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Lee Lee | Do I earn enough to live on my own? |
I've been considering getting my own place. I recently came across an apartment that's 655 a month plus lights. I bring home 1600 every month before taxes is this enough to survive on or should I be looking for a cheaper place |
 |
 
Judy
 |
When I moved out I got a place that was half of my take home.
Look at your take home pay.
I ended up with a car loan of about 400 / month.
Man, was I strugging. One day I needed 2 tires and my car insurance was due. On top of that my rent was due next week.
I ended up asking neighbors to feed me.
The max should be 35% of your take home or 40% of your total income. Please no more than that.
The lesson I learned, when I bought a house, I made sure the payment was 25% of my take home. I am able to save money for vacations and for the future.
. |
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doodlebug
 |
Your rent should be no more than 25% or 1/4 of your monthly take home. |
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dave h
 |
They say to live comfortably your rent payment shouldn't be more than 25% of your monthly income |
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Ian's Mommy
|
it depends all on your other bills.
you need to make a budget to figure out how much you are able to spend on an apartment.
1600 - 655 = $945
is $945 enough for groceries, gas, car payment, car insurance, utilities, phone bills each month plus any other bills?
EDIT: what if you had a roomate? rent would be cut in half. |
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Melissa F
 |
I remember trying this way back when I was younger. The rent price sounds great...but you have to think about the following:
Gas/Electric
Phone
Cell Phone
Cable
Internet Service
Food
Clothing
Transportation
Etc. (credit cards, car payments...)
Not trying to burst your bubble, just throwing it all out there. I moved out when I was 19 and had to move back in 6 months later. That's not too much fun.
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STEVEN F
|
Your rent/mortgage should not exceed 25% of your take-home pay. Your numbers put you at 41% of your gross pay. |
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Reena
|
Assuming you get paid bi-weekly... would one paycheck be enough to cover the rent? And could you live on the other paycheck after you pay the "lights" and the phone and cable bill?
1600 before taxes... sounds great... but you know how much your net pay check is and you should go by that number.
If you want to find out without taking a risk: Put $800 a month into a savings account and live off the rest of your money. Do this for about 4 months. If you can handle it you have plenty of money for first month rent and security deposit plus some extra to furnish your new place and get the "lights", phone and cable turned on. |
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Micki
|
As you can see from the other answers, it's more expensive that you think. Perhaps you could get a roommate? |
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Simple S
|
If you earn $400 a week, that would mean that you need 1 week in a half to cover your rent, Then the rest you need for food.
week month
Gross Payroll $ 400 $ 1600
figure expenses
Food $ 75 $ 300
Clothing
Rent $165 $ 665
Lights $ 15 $ 60
Internet $ 10 $ 40
Cell Phone $ 15 $ 60
Gas $ 60 $ 240
Insurance -Auto $ 50 $ 200
Entertainment
Apt Insurance $ 30 $120
Expenses $420 $1685
So you could knock out the apt insurance at $120 so you're at $1565
That leaves for savings, credit card payments, clothing. entertainment, and anything else not covered $ 35 a month . That is better
Check on the apt insurance if you can get it-maybe that will be $50/a month.
Just keep in mind, that you will usually have to pay by the 1st of the month. If you can get them to allow you to pay by the 15th of month, that might work.
Can you live on $35 extra for the month to cover clothes, drinks, entertainment, apt insur, credit card debt?
Obviously , your actual maybe lower . I don't know the area where you want to live
Find out what your net is after taxes. That $35 will go down some. You may have to go down on other expenses to meet budget |
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#1AnSwEr
|
You have to figure your bills. For one, the apartment I live in, you have to earn 3 times the rent. So I think if its like that, that would count you out. How much do you bring home a week after taxes?
If its 1600 a month AFTER taxes
- 655
thats 955 month for electricity, tv, phone, internet, food, gas. I don't think it would work. sorry. Or really cutting it close. The amount you bring home is what matters.
My husband makes about 2400 a month after taxes and we pay $815/mo. with no extra.
Good luck:) |
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v b
 |
655/1600 = 41%. 40% or less is the classic guideline. |
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