PLEASE HELP ASAP Can I afford $500 rent on $2000 salary?

Question

I am looking to move out soon. But I want to be sure I can afford it. The only bill that I have at the moment is my car bill wich is 462.00. I was looking into this cute studio in l.a for 500 utilities paid. I only make 2000 a month sometimes more if I do OT. But anyway I want to make sure that I wont be pinching pennies if you know what I mean. Any advice??? What other expences would i need to take into consideration??? PLEASE HELP

FYI GUYS my take home is no less then 2000 after taxes........

Answer 1

$500 a month is cheap for rent and expensive for a car.

I make over $10,000 a month and my car payment is $275. Cars are a complete waste of money. Absolute money drains. If you are on a budget, just moving out for the first time, get yourself a 3-4 year old Honda Civic or Toyota Carola. They are reliable, don't burn too much fuel, and they don't depreciate very fast. Take the $200 a month you save and put it away into a 401K, Roth IRA or something similair.

You might think I'm this is silly, you want to wait until you make more money, etc. Mark my words if you start saving now, in 10 years you will swear up and down it was one of the smartest things you ever did.

Answer 2

Your salary is 2K a month but what is your take home?? I would guess about $1600. Still doable when they say utilities paid that usually only means water, garbage and heat, you will be responsible for electric, food, insurance, cable, phone, internet etc. After rent and car payments you are left with 638 per month. Have to guess on the rest of these because I do not know your situation lets say Insurance $100 month now down to 538. Electric at 75, Cable at 50, Phone at 80, we are now down to 333 left. Gas for the car Do not know how long you have for a commute so lets guess around 100 month in gas, now we are at 233 left. forgot the internet at least 30 a month for dial up. That leaves 200 a month for food, cleaning supplies, laundry, those little things that come up like car breaking down, medicine, needing to go out to release stress. If this seems viable to you and acceptable then go for it if not wait, at least until your car is paid off that seems to be the one thing that is hampering you more than anything else.

Answer 3

LA has a high cost of living, so I imagine $500 for an apartment is about as cheap as you will be able to find. I don't know if you have lived in LA in the past, but if you haven't, be aware that food, entertainment, and clothing will all cost more than they would in most other places. Expect to be a little shocked by the sticker prices, and try to have a bit of money saved before you move in, just in case you find you need it. Try being frugal for the first month or so, until you can find better prices on necessities, and try to get your car payment down if possible. Good luck.

Answer 4

Add up all your expenses first. Dont forget your phone bill, any credit cards,car insurance, water etc.. See what that total is then figure in daily expenses but dont forget to set some, even $50 a month, aside for emergancies. How long would it take for you to pay of your car? If you are in a position that gives you the opportunity to put more towards your car now, I would HIGHLY consider staying where you are at now and double or even triple your car payment to pay that off first. You would be in such a better position. More money = less stress!!!

Answer 5

u make 2000 a month and ur only bills would be 500 a month and 462 a month????? thats less than half of ur salary (962) so that should be fine because i dont think u would be spending more on food and clothes and all of that than on a home and car but i could be wrong. u should find out how much u spedn on items for ur home, food, clothes, and other necessities in a month and then add that to it and see how much u would have left over. that is the best way to find out. good luck =)

Answer 6

every working stiff should be able to afford a 500 $ home, just don't expect to go out a lot after taxes and that 500 $ car payment.
you still have to be frugal
or tone down on the payments on the car/refinance to get a lower pmt, like 200$

Answer 7

Make a list of your incomings and outgoings and as long as your outgoiongs don't exceed your incoming and leave enough for you to live on then you should be okay. The Citizens Advice Bureau can help with this and they may be able to advise if you are entitled to any benefits

Answer 8

That's enough if you are single and dont have other bills. Car payment, Insurance, Food, goingout, etc. You can do it. I affort my 2 kids and wife with that money and my rent is 725 without utilities, so you can do it ;)

good luck

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Answer 9

$500 in Los Angeles with utilities paid? I don't think you can afford not to take it. You should have plenty left over for your car payment, necessities, and extras.

Answer 10

You are the only one that can answer that. If you haven't already done so, make a complete budget for yourself. Include all your current daily, weekly, monthly expenditures, and make allowances for vacations etc. Work it all out, and see if the rent is doable.

A budget is the best way to understand what you are spending and what you can afford.