Saturday, September 14, 2013

How much money should I save up before moving out?

How much money should I save up before moving out?
I work at Lucky's and I make about $8 - 9 an hour and I plan to rent a 1 bedroom apartment in Santa Rosa for about $800 - 900 a month. How much should I save up?
Renting & Real Estate - 2 Answers
Random Answers, Critics, Comments, Opinions :
1 :
you can't afford to move there. there are about 250 work hours in a month. if you're getting 8.50 an hour, your monthly gross is only 2125. you can't afford to pay more than 1/3rd of that for rent, preferably 1/4th. lower your sights. *** answer -- six months' rent. it is going to cost you 3 to 4 month's rent just to get into a place and make the required utility deposits.
2 :
Well, you should save up at least $2,500 before moving out, to be on the conservative side. Most apartment required a security deposit that is at least one month rent, plus you need to pay the rent in advance so that is two months of rents there. In addition, you need to save some more money for the utilities (electric, gas, and water (if not included in rent) and furniture. Furthermore, you need to make sure that your monthly income is enough to support the monthly rent, plus your living expenses. For example, if you currently live at home with parents, you probably don't need to pay for grocery, but when you are out on your own, you need to feed yourself, too. Thus, I suggest that you made a detail list of monthly expenses before you consider moving out.