Do i make enough $ to live on my own?

Question

okay so i want to move out on my own. I'm 19 and currently working full time for just over a year. I make $16 per hour. so per month i make $1,900 plus i get a $200-$230 expense cheque. so i make averagely $2,100/month. It is a 1br house asking $600/month (that includes utilities). Here are some things i have to pay for per month: Insurance-206, phone-60, gas-200, pay car off-120..and not too sure what the cost of food will be plus soap etc...

Thank you for reading this and helping! :D

Answer 1

Sit down and write out a budget. One side will be money coming in, the other side will be monety going out.

Electric, gas, oil, cable, internet, phone, cell phone, car, ins, credit cards, groceries, spending money, and savings.

These all need to be addressed in your budget. I might have missed a few things on bills but you get the picture. Saving money is important for when an emergency comes up, or you need to fix your vehicle.

Answer 2

It really depends on where you're located.  But the rule of thumb is that your housing costs should be less than 30% that your gross pay and all your debt (credit cards + car payment + rent/mortgage, etc.) be less than 40% of your gross pay.

Since $600 is 29% of your *net* monthly income and your other outstanding debts are reasonable, you look to be in really good shape.  Especially if that also includes utilities.  But keep in mind that these are just numbers.  Your specific situation could vary a lot: how stable is your job? Are you planning to go back to school?  Etc...

Answer 3

I would like to know what you do for a living that you make $16/hour! I have been working full time in the same job for 8 years & only make $14/hr!!

Edit-That is what I do also, along with A/P HR & Office Mgr. I guess I need to ask for a raise!

Answer 4

Typically landlords require you to make three times the monthly rent or $1800.00 per month which you do.  Sit down and write down all the outgoing expenses you have monthly, car, insurance, cable, water, gas, groceries, entertainment, and see how much money you will be left with at the end of each week.  If your boyfriend moves in with you and splits the costs 50-50 then you should be fine.  It might be tight but if there are enough rooms maybe you can get a roommate to help with 1/3 the costs.

Answer 5

Yes.  I have been renting apartments on my own for 5 years plus I bought a house by myself a couple of months ago.  I make $11.70/hr, lol.

Answer 6

If you can't make it on your own with that amount of income you never will. I have been in the same job for 30 years and I don't make $16 an hour. I've bought and paid for a home and drive a nice car.