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Help With A Moving Out Budget?!?

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Help With A Moving Out Budget?!?

Postby Dalldav » Sat May 03, 2014 11:00 pm

I am planning on moving out with my friend in a couple of months.
I am 19 and she is 20 and we are trying to make sure we are prepared, but I am having trouble with some of the budgeting and would appreciate some help.
This is what I have so far:
$500 a month for rent ($1000 total)
$120 on gas
$100 on car insurance
$50 on phone
$200 on groceries/toiletries/necessities like that (I guess we would split some of this? I'm not really sure)
$100 on "free time" and entertainment stuff
$100 on utilities each ($200 total??)
So that's, like, $1700 total
I sort of guessed on some of these like the utilities because I really don't know what to expect.
I feel like I am missing a lot of stuff or estimated wrong.
I reeeeally feel like I estimated wrong hahah so yeah... could someone give me some good numbers on what I should expect to be spending?
I am a waitress so, depending on business, I take home anywhere from $300 to $450 a week.
I work 40 hours doing that.
I am also starting another job in a few weeks where I will only be making $8.00 an hour and only 20-25 hours a week.
So I figure that's $120 (at least) a week after taxes... right?
I have a couple thousand saved up and I am working hard this summer so by the time we want to do this, I should have at least $5,000 saved up for moving costs and deposits and starter furniture and stuff.
I also have extra in savings but I don't want to eat into that if I don't have to.
Will $5,000 be enough for the moving and starting out kind of stuff?
Can you tell me if my budgets are reasonable? I feel like I am overlooking a lot of stuff, so if anyone could help me out and give me advice (I would LOVE some of that!!) or tell me things I am forgetting I would really appreciate it a lot!
Oh, and we live in South Jersey.
I don't know if that makes a difference...
Thanks in advance!
Posts: 52
Joined: Tue Feb 11, 2014 12:52 pm

Help With A Moving Out Budget?!?

Postby Gusg » Sat Jun 21, 2014 1:13 pm

My guess is that you may have under estimated utilities. Depending on the size of your place, electric and or gas can cost up to $300 per month, especially in the summertime. Are you going to have cable? Internet? Will you pay water? Are there deposits required from the utility companies? Do you already have towels, dishes, etc?
I would also suggest budgeting savings into your monthly payments. Here is a great article about doing that. http://old.news.yahoo.com/s/ac/20110614/bs_ac/8576079_first_person_how_i_bought_my_car_with_cash
It is good practice to save enough so that if financial difficulties occur, you would have savings to last you 6 months. Good Luck!
Posts: 51
Joined: Mon Mar 10, 2014 1:00 am

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