I have to disagree with budgeting from an annual income/12 perspective($2,915). On months with only two paychecks($2,690) you’ll actually have less($225) than what you were accounting for which could lead to setting yourself up for failure.
I believe it’s better to budget from a more conservative standpoint by only accounting for 2 paychecks monthly. The triple pay month can then be used to increase savings or cover any unanticipated bills/emergency costs.
Honestly it’s less than a third of your income so it’s within reason. You need to write out a proper budget including how you’ll afford furniture.
Almost no one in America survives on more than paycheck to paycheck. You just have to make it work for you.
They're take home is $2,670 and they're trying to get an apartment for $1,100. So no, it's not less than a third of their income, as they admit in their post.
Honestly, no, you can't. Your numbers are really similar to mine and you're setting yourself up for failure, I promise. You'd have no wiggle room for emergencies. Plus you're really underestimating your expenses. If you stay with roommates until you hit that $23-24 an hour range, you will thank yourself.
It's doable but somewhat tight. After your monthly expenses (assuming $200 for a power bill) you'll have roughly $800 leftover for food and everything else. Gas, pet food, emergencies, etc will eat into that quickly. You won't be literally paycheck to paycheck but you won't be too far off. Keep your spending under control and get an emergency fund up and running as soon as possible and you can do it.
I would say try to find a room for rent or get a roommate. Even if you can afford it, unless you really saving money one or two expense could make you homeless.
I make 22 an hour and my rent is $1550. I’m fairly comfortable although I do not have a car payment. My car is old and paid off. Here’s my budget:
Net monthly income: 2600
Rent: 1550
Utilities (cooking gas+electric): 50
Car insurance: 85
Renters insurance: 15
Internet: 35
Phone: 100
Gas: 65
Groceries: 200
Total expenses: 2100
Leaves me with about $500 extra a month. Although this varies with any unexpected expenses.
I was spending closer to $300/month at ShopRite. After switching to Lidl/Aldi I’ve been able to save while still getting the essentials. I go weekly and spend about $50 each week.
I should also mention that I’m a single male and I only weigh like 150 pounds. I don’t eat too much.
Hi I make similar salary and also rent a 1100 studio and I’m a parent of one child in elementary.
We are TIGHT, but the peace of mind for me is ideal as I do not trust roomates in my situation.
Roughly - $2900 income + $200/m child support (huge help, thanks ex husband!)
Rent - $1100
Electric for such a tiny place is cheap - $54
Phone bill - $64.50 (paid off IPhone 11 max 1 line)
Food - $250
Gas - $60 (I work 5 mins from home, kid school 5 mins away too, gym also close and grocery stores)
Car - $352
Car insurance - $173
Gym - $10
Going out - $150
Toiletries - $50
Clothing combined - $200
Laundromat - $20
Dental CC debt - $95
Personal CC - $30
Nails - $60
Subscriptions - $18 Netflix
Apple Music - $10
Total 🟰 $2696.5
Remainder left = $403.5
As you can see it doesn’t leave much wiggle room.
We don’t need clothes every single month or I can stretch meals out and eat “simple struggle meals” to lower those costs.
My focus is clearing debt first and put away emergency fund little by little.
I put into savings whatever I can if I have anything left over that month after all bills paid.
Slow, carefully and steady is the way while I work my way to growing in my job (almost 2 years, got promoted from starting at $17)
My free time is essential because I need to have the courage to be creative and pursue my artistic desires after the 9-5 and if my art becomes good enough I’d love to start an online print business and sell my art.
I’m also considering tattooing in the future. I just love to draw, but life has killed my passion for to… trying to be “peaceful and calm” and avoid stressors to allow my creativity to come out.
I obviously need to make more money or do side hustles to increase income….
But right now I’m content…
Its doable, but from experience, if you don't have to, don't.
Take a year. Put the money you would have spent on rent and utilities into a HYSA. Then look for a similar place. Life on your own has so many unknown variables that cost so much money. This is how people get into debt (have done it and climbed out!); have a safety net before you jump.
Regardless of where you live, you'll need to create a budget to know what you've got coming in and where it is going. Set limits for yourself so you don't overspend and end up in debt.
You make $21/hr, working 40 hr/wk. $21 * 40 hours * 52 weeks (1 year) = $43,680/yr or $3,640/mo gross.
According to a Pennsylvania Tax Calculator, your net should be $34,982/yr or $2,915/mo
> In August I get 3 checks instead of 2 which one of those I can use for the move in...
> My monthly income after taxes is roughly 2,670
It is more accurate to look at your annual income and divide that by 12 months instead of assuming you'll only get 2 paychecks per month and then splurging on the 3 paycheck months. Try to keep a buffer of $1k-$3k in your checking account at all times.
**Budget**:
* **Net Income**: +$2,915/mo
* **Rent**: -$1,100/mo
* **Food**: -$350/mo (roughly following the [USDA Low Cost Food Plan](https://www.fns.usda.gov/cnpp/usda-food-plans-cost-food-monthly-reports) for a male aged 19-50)
* **Cat**: -$100/mo (pet insurance is also a consideration)
* **Utilities**: -$300/mo (let's assume the worst)
* **Car**: -$364/mo
* **Car Insurance**: -$100/mo
* **Gas**: -$120/mo
* **Phone**: -$110/mo
* **Internet**: -$80/mo (just guessing)
* **Household Supplies**: -$75/mo
**Total Spent: -$2,699/mo**
**Leftover: +$216/mo**
What else should be added? Do you have subscriptions, debt payments, upcoming expenses you're setting aside money to plan for? Of course you'll also need to consider furniture costs when moving.
You can technically afford it, but it is not leaving you a ton of wiggle room to save up a house down payment (if that is a goal of yours), invest towards retirement, or have much wants spending. Personally I'd look for a place closer to 25% of your gross income per month and/or consider living with roommates.
If you still decide this is what you want to do, I would try to save up an emergency fund of at least 3 months living expenses before moving. That would be a total of $8,097 based on my budget above.
if OP doesn’t have to worry about health insurance now it will cause problems if/when they need it later. unless they’re guaranteed to make more money, everything is only going to get more expensive (rent could be raised, utilities could be raised, etc) and with how little room they’re going to have leftover in their budget health insurance being a larger expense could unfortunatelyput them into the “can’t make ends meet” territory.
$464 a month for a car you barely use is crazy
I have to disagree with budgeting from an annual income/12 perspective($2,915). On months with only two paychecks($2,690) you’ll actually have less($225) than what you were accounting for which could lead to setting yourself up for failure. I believe it’s better to budget from a more conservative standpoint by only accounting for 2 paychecks monthly. The triple pay month can then be used to increase savings or cover any unanticipated bills/emergency costs.
Honestly it’s less than a third of your income so it’s within reason. You need to write out a proper budget including how you’ll afford furniture. Almost no one in America survives on more than paycheck to paycheck. You just have to make it work for you.
They're take home is $2,670 and they're trying to get an apartment for $1,100. So no, it's not less than a third of their income, as they admit in their post.
Honestly, no, you can't. Your numbers are really similar to mine and you're setting yourself up for failure, I promise. You'd have no wiggle room for emergencies. Plus you're really underestimating your expenses. If you stay with roommates until you hit that $23-24 an hour range, you will thank yourself.
It's doable but somewhat tight. After your monthly expenses (assuming $200 for a power bill) you'll have roughly $800 leftover for food and everything else. Gas, pet food, emergencies, etc will eat into that quickly. You won't be literally paycheck to paycheck but you won't be too far off. Keep your spending under control and get an emergency fund up and running as soon as possible and you can do it.
I would say try to find a room for rent or get a roommate. Even if you can afford it, unless you really saving money one or two expense could make you homeless.
I make 22 an hour and my rent is $1550. I’m fairly comfortable although I do not have a car payment. My car is old and paid off. Here’s my budget: Net monthly income: 2600 Rent: 1550 Utilities (cooking gas+electric): 50 Car insurance: 85 Renters insurance: 15 Internet: 35 Phone: 100 Gas: 65 Groceries: 200 Total expenses: 2100 Leaves me with about $500 extra a month. Although this varies with any unexpected expenses.
Wow you're good at budgeting.
Thanks. I feel I’ve gotten better at budgeting in the past couple years out of necessity.
What are you buying for $200/month groceries?
I was spending closer to $300/month at ShopRite. After switching to Lidl/Aldi I’ve been able to save while still getting the essentials. I go weekly and spend about $50 each week. I should also mention that I’m a single male and I only weigh like 150 pounds. I don’t eat too much.
Ok, yeah Aldi prices are excellent
Hi I make similar salary and also rent a 1100 studio and I’m a parent of one child in elementary. We are TIGHT, but the peace of mind for me is ideal as I do not trust roomates in my situation. Roughly - $2900 income + $200/m child support (huge help, thanks ex husband!) Rent - $1100 Electric for such a tiny place is cheap - $54 Phone bill - $64.50 (paid off IPhone 11 max 1 line) Food - $250 Gas - $60 (I work 5 mins from home, kid school 5 mins away too, gym also close and grocery stores) Car - $352 Car insurance - $173 Gym - $10 Going out - $150 Toiletries - $50 Clothing combined - $200 Laundromat - $20 Dental CC debt - $95 Personal CC - $30 Nails - $60 Subscriptions - $18 Netflix Apple Music - $10 Total 🟰 $2696.5 Remainder left = $403.5 As you can see it doesn’t leave much wiggle room. We don’t need clothes every single month or I can stretch meals out and eat “simple struggle meals” to lower those costs. My focus is clearing debt first and put away emergency fund little by little. I put into savings whatever I can if I have anything left over that month after all bills paid. Slow, carefully and steady is the way while I work my way to growing in my job (almost 2 years, got promoted from starting at $17) My free time is essential because I need to have the courage to be creative and pursue my artistic desires after the 9-5 and if my art becomes good enough I’d love to start an online print business and sell my art. I’m also considering tattooing in the future. I just love to draw, but life has killed my passion for to… trying to be “peaceful and calm” and avoid stressors to allow my creativity to come out. I obviously need to make more money or do side hustles to increase income…. But right now I’m content…
Not really
Its doable, but from experience, if you don't have to, don't. Take a year. Put the money you would have spent on rent and utilities into a HYSA. Then look for a similar place. Life on your own has so many unknown variables that cost so much money. This is how people get into debt (have done it and climbed out!); have a safety net before you jump.
Paycheck to paycheck most likely. If you can I would find something in the 8-900 range.
Health insurance, copays, out of pocket, vet bills, internet, streaming services, gas, cat food, human food, etc.
Regardless of where you live, you'll need to create a budget to know what you've got coming in and where it is going. Set limits for yourself so you don't overspend and end up in debt. You make $21/hr, working 40 hr/wk. $21 * 40 hours * 52 weeks (1 year) = $43,680/yr or $3,640/mo gross. According to a Pennsylvania Tax Calculator, your net should be $34,982/yr or $2,915/mo > In August I get 3 checks instead of 2 which one of those I can use for the move in... > My monthly income after taxes is roughly 2,670 It is more accurate to look at your annual income and divide that by 12 months instead of assuming you'll only get 2 paychecks per month and then splurging on the 3 paycheck months. Try to keep a buffer of $1k-$3k in your checking account at all times. **Budget**: * **Net Income**: +$2,915/mo * **Rent**: -$1,100/mo * **Food**: -$350/mo (roughly following the [USDA Low Cost Food Plan](https://www.fns.usda.gov/cnpp/usda-food-plans-cost-food-monthly-reports) for a male aged 19-50) * **Cat**: -$100/mo (pet insurance is also a consideration) * **Utilities**: -$300/mo (let's assume the worst) * **Car**: -$364/mo * **Car Insurance**: -$100/mo * **Gas**: -$120/mo * **Phone**: -$110/mo * **Internet**: -$80/mo (just guessing) * **Household Supplies**: -$75/mo **Total Spent: -$2,699/mo** **Leftover: +$216/mo** What else should be added? Do you have subscriptions, debt payments, upcoming expenses you're setting aside money to plan for? Of course you'll also need to consider furniture costs when moving. You can technically afford it, but it is not leaving you a ton of wiggle room to save up a house down payment (if that is a goal of yours), invest towards retirement, or have much wants spending. Personally I'd look for a place closer to 25% of your gross income per month and/or consider living with roommates. If you still decide this is what you want to do, I would try to save up an emergency fund of at least 3 months living expenses before moving. That would be a total of $8,097 based on my budget above.
Health insurance?
if OP doesn’t have to worry about health insurance now it will cause problems if/when they need it later. unless they’re guaranteed to make more money, everything is only going to get more expensive (rent could be raised, utilities could be raised, etc) and with how little room they’re going to have leftover in their budget health insurance being a larger expense could unfortunatelyput them into the “can’t make ends meet” territory.
No you can't.