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NikitySplit
I would like to move out & live on my own. How much money should I have saved & coming in before I do this?
I have student loans to pay off (I only took loans out for one year - so not toooo much but a good amount) - but I don't want to be living with my family until I pay them off. How much money is realistic for me to have saved and coming in so that I can pay off debt, pay rent, and still have extra spending money?
Additional Details
I should also mention that I grew up & prefer to live in a big city - so my rent would be higher than that of a small town.
                     
 




Crazymom
Rating
Ok, here you go. Lets say your rent is $850/mo (low for Chicagoland, but I'm just guessing)

Security deposit... $1900 (1st and last months rent)
rent (month)...$850
electric...$50
cable...$65
internet connection...$35
phone (land)... $75
cell...$75
car insurance...$100
renters insurance...$15
gas (car)... $100
food... $250
misc bills...$150

None of this includes the set up cost of electric, internet, phone, deposits for insurance etc.
So, just to survive you will need $1765, that includes NO SPENDING MONEY FOR FUN STUFF.

Good luck.


Joe Capo
Don't come to Jersey, and if you live in Jersey, forget it, you'll never make it out alive, unless you move to the ghetto in a studio apartment. It's tough.

I tell you I been to Kentucky, I saw a 4 bedroom house, kitchen, 1 bathroom, for rent $375 a month :) I love it. Im used to $2000+ a month for a **** hole


whatevit
In a nut shell, $3,000 per month. I assume that you live in the USA. You Will need $1,000 per month in taxes, $1,000 for rent, food, utilities and phone, $600 for standing bill (student loans-credit cards-car notes), $400 to savings.

Most of us think that we can live on less, then we learn that we can't afford to have our hair done, or our nails. We fall apart, because we wake up to the fact that there is a lot of support that our family used to give us. THIS SUPPORT IS WHAT WE SHOULD STAY AND GIVE THE FAMILY NOW THAT WE ARE STRONGER.

If you stay with your family you would need only about $1,800 per month, and would be able to add $400 each month to the family budget if they need it or not.


K.A.
Rating
It depends on a lot of things. Are you good at math? You have to take into account that you will have rent and utilities, regardless. Then if you want cable and internet, that is extra as well. Then you have groceries and if you have a car, a car payment. Depending on where you live it could be more or less expensive to rent. The best thing you can do(because noone knows your finances better than you) is first... have a steady job. Then take what you get paid a month and subtract what you are already having to pay for school loan and car payments. After you do that then you know what you are dealing with. Shop around at apartments and see what the best deal is and find something that is inexpensive enough to where you have money left over at least for food. Again, nobody knows how much you eat so you would be the best to determine that. The apartment complex can usually tell you what the average monthly payments for water, electricity, etc. are. SO, that's really the only thing you can do. Also, look into getting a roommate. Then all your expenses are cut in half and you have a better chance of getting a nicer place. Hopefully that helped a bit. Good luck.


toddk57@sbcglobal.net
ok: listen up! yourself must get second option befor living
on your own. Because " Apartment Rentals can cost $600.00
per month.Yes becaus all bills like Gas, Water, Electricity and
any other services has to be paid off first ok ?
refer http://www.state.deptof.refinancing.com


jnjsnana
Rating
First of all you need a good source of income. You have to be making enough money to cover your monthly expenses including your food, rent, utilities, school loan payments, car payment, gas, clothes, entertainment, (every thing you spend money on). How much is the average rent where you live? How much can you afford for rent and expenses on your salary? The first month is the worst. You usually have to have first and last months rent plus a deposit. Plus you will have to have deposits on all your utilities. Save up enough extra to cover any surprises ( at least $250 ). Where I live that would be about $5000. It could be more or less where you live. It is hard getting out on your own. I admire your since of responsibility. You may have to work hard, but you can do it. Blessings to you!


Atreyu's Mommy & Due Aug 24
Rating
They say you should have enough in savings to cover about 2 months of expenses. Plus, you will also need money for a deposit and your first months rent for an apartment before you move out. The amount of money you need coming in depends on the cost of your living expenses. You should probably have a couple hundred left over each month after your regular living expenses, just to be safe. When I moved out I didn't really have much saved, about enough to cover the deposit and rent. After that I just made sure I had money for my bills, and whatever was left over I spent on other things. I really wasn't too smart about it.


Dizney
Rating
Set up a budget and see what you can afford. When you estimate the expenses, increase them for a "fudge factor."

Congrats for becoming an adult instead of living with "mommy & daddy!" that's a big step!!!


Huero
Fifteen trillion buckaroonies - which is so not toooo much but a good amount.


Scott
Well go do some apartment shopping and check out the expenses Utilities Heating cooling and parking etc. Get a feel for what it will cost to have that apartment you would like. Then set down all on paper all your payments you have now. Then your fictional - apartment costs. Then income see if you can make it work. Hint. With the New Cost always project everything higher than what you find as it will usually be more. Then think about your other living expenses such as cloths, entertainment commuting back and forth to work. You may find that you will need to look for less of or in not as good a neighborhood apartment than you'd like or maybe living with parents for a little longer might not be so bad after all. Or rent a shared apartment.


PiaAntonia
I just moved out of my house a few months ago, i had a few thousand dollars saved. i thought it would be easy... first you need to have the down payment for the apartment(it depends on what area you will live and how nice he apartment is on what that will be.) Then you need rent, add an extra $100 - $200 in utilities, but it will be more the first month - first time sign up fee, remotes for tvs, billing, all that fun stuff that you don't count on. don't forget to budget for the other bills you pay- cell phone, gym membership, etc, because those eat your money fast. Do you have a job? Or steady income? If not, then that factors in to how much you will need to save and how, and if you do, then you need to find a place to live that is in commuting distace. Also you need what you call "bounce money" -- finaces you reserve incase you need to pay a hospital bill, emergency things that you can plan on. Lets just say this- a lot of money.


go4itgirl
enough to pay two months of your rent and bills


Ashley
Rating
well, i recently moved out of my parents house and i had $ 3000.00 in a CD and about $ 2500.00 in a savings account, most of it really depends on how much rent is, how much your student loan is, and all your other bills, such as cell phone, car payment, car insurance...etc, but from experience id suggest buying a house instead of renting, in the end your not just throwing away money each month. You should probably have atleast $1500.00 coming in each month, but have some saved for backup incase something happened


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