Help Me with my Budget! Am I ready to move out on my own? Please Read!?

Question

I am trying to decide if I am ready to move out or not. I am 20, done with a year of college, and I think its time I move out. I want my freedom!

I have been working on a budget and here is what I came up with..

I get about 1200-1300 a month, but 1200 is the absolute lowest I ever make.

Rent - 629 (Includes all utilities but water)
Water - 15 ( Flat Rate )
Car Insurance - 100
Gas - ~80-90/Month (might be less since I am moving closer to work)
Cell Phone - 70

That leaves me with $306ish for food and whatever else. Alot of my friends said they spend on average 100-200 a month. I am a college guy, I dont mind store brand food, food is food.

I have all the frunature I need and about 1k saved up after the $310 deposit. ( I have 1350 right now)

Do you guys think I am ready to move out, or should I save up a little more money?

Any other tips or suggestions?

Answer 1

well, my answer is still similar to what I said on your other question...I think you can (and should) do it...but live for a while like a miser until you can afford extras like cable and highspeed internet)

Think about a roommate, that might take some of the pressure off too...and there's always 2nd jobs, etc.

Good luck! (go for it!!!!)

Answer 2

If you aren't now, you never will be ready to be independent. The rent is covered, car expenses are manageable, and, as a retired senior with almost similar circumstances, "go for it." If you can cook, that is a big plus, if not, check out free books from the library. You have the advantage of a potentially higer earning power with promotions..Advise you to continue college classes as I did...1 at a time on a pay as you go basis, with no debts. Some employers will aid financially so check that out. Being your own person is a big confidence builder. Best wishes.

Answer 3

You should have at least six months worth of bill money in your savings account before you move out. What is another six months? Save your money and then move out. For a good book with a budget guide, etc. in it, and you can download the book for free - go to http://godisruleroftheuniverse.com and click on the money link and scroll to the bottom of that page - the link will be there and the book will help you immensely (it is not a religious book even though the web site makes it sound that way). Good Luck.

Answer 4

As long as you don't mind every once and awhile not going out. I was really tight on cash when I first moved out and did without a lot of things. Just remember grocerys and if you have a washer or dryer or not that's an extra expense. Good luck on what you decide.

Answer 5

10 dollars a day for food is rough but doable.What about entertainment new cd's,drinks with friends,dating and movies,internet connection.I think you need about 500 a month more than you currently make.The amount for gas is unrealistic unless you plan on staying home everyday that you are not working.Maintenance on car such as inspections car wash oil changes new tires and brakes you should budget about 100 month for these also.If you have no health insurance i hope you do not need to g to doctor.MY answer is no you are not ready.

Answer 6

Sure sounds to me like you're ready. I'd start looking if you haven't already found a place. You might want to consider getting a roommate to help share with the rent costs if you think you can't afford it on your own. Good luck.

Answer 7

THIS IS JUST A SUGGESTION BUT IF POSSIBLE YOU COULD GET A USED TRAILER AND LIVE IN A TRAILER PARK IT WOULD SAVE YOU CONSIDERABLE PER MONTH AND YOU COULD STILL BE CLOSE TO TOWN AND SHOPPING. JUST A THOUGHT. ! MAYBE YOU COULD RENT ONE AND JUST PAY THE RENT OR BUY IT. GET SOMETHING COMFORTABLE AND CLEAN AND DOESNT LEAK.