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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Thinking about moving out? |
Ok, so I want to move out, just wondering, what should I know, and maybe somethings I wouldnt have thought of? And with the budget, how do I know how much I can afford? A girl at my work gets paid the same and she was paying $135 rent plus about $80 on debt and stuff, I get paid $340-360 per week, what would you recomend as my limit? Was going to move out with this other girl but she keeps changing her mind, so thinkin go it alone, any extra things to watch for with that? Thanks! If you know your expenses that's where to start ex: car ins, pmts, gas, credit cards, any and all expenses you have currently including what you're used to spending for going out. then figure what you might need for food, electric, water (home expenses) this will give you an idea of how much is left over. Then you need to decide if you'll be able to put some money away or have spending money. It's basically putting your expenses vs your earnings to find a bottom line. It probably sounded a little more confusing than it should have been. Some say 1 weeks salary is rent, but I don't know if that still could work these days, some rents in our area have gotten too outrageous. I highly recommend making up a budget for yourself; work out what you make in a month, what bills you're already paying, and what you can afford to spend on living expenses. From there, do a little research and work out what those living expenses would be; factor that into your budget. Always set aside money to put into savings (not just as an investment, but so you don't get stuck if something unexpected comes up!). Make a budget, and FOLLOW IT. Where you live, and what kind of place you want, are huge factors in determining rent. If you live in a place like NYC, you're going to pay considerably more than you would in, say, the Kansas City suburbs. Think about what you want, and do some research--go on Cragislist, do a Google search, pick up apartment magazines--and find out what the going rates are in your area. Rents are cheaper when you're splitting a place; there are websites where you can search for roommates or an open room. When I got my first apartment, I made only slightly less than what you're making now. My rent was $775 a month (utilities included) for a large, one-bedroom apartment in the Philly suburbs. Being careful with money, I was able to live very comfortably, and dipped into my savings only for large purchases (ie, nice furniture). Monthly expenses to consider: telephone (cell phone, plus some apartments require you to keep a land line), transportation (either public transit, or car insurance, maintenance, & gas), loans or debt, food (!), utilities (gas, electric, water, if not included in your rent), laundry costs (if you don't have free access to a washer/dryer), any credit cards, prescriptions or ongoing medical visits... pretty much any recurring expenses. They start to add up, so it pays to be nit-picky! Good luck! Moved out 2 years ago; in the process of re-budgeting. |
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