How much does it cost to live on your own?

Question

This is what I have so far..tell me if anything is off...

* $1,000+ rent

* $1,000 car insurance

* $240 gas

* $60/Month Phone Bill

* $20-30/Month Gym Pass

* $300 food(no eating out and smart shopping)

* $155 Necessities ($16 Face Wash

$16 Tampons
$24 Birth Control
$5-25 Medicine
$4-5 Toothpaste
$12 Toliet Paper
$14.99 & $5-10=$24.99 Laundry Detergent & Fabric Softner
$9 Bath Soap
$2-4 Dish Soap
$2.29 Dish Sponge
$12 Paper Towel
$4.99 Razor)

* $50(gas, electric)

* $50(internet, cable)


* $158 left for entertainment and savings

Answer 1

It depends on where you are. If you are in california, your rent is right, but double all of your expenses, otherwise, your rent is a bit high. You could get by on 600-700 in a big city like Chicago or Atlanta. Gas and electric would be more like $100 or more, and same with internet, phone, and cable. You need more for savings, more like $300 or more, so you have enough to live if something happens. Don't forget about water, thats expensive. Car insurance is NOT $1,000 a month, unless you own a hummer or something, and you have a history of running into people. Also, you have taxes.

Answer 2

Wow-you can save a bunch on the little things!

You're saving a fortune on gas and electric, at least.
Pepsodent toothpaste is only $1.00 for a big tube.
Those tampons sound VERY overpriced.
Paper towels and toilet paper are also good items to save money on---the fancier brands are terrifically overpriced, and it looks like you're using the fancier brands.
Ditto laundry detergent---get the bargain brand, and use 1/2 what the label says to use.
Ditto bath soap---Ivory is about 3 bars for $1.00
A whole pack of "daisy" disposable razors is $6.00--they would probably last a year, with a few re-uses.

If you save on all these "generic" level items, you can pay for that expensive brand of "face wash", for example.

The phone bill looks average, and the food costs too.

But, you can obviously see what the car is costing you---no accident, the insurance companies are making a fortune, and can charge the earth---ditto the petroleum conglomerates. Cars are a very emotional possession in life, a cultural icon, even love-objects to many people----but, the costs of keeping them enslave you financially, as you can see from your budget. The wealthy people in the country depend on that profit going straight to them, and depend on everyone else's affection for their cars to impoverish themselves to keep a car going. Figuring out public transportation, imaginative shopping for small quantities you could carry home, and some walking every day could save you $1,240 a month, or ALMOST $15,000 a year. That is a lot of money, and freedom to do lots of things.

Don't worry about income taxes or state income taxes yet---the government is way ahead of you, and will probably pull it out of your paycheck before you even see it. If you are working, don't forget to file for the "earned income credit" deduction.

And, a great way to save money, if you're living in a city with a public library system, is to get a library card and check out books and dvd's at the library for free. Your taxes have paid for this privilege, so why not use it?

Answer 3

You would have to find one heck of a deal to get cable and internet together for $50. Your prices seem pretty reasonable. This obviously doesn't include the cost of furniture in your home. I would also suggest having at least $50 a week extra in case of emergency. If you don't need it, it can always go to savings. You would be surprised just how little $158 is over a whole month for extra money. It's going to go quick unless you choose not to have any fun anymore at all. $300 is good for one person, over a month, to cover food. Again that doesn't cover all the stuff you need for cooking. I wish you the best. Good Luck.

Answer 4

You got it covered a few tips gym - get a Jane Austen or TaeBo DVD and a mat - you have a tv doyour own house gym; secondly practice safe sex - abstinence till you get married - that's extra $54 for savings - phone you can do just with your cell phone if you really don't need a house phone - just make sure you get a plan with unlimited minutes if you uses a lot.