I’m planning on an apartment that cost about 820$ a month. But I’m not sure how much gas, food, phone, TV, insurance, or anything cost. I live beside Charlotte NC which is cheaper than Charlotte. Please help.
If you make 60k a year after taxes, you’re making $5000 a month after taxes…
10% of your income goes to long-term (retirement) savings: $500 a month.
15% of your income goes to debt repayment/emergency fund: $750 a month.
35% of your income goes to housing (rent, mortgage, bills, utilities): $1750 a month for that $820 a month, gas, heat, electricity, water, etc.
15% of your income goes to transportation (gas, insurance, repairs, bus). You have $750 a month.
25% of your income goes to life (food, entertainment, clothing, gifts, travel, medical, wants, phone, internet, cable, other). You have $1250 a month, or $312.50 a week, which is easily manageable as long as you save for each of these things a little bit every week; you don’t travel and go on vacations every single week, but if you put a little aside every week, you can save up for awesome vacations.
These numbers are what you can AFFORD. Now that you know, you can go shopping for all the insurances, phones, tvs, luxuries, etc., that you want WITHIN your price range.