What are the expenses I will have to put in my budget when I move out?

Question

I.E-rent, taxes...name everything I should put in my budget.

I own a small company and so I'm not tight on money whatsoever. However it would be absolutely stupid of me to not plan ahead, especially if I want to secure my future.

I'll be 19. ( I didnt move when I turned 18 because I felt too guilty to leave who I am living with currently.)

Answer 1

I'd make a budget for:

Food

Car payments and/or maintenance

Entertainment

Medical and/or prescriptions

Clothing

Internet

Toiletries

Phone (both home and cell)

Utilities - electricity, gas, and water

Cable or Satellite TV

Rent and/or house payment

Home repairs if you're going to buy a house or rent one

Gas!

Savings and/or investments (for your future)

Good Luck!

Answer 2

hello - GREAT that you are thinking of this, and GREAT that you are already financially secure.  You are way ahead of the game and clearly on the path to staying there -

here are some more tips and ideas -

List out how much money you have coming in each month (paycheck, alimony, side jobs, etc.).

List out what your fixed costs are (rent/mortgage, car payment, car insurance, phone, cable, student loans, commute costs etc.) If you have credit card debt look at how much per card and which has the highest interest rates.

Track it by category -

retirement (401K, etc.)

home

car (payment, insurance, etc.)

gas

cable/electric/water

groceries

eating out

clothing

movies/plays (include the popcorn)

books

newspaper (if you already paid your news paper or magazine subscription, figure out the monthly cost and include that)

hanging out with friends (bar, pool etc)

non meal related drinks/snacks (Starbucks, diet coke, snacks)

other

other

(other could be alimony, whatever, things I did not list out but you have to pay)

and you will see quickly where your money is going to go. Then you can see if it is all the right places, or if you want to make a change and not buy so many clothes, see so many movies (or pass on the popcorn) etc. Do you need to have the car you have or is there a way to get a vehicle without a car payment? Do you need HBO?

Consider what is really important to you and what is not and spend accordingly.

Be sure to put all left over money into retirement savings somewhere and not just spend it on something else (or put it towards paying down credit card debt). And keep tracking what you spend for at least 6 months. that will help you get into habits and patterns that are good ones.

Retirement savings are very important, so if you have a 401K or the equivalent, dont stop contributing to that. I see so many questions here about stopping contributing or taking the money already saved out, dont do that. The value of the compound interest is huge.

feel free to email me for more info if you like

good luck

Answer 3

how do you own a small company at 19?

i wanna do that!

Answer 4

You will need your first month's rent in advance. Connection fees to electricity, gas, phone,  but I think telstra will add that to your first bill.  Weekly food bill within $30 lee way. Any insurances, ie. contents, life, ambulance,. Allow about $100 a quarter on clothes and shoes. Allow $15 on extra whatever, in case you need medicines, or go out to the movies. Travell allowances. My son uses public transport and finds that alot cheaper than car expenses. Try to save $10 - $50 a week for a rainy day.

Answer 5

Good question! Most don't even consider this when planning to live on their own.

Here are some things to consider:

Rent

Electric

Gas

Water/garbage

Renters Insurance

Car Insurance

Cell phone

TV/ Internet /Home phone

Gas

Groceries

Misc. items (like shampoo, soap, etc.)

Savings

That's all I can think of off of the top of my head. Good luck, save money, and ALWAYS take care of your credit!