Can i do this financially?

Question

I make round about 2200 a month. I spend 900 on my car that includes the payment, insurance, maintenance and gas. Okay I have no other bills. I want to get in an apartment where the rent will be 665 and that does not include the electricity per month. I will still need money for my necessities and food. This will be my first apartment, I usually have 650 left. How would you budget this and what should I be concerned about, have I looked at everything rationally. I actually wanted to get into an apartment that was cheaper but they said I had to make 23,000 a year and I make more than that so I don’t qualify. Can any one let me know if this would actually work. And if you have done it, also what extra payments should I be prepared to take on?Apartments are so freakin high right now.....

Answer 1

Ok spending 665 on and apt and a 900 car payment will leave you with approximately 158 to spend each week, that's not including utilties bills. You would probably barely be scraping by, which is definitely no fun. You also have to consider your insurance, if you have a cell phone, gas, groceries, etc. I would maybe consider the option of getting your car refinanced. 900 is a lot to spend every month on your car. They say your liabilities should not be much more than what you make in a week, so you could probably do it but it'll probably be rough.

Answer 2

What I would do is sit down and write out a budget.  Start with how much you make each month like you did here, take out your expected car money for each reason, gas, payment, etc.  Then take out your rent, electricity, hot water, and whatever else, and see what your left with.  What you are left with is for food and personal items.  If you have enough left, that should be fine, but it's nice to make extra in a month.

Personally, I find I only need at most about 50 dollars a week on food, so that's 200 in a month.  If you can do that and still pay all your other bills, maybe have about 100 leftover, you're fine.  I'd plan a budget though to make sure you can take on that high of an expense when it doesnt even include electricity.

I do think you've looked at everything rationally, especially if you're young (like me) we don't have a lot of expenses right now.  If you don't have a phone, you may want to budget that in too.  Anything else you want, like the internet on a computer, try to anticipate all your monthly bills so that you don't get caught up in a situation where you can't pay everything.

Answer 3

Well, you may be able to do it. But would be financially strapped. Why don't you consider finding a roommate.....You have to consider the utilities. Electric, gas(maybe). Phone, internet if you choose to have it. Cable tv. Groceries. Many more lil things that pop up on a monthly basis.

Answer 4

That's about what I make each month (take home) and my house payment is $950/mo.  HOWEVER, I'm not forking out $900/mo for a vehicle, either.  I would say until you can lower what you're paying out on that vehicle, you can't afford a $665/mo apartment.  

2200-990-665 = $545.  Not sure where you are and how much electricity would be, and if things like water and garbage pickup are included in your rent.  Food, if you NEVER eat out, will probably be $100-$150/mo minimum (unless mom lives up the street).  Laundry will probably run you $10-$15/mo unless you can do it at someone's house for free.  Insurance will probably be about $15-20/mo (and don't be one of these idiots that goes without renter's insurance).  I'm sure you have other expenses that you aren't thinking about right now, such as a cell phone or internet access.  You will probably want cable for tv.  Plus, you'll have expenses for clothes and other small items from shampoo to toilet paper to ............those little things add up.

Answer 5

I think 900 a month for a car is to much for a person making 2200 a month.

I am a big fan of looking at your finances from the opposite direction.  Find out the least you can live on and still maintain a decent lifestyle and then save the rest.  You sound young, now is the time for you to be able to really get ahead in life.  Make your hobbies cheaper, there is lots of stuff you can do without spending money.  Eat at home, drop the Double latte, drive a reasonable car, pay it off, and save what you were putting in payments.  Rent is a dead expense, if you have to rent while you are getting your car expenses under control, price shop, get the cheapest apartment that is in an area that you trust that you can.  Clean it up if you have to.  Smaller is also better if you are not married and have no kids, smaller will save you rent, and also save you on utilities.  Avoid using your credit card almost at all costs.  It will eat you up.

The goal should be to avoid paying rent for the rest of your life, and minimize interest payments to banks.  It is hard to get ahead, but with a solid plan and determination, you can.  Once you are ahead, you can pay cash for what you want and save loads of money in interest.

But it does not happen by accident, and you have to be willing to live below your means for a time.

Hope this helps!