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How Much Will I Be Spending Monthly If I Move Out Alone?

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How Much Will I Be Spending Monthly If I Move Out Alone?

Postby Kolby » Thu Oct 12, 2017 3:33 am

Good luck finding a place. You are unlikely to qualify for any apartment on your own and will have to simply rent a room in another person's house.

You should have savings of at least 20 times the cost of rent. Seriously! You can move out with less, but will face huge financial burdens. I'm guessing you will return in a few months to ask for help solving problems with payday loans if you move out with little money.

Moving out is expensive. Ideally, you will need a minimum of 6 months' living expenses and a job that covers 120% of your estimated living expenses. Your rent should not exceed 33% of your gross (pre-tax) income.

6 months x 3 = 18 times the price of rent. Add first month's rent and deposit = 20 times rent.

You will need to buy something that gets you to/from work (car, bicycle, shoes, bus pass), a bed or futon, clothes dresser, kitchenware (dishes and cups), table ware (forks, spoons, knives), cleaning supplies and toilet paper, grooming supplies, a vacuum, a refrigerator (your apartment might have one), a checking account to pay bills, and anything else that helps get you through the day. Don't forget to budget for utilities (gas/propane, electricity, water, sewer, trash, telephone, cable, Internet, and petrol for the car), food, and insurance (auto and renter's insurance).

You might also want a sofa, chairs, a dining table, cocktail table, lighting, a television and TV stand, and other furniture.

Good luck to you!
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