz August 15, 2010 at 3:30 pm

Your mom is a wise woman. Go to at least 3 of your major local banks. Ask their customer service reps to give you info about checking accounts that would best suit an 18 year old that just started out on his/her own. I’d recommend an account with the following:

1) Low or no monthly maintenance fees.
2) Easily accessible ATMs conviniently located in majority of places.
3) Internet banking facility.
4) Online bill paying facility.
5) Free debit/ATM cards
6) Easy check reordering system, together with check security system that keeps track of your checks and alerts you if the order of checks written skips or misses one check.
7) Over-draft facility by linking your checking to savings account.

PS: pay your bills on time. Don’t make large credit card purchases, in your case anything greater than $500, when you’re starting out. If you make a large credit card purchase, it means you can’t really afford the item in the first place.

mothertbq August 15, 2010 at 3:51 pm

Hi,
First, I dont know how much money you have to start a checking account.
Some banks charge a “startup” fee for opening an account. Also, some want you to have a minimum amount in your account at all times, or you will be charged a fee. When I opened mine, I said no to all the “goodies” like special checks etc. My account did not earn interest but checks were free up to 500 checks a year and no monthly fee on my account. And I could get money orders for 50cents each.
Hey and dont forget, sometimes you can get a free piece of bakeware, etc. for opening an account….you may need that with your new place : )

Eric L August 15, 2010 at 4:49 pm

I think you should try to find a checking account that does not charge any kind of monthly or yearly fees. Also, you probably want one that does not require a minimum balance. If you can, mention that you can direct deposit your paycheck into your account. This might help you get the no fee, no minimum account

Try looking at the websites of local banks to get an idea of what they offer. Commerce (http://www.commerceonline.com/) and Washington Mutual (http://wamu.com/personal/default.asp) might be good for you. Eventually, you’ll have to walk into a branch and talk to someone.

I also highly recommend setting up an online savings account at ING (http://home.ingdirect.com/) or HSBC (http://www.hsbcdirect.com). These banks offer great interest rates (around 5%) and have no minimums and no fees. They are not checking accounts, but they do link to your checking account. HSBC even gives you an ATM card.

You should check out the Motley Fool (http://www.fool.com) for lots of good financial advice. Here is their article about checking: http://www.fool.com/money/banking/services/checking.htm

Luchiana August 15, 2010 at 5:28 pm

First things first…you do need to get a checking account and savings account. When you start working you can take $25 out of each check and put it into your saving account or extra money that you make put it in your savings account and don’t touch it. You will be surprised at how much you can save. Direct deposit is a good thing too. There are a lot of people that have free checking and savings…I personally would find a bank that is well known unless you plan on staying in the area for a long time….If you are a student then they have special accounts for college students. Me personally when opening an account at a bank I talked to one of the bank associates because it helped to know what those pamphelets stated plainly. Do you research…I think credit unions are a plus as well but please make sure you do your research.Be careful of hidden fees and service charges…..When getting any type of account you need to always check your balance and make sure everything stays in order….Sometimes human make mistakes…Always check your statements. Now generally you have some banks that let you open an account with $50 or $75 but the majority of the banks you have to start accounts with $100 to $200 dollars….You CANNOT GO BELOW the starting rate or penalty fees will hit you. I honestly feel that you should check some credit unions out…..

Ask questions…..ask a represenative what is the best account for me…..It is really simple. You can do it.

Now the situation with moving out…Do you have any money already saved up? If you do that is always a plus..There are several things that need to be addressed….

Are you going to get a 1 bedroom? Are you going to have a roomy? Now if you are going to have a roomy you need to make sure that this person has a steady job that way when the bills come you guys won’t be struggling. Please set some ground rules…. Before you move into the apartment you need to make sure that everything is in tip top order and if it isn’t you need to make sure it will be fixed before you move in…If not then you need to make sure you start a paper trail. Now when I have had some experiences…..

When I moved into my apartment I had a roomy and it went downhill because there was no communication…You need to sit down and talk about likes, dislikes, pet peeves…touch on issues like phone, lights, bills….just make sure they the lines of communication stay open and that yall have an understanding.

There were times when my roomy would say let me borrow this and I will pay you back…don’t start it because my old roomy owns me like $300 could be more and it has been awhile….I would loan money to her and she has never returned it to me…..

Do you already have furniture? If you don’t you can get an air mattress until you can save up for furniture…..I would make sure the carpet has been shampooed..allergies…..Especially if the person who moved in right before you had animals…..

Make sure before you move in and before you sign a lease you read it thoroughly…maybe even have your mom with you…nine times out of ten they aren’t going to let you take it home with you the day before…..

When it comes to moving in make sure that if the place has everything it is suppose to have and that everything is working. Look through the cabinets…Check the handles on everything. I mean go through the place like you are looking for evidence on a crime scene like CSI if you see something jot it down and ask about it….I would make sure that I have a witness at all times with me…Like I said earlier you need to start a paper file…..

For example say for instance there is a leaky faucet in the kitchen and the landlord says that he is going to fix it ok…he or she says move in and I will have someone by there next Monday. You do that. If he doesn’t call…sometimes people get backed up…give him a few days…like three….after calling three times and he doesn’t you need to put it in the form of a letter….I also think that you need to keep a journal….That can be very helpful and in case something arises and you have to go to court. I would also not tell the landlord about the journal and I would keep it with me at all times……Just in case person does something foul.

I would say be friendly but firm. I am not saying mean. Just make sure you pay your rent on time…They don’t accept excuses….

I would have $3000 saved up before I move out because you are going to need lots of different things.

-1. You are going to have to have your security deposit plus first month’s rent.

-2. Deposit for utilities, cable, phone, and etc,….

-3. You have to get dishes, pots – pans, cleaning supplies

Now my advice to you for furniture is is to go to a wholesale place because they do have the best deals….generally you can talk them down for furniture. I would suggest you get furniture after you get the apartment…When I got an apartment I didn’t get my furniture until after but my bed was too big…I literally had a small amount of space to manuveur….less is more…you don’t want to stuffed into a room…You are going to have to be able to freely move about with a vac…if you don’t then you are going to have serious problems…….

There is so much more to getting an apartment and keepin it up….you really need to go online and just search for more information…the more you know the better. Also it helps to have a camera just in case something is already damaged and the landlord said that he would have it fixed….insurance…..depends on the area you stay in…..

Now you talk about having a job in two weeks…What do you plan to do with the time you have now? What I would do is go to a temp agencies for those two weeks you should go today….If you have a resume that is a plus if you don’t you need to do one….If you haven’t worked but did volunteer work that can go on your resume…..I am serious. So by Friday you should be in the system at a temp agency and you can be working my Monday…It is only temporary……and the thing about it you get paid weekly…Now I don’t know if you get paid the first week when you first start but after that first week you do get paid weekly. If you are just going to be working you can always pick up a part time job…..it helps too.

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