Q. I just got a job making 13 dollars an hour and I'm about to move out of my current roommates' house, I'll be working full time and most 1 bedroom apartments in the area are between 600 and 700 dollars a month, is this feasible for me when factoring in utilities, etc?
A. If you work 40 hours a week * $13 * 52 weeks, you'll make $27,040 per year. This comes to $2,253 per month. If rent costs $650 per month excluding utilities, then you will have $1,603.33 per month to live on. Will that cover all your other expenses? Here is the way you can determine whether that will cover your other expenses:
The foundation of any budget is good bookkeeping. You need to track your income and your expenses. Set up a budgeting worksheet on Excel, or get Quicken. Quicken will be easier to work with, but it will cost about $60.. I listed the categories to start below. Add or delete categories as needed. Each column in Excel should be one month. Each row should be 1 expense category. Make sure to reconcile your checkbook each month. Failing to reconcile your checkbook is like having a condom, but not using it.
There are some items which are a bit harder to budget. For example, you pay for homeowner's or renter's insurance once a year. Take the bill divide it by 12, and add it to your expenses monthly as an accrued item. Some expenses are unpredictable. For example, you know that your car will eventually need an expensive repair, but you don't know when it will happen. Go through your check register for the last 24 months. Add up all the unexpected items and divide by 24. Then enter that amount on your budget each month.
I suggest you get a book called Bookkeeping for Dummies by Lita Epstein. Please don't be offended by the name. For Dummies is a publishing company. They contract with top authors who are both experts in their field and have the ability to put concepts in simple English.
INCOME:
Wages and Bonuses
Interest Income
Investment Income
Miscellaneous Income
Income Subtotal
INCOME TAXES WITHHELD:
Federal Income Tax
State and Local Income Tax
Social Security/Medicare Tax
Income Taxes Subtotal
Spendable Income
EXPENSES:
HOME:
Rent
Renters Insurance (actual amount paid)
UTILITIES:
Electricity
Water and Sewer
Natural Gas or Oil
Telephone (Land Line, Cell)
FOOD:
Groceries
Eating Out, Lunches, Snacks
FAMILY OBLIGATIONS:
Child Support/Alimony
Day Care, Babysitting
HEALTH AND MEDICAL:
Insurance (medical,dental,vision)
Out-of-Pocket Medical Expenses
Fitness (Yoga,Massage,Gym)
TRANSPORTATION:
Car Payments
Gasoline/Oil
Auto Repairs/Maintenance/Fees
Auto Insurance
Other (tolls, bus, subway, taxi)
DEBT PAYMENTS:
Credit Cards
Student Loans
Other Loans
ENTERTAINMENT/RECREATION:
Cable TV/Videos/Movies
Computer Expense
Hobbies
Subscriptions and Dues
Vacations
PETS:
Food
Grooming, Boarding, Vet
CLOTHING:
INVESTMENTS AND SAVINGS:
401(K)or IRA
Stocks/Bonds/Mutual Funds
College Fund
Savings
Emergency Fund
MISCELLANEOUS:
Toiletries, Household Products
Gifts/Donations
Grooming (Hair, Make-up, Other)
Miscellaneous Expense
Total Investments and Expenses
----------------------
Surplus/Shortage (Spendable income
The foundation of any budget is good bookkeeping. You need to track your income and your expenses. Set up a budgeting worksheet on Excel, or get Quicken. Quicken will be easier to work with, but it will cost about $60.. I listed the categories to start below. Add or delete categories as needed. Each column in Excel should be one month. Each row should be 1 expense category. Make sure to reconcile your checkbook each month. Failing to reconcile your checkbook is like having a condom, but not using it.
There are some items which are a bit harder to budget. For example, you pay for homeowner's or renter's insurance once a year. Take the bill divide it by 12, and add it to your expenses monthly as an accrued item. Some expenses are unpredictable. For example, you know that your car will eventually need an expensive repair, but you don't know when it will happen. Go through your check register for the last 24 months. Add up all the unexpected items and divide by 24. Then enter that amount on your budget each month.
I suggest you get a book called Bookkeeping for Dummies by Lita Epstein. Please don't be offended by the name. For Dummies is a publishing company. They contract with top authors who are both experts in their field and have the ability to put concepts in simple English.
INCOME:
Wages and Bonuses
Interest Income
Investment Income
Miscellaneous Income
Income Subtotal
INCOME TAXES WITHHELD:
Federal Income Tax
State and Local Income Tax
Social Security/Medicare Tax
Income Taxes Subtotal
Spendable Income
EXPENSES:
HOME:
Rent
Renters Insurance (actual amount paid)
UTILITIES:
Electricity
Water and Sewer
Natural Gas or Oil
Telephone (Land Line, Cell)
FOOD:
Groceries
Eating Out, Lunches, Snacks
FAMILY OBLIGATIONS:
Child Support/Alimony
Day Care, Babysitting
HEALTH AND MEDICAL:
Insurance (medical,dental,vision)
Out-of-Pocket Medical Expenses
Fitness (Yoga,Massage,Gym)
TRANSPORTATION:
Car Payments
Gasoline/Oil
Auto Repairs/Maintenance/Fees
Auto Insurance
Other (tolls, bus, subway, taxi)
DEBT PAYMENTS:
Credit Cards
Student Loans
Other Loans
ENTERTAINMENT/RECREATION:
Cable TV/Videos/Movies
Computer Expense
Hobbies
Subscriptions and Dues
Vacations
PETS:
Food
Grooming, Boarding, Vet
CLOTHING:
INVESTMENTS AND SAVINGS:
401(K)or IRA
Stocks/Bonds/Mutual Funds
College Fund
Savings
Emergency Fund
MISCELLANEOUS:
Toiletries, Household Products
Gifts/Donations
Grooming (Hair, Make-up, Other)
Miscellaneous Expense
Total Investments and Expenses
----------------------
Surplus/Shortage (Spendable income
Remember Jerry Seinfeld's apartment set on Seinfeld. How big is that compared to real apartments in Manhattan?
Q. People say affordable apartments in Manhattan are small. I'm just curious how they compare to the Seinfeld apartment seen on the show.
A. There are two things you have to consider:
1) Seinfeld was fantasy, nobody wants to watch a TV show set in 600 sqft studio apartment over a Chinese restaurant. His "apartment" was a decent size for Manhattan.
2) Seinfeld was filmed in the early 90s, back then, rent was far less than what it is today. His apartment in the 90s might have gone for $1,800 or so.
Today, that same apartment, a one bedroom, elevator building, intercom system, would probably start at $2,700�and that's if you're lucky.
My apartment is in the Upper West Side, 2,200 sqft, two bedroom elevator, doorman, intercom, private terrace and private video surveillance, on-site gym, and it's $4,200 a month to give you an idea of running Manhattan rates.
Depending on what you're willing to sacrifice, which part of Manhattan you're willing to live, and how hard you look (I'll be honest, I didn't spend near as much time as I should have viewing and looking at apartments), you could find an apartment for much less. However, finding anything under $2,000 that isn't in the projects is a Godsend.
1) Seinfeld was fantasy, nobody wants to watch a TV show set in 600 sqft studio apartment over a Chinese restaurant. His "apartment" was a decent size for Manhattan.
2) Seinfeld was filmed in the early 90s, back then, rent was far less than what it is today. His apartment in the 90s might have gone for $1,800 or so.
Today, that same apartment, a one bedroom, elevator building, intercom system, would probably start at $2,700�and that's if you're lucky.
My apartment is in the Upper West Side, 2,200 sqft, two bedroom elevator, doorman, intercom, private terrace and private video surveillance, on-site gym, and it's $4,200 a month to give you an idea of running Manhattan rates.
Depending on what you're willing to sacrifice, which part of Manhattan you're willing to live, and how hard you look (I'll be honest, I didn't spend near as much time as I should have viewing and looking at apartments), you could find an apartment for much less. However, finding anything under $2,000 that isn't in the projects is a Godsend.
I your opinion, what size apartment would be good for me and my girlfriend?
Q. My girlfriend and I is planning to move into are own apartment in a few months. I know the apartment will ba a 1 bedroom 1 bath and it will be located near the community college that we both attend. What im wondering is what square feet will be enough. I'm thinking maybe 700.
A. It�s doable as long as you are used to being in close quarters with her. Otherwise, prepare for an adjustment period.
My husband�s and my last apartment was around 650 sq ft. We tolerated it pretty well because we�re used to being in close quarters; we had shared a dorm room in college and take lots of long road trips. You don�t have much room to spread out, and the way our place was set up, we basically couldn�t escape each other.
We bought a house about six months ago and now have about 1,800 sq feet. I never thought we fought all that much before, but since we moved into the house, we fight a ton less than in the apartment and I give a lot of that credit to having extra space.
My husband�s and my last apartment was around 650 sq ft. We tolerated it pretty well because we�re used to being in close quarters; we had shared a dorm room in college and take lots of long road trips. You don�t have much room to spread out, and the way our place was set up, we basically couldn�t escape each other.
We bought a house about six months ago and now have about 1,800 sq feet. I never thought we fought all that much before, but since we moved into the house, we fight a ton less than in the apartment and I give a lot of that credit to having extra space.
How much does a 900 square foot house cost where you live?
Q. like a two bedroom??
what part of the country you live in?
what part of the country you live in?
A. To rent, around $700
To buy, anywhere from $60K to $80K, depending on condition.
Real estate down here in South Florida has dropped like 70%
since the Bush-Obama/ World Bank PLANNED DEPRESSION
set in around 2 years ago.
WAIT another year or so. Real estate will continue to plummet.
You'll probably be able to buy that 2 bedroom for $20K- which
is a REALISTIC PRICE for a house, not the idiotic $200K the
banksters got the "suckers" to fall for, (IF you have any money
left after the gov't steals it all!).
To buy, anywhere from $60K to $80K, depending on condition.
Real estate down here in South Florida has dropped like 70%
since the Bush-Obama/ World Bank PLANNED DEPRESSION
set in around 2 years ago.
WAIT another year or so. Real estate will continue to plummet.
You'll probably be able to buy that 2 bedroom for $20K- which
is a REALISTIC PRICE for a house, not the idiotic $200K the
banksters got the "suckers" to fall for, (IF you have any money
left after the gov't steals it all!).
Powered by Yahoo! Answers
Title Post: What amount of rent can I afford making 13 dollars an hour?
Rating: 94% based on 1258 ratings. 4,3 user reviews.
Author: Unknown
Thanks For Coming To My Blog
Rating: 94% based on 1258 ratings. 4,3 user reviews.
Author: Unknown
Thanks For Coming To My Blog
No comments:
Post a Comment