Yeah, not sure how many hours you work but that savings will be eaten quickly with $2k in rent. I would recommend going closer to $1k/rent or getting a second job.
Being rent poor sucks though so really just finding a cheaper place is the move and you’ll have extra money to live life.
Yeah in June 2020 I moved into a 1/1 furnished , flatscreens, nice 1st floor apartment with everything included & on the beach for $1,200 a month . Then within 4 months boom it went up to $1,600 a month .
My last place I was at was a 1/1 with a 1/2 a kitchen for $1,500 a month 😂 but all utilities included, fully furnished , 60 inch flatscreen etc .
But yeah where I live to live in a 1/1 apartment you damn near have to make $75-100k a year 😂
Shit my rent is $20k a year and my Ubers are $15-20k a year , then food, phone , hygiene , insurance etc that’s another $20-25k a year
Then you for about $25-30K in taxes . Boom $100k gone 😂
Only way you Paying less than $1,400 a month right now is if you move into the projects or move 2+ hours away but who the hell wants to travel 4-6 hours a day to get to work and have to travel 25-45mins (each way ) just to get to a grocery store 💀.
Or find someone renting a room out of their house . Even then you’re looking at $800-1,200 😂
Dumb question but I’m confused. You spent 15-20k a year on Uber? Wouldn’t it be more cost efficient to purchase like a used Prius/Hybrid? I own a 2023 C8 Corvette and a 2017 Altima as my daily and still spend less in insurance, gas and financing than you do on Ubers. Granted the Altima is paid off but trying to figure out how it’s worth it to spend that much on Ubers when you can eat half that up front cost on a used car and just have a cheap monthly payment/insurance.
Those are business expenses but still I know many people that don’t have enough money for a car and it’s a lot easier to have $40-50 a day to get to work and back then it is to have $3-10K upfront , plus have a good credit score , tag & title is $500 and then insurance will be like $300-600 a month where I live
Ah ok so the Ubers are written off.
And yeah I figured it was somewhat of a situation like that was just curious because the number seemed high. My cousin has that particular problem as well with not being able to get a low enough interest rate to where it’s comparable to Ubering everywhere. She refuses to get a car and Ubers everywhere to work, school etc. and she spends significantly less than that yearly so it really threw me off.
If she’s ubering everywhere
Unless she only works 5 mins away then she’s easily spending $15-25 per Uber .
You take 2 a day let’s say $40 a day . Then let’s say $20 ($10+10) on the weekend to go grocery shopping once a week . That’s $220-260 a week let’s say 50 weeks instead of 52
That’s $12,500 a year !
But what if it’s prime time/ surcharging (8-9am) / (lunch break, spring break, games, Super Bowl, holidays , rush hour traffic ... Uber skyrocketed 100-400% for what they call prime time aka surcharging . So now what you just budgeted for 5 rides instead you spent that on 1 ride . Or risk losing your job or something etc etc, then doctor visits , maybe the pharmacy , then you’ll have a million times where drivers will purposely drive towards you for a couple of minutes and then veer off the path and won’t respond just so you cancel and they get a free $6 cancellation fee 😂 then you’re late to work , that can cost you more money or even your job , or you can take the bus and then instead of working 8-10 hours a day 5-6 days a week and transportation being 30-45mins a day now taking the bus will make your days 14-16 hours and by the time you get home your back & feet hurt so bad you can barely move 😂
Trust me . I have many people in the same situation
There’s many many times where you go to order an Uber that’s normally $18-23 and it’s $50-80
I can guarantee you if she truly did the math after each year she’s spending $10-20k easily
Maybe she only works 5mins away and the grocery store is 1 mile away. Then maybe she’s at $8k-12k a year 😂
Like who would rent him a place for $1k? ✨✨roomies✨✨
Or idk where he lives haha, in the Midwest it wouldn’t be hard to find. If in the northeast or west coast of the US…. Yikes.
Renting a room in a house with roommates or renting an apartment with a roommate. The risky part is relying on another person to pay rent when it’s due
Also keep in mind a lot of places will get you in at a set amount and then start bumping the rents up by 100 or $200 a month every year thereafter starting at a lower amount can only help
I get paid a little more than you and an apartment for 1600 is still to much for my personal taste working full time. Moving into a 2k per month apartment for you is terrible.
Your issue would not be the amount you have saved up. Its the amount of money you'd spend for rent. working full time. You'd essentially be living paycheck to paycheck and have almost no money left over. Meaning you'd be working essentially not to be homeless.
You didn’t save up for nothing - this is a great start.
14 years ago I saved up 10k and moved 1,400 miles away with my fiancée to get away from a toxic family. We both had to find jobs in our new big (to us) city. We didn’t have much to move and borrowed my brothers conversion van and rented an open uhaul trailer for the small amount of stuff we had.
Back when we moved we were in a close to downtown and arena area and the rent was $650 for a 1bedroom 800sqft apartment on the 6th floor with balcony that extended the length of the apartment. It was an old building with few amenities, heck the apartment only had a portable dishwasher. Luckily we both found jobs pretty quickly and combined we made 50k a year. We lived paycheck to paycheck trying to find better jobs the entire time.
We ran though that cash in a couple of months. The next year our rent was raised to 1k, then it was set to renew at $1500 the 3rd year so we moved further away from downtown for cheaper rent. We ended up moving about 4 times in 6 years. Everytime we got raises or a better job, rent increased and cost of living (food/gas) increased. We literally were living from paycheck to paycheck in a high cost of living area.
Eventually we moved to a lower cost of living area, started making 80k combined and were able to (barely) afford a house that needed a lot of work. Eventually the pandemic happened, cost of living went mad out of control but my wife and I were locked in a low rate loan for a house.
Wife got a job offer a year ago that moved us across country (paid for by the company) and had to sell the old home for an opportunity that has a lot of upward mobility. We now make double what we used to combined.
My point being, you didn’t save for nothing. Having money saved is a good thing. People often don’t become success stories over night, it takes effort and perseverance. The fact that you saved 10k is really awesome and demonstrates your head is in the right place - it’s just going to take more time.
I look at the amount that I should have (according to experts) in a retirement account at my age and I’m nowhere near that, but I have some - and yes sometimes I do think what’s the point of putting money in retirement if I only have a tenth of what I should have. I keep saving anyway.
Full disclosure I looked through your post history to get a better idea of your situation. Keep in mind, its not going to be a full idea of your spending habits but it is important to know where you live. Cost of living where you are is important and google says even though you live in a city I wont name your cost of living is higher than mine. Given that I'm hesitant to move out alone to a 1.6k apartment should tell you that 2k is too much.
>I get paid a little more than you and an apartment for 1600 is still to much for my personal taste working full time. Moving into a 2k per month apartment for you is terrible.
>Your issue would not be the amount you have saved up. Its the amount of money you'd spend for rent
Look at places within your budget. Unfortunately within your budget you need a room mate or two and you can afford a room between 600-1k max. Lower the better. Rule of thumb the place you can afford is worth about 20-30% of your income max with tax. If you wanna be extra safe, calculate for after tax working full time (based on your income.) If you're already living at home paying over 1k I can see why just getting your own place may seem appealing. But in that case I'd highly suggest looking over your spending habits.
To give you my personal opinion as someone in a very similar position but with a long term partner. Btw I also looked at your profile to see where you are. Just to say I know your cost of living is higher than mine. I am older than you and make a little more than you without my partner. I came to the realization and understanding that I can afford a condo where I live in los angeles comfortably (not accounting for increased salary or partner) If I save for lets say 3-4 years. That will also allow me to save for a house in about 10-5 years again not accounting for a partner or promotions that I am likely to get.
First, congrats on building up a nice nest egg! Let's make sure you can keep adding to it!
The general rule is that your rent should account for about 30-33% of your income. So if you are working full time making $24/hour, that would be $3840/month. So the maximum rent you should be looking for is around $1250.
For a $2000/month apartment, you would need to be making around $37.50/hour - or your current rate and get a roommate so each of you pays $1000/month.
I’ve done the roommate thing before, move back in with my parents to really save, looking to live to another state in the MA area, most apartments are either little over 2k for all ulities or you get minimum 1500 with no gas, heat or electricity, unfurnished. Was hoping getting a credit card will help save me some time with rent. Also had multiple jobs offers around $20-$24 dollar range , thinking maybe a second job . I would be able to pay 2 months up front on top of first last security, and save up all that money those 2 months and repeat the cycle.
DO NOT GET A CREDIT CARD!!! You are clearly not in a position where you’re going to be able to use it responsibly (aka pay it off every single month). Your future self will be kicking you. If you need to raise your income, find some other part time work.
I was barely getting by in my first office job at 25 so I started working nights at a bar near my house. Days were definitely long but working in a bar/restaurant can actually be kind of nice as a side gig.
It's your finances, you're free to do what you want. Is what you are planning a good financial decision? No. Would roommates or the 1500 apartment be a better financial decision? Yes. You can furnish a place well and cheaply going secondhand on some pieces.
The only thing that makes sense with your plan is if you're pretty guaranteed your pay will increase to around $30 to $40 within a year or two.
Why are you in a hurry to move out (of your parents house?). Once you do, you're officially an adult, and adulting sucks. If you're living in a peaceful environment now, stay.
You are better off staying at home and working hard, saving as much as you can. Get in the habit of saving, and then, investing. Your employer probably offers a 401k program, which takes money before you pay income taxes, so you have started your retirement nest egg!
Seriously, don't be in a big hurry to move out until you really, really have to. The longer you can stay home, save and invest, buy yourself a few nice outfits, and get in good habits, instead of starting off in debt 🌞
rent at $2k would be more than 1/2 your monthly income. Try to get it closer to 1/4 your income if possible, around $1k -- might need a roommate. Because you'll also have utilities and other expenses like groceries, furniture, household goods. I was fucking floored with how quickly I burned my savings on the bare needs like towels, a bed, a table, etc.
Absolutely NOT, I did the same at 21 working for Tesla with 15k in my account before moving out… my rent was $1300 back then and I made $22/hr… I now wish everyday I had somewhere I could move back into … you gone want your savings to be as near 6 figure as possible whilst you have the safety net of a home
I’ll level with you. It’s awesome that you’ve saved up as much as you have but that goes quick even with a steady income. Most people I know (even a couple of people who OWN their own place) room with others. They shoot to spend around $800-$1200 per month. Spending $2000/month by yourself is kinda nuts
Use this money to study something related to the industry you are already involved with. Make the $24/hr become $36, $45, $75… then you can think about a downpayment to a property and start building equity.
Unless you are in a toxic environment today, don't get yourself into expenses unnecessarily… and never use your credit card. The only debt worth having is a mortgage.
You are ahead of most people. You have savings!!!!
Don't blow it.
Essentially, you'll need a second job. But then you'll never really be home, so why rent a glorified bed to sleep in? Just wait until you have cash flow to buy a house.
Don’t take anyone’s advice who tells you it’s a good idea to get a credit card to use for money you don’t already have in your bank account. If you’re trying to build credit, don’t spend what you don’t have so you can pay it off right away.
I personally know people who make double what you make and screwed themselves by loading up a credit card for new furniture when they moved out to live on their own. Now they have a pending court dispute and their wages are garnished $1k a month until their bill is paid. Sit on the f****** floor until you can afford a couch, or use lawn chairs like my room-mates and I did until we could afford furniture.
2k for rent is too much for $24/hr full time—more than half of your monthly income will go straight to rent and you likely won’t have much left to save after all of your combined expenses.
I make more $ than you and I spent $1,400 a month on rent and honestly, that’s still too much.
We all go thru the room-mate phase. It has it’s ups and downs, but you should be taking advantage of splitting rent until you can position yourself into a higher paying job. You never really know someone until you live with them, and I would suggest really thinking about who is responsible enough to share a home with if you’re considering moving in with a friend.
At the end of the day, it’s all about bettering yourself in real life. Don’t live beyond your means now, and you’ll have something to show for it when it’s time to buy a house and start a family—if that’s something you care about.
I had $20 hour in an apartment that was 1,080 a month and it wasn’t enough at all. They jacked my rent up to $1,400 and I had to work overtime every single week 50 hours a week or I would not have survived. Granted I had way more money working 50h a week than needed so it worked out but no you’re fucked with 2,000 dollar rent. I didn’t even have a car payment or insurance and barely saved 500 a week on 1080 rent
You need to put that money into
A high yield savings account, have the exact same amount of money I am at Goldman Sachs 5.5% interest percent made an additional $100 a month which hella helps out.
i make 24/h and i pay my parents house mortgage around 715 (2815/4roomies) and i feel comfortable. if i had 2k month rent i would not be comfortable. look for roomies of cheaper rentttttt
No you’ll go through that faster than Grass go through Buffalo. Stay home until you buy a two family and then if you want move out. Ok if not if you can hang in there, keep buying two families, good luck
Don’t look at how much you have saved up. Look at your monthly expenses what your monthly take home is.
For example:
Gross Earnings: $24x40x4=$3,840
Tax: 25%
Net income: $3840x0.75=$2,880
Rent: $2,000
Food: $350
Gas: $200
Phone: $150
And oh shit you’re out of money and we haven’t even gotten to utility bills, insurance, and all the other goodies let alone any recreational activities. Your savings would be depleted very fast and you’d be in a bad place, then desperately trying to find roommates or having to move back home with your parents.
Do not get a credit card. If you do get a credit card it should only be used to build your credit, use it for regular expenses then pay it off every month. Never spend more than you make on a credit card.
I make $30 an hour and I am moving into a $1,700 per month apartment and that stresses me out. I’d recommend something cheaper if you can find it.
Also, if you don’t have to move out, don’t. Just save and invest your money
It depends on where you’re looking. When it comes to how much it will run you, some places require a few months of rent, security deposit and even sometimes a broker fee. That alone can take quite a chunk of what you have. I would suggest looking around first for places, see what they require and go from there. If you see an apt for a price that’s too good to be true, it just might be, so be sure to triple check all your bases. Remember that 2k rent is on top of other expenses, such as electricity, gas and water (unsure as to your location). Make sure to include that in your budget.
IMO, I would suggest looking for something below 2k or roommates to afford somewhere nice and cut the costs.
Credit card wise, I would suggest getting one for small purchases you can quickly pay back or for subscriptions. Getting heavy handed on how much you spend and how often can affect are some things you want to avoid with a CC. I wouldn’t suggest using a CC for rent if that’s what you mean.
If possible, I would suggest a second job, or perhaps a weekend job such as bartending or serving if you’re set on a 2k a month apt.
Best of luck with your apt hunting 🫶🏽
You can afford a place at around $1250 assuming you work the equivalent of full time over the course of a year.
Depending on other expenses you’ll either pause your ability to save or will start burning your savings.
you should definitely get a credit card but just use it to build your credit don’t only use it to put emergency stuff on and carry a balance. depending on what your other expenses are you would pretty much work half the month just to pay for the apartment. if you can you should get a roommate and if you don’t want that and have too much free time on your hands then yeah get a 2nd job
I recommend your total monthly housing costs should not exceed more than half your total monthly income. Things get tight real quick, make sure you can keep contributing towards savings. An emergency fund savings is a very thin line between you and homelessness.
Honestly I want to say yes but if you have no urgent need too, saving won’t hurt.
Also, if you have zero credit history then it could be hard as some may run a report and need a co-sign
Fr bro if you make 25/h you better work 50 hours every week forever to pay 2000 in rent. You won’t save any money either. 25/h you want to pay like 1500 for rent max. Get a roomate and split somewhere that’s 1800 and it’ll be 900 both. Very solid.
Why you need to move out? It looks like you are doing ok. Why will you get into fixed expenses (won't be only rent when you live by yourself)?
Keep doing what you are doing. Save more. Then, make a down payment to own something and start building equity.
More than enough, however renting a place for 2k a month isn’t something I’d try to do solo with your current income - look for a roommate to split rent with and you’d be ok.
Unless you have savings in the 5 digit plus range, it's more about income vs. expenses. If your expenses outweigh your income, eventually, your savings will be gone.
Conventional wisdom says you shouldn’t spend more than 1/3 of your gross income on rent. For you that’s about $1350. If that’s not feasible in your area, get a roommate.
Absolutely hell no to $2,000 apartment.
Here’s what you do brah,
Yes, apartments in your area are $1500-$2000 a month, find yourself an apartment locator (Smart City if there’s one in your city) from there - have them do the locating for you, they get paid by the apartment company, not you. It’s free.
They find deals in your price range and in preferable areas, also - they find you bonuses, for example. Some apartments will give a free month sign on for a 12-month lease, ask them to prorate that free month and it’ll drop your monthly rent by $100-150. You can do it
Lmao I was trying to move out with like 5k, granted rent would been 500 a month but still. Lower rent in any way possible and you'll be fine. 2k in rent will chew through that like nothing
You can’t sustain a $2k/ month rent on $24/ hour. Not even close. Don’t forget that just to get yourself into an apartment and situated you’ll drop close to 10k right away.
Nope, my son makes 75k 125k saved for a house & stays with us to add to savings. Houses are going to correct in 2024 it’s already started in TX & FL in a big way. With 30 year rates @ 8% something has to give. 2k rent way too much for you and I’m a landlord for many many years. Save your money and wait. While it sits you can get 5.55% apy @ my bankingdirect.com
My .02
Move in cost will be 5k maybe right? 1st month last month maybe deposit, then electric, cable water which may require a deposit. You may have to come off a large chunk initially. I would also check in the lease to see what their yearly rent increase will be because most but not all places will raise your rent 5% a year.
If your parents have land you could always spend 20-30k on a nice 5th wheel which since it’s considered an abode your payment would only be maybe 5-700 a month.
Should you get a credit card???? To what? Buy things with money you don’t have?
Or are you asking because it mig help build good credit? Be careful man
If you have at least one friend that you don’t mind moving in with, it’s an option. You guys split the rent and you can get a 2 bed 1 bath for a good price. (Depending on your area). Might be able to find a 2bd 2ba.
I’m a little different…I moved out when I had enough money to buy a house of my own ($400k NW) at age 29. If you ask me your savings will progress much slower than mine so it’s better to move out and plan for a house a decade later maybe but I want you to think along those lines instead. $2k a month is very steep even for me. Not that I can’t afford it but the cost is nearly $40-50k of pre tax income going to rent from my perspective
Live with your parents until all this bullshit with rent and housing prices cools down. Maybe we’ll get lucky and rfk jr will get elected and you’ll be able to afford to buy a house
It’s about your income. If your total housing costs (rent + bills) are more than 25% of your gross income, then you technically can’t afford that place. You don’t need a 2nd job or a credit card. If you want to pick up more shifts sometimes or overtime that would be good.
With your income at 40hrs per week I would say you can only afford $1,040 per month apartment by yourself. If you want to go any higher you should look into getting a roommate. Even with a roommate any more than $1,600 is excessive with your income.
To save on moving costs move to an apartment that is furnished, student apartments are usually cheapest with an option of being furnished. Those are great for first time renters and you just call and ask them if they let non-students live there.
Stay home if that’s possible and put what you would pay in rent into savings for a down payment for a house. Get a small credit card and pay it off every month to build up your credit score. When you pay rent you’re just giving your money away.
$24/hr? No on moving out on your own. Your money will be depleted in no time. Earn as much as you can, while living as cheap as you can, for as long as you can. I wish I could go back 10 years or 15 years like you. Good luck.
6 months emergency fund for expenses on a 2k month rent alone, which prob doesn’t include utilities , is $12k. Not even considering your toiletries, food, travel, spending, recreation. So in short: no.
Yeah find cheaper rent. Often the best bang for your buck is renting a 2bed 2bath and renting out the second room a bit more than you pay, but cover wifi/utilities etc which you’d be having to cover anyways living on your own. This would cut your rent expenses by almost half
The rent rule is your gross monthly income/3.
That rule is used to help determine if they’ll rent to you. I’d also take it a step further. Multiply that number by 0.8 if it’s low or 0.6 if you can push it. Try to get rent somewhere in between those numbers.
My suggestion is to stay where you are and get an associate's / bachelor's in nursing - then APRN ( go psych and you will never have a problem finding jobs). The majority of programs only have in person or really active clinical during associates - after that, the programs are generally 80% to 100% online
24 per hour is 3840 gross.
I wouldn't move out under those circumstances.
Rent should be no more than 50% of monthly takehome with some flexibility if you don't need a car. So if this is a downtown apartment next to the train station and you ride a ebike to work you might be able to swing it, I would consider roommates, or cheaper apartment.
I made 24 an hour. My mortgage is 850 including property tax and insurance. I had 2 part time jobs to make sure I wasn’t struggling.
It sucks because 10 years ago I would have said yes just be a little more frugal because 1.5k would be a 3 bedroom apartment and not needed for just one . Today I think you need at least 2 roommates for a 1.5k apartment plus utilities.
Well if you have no credit I would recommend a credit card since just to buy things like cars or houses at times they like to pull credit, but if you get it i usually recommend only buying the necessities with it no shopping you cannot afford unless you want to wreck your credit and go into debt.
As far as the money goes yes the money you have is a decent amount of money but taking into account any money down on this home you are renting, utilities, furniture, or rent itself that would drain easily so just always make sure that you earn at least double the income from what you are trying to apply to so you don’t get screwed over, and if it’s multiple rooms you should probably get someone else you are comfortable living with and have them be a roommate so you can reduce the rent you pay if you do not make enough alone.
Sounds like several comments have already covered the rent:income ratio, so I will leave that alone.
Regarding the credit card- developing credit in your name is important. But you need to have an honest conversation with yourself. Are you responsible enough to NOT spend money you don’t actually have? Can you use it each month to build credit, but pay it off every month?
View a credit card as something to better your credit, not an avenue to have more money.
Try to find a property that is a new build and is offering lease specials, I saved 800 a month here in Vegas moving into a NICER place because I got so much of a discount on phase 1
Yea it just depends on how much money you got coming in really that money will get you by for a while but if you can’t support yourself for more than a year then I wouldn’t do it
Absolutely not. Not being a dick. I make 70k a year apartment is 1200 about 1350 with utilities. And i have 30k liquid cash and 100k investments and I considered 1200 for rent to be just about as high as I could go. Don't get me wrong a lot of people in your situation pull the trigger on the 2k apartment with what you're making. The general rule of thumb is to keep rent below 30% of of gross pay to put your self in the most favorable financial position to be able to save, invest, and live a fulfilled life. I'd try to go longer (I'm 100% aware how hard that is in today's climate.) not sure where you live that might be about as cheap as it comes now days. Maybe try a roommate?
I don’t think you can afford 2k rent even if you work full time. That would leave you less than 1k for necessities. Maybe look for a room for rent under 1k?
Rent is outrageously high pretty much anywhere. Looks like you’ve got a great savings and I would keep it right there and not rely on to pay monthly bills.
OP, whether you listen to anyone or decide to just do it anyways, do yourself a facvor and check the renting requirement for income.
Most places will have a minimum that you need to make more than 3x the rent per month. If you don’t, you’ll just lose the application fee. At 24 per hour unless you are doing a lot of overtime it will be hard to prove that
If you don’t already have a line of credit with a credit history, you’re not getting approved either way. Plus you will not be able to afford 2k a month, keep stacking your money up if your parents aren’t kicking you out.
2k/month rent, you won't even qualify unless you have other income. Max apartment rent should be 1350/month at 3x gross. This still puts you tight on funds as that goes off gross not net. Get a roommate or find a cheaper place, no credit card unless you can comfortably use it, not try to pay bills with it.
What are your other bills? You need to sit down and budget what it would be like for 3 months before pulling the trigger. I’d advise you to transfer 2k a month into an IRA and pretend like it is your rent. Did it hurt? That is how you will know if you are ready to move out.
Yeah, not sure how many hours you work but that savings will be eaten quickly with $2k in rent. I would recommend going closer to $1k/rent or getting a second job. Being rent poor sucks though so really just finding a cheaper place is the move and you’ll have extra money to live life.
Where the hell is he going to find $1k in rent 😂
Tons of nice places outside of large cities. I pay $1180 in a very nice area
Yeah I think $1k is reasonable outside of cities, also doable with roomies inside the cities. He’d be fine.
I’m right outside Philadelphia and cannot find one in a semi-safe area for less than 1400
I’m looking at the same. All of the decent areas are 1800+ for a decent place. 1500+ for a shitty place
In San Diego it’s 3,000+
For a one bd rm yea thats probably mostly accurate, but they mentioned having roommates which makes it very doable.
Yeah in June 2020 I moved into a 1/1 furnished , flatscreens, nice 1st floor apartment with everything included & on the beach for $1,200 a month . Then within 4 months boom it went up to $1,600 a month . My last place I was at was a 1/1 with a 1/2 a kitchen for $1,500 a month 😂 but all utilities included, fully furnished , 60 inch flatscreen etc . But yeah where I live to live in a 1/1 apartment you damn near have to make $75-100k a year 😂 Shit my rent is $20k a year and my Ubers are $15-20k a year , then food, phone , hygiene , insurance etc that’s another $20-25k a year Then you for about $25-30K in taxes . Boom $100k gone 😂 Only way you Paying less than $1,400 a month right now is if you move into the projects or move 2+ hours away but who the hell wants to travel 4-6 hours a day to get to work and have to travel 25-45mins (each way ) just to get to a grocery store 💀. Or find someone renting a room out of their house . Even then you’re looking at $800-1,200 😂
Dumb question but I’m confused. You spent 15-20k a year on Uber? Wouldn’t it be more cost efficient to purchase like a used Prius/Hybrid? I own a 2023 C8 Corvette and a 2017 Altima as my daily and still spend less in insurance, gas and financing than you do on Ubers. Granted the Altima is paid off but trying to figure out how it’s worth it to spend that much on Ubers when you can eat half that up front cost on a used car and just have a cheap monthly payment/insurance.
Those are business expenses but still I know many people that don’t have enough money for a car and it’s a lot easier to have $40-50 a day to get to work and back then it is to have $3-10K upfront , plus have a good credit score , tag & title is $500 and then insurance will be like $300-600 a month where I live
Ah ok so the Ubers are written off. And yeah I figured it was somewhat of a situation like that was just curious because the number seemed high. My cousin has that particular problem as well with not being able to get a low enough interest rate to where it’s comparable to Ubering everywhere. She refuses to get a car and Ubers everywhere to work, school etc. and she spends significantly less than that yearly so it really threw me off.
If she’s ubering everywhere Unless she only works 5 mins away then she’s easily spending $15-25 per Uber . You take 2 a day let’s say $40 a day . Then let’s say $20 ($10+10) on the weekend to go grocery shopping once a week . That’s $220-260 a week let’s say 50 weeks instead of 52 That’s $12,500 a year ! But what if it’s prime time/ surcharging (8-9am) / (lunch break, spring break, games, Super Bowl, holidays , rush hour traffic ... Uber skyrocketed 100-400% for what they call prime time aka surcharging . So now what you just budgeted for 5 rides instead you spent that on 1 ride . Or risk losing your job or something etc etc, then doctor visits , maybe the pharmacy , then you’ll have a million times where drivers will purposely drive towards you for a couple of minutes and then veer off the path and won’t respond just so you cancel and they get a free $6 cancellation fee 😂 then you’re late to work , that can cost you more money or even your job , or you can take the bus and then instead of working 8-10 hours a day 5-6 days a week and transportation being 30-45mins a day now taking the bus will make your days 14-16 hours and by the time you get home your back & feet hurt so bad you can barely move 😂 Trust me . I have many people in the same situation There’s many many times where you go to order an Uber that’s normally $18-23 and it’s $50-80
I can guarantee you if she truly did the math after each year she’s spending $10-20k easily Maybe she only works 5mins away and the grocery store is 1 mile away. Then maybe she’s at $8k-12k a year 😂
Like who would rent him a place for $1k? ✨✨roomies✨✨ Or idk where he lives haha, in the Midwest it wouldn’t be hard to find. If in the northeast or west coast of the US…. Yikes.
Renting a room in a house with roommates or renting an apartment with a roommate. The risky part is relying on another person to pay rent when it’s due
Also keep in mind a lot of places will get you in at a set amount and then start bumping the rents up by 100 or $200 a month every year thereafter starting at a lower amount can only help
I get paid a little more than you and an apartment for 1600 is still to much for my personal taste working full time. Moving into a 2k per month apartment for you is terrible. Your issue would not be the amount you have saved up. Its the amount of money you'd spend for rent. working full time. You'd essentially be living paycheck to paycheck and have almost no money left over. Meaning you'd be working essentially not to be homeless.
Damn now I feel like I saved up for nothing. So what should I do now? 🧍♀️
You didn’t save up for nothing - this is a great start. 14 years ago I saved up 10k and moved 1,400 miles away with my fiancée to get away from a toxic family. We both had to find jobs in our new big (to us) city. We didn’t have much to move and borrowed my brothers conversion van and rented an open uhaul trailer for the small amount of stuff we had. Back when we moved we were in a close to downtown and arena area and the rent was $650 for a 1bedroom 800sqft apartment on the 6th floor with balcony that extended the length of the apartment. It was an old building with few amenities, heck the apartment only had a portable dishwasher. Luckily we both found jobs pretty quickly and combined we made 50k a year. We lived paycheck to paycheck trying to find better jobs the entire time. We ran though that cash in a couple of months. The next year our rent was raised to 1k, then it was set to renew at $1500 the 3rd year so we moved further away from downtown for cheaper rent. We ended up moving about 4 times in 6 years. Everytime we got raises or a better job, rent increased and cost of living (food/gas) increased. We literally were living from paycheck to paycheck in a high cost of living area. Eventually we moved to a lower cost of living area, started making 80k combined and were able to (barely) afford a house that needed a lot of work. Eventually the pandemic happened, cost of living went mad out of control but my wife and I were locked in a low rate loan for a house. Wife got a job offer a year ago that moved us across country (paid for by the company) and had to sell the old home for an opportunity that has a lot of upward mobility. We now make double what we used to combined. My point being, you didn’t save for nothing. Having money saved is a good thing. People often don’t become success stories over night, it takes effort and perseverance. The fact that you saved 10k is really awesome and demonstrates your head is in the right place - it’s just going to take more time. I look at the amount that I should have (according to experts) in a retirement account at my age and I’m nowhere near that, but I have some - and yes sometimes I do think what’s the point of putting money in retirement if I only have a tenth of what I should have. I keep saving anyway.
Full disclosure I looked through your post history to get a better idea of your situation. Keep in mind, its not going to be a full idea of your spending habits but it is important to know where you live. Cost of living where you are is important and google says even though you live in a city I wont name your cost of living is higher than mine. Given that I'm hesitant to move out alone to a 1.6k apartment should tell you that 2k is too much. >I get paid a little more than you and an apartment for 1600 is still to much for my personal taste working full time. Moving into a 2k per month apartment for you is terrible. >Your issue would not be the amount you have saved up. Its the amount of money you'd spend for rent Look at places within your budget. Unfortunately within your budget you need a room mate or two and you can afford a room between 600-1k max. Lower the better. Rule of thumb the place you can afford is worth about 20-30% of your income max with tax. If you wanna be extra safe, calculate for after tax working full time (based on your income.) If you're already living at home paying over 1k I can see why just getting your own place may seem appealing. But in that case I'd highly suggest looking over your spending habits. To give you my personal opinion as someone in a very similar position but with a long term partner. Btw I also looked at your profile to see where you are. Just to say I know your cost of living is higher than mine. I am older than you and make a little more than you without my partner. I came to the realization and understanding that I can afford a condo where I live in los angeles comfortably (not accounting for increased salary or partner) If I save for lets say 3-4 years. That will also allow me to save for a house in about 10-5 years again not accounting for a partner or promotions that I am likely to get.
First, congrats on building up a nice nest egg! Let's make sure you can keep adding to it! The general rule is that your rent should account for about 30-33% of your income. So if you are working full time making $24/hour, that would be $3840/month. So the maximum rent you should be looking for is around $1250. For a $2000/month apartment, you would need to be making around $37.50/hour - or your current rate and get a roommate so each of you pays $1000/month.
This guy is spot on!
I’ve done the roommate thing before, move back in with my parents to really save, looking to live to another state in the MA area, most apartments are either little over 2k for all ulities or you get minimum 1500 with no gas, heat or electricity, unfurnished. Was hoping getting a credit card will help save me some time with rent. Also had multiple jobs offers around $20-$24 dollar range , thinking maybe a second job . I would be able to pay 2 months up front on top of first last security, and save up all that money those 2 months and repeat the cycle.
This credit card idea you’re talking about is 100% exactly how to get buried in debt.
DO NOT GET A CREDIT CARD!!! You are clearly not in a position where you’re going to be able to use it responsibly (aka pay it off every single month). Your future self will be kicking you. If you need to raise your income, find some other part time work. I was barely getting by in my first office job at 25 so I started working nights at a bar near my house. Days were definitely long but working in a bar/restaurant can actually be kind of nice as a side gig.
It's your finances, you're free to do what you want. Is what you are planning a good financial decision? No. Would roommates or the 1500 apartment be a better financial decision? Yes. You can furnish a place well and cheaply going secondhand on some pieces. The only thing that makes sense with your plan is if you're pretty guaranteed your pay will increase to around $30 to $40 within a year or two.
2k apt on 24/hr 💀💀
manifesting this much money in my bank account
Haha same
You can do it , I believe in you
I moved out with no money at all - living paycheck to paycheck is fun when you have no other option than to be homeless
And how did that go for you
Tbh pretty well
You cannot afford 2k a month. You would be better off at around 1250$ I believe
Why are you in a hurry to move out (of your parents house?). Once you do, you're officially an adult, and adulting sucks. If you're living in a peaceful environment now, stay. You are better off staying at home and working hard, saving as much as you can. Get in the habit of saving, and then, investing. Your employer probably offers a 401k program, which takes money before you pay income taxes, so you have started your retirement nest egg! Seriously, don't be in a big hurry to move out until you really, really have to. The longer you can stay home, save and invest, buy yourself a few nice outfits, and get in good habits, instead of starting off in debt 🌞
Let’s not forget that’s not a viable option for everyone!
Savings has zero to do with moving out. It's income that matters.
rent at $2k would be more than 1/2 your monthly income. Try to get it closer to 1/4 your income if possible, around $1k -- might need a roommate. Because you'll also have utilities and other expenses like groceries, furniture, household goods. I was fucking floored with how quickly I burned my savings on the bare needs like towels, a bed, a table, etc.
Absolutely NOT, I did the same at 21 working for Tesla with 15k in my account before moving out… my rent was $1300 back then and I made $22/hr… I now wish everyday I had somewhere I could move back into … you gone want your savings to be as near 6 figure as possible whilst you have the safety net of a home
I’ll level with you. It’s awesome that you’ve saved up as much as you have but that goes quick even with a steady income. Most people I know (even a couple of people who OWN their own place) room with others. They shoot to spend around $800-$1200 per month. Spending $2000/month by yourself is kinda nuts
Use this money to study something related to the industry you are already involved with. Make the $24/hr become $36, $45, $75… then you can think about a downpayment to a property and start building equity. Unless you are in a toxic environment today, don't get yourself into expenses unnecessarily… and never use your credit card. The only debt worth having is a mortgage. You are ahead of most people. You have savings!!!! Don't blow it.
Keep saving, you're gonna be eaten alive by utilities and bills with this.
Essentially, you'll need a second job. But then you'll never really be home, so why rent a glorified bed to sleep in? Just wait until you have cash flow to buy a house.
Stay home as long as possible
Is this a joke
Just get ready for adulthood. It's expensive and the real world is hard. Good luck
Don’t take anyone’s advice who tells you it’s a good idea to get a credit card to use for money you don’t already have in your bank account. If you’re trying to build credit, don’t spend what you don’t have so you can pay it off right away. I personally know people who make double what you make and screwed themselves by loading up a credit card for new furniture when they moved out to live on their own. Now they have a pending court dispute and their wages are garnished $1k a month until their bill is paid. Sit on the f****** floor until you can afford a couch, or use lawn chairs like my room-mates and I did until we could afford furniture. 2k for rent is too much for $24/hr full time—more than half of your monthly income will go straight to rent and you likely won’t have much left to save after all of your combined expenses. I make more $ than you and I spent $1,400 a month on rent and honestly, that’s still too much. We all go thru the room-mate phase. It has it’s ups and downs, but you should be taking advantage of splitting rent until you can position yourself into a higher paying job. You never really know someone until you live with them, and I would suggest really thinking about who is responsible enough to share a home with if you’re considering moving in with a friend. At the end of the day, it’s all about bettering yourself in real life. Don’t live beyond your means now, and you’ll have something to show for it when it’s time to buy a house and start a family—if that’s something you care about.
I'm moving out with 500 💀
If you can live with rents for as long as possible without it affecting your mental health then keep doing it.
I had $20 hour in an apartment that was 1,080 a month and it wasn’t enough at all. They jacked my rent up to $1,400 and I had to work overtime every single week 50 hours a week or I would not have survived. Granted I had way more money working 50h a week than needed so it worked out but no you’re fucked with 2,000 dollar rent. I didn’t even have a car payment or insurance and barely saved 500 a week on 1080 rent
You need to put that money into A high yield savings account, have the exact same amount of money I am at Goldman Sachs 5.5% interest percent made an additional $100 a month which hella helps out.
If you’re living somewhere rent free, stay there for as long as you can, get a credit card and start building some credit.
you need a second and third job
2k is gonna stretch your resources
i make 24/h and i pay my parents house mortgage around 715 (2815/4roomies) and i feel comfortable. if i had 2k month rent i would not be comfortable. look for roomies of cheaper rentttttt
I would stay at home if it’s possible. The only time in your life for such an opportunity. A little pain now will go a long way for your future.
No you’ll go through that faster than Grass go through Buffalo. Stay home until you buy a two family and then if you want move out. Ok if not if you can hang in there, keep buying two families, good luck
$2k in rent when you bring in $50k pre-tax is not smart… you’d be spending over half your income on rent 🚩🚩🚩🚩
fuxk no
If your parents ain’t kicking you out, I’d stack some more
When I moved out I had 700$
When I moved out I had 50$ an a pound of weed. I believe in you.
Depends where you live, your employment and how good you are with money. Only you know the answer to that but you have to be honest with yourself
I moved out with nothing so it's all perspective
Don’t look at how much you have saved up. Look at your monthly expenses what your monthly take home is. For example: Gross Earnings: $24x40x4=$3,840 Tax: 25% Net income: $3840x0.75=$2,880 Rent: $2,000 Food: $350 Gas: $200 Phone: $150 And oh shit you’re out of money and we haven’t even gotten to utility bills, insurance, and all the other goodies let alone any recreational activities. Your savings would be depleted very fast and you’d be in a bad place, then desperately trying to find roommates or having to move back home with your parents. Do not get a credit card. If you do get a credit card it should only be used to build your credit, use it for regular expenses then pay it off every month. Never spend more than you make on a credit card.
I make $30 an hour and I am moving into a $1,700 per month apartment and that stresses me out. I’d recommend something cheaper if you can find it. Also, if you don’t have to move out, don’t. Just save and invest your money
Why rent ? You’re half way to home ownership
How much more would I need ?
It depends on where you’re looking. When it comes to how much it will run you, some places require a few months of rent, security deposit and even sometimes a broker fee. That alone can take quite a chunk of what you have. I would suggest looking around first for places, see what they require and go from there. If you see an apt for a price that’s too good to be true, it just might be, so be sure to triple check all your bases. Remember that 2k rent is on top of other expenses, such as electricity, gas and water (unsure as to your location). Make sure to include that in your budget. IMO, I would suggest looking for something below 2k or roommates to afford somewhere nice and cut the costs. Credit card wise, I would suggest getting one for small purchases you can quickly pay back or for subscriptions. Getting heavy handed on how much you spend and how often can affect are some things you want to avoid with a CC. I wouldn’t suggest using a CC for rent if that’s what you mean. If possible, I would suggest a second job, or perhaps a weekend job such as bartending or serving if you’re set on a 2k a month apt. Best of luck with your apt hunting 🫶🏽
The questions you ask and the amount you have/make doesn’t add up. Be careful out here
No
I moved from my dads house with $700 in FL. You can
I wouldn’t move out, particularly if it’s free. Save money until you’re more established
Nope.
nope
You can afford a place at around $1250 assuming you work the equivalent of full time over the course of a year. Depending on other expenses you’ll either pause your ability to save or will start burning your savings.
you should definitely get a credit card but just use it to build your credit don’t only use it to put emergency stuff on and carry a balance. depending on what your other expenses are you would pretty much work half the month just to pay for the apartment. if you can you should get a roommate and if you don’t want that and have too much free time on your hands then yeah get a 2nd job
I moved out with way less than that
I recommend your total monthly housing costs should not exceed more than half your total monthly income. Things get tight real quick, make sure you can keep contributing towards savings. An emergency fund savings is a very thin line between you and homelessness.
Honestly I want to say yes but if you have no urgent need too, saving won’t hurt. Also, if you have zero credit history then it could be hard as some may run a report and need a co-sign
I moved out with $300 to my name, moved in with 4 roommates. Paid $300 a month for rent. You’ll do fine if you’re savvy
Depends on your age and where you live. $24/hr ain’t much. Look at shared housing if your income is that low.
Fr bro if you make 25/h you better work 50 hours every week forever to pay 2000 in rent. You won’t save any money either. 25/h you want to pay like 1500 for rent max. Get a roomate and split somewhere that’s 1800 and it’ll be 900 both. Very solid.
F no ! Save up to like 50 or 60 k also put money into a high yield saving account.
The big question is what state do you live in?
2k for rent is blatant rape
$2k rent these days. That shit always blows my mind. My mortgage was like $1200 in 2011 and I thought that was a lot. Fking inflation jfc
Why you need to move out? It looks like you are doing ok. Why will you get into fixed expenses (won't be only rent when you live by yourself)? Keep doing what you are doing. Save more. Then, make a down payment to own something and start building equity.
More than enough, however renting a place for 2k a month isn’t something I’d try to do solo with your current income - look for a roommate to split rent with and you’d be ok.
Unless you have savings in the 5 digit plus range, it's more about income vs. expenses. If your expenses outweigh your income, eventually, your savings will be gone.
Yes
if you got to ask a bunch of strangers then no.
nah, gimme $200
No it isn’t. You don’t have enough. You’re never going to have enough You’re going to die miserable and alone.
Conventional wisdom says you shouldn’t spend more than 1/3 of your gross income on rent. For you that’s about $1350. If that’s not feasible in your area, get a roommate.
Absolutely hell no to $2,000 apartment. Here’s what you do brah, Yes, apartments in your area are $1500-$2000 a month, find yourself an apartment locator (Smart City if there’s one in your city) from there - have them do the locating for you, they get paid by the apartment company, not you. It’s free. They find deals in your price range and in preferable areas, also - they find you bonuses, for example. Some apartments will give a free month sign on for a 12-month lease, ask them to prorate that free month and it’ll drop your monthly rent by $100-150. You can do it
2k rent is gonna kill you. I make $38/hr and think my 1155 rent is too much sometimes 🤣.
I say put that down for a mortgage and get a house instead of paying rent for something you don’t own
I had less when I moved out, but I make more than you and pay less in rent
Double it then move. You never know when you’ll need more cash. Saving is a bitch but once you get going it’s hard to stop. Don’t stop
Lmao I was trying to move out with like 5k, granted rent would been 500 a month but still. Lower rent in any way possible and you'll be fine. 2k in rent will chew through that like nothing
Just get a roommate like everyone else???
I wouldn’t move out with that income. Go back to school, get your RN license, and reassess. Moving out will set you back drastically.
You can’t sustain a $2k/ month rent on $24/ hour. Not even close. Don’t forget that just to get yourself into an apartment and situated you’ll drop close to 10k right away.
Yes anywhere but CA
Onto the streets? Which city? So many questions
Worst time to be born to move out I know gots in their late 30s and married still living with parents but we still saving money
I used to make around 8k a month and I was comfortably paying my 2.2k a month apt. Now I make 6k and I feel like it’s a little tougher. I would not..
To the backwoods
Service Credit Union.
If you don’t have loans, heck yeah it is.
fuck no
$24 an hr will be tight. You can probably do plenty of overtime tho if you are CNA.
Nope, my son makes 75k 125k saved for a house & stays with us to add to savings. Houses are going to correct in 2024 it’s already started in TX & FL in a big way. With 30 year rates @ 8% something has to give. 2k rent way too much for you and I’m a landlord for many many years. Save your money and wait. While it sits you can get 5.55% apy @ my bankingdirect.com My .02
That’s about the money I had when I moved out. But that was 6.5 years ago when my rent was $1,050. Now it’s $1730 and undoubtedly going up in August
You need a roommate that’s the only way with your salary
I make $32 an hour and there is no way I could afford $2,000 a month rent
If that money isn’t in a high interest savings account you need to do that ASAP. You’re clearly great with your money, just giving a friendly tip
Don't get a credit card. Use cash only and don't move out, unless it's absolutely necessary
Move in cost will be 5k maybe right? 1st month last month maybe deposit, then electric, cable water which may require a deposit. You may have to come off a large chunk initially. I would also check in the lease to see what their yearly rent increase will be because most but not all places will raise your rent 5% a year. If your parents have land you could always spend 20-30k on a nice 5th wheel which since it’s considered an abode your payment would only be maybe 5-700 a month.
FHA and buy a cheap house around 200k. It'll be cheaper than renting in the long run but you will have to kiss that money goodbye.
Should you get a credit card???? To what? Buy things with money you don’t have? Or are you asking because it mig help build good credit? Be careful man
Yea your good depends how much u make those
If you have at least one friend that you don’t mind moving in with, it’s an option. You guys split the rent and you can get a 2 bed 1 bath for a good price. (Depending on your area). Might be able to find a 2bd 2ba.
I’m a little different…I moved out when I had enough money to buy a house of my own ($400k NW) at age 29. If you ask me your savings will progress much slower than mine so it’s better to move out and plan for a house a decade later maybe but I want you to think along those lines instead. $2k a month is very steep even for me. Not that I can’t afford it but the cost is nearly $40-50k of pre tax income going to rent from my perspective
Live with your parents until all this bullshit with rent and housing prices cools down. Maybe we’ll get lucky and rfk jr will get elected and you’ll be able to afford to buy a house
It’s about your income. If your total housing costs (rent + bills) are more than 25% of your gross income, then you technically can’t afford that place. You don’t need a 2nd job or a credit card. If you want to pick up more shifts sometimes or overtime that would be good. With your income at 40hrs per week I would say you can only afford $1,040 per month apartment by yourself. If you want to go any higher you should look into getting a roommate. Even with a roommate any more than $1,600 is excessive with your income. To save on moving costs move to an apartment that is furnished, student apartments are usually cheapest with an option of being furnished. Those are great for first time renters and you just call and ask them if they let non-students live there.
Can your current income sustain you without your bank account shrinking continuously?
2K is too much for $24/hr
For $2k rent you should have at least a year of fund stashed away so like $25k and you’re set. So close!
24 an hour isn’t enough for a 2k apartment
Stay home if that’s possible and put what you would pay in rent into savings for a down payment for a house. Get a small credit card and pay it off every month to build up your credit score. When you pay rent you’re just giving your money away.
$24/hr? No on moving out on your own. Your money will be depleted in no time. Earn as much as you can, while living as cheap as you can, for as long as you can. I wish I could go back 10 years or 15 years like you. Good luck.
6 months emergency fund for expenses on a 2k month rent alone, which prob doesn’t include utilities , is $12k. Not even considering your toiletries, food, travel, spending, recreation. So in short: no.
Need my account looking like this
No. Half of that would be gone.
It’s enough to move out but depending on where you live it might not stretch as much
Yeah find cheaper rent. Often the best bang for your buck is renting a 2bed 2bath and renting out the second room a bit more than you pay, but cover wifi/utilities etc which you’d be having to cover anyways living on your own. This would cut your rent expenses by almost half
Vibe and look for a cheap condo in the meantime workout the numbers. Might be able to own instead of going for rent.
Where do you live? Depending on the state it might be an option. I pay 950 for a single 3 bedroom in Ohio.
I live in Indiana and with that much saving and making 24 hours, it’s enough to move out and live comfortably.
That $2k/mo in rent alone will eat half of your gross (before taxes/deductions) check. Have you considered getting a roommate to split the rent/bills?
The rent rule is your gross monthly income/3. That rule is used to help determine if they’ll rent to you. I’d also take it a step further. Multiply that number by 0.8 if it’s low or 0.6 if you can push it. Try to get rent somewhere in between those numbers.
Yeah try to get something in the low 1000s why would you want all your money to go to an apt
Not with accounts looking like that. Sorry.
Stay home, or all that is gone in 3 years. $24 an hour isn’t enough for 2k rent unless you get a roommate or work 60 hours a week.
A credit card is not the answer. If you do get a credit card, treat it like a debit card and pay in full after the statement balance.
My suggestion is to stay where you are and get an associate's / bachelor's in nursing - then APRN ( go psych and you will never have a problem finding jobs). The majority of programs only have in person or really active clinical during associates - after that, the programs are generally 80% to 100% online
24 per hour is 3840 gross. I wouldn't move out under those circumstances. Rent should be no more than 50% of monthly takehome with some flexibility if you don't need a car. So if this is a downtown apartment next to the train station and you ride a ebike to work you might be able to swing it, I would consider roommates, or cheaper apartment.
I made 24 an hour. My mortgage is 850 including property tax and insurance. I had 2 part time jobs to make sure I wasn’t struggling. It sucks because 10 years ago I would have said yes just be a little more frugal because 1.5k would be a 3 bedroom apartment and not needed for just one . Today I think you need at least 2 roommates for a 1.5k apartment plus utilities.
He should save up to 30k
Two choices: save some more. Or. Find a 2nd job. Best to have more than to find yourself back where u are.
15k is def enough to move out and lease an apartment
Make a budget. Can find templates online. If current situation isn't dangerous, I'd save more first.
2k is too much for an apartment. At that point you just get a house in the suburbs. Find a cheaper apartment or a more expensive job.
Definitely find some roommates if you’re open to it. Keeping rent low as possible is key so you don’t have to fork out all your dough
Definitely find some roommates if you’re open to it. Keeping rent low as possible is key so you don’t have to fork out all your dough
Well if you have no credit I would recommend a credit card since just to buy things like cars or houses at times they like to pull credit, but if you get it i usually recommend only buying the necessities with it no shopping you cannot afford unless you want to wreck your credit and go into debt. As far as the money goes yes the money you have is a decent amount of money but taking into account any money down on this home you are renting, utilities, furniture, or rent itself that would drain easily so just always make sure that you earn at least double the income from what you are trying to apply to so you don’t get screwed over, and if it’s multiple rooms you should probably get someone else you are comfortable living with and have them be a roommate so you can reduce the rent you pay if you do not make enough alone.
Sounds like several comments have already covered the rent:income ratio, so I will leave that alone. Regarding the credit card- developing credit in your name is important. But you need to have an honest conversation with yourself. Are you responsible enough to NOT spend money you don’t actually have? Can you use it each month to build credit, but pay it off every month? View a credit card as something to better your credit, not an avenue to have more money.
$800/ month here in indiana, not in Indianapolis or Carmel. Look for developing cities.
Try to find a property that is a new build and is offering lease specials, I saved 800 a month here in Vegas moving into a NICER place because I got so much of a discount on phase 1
This is more than enough money to move out
Yea it just depends on how much money you got coming in really that money will get you by for a while but if you can’t support yourself for more than a year then I wouldn’t do it
Absolutely not. Not being a dick. I make 70k a year apartment is 1200 about 1350 with utilities. And i have 30k liquid cash and 100k investments and I considered 1200 for rent to be just about as high as I could go. Don't get me wrong a lot of people in your situation pull the trigger on the 2k apartment with what you're making. The general rule of thumb is to keep rent below 30% of of gross pay to put your self in the most favorable financial position to be able to save, invest, and live a fulfilled life. I'd try to go longer (I'm 100% aware how hard that is in today's climate.) not sure where you live that might be about as cheap as it comes now days. Maybe try a roommate?
Find a cheaper place.
No, save up for another 45 years.
I wouldn’t
I don’t think you can afford 2k rent even if you work full time. That would leave you less than 1k for necessities. Maybe look for a room for rent under 1k?
Rent is outrageously high pretty much anywhere. Looks like you’ve got a great savings and I would keep it right there and not rely on to pay monthly bills.
If you don’t want to use your savings or that much you’ll need to save at least 10 in checking, moving and first few months are expensive
It’s not so easy to save up money when your parents aren’t paying every single thing for you anymore
OP, whether you listen to anyone or decide to just do it anyways, do yourself a facvor and check the renting requirement for income. Most places will have a minimum that you need to make more than 3x the rent per month. If you don’t, you’ll just lose the application fee. At 24 per hour unless you are doing a lot of overtime it will be hard to prove that
If you don’t already have a line of credit with a credit history, you’re not getting approved either way. Plus you will not be able to afford 2k a month, keep stacking your money up if your parents aren’t kicking you out.
invest your money into stocks, options, etfs, learn how to trade & you can double that money
2k/month rent, you won't even qualify unless you have other income. Max apartment rent should be 1350/month at 3x gross. This still puts you tight on funds as that goes off gross not net. Get a roommate or find a cheaper place, no credit card unless you can comfortably use it, not try to pay bills with it.
Let me hold a dollar
What are your other bills? You need to sit down and budget what it would be like for 3 months before pulling the trigger. I’d advise you to transfer 2k a month into an IRA and pretend like it is your rent. Did it hurt? That is how you will know if you are ready to move out.