Moving Out : Appartment Life
 

I'm really excited about this.

I've made my decision and as soon as me and a buddy are able to find an appartment, im moving out of the family nest. At 20, i feel it is about time for me to spread my wings and live independently. I still have a few insecurities though. For instance, getting along with paying all the extra bills. I currently only have about 1.5k as support funds and a steady job able to bring in about 600$ per week. Is that enough to support myself considering we are looking for places around the 250-300/month rent? How much can i expect to spend on food every month ? I realize im going to be running on lower income but i would still like to conserve a certain quality of life.

I guess im just looking for some insight to appartment life. Those of you who have been there, what have you learned that proved to be valuable knowledge?

Budget, budget, budget. Write down all of your constant expenses, rent, utilities, etc. For food and other things you aren't sure about, try to aim high, then WRITE DOWN every dollar you spend on them for the first couple of months to track your spending. After you pass the first few months, you will have a good idea of what you are dealing with.

If your rent is less than $300, and you are bringing home (I assumed you meant after taxes?) $600 a week, you should be in fine shape, assuming you don't have any other huge unmentioned expenses.

Do you have a car note? Credit card debt? Any other outstanding obligations?

shoe, that sounds like PLENTY to live on if you're paying that little for an apartment. However, that being said, don't go apeshit and spend like crazy.

It sounds like you're pretty responsible with money, though. :)

When moving in with mates it important not to live on take out. I found myself just picking up dinner on the way home, calling for pizza while having a quiet night in or just munching on chips and cola for a snack. All very nice but xpensive. Make sure you cook and have food available in you place, this can cut your costs down considerabley

Dude, $600/week? I support myself on half that. You have nothing to worry about. Especially if you're only paying $300/month in rent.

Mars' Expenses :

Cable $50/month
Phone/internet $60/month
Car insurance $230/month
Groceries $150/month
Cigarettes $120/month
Rent $680/month
Gas $100/month

There's a basic rundown. Total cost : $1490/month. You're paying less than half what I do for rent and your phone and cable will be halved, as well as groceries being cheaper because you're buying for two. You're in no danger.

I think you should be sitting fine making $600/week. Right now I have myself on a budget of around $500 a month. But I am going to school and trying to make my student loan last as long as possible. Try to look for apartments that come with a little extra bonus. This year, our apartment has free DSL. So that cuts that bill out. The one thing that you need to be careful with is eating out. I don't really like to cook and so just grabbing something through the drive-thru or going to a restaurant is so much nicer than making myself food. But, all of that eating out really adds up. Other than that, I'm sure you'll do fine. Just make a budget and stick to it.

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.

Sounds like fun, Shoe. Rent is supposed to run about 25% of your salary if you also have a car loan, 30% if you do not. It sounds like you're well in the ratio.

Rodney's idea of a $5k backup is very good, for one reason that comes to mind... rental situations with roommates are always fluid. Your friend may move out, transfer, get all knuckleheaded about agirl and move in with her. Or worse, move her in with you guys. Just be prepared to pay the total rent for at least a few months, which, you should be able to do on your income.

My question here is, where are you finding a place for $300 a month? I don't think I could rent a tool shed for that around here...

Anyway, food should only cost about $20 per person, per week. I personally can get by on less if I have to, but my eating demands aren't very specific. I have no problem with pasta or sandwiches every night.

Car loans and insurance are a killer. I know, for a while, my monthly car loan plus insurance payment equaled about 95% of my monthly salary (this was obviously before I moved out). It's a rough course, and I hope that you don't have to go through it.

Since you're living in an apartment, utilities and such are more rigid than a house - however, conserve energy and power. It ain't college where you can leave every electrical appliance plugged in and turned on all day.

Finally, just enjoy being out on your own. Find a roommate you like (if you want one - again, at $300 a month, I'd just live by myself), and be prepared for living struggles. In the end, you'll find your way and be happy that you made this decision.

Congrats!!! That's a big step.

Personally, eating out is my most unexpected (and killer) expense. Food really shouldn't cost more than $30 a week, at most... and even that's a lot.

Whoever talked about budgeting... DO IT. There is no better way to get a hold of your financial situation and figure out how much you can save. As for me, I make about $1200 a month and 40% of that is rent... the rest goes down the drain with food, gas, and various expenses (I'm at poverty level, basically... ah, grad school), so budgeting doesn't do me much good.

When I used to make more money, budgeting was really helpful to figure out where it was all going, and then to set aside savings each month. I need to get back into that discipline.

Damn Martian, smokes are expensive! I never knew how much they cut into a budget (but I don't smoke)... I guess my vice would be shopping. :lol:

I'd raise that limit to 45. Gives more room for things like meat. Last year I did about 20-25 per week worth of food, and while I enjoyed it, it was not very diverse.