Should I move out? or should I keep saving

Ok,

So I'm currently looking at this a few different ways:

1. I just move out into a share house. Which can be good or bad.

2. I move into a rental. I don't think I would be able to do this. However, I have a friend who moved out of home and he always rented very cheap properties but with other people. So, in the end, I guess they were just bad share houses.

3. I keep saving for a house. now at the moment, I have approximately 30k excluding super and in 12 months it should get up to approximately 45k. The savings levels are so high because while I'm at home my spending is only 3k per year. At the moment I only work PT but I'm hoping to be in FT work by early next year in a different better job.

So do I keep the saving up? Or do I forget about saving for a bit, and focus on moving out?

 

it sounds like you WANT to move ( or NEED to )

so let's call your saving a safety buffer , which is a great thing to have in dangerous times

@ $3K a year i probably would have chosen option 3. and see where the full-time job is , it could be interstate or internationally ( life can be unexpected like that )


but Brisbane commutes can be all sorts of chaos , so maybe that is a motivation

i would suggest focus on landing that ( hopefully ) full-time job , keep the cash piling up and THEN try for a plan , because i think there will be all sorts aftershocks for the rest of the year , but in the economy and peoples health , maybe the dice will fall your way and you have say $40K to give you some breathing room .

but if you must move soon i guess you will have to roll the dice ,

check the rental and share accommodation market it MIGHT be a good time to research it closely .. there should be some vacancies less folks than usual with any sort of job

share houses ARE a mixed bag , some work out OK and some do not , regardless on whether you are sharing with friends or strangers ( i have seen a few friendships untangle , and friendships develop between strangers )

BTW research the logistics of you moving , that can be not so bad , or a real hit to the pocket ... like you need to buy nearly all the white-goods and furniture

if you find an ex-AirBNB it might be mostly furnished already ( many rentals don't even come with curtains )

cheers

 

Sorry, I should probably reword a-little:

Currently, I'm 25 turnings 26 and have 30K in savings.

Basiclly when taking my age into account how does this affect my options.

BTW: It's not really a im desperate to move out thing, its more to do with seeing whether it would be better if I did when you take in to account my current savings amount and age.

 

i took the $3K as your current board ( rent ) per year

and at 25 you have so much life and big decisions ahead ... at your age it was just hard enough to get a good job at a solid company for me

BTW excellent work with your saving

Buffet has a good saying for you currently

RULE No.1 DON'T lose money

RULE No. 2 see RULE No. 1

also you will find plenty of friends once you are a multi-billionaire ( hell one even got elected president .. another PM in Australia )

in other times i suggest places to invest ... but in these uncertain times .... i would be ( and am ) CAREFUL

once you have that career path hopefully next year , you can think about a house ( for a later investment or home office , or residence ) of in investment portfolio , etc etc.

or maybe those savings will do better in advanced education .. add an extra skill to that CV.

i cannot foresee a happy economy for the rest of 2020 BUT you might spot a compelling opportunity .. just try to choose carefully

and keep watching the share and bond markets these are historic times there is a LOT of education there for you

this time might be actually different ( and not in as nice way for most )

BTW the global economy was SICK before we knew about the virus after the virus is resolved the global economy will still be SICK but hopefully with one less factor of uncertainty to wrestle with

think of yourself as your best asset and work from there

cheers