09-10-2011, 09:53 PM
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#8 (permalink)
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A True Z Fanatic
Join Date: Jan 2011
Location: MD
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Quote:
Originally Posted by m4a1mustang
I say wait until you have a years worth of essential living expenses saved. So enough to cover 12 months worth of rent, car payment, insurance, food expense, and other necessities.
6 months is the minimum recommended safety net, but in this environment 12 months gives you more of a buffer.
In your case, just focus on saving for a down payment since your parents have the other expenses covered.
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Yeah that's kind of what I was planning on. Should I pay off the car first or just use that money for the down payment of house? I was also thinking about transferring the car to my name after I get full time work and I can get a loan. This way I can start building up my credit since I will be the main person on the loan. I have a better credit score than both my parents right now, but am lacking in credit history.
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