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I'm moving out in less than a month. What expenses do I need to know about
For the past several months my boyfriend and I have been apartment hunting. There was one place we just fell in love with though it's expensive for a one bedroom because it's considered "Luxury".
Everybody's been telling us not to do it because we won't be able to afford it but we're not the typical couple.
He has two jobs working about 50-70 hours a week and I work one job at two places and work 36-40 hours a week but I make more than him an hour.
Together we make around $3,400 a month, 43,000 a year and I'd like to start doing some wide work as well just to fill up the empty hours so I'm not bored and lonely when he's at work.
Finance wise (monthly), Rent is $758, renters insurance $20 Electric around $300, High Speed Internet will be around $70, Groceries around $200, we don't want cable TV since we have Netflix through a family account,
My car payments are $316, his car insurance is $130 mine is $160. Both of our cellphone bills together are $90. Gas is about $150 for both cars (I have a hybrid). I know there are other bills that I can't think of right now but with what I've already taken out above that still leaves $1,006 a month free.
What other expenses should I be looking at?
How can we go about getting good quality furniture for not sky high prices? We already have a dining room table with chairs, a dresser, a book case, a sofa, an HD TV, a Macbook Air, a desk. The apartment comes with a fridge, freezer,dishwasher, washer and dryer in the apartment, oven, microwave, lots of cabinets and counter space and two walk in closets.
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One think you need to consider is health insurance, not listed in you budget. Starting next year both of you if not covered by an employer health insurance plan will need to buy insurance through the Health Insurance initiative or pay a $2,000 each.
Your electric bill seems a bit high for a one bedroom apartment. You would be well served to shop around for another electric company to provide your electric who has lower rates. It easy to do and really it is just a billing process. The local utility still provides and services the electric lines.
Your food budget is quite low. According to your budget you plan to eat for less than $6.66 a day for the both of you. That's not only pretty stingy but I don't see you providing a proper diet on that amount. In your food budget you not only have to include the food you eat at home but the food costs away from home at work. I would estimate your daily food cost to be more in the area $25.00 a day for the two of you or $750 a month and that is still fairly tight.
IF my food budget number is closer to being correct then you surplus each month is reduced to $456 which if you have to buy health insurance will most likely be wiped out or significantly reduced.
A place to save money might be on your car insurance. Talk to your agents and see if you insure your cars under one policy if you can see if this saves you money. Another place would be to see if you can refinance your car and lower your payment.
I don't know where you live but $758 for a one bedroom "Luxury Apartment" based on where I live is a steal. I'm not saying you shouldn't take the apartment, that's not my call. I think you need to take another look at your budget and make a more realistic one. Some of your estimates are to my thinking and living area way off. You also left off things like health insurance which is now mandated if not provided by an employer. A clothing allowance, as well as an entertainment allowance was left out.
Man does not live by bread alone as the saying goes. You cannot expect to sit home each night and watch Netflix. There are going to be times you want to go out with friends. You need to budget for these things and times.
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I highly recommend saving for as long as you can. You also forgot to add damage deposit. I live with my husband and I do not eat much at all but $200 a month for food is a real tight budget. Likely, Food you will look at around $300.00 a month. You should be okay but the cellphone thing, You may want a family plan if you can get one. For furniture, Try Bob's they have a lot of good discounts and bargains.
If you are a college student, Sometimes cable companies will offer student discounts. Compare prices, That will go a long way. Also, Not that anything would but a thing to consider is IF anything ever happened between the two of you, could you manage the expenses on your own?
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Ok lets say all your math is right, and it does leave you with 1,006 a month. have you totaled gas for the month. God forbid there is an accident do you have extra cash for emergency bills, new tires, new belt for ether car, even a new car. What people forget to save for is accidentals, and that is what really hurts people in the long run. Also God forbid you guys split, what then? I'm not trying to be a Debby downer, just saying these things unfortunately happen. Also bankers suggest you put 15% of your income in savings for rainy days. Though if you do choose to get the apartment I suggest you not to rent because you end up paying way more than what is costs. Garage sales, Thrift stores, and little shops are the best places to get nice things. You can make it your on also.
P.S. If you didn't already know you can right off gas for 2nd jobs and any other jobs after that.
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A good place for furniture is Aaron's or a place you can do payments. You want to account the food you will eat, also gas between home and work. It seems you have thought it through and did the math. If you can make it work without stress on yourselves, I say go for it. If you apply for assistance separately, they might be able to help lower the rent. They base it on income, but it might make your family and friends more comfortable. I think they just don't want you struggling, but the truth is, you never will know for sure until you do it.
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