What kind of costs should i be expecting once im living on my own?
Answers:
You're missing cell phone payments, internet payments, if you plan on having a computer and also money to put on the side in case your car ever breaks down because you can never forsee any real emergencies until they have already happened. Generally on car insurance you ca pay every month but some companies will let you pay every 3 months. Only downfall to that is that it will be a much bigger payment. I would suggest that when it comes time to furnishing your apartment go to thrift stores and buy second hand or go to Walmart and buy cheap items. Also, start buying the Sunday newspaper and start clipping coupons. You don't realize how much you save with coupons until you actually start using them. Try to take out at least $50.00 out of every paycheck and put it aside in your savings account. You should do this automatically and not touch it all because $50.00 quickly builds up, and even if you can't take out $50.00 out of every paycheck, even taking $20.00 and putting it aside is better than nothing. Just always try to put some money away for a rainy day.
This really depends on your specific situation and where you are going to live. So, I can give you my own personal expenses and you can figure out your situation from mine. I'm 22 and just graduated college.
Rent - $605/month for a 1-bedroom with 1 parking spot in Madison, WI
Car Insurance - Full coverage on a 1996 Chrysler $70/month
Groceries - $150/month
Electric - $40/month
Heat, Water, Sewer, Trash - Included w/rent
Cell Phone - $50/month
Internet - $30/month
Cable - $20/month
Health Insurance - Free for me because I'm in college and covered under my parents policy. Yours alone might be $300-400/month unless you work full-time and have good coverage through an employer. Then, in that case, it might only be around $70-100/month.
Its a lot , just know u need double your rent to live..
remember when you could go and get a burger and fries and something to drink and enjoy it, well toss that idea out the window,unless you have a very good job or a rich boyfriend or partner your idea of freedom is not free at all!!
I'm 24, in graduate school in the midwest, here are my average monthly expenses:
$500 - rent on 1 bedroom apt
$25(summer) / $40(winter) - gas (heat + hot water)
$30 - electric
$20 - cable modem; got a great deal by calling the company asking "what can I do to lower my bill? the phone company is offering a great deal to switch to dsl..."
$35 - cell phone (this is my only phone line; no land line)
$60 - gas for car (I have a small car and fill up every 2 weeks)
$200 - food (groceries/eating out)
Less frequent expenses:
- car insurance is $450 every 6 months.
- car license/registration and associated state inspections - $100 every 2 years (your state may be different)
- health insurance is included in my graduate stipend.
- gym - $200/yr
- contact lenses - $100/yr
In the winter, I save a lot by setting the furnace pretty low (around 55) and just using a small space heater in my bedroom at night. This saves a lot, since I don't need to heat the entire apartment if I'm only in 1 room.
In the summer, I save by using ceiling fans as much as possible, and use the a/c less. It also helps that I live in a first floor apartment; the apartment upstairs gets much hotter. I'm lucky that I have a pretty quiet upstairs neighbor, so I don't have noise problems.
Note that this does NOT include (because your needs are probably pretty different):
- personal care (haircut, toiletries) expenses, as yours are probably pretty different.
- gifts (christmas, birthday, etc.)
- leisure/entertainment
- clothing
- travel (visit family/friends)
- furnishings for your new apartment
- prescriptions or doctors' visits
- dental care
I know this was a long post, but I was trying to include everything I could think of. I hope it's not too overwhelming! You will get the hang of it after a few months. I love living on my own!
Good luck! =)
let me tell when i was 17 i couldn't wait to move from home but now i wish i was at home.these are all my bills
cable:161.00 monthly
car insurance 107.00 monthly
cell phone 97.33 monthly
rent-1BR-400.00
light bill-62.00 monthly
credit cards(2) 150.00 monthly
food-100.00
water bill-20.00 monthly
car-247.00 monthly
dog food-12.00 whenever she runs out.
i usually have maybe 100.00 left over if am lucky
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