How much money should I save?

Question

I bring home about $1,024 every two weeks. I'm a single woman with two dogs to support. I currently live with my father rent free. I want to know how much money I should have in my savings acct before moving out into my own apartment. I want to feel financially secure and not have to worry about money.

Answer 1

It all depends on whether you want to move into an apartment or a house.

With what your net earnings are in general you should be able to save $1300 - $1500 monthly.

If you are looking for an apartment (1 bedroom) I would suggest having 1.5 - 2  times your monthly savings ( roughly $2000 - $2500). The reason being, depending on what state, or city your located in, the basic apartment purchasing process includes but  is not limited to: Security deposit, application fee, first months rent, electricity instillation fees, and moving expenses which are always mandatory. Also last months rent, cable instillation fees, water installation, Internet instillation, and food are also potential bills.

If you are planning to buy a home what you have to save depends on your credit. A key rule of thumb is if you have excellent credit, 780+ you typically only have to pay the closing costs which is roughly 4 percent.

If you have great credit 730 - 779 expect to pay 5 -7.5 percent of the total cost.

If you have good credit 680 - 729 expect to pay 7.6 - 10 percent of the total cost.

If you have fair credit 630 -679 expect to pay 11 - 15 percent of the total cost.

If your credit is under 630 I would not recommend buying a house at this time

Answer 2

First look for the kind of place you want so rent a house, apartment, or something like that then you need to save at LEAST 6 months rent before moving out. Remember that you will more than likely need to pay a application fee, most places want a certain amount of "insurance" for the doggies so that if the place gets messed up they can use that money to fix it up. Also remember you can't have an actual amount till you look into utilities and traveling fee's to and from work for gas. Its alot yes BUT you get all this info and you'll save yourself a good amount.

Answer 3

You don't say where you live, how much rents are, how far away you'll be living from work, how you Will get to and from work, how much debt you have, what your general expenses are. So it's hard to answer that question. Bottom line if you want to be financially secure and not have to worry about money, you'll have to increase your bi-weekly income from $1,024.

Answer 4

none! spending is good

Answer 5

I suggest that you have enough for the security deposit....usually 2 months rent....that all depends on the size of the apartment and the location.

Then you will want to have enough money for a few months bills in case something happens. I suggest that you save at least a few months paychecks. Approx $4,000 or so.

Answer 6

If you are living rent free, you should be able to save at least $500 per pay.  Depending on where you live (rents vary greatly) it would be wise to save 6 months expenses before moving out.  Thus if rent is $1000/mo, add $350/mo for electric, cable, Internet, water, trash, and sewer.  Thus having $8100 saved would be comfortable.  Once you are on your own, you should continue to save at least 10% or $100 per pay.

Answer 7

Not enough info..........where do you live...........rent is expensive in San Francisco and reasonable in Fruitport Michigan.......Can't help..........

Answer 8

Great job,

Go to the below link to get what you need

wish you luck

Answer 9

i would wait as long as possible!!try to invest some money in a IRA or Roth before you move out