Do i make enough money to move out on my own?

Question

this will be my first move away from home. I am 19 and work full time and bring in averagely 2,100/ month $16/hour plus expense cheque. i was interested in moving into a 1 bedroom basement suite. They are asking for $600 (canadian) per month with utilities already included. I am not sure if i make enough to move out because i have never done it! i also have other payments per month like insurance-206, car-120, gas-200, phone-60, and food costs etc..

Answer 1

You've just itemized $1186.

Say $1200.

If your take home is $2100, you have descretionary income of $800-900.

That should be sufficient for food.  If you eat out, lunches, you can spend $200 or more.  Now you have about $600-700.

Other things to consider.

TV cable.

Clothing.

Entertainment.

Internet.

Cleaning expense for clothing.

Household supplies/ kitchen and bath.

Car Maintanence/repairs.

Toiletries/Grooming supplies.  (Hair cuts etc)

Personal care items.

Medical care.

If you budget for these and have any balance left, save it for emergencies.

Answer 2

rent/lease: ?????????

utilities [ gas,phone,electric ]: ??????

food: ?????????

transportation [ gas,insurance,registration,maintenance,e... lubricants,taxes,bus fare even ]: ?????

laundry [ soap,ect ]: ????????

furniture: ??????????

clothing replacement costs: ?????

medical insurance: ??

entertainment: ?????

internet: ???

cable tv: ??????????

figure it out

Answer 3

If rent is 25-30% or less of your monthly income you're golden.

Answer 4

Your total expense as stated are less than half your income, you should be fine.

I am assuming that $2100 a month is take home pay, not gross pay before taxes.

Answer 5

You sure can do it! Just learn to budget, and try to cut down on payments like $200 for car insurance! But you make good money for being 19!