I want to start making a budget so I can move out of my parent's home.?

Question

I want to start making a budget so I can move out of my parent's home but I need to know what to budget for. How much money is enough to live on your own excluding rent and car payments (on average)?

Answer 1

it all depends where you live, you gotta count that a 1bedroom apartment goes (here in texas at least) for about 400 a month, and not all utilities are always paid such as water, electricity, gas, and trash pickup. You also got to count that a car payement usually isn't under 200bucks and counting insurance that depending on your age and driving record can be very high. You have to feed yourself and (optionally) should have health insurance. So I'm guessing about 1000 a month minimum, but getting depending on your degree making a 1000 a month can be difficult and don't forget that taxes are discounted off your salary at higher percentages if you're not married or have kids.

Answer 2

There is no average...rent and car payments can range from one extreme to the other. The answer is it all depends. You need to actually go out and do the mathematical calculations in order to even get an idea. How should you start saving for this? Start by saving 50% of your income and putting it aside. Remember, when you first move, you pay first month's rent, last month's rent, and security all in advance. It's like paying three month's worth of rent up front.

Answer 3

Rent or housing is one of the biggest expenses of living on your own. Why are you wanting to exclude it? As for how much is enough to live on your own, that is going to depend on what area of the country you live in, and what standard of living you expect. For instance, maybe you need $60-70 per month for groceries if you cook and eat all your meals at home. If you eat out frequently, then you need to budget at least $200 a month for food. Do you spend a lot on shopping because you better make sure you can cover what you really spend, not what you say you will spend to make your budget. What you should do to determine how much you need to move out on your own is to sit down and determine what things you spend your money on. Then you can track these items for a couple weeks to a month to find out the amounts you need to cover the expenses if Mom and Dad aren't putting a roof over your head anymore. Once you have your figures, assemble them into a spending plan, so you can see how much income you require, and also how much to have in savings to support how you want to live.

Answer 4

well do any of your friends have their own place? maybe try and go to apartmentfinders.com and see if they have listings in your area to check rent and what is generally paid. but i know in colorado if you want a descent place plan on 1000 for rent and hopefully utilities and then your car or mode of transportation then fuel then small amount for clothing and andother small amount for savings and then you have cable and internet. kind of in that order but you also have to fit food in there too. kind of a lot to think about and its best to talk with friends who have a place so that you can see what they kinda pay and how much they have to live on each month.

Answer 5

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