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Kodey
I, as of recently, have lost 95% of my hours at my part-time secondary job. My primary workplace however, is currently paying me $10.50/hr. I am now curious if myself, along with my fiance and 2-year-old daughter could survive off of the estimated 1300/month.
Currently, expenses that I can track (or estimate) are as follows:
Rent 540 (2bd 1b apt)
Electric 100-120 summers 50-80 winter
Gas 0 (included in rent)
Water 0 (also included in rent)
Car insurance 115
Groceries 300-350+
Fuel 120+
Toiletries 40+
I would also like to add that for the time being, I am currently receiving government assistance in the grocery department. I suppose that should be added to my monthly income. I would like to release myself from the assistance as soon as I am able to go without.
Long story short, 1550 a month is a better estimate for my monthly income at this point in time.
If my partner was to pick up a part-time job, I would then need a form of daycare for my 2 year old. Greatly increasing my monthly expenses. We are also working with just the one vehicle, bring the issue of limited transport into play. How could we counter this to improve our current state of living?
This is NET not GROSS if that makes any difference at all.
Answer
$1300 a month to play with (go with the pessimist view always so that you have "left-overs" to play with).
10% goes to long-term (retirement) savings: $130 a month. While you're in the crapper, make this 3% ($39) towards retirement and 7% ($91) towards your emergency fund.
15% goes to debt repayment/emergency fund: $195 a month that should be going to a regular savings account until you have at least 6 times your monthly income ($7800); in your case, you should just be aiming to save as much as you can beyond that amount.
35% goes to housing (rent, mortgage, bills, utilities, insurances, etc.): All-inclusive, you can afford under $455 a month, which means that you would be over-spending by $165; get more income to cover this gap.
15% goes to transportation (gas, insurance, repairs, bus): $195 a month, which you are over-spending by $40; more income to cover the gap.
25% goes to life (food, entertainment, clothing, gifts, travel, medical, wants, phone, internet, cable, other): $325 a month, or $81.25 a week. I suppose it depends on where you live, but I'm a young adult living on my own and that's what I can support myself on only.
So you need at least $205 extra every month to cover your gaps, and preferably a bit more than that so you can add some to life/savings.
What about the side-jobs? Tutor, baby-sit, pet-sit, house-sit, walk dogs, clean pools, weed gardens, mow lawns, shovel snow, rake leaves, clean houses, run errands for people, etc.
Your fiancé is staying home anyway to take care of your child, why doesn't she do a home-daycare? If she took care of one extra child five days a week and charged $25 per day, she'd be making $500 extra every month doing what she already does with your kid; not to mention she would have a play-date all the time.
$1300 a month to play with (go with the pessimist view always so that you have "left-overs" to play with).
10% goes to long-term (retirement) savings: $130 a month. While you're in the crapper, make this 3% ($39) towards retirement and 7% ($91) towards your emergency fund.
15% goes to debt repayment/emergency fund: $195 a month that should be going to a regular savings account until you have at least 6 times your monthly income ($7800); in your case, you should just be aiming to save as much as you can beyond that amount.
35% goes to housing (rent, mortgage, bills, utilities, insurances, etc.): All-inclusive, you can afford under $455 a month, which means that you would be over-spending by $165; get more income to cover this gap.
15% goes to transportation (gas, insurance, repairs, bus): $195 a month, which you are over-spending by $40; more income to cover the gap.
25% goes to life (food, entertainment, clothing, gifts, travel, medical, wants, phone, internet, cable, other): $325 a month, or $81.25 a week. I suppose it depends on where you live, but I'm a young adult living on my own and that's what I can support myself on only.
So you need at least $205 extra every month to cover your gaps, and preferably a bit more than that so you can add some to life/savings.
What about the side-jobs? Tutor, baby-sit, pet-sit, house-sit, walk dogs, clean pools, weed gardens, mow lawns, shovel snow, rake leaves, clean houses, run errands for people, etc.
Your fiancé is staying home anyway to take care of your child, why doesn't she do a home-daycare? If she took care of one extra child five days a week and charged $25 per day, she'd be making $500 extra every month doing what she already does with your kid; not to mention she would have a play-date all the time.
what kind of things should you know before moving out on your own?
Q. This still wont be for a little bit, but wanna make sure I have everything prepared. Any advice or things you think I should know?
Answer
Good question. Here is your Wake Up Call.
Moving out on your own means you must have a job that brings in enough money to pay your rent every month plus all the other bills that come in monthly-like gas,electric,phone,trash,water,cable,Internet,etc. You'll need enough left over every month to buy food,gas clothing.
Also when you first move into an apartment you will have to pay 3 months rent - your first month,your last month and a security deposit (equal to 1 months rent)for cleaning and repairs once you move out. You'll be required to sign a lease which is legally binding. Usually a lease lasts for a year. By signing the rental agreement you are committed to paying the rent and utilities for a full year. If you decide to move out before the year is up you will still LEGALLY owe the rent for the entire year because you signed a contract.
Most people who leave home for their first apartment have NO IDEA how expensive it is every month. Up until now your parents have paid your way. Now you're on your own.
Most kids work for a few years to set money aside for their first apartment.
An average nationwide rent for a one room (studio) apartment is around $800 per month. Since you'll have to pay 3 months IN advance you'll need $2400 to start. Figure your monthly utilities will be half the cost of your monthly rent - so $400. That means you'll need $1200 EVERY MONTH and you still have not paid for food or gas for your car for that month. Then don't forget stuff like car insurance,taxes,etc which will add even more to your monthly bill.
Good question. Here is your Wake Up Call.
Moving out on your own means you must have a job that brings in enough money to pay your rent every month plus all the other bills that come in monthly-like gas,electric,phone,trash,water,cable,Internet,etc. You'll need enough left over every month to buy food,gas clothing.
Also when you first move into an apartment you will have to pay 3 months rent - your first month,your last month and a security deposit (equal to 1 months rent)for cleaning and repairs once you move out. You'll be required to sign a lease which is legally binding. Usually a lease lasts for a year. By signing the rental agreement you are committed to paying the rent and utilities for a full year. If you decide to move out before the year is up you will still LEGALLY owe the rent for the entire year because you signed a contract.
Most people who leave home for their first apartment have NO IDEA how expensive it is every month. Up until now your parents have paid your way. Now you're on your own.
Most kids work for a few years to set money aside for their first apartment.
An average nationwide rent for a one room (studio) apartment is around $800 per month. Since you'll have to pay 3 months IN advance you'll need $2400 to start. Figure your monthly utilities will be half the cost of your monthly rent - so $400. That means you'll need $1200 EVERY MONTH and you still have not paid for food or gas for your car for that month. Then don't forget stuff like car insurance,taxes,etc which will add even more to your monthly bill.
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Title Post: Can a family of 3 survive on just over 1300 a month?
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