Enough money to live on(PLEASE READ)?

Question

I am getting ready to move out of my parents house. I am 19 years old, I make around $330/week(after taxes, deductions) at my job. I already know what my bills are going to be. They will be around $600/month. I already have $3500 to move out with. I don't drive a car because you don't really need a car where I live, I always ride my bicycle. I will have around $180/week extra, after all my bills are paid. What I was wondering is if $180/week is enough or do you think I am cutting myself short. I won't be spending it, I will be saving it. If I work a second job, I could have an extra $200/week, but it would get tiring pretty quick. Do you think I should work the second job, and have $380/week extra or do you think $180/week extra is enough.

Answer 1

If you are right that "I will have around $180/week extra, after all my bills are paid," then you have already answered your own question: Yes.

Just make sure you have taken everything into account. I assume you factored in food, utilities, transportation, taxes, etc. Do you have health insurance covered? (Or maybe you're young and healthy and willing to take that risk -- your call.) Enough to buy clothes and other necessities from time to time?

At some point, it is a lifestyle decision. Maybe you have enough to cover the bare necessities, but not enough for going out for beer with your friends, or for xbox games, or for cable internet, or the daily newspaper, or whatever.

I will offer this advice. Living on your own, a fair amount of money just kind of disappears over the course of a week. Funding one's lifestyle ends up costing more than just paying the bills that arrive in the mail each month.

Beyond that, only you can decide if $180 a week is enough of a cushion, or if you need that extra job.

Good luck to you!