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Rodney · 10-02-2005, 06:55 AM

Rule of thumb is to spend no more than 25 percent of your income on rent. That would make your upper limit for you alone $600. And you're going to be 'way below that.

Get used to cooking. As others have said, if you decide to eat out all the time instead of cooking that fast food will cost you hundreds a month.

The advice the others have given is good. But I will add one thing: use all those good tips and save. The things that sneak up and kill you aren't the monthly expenses so much as the unexpected ones: need for a new car; an expensive repair or new tires; move-out/move-in expenses if you have to move suddenly, and so on. And you want start saving for the future in any case; for a house someday, more education, to go into business for yourself, even a trip. It's good you already have a pad of savings, but $1.5K even at your age is low for being out on your own without parental backup. I'd go for a reserve $5K minimum, just to take care of the unexpected. Long-term savings goals are all on top of that $5K.

Believe me, you are at the point in your life it's easiest to save (assuming adequate income): your expenses are quite low right now even upon moving out -- no children, no medical problems, no financial obligations to others. So save now, and when such things come up you'll be all set. And when you do need to buy something it, you can just buy it, instead of going into consumer debt at high interest rates.

10-02-2005, 06:55 AM	#7 (permalink)
Rodney Observant Ruminant Location: Rich Wannabe Hippie Town	Rule of thumb is to spend no more than 25 percent of your income on rent. That would make your upper limit for you alone $600. And you're going to be 'way below that. Get used to cooking. As others have said, if you decide to eat out all the time instead of cooking that fast food will cost you hundreds a month. The advice the others have given is good. But I will add one thing: use all those good tips and save. The things that sneak up and kill you aren't the monthly expenses so much as the unexpected ones: need for a new car; an expensive repair or new tires; move-out/move-in expenses if you have to move suddenly, and so on. And you want start saving for the future in any case; for a house someday, more education, to go into business for yourself, even a trip. It's good you already have a pad of savings, but $1.5K even at your age is low for being out on your own without parental backup. I'd go for a reserve $5K minimum, just to take care of the unexpected. Long-term savings goals are all on top of that $5K. Believe me, you are at the point in your life it's easiest to save (assuming adequate income): your expenses are quite low right now even upon moving out -- no children, no medical problems, no financial obligations to others. So save now, and when such things come up you'll be all set. And when you do need to buy something it, you can just buy it, instead of going into consumer debt at high interest rates. Last edited by Rodney; 10-02-2005 at 07:24 AM..