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    Renting & Real Estate

    Question

    Is making $400/week good to live off of for me ?

    I'm 18yrs old I asked recent questions on here about other stuff like medical insurance and food stamps and got to thinking and this is what I'm gonna to do I'm gonna be paying a bit here and there for my mom while I live here and making my car payment and insurance and save money up in the bank until I get about $2500 saved up make a deposit on a apartment about $1000 and then go to second hand store for furniture I need and food to get me started and just go on about paying all my bills and getting food so I can eat while I'm saving extra money up in the bank that I don't use for bills so it can save up and be like my emergecy fund like say I get in a wreck my insuracne fires up and I don't have money to pay it cause I'm paying bils and all but then I'm have this money saving up till get me out of trouble so I don't go in debt you know . I'm sorry this is so long but after you guys read this do you think ill be just fine doing this ??
    4 months ago 4 Answers

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    $400 a week is about $20K a year. That is very low income. Most professional jobs start out around $30K to $35K. I'm guessing you do not have a college degree? You CAN live on $20K, but you would need to live very frugally. You should save up some money for deposits and furniture. IN ADDITION you need to save up a cash emergency fund of 3 to 6 month's expenses. Since you take home about $1,200 a month, you would want between $4,000 and $7,000 in your emergency fund. I'm really not sure how you could live off $20K without a roomate or some other way of sharing expenses. Let's assume you take home $1,200 a month. Let's assume you find a DIRT CHEAP apartment for $500 a month. This leaves you $700. Electricity, gas, water, etc. would run you a MINIMUM of $100 a month and that assumes you don't use any A/C. If you have cable, internet, or phone service, that can run you another $100 to $200 a month. Now you are down to $600 or $500 dollars. If you eat Ramen noodles and cereal for every single meal, it would still cost you $50 to $50 a week. How would you pay for transportation? Clothing? Gifts and holidays? Will you ever date? Eat out? Go to a movie? If I were you, I would go to school and try to improve myself to where I could get a job paying at least double what you make now.
    a few seconds ago

    Other Answers

    • your smarter than most 18yrs.. U be fine!

      by Thyda - 10 hours ago

    • Cada vez que compro memorias RAM de aquí estoy contenta con la compra, buscaba una memoria vieja que es muy difícil de encontrar, una memoria SDRAM para una amiga, me he quedado muy contenta cuando le he podido comprar de sitios web por un excelente precio, muy bueno el producto, una súper compra.

      by FEDIGAN - 10 hours ago

    • There are many budgeting sites online. Take a consumer economics course at local community college. Use a budgeting site. You are clueless now, but the first step is asking the questions, so that's a good start. Rule of Thumb: You can afford to spend 1/4 of monthly income on housing--that's $400, not more than 1/3 with ALL utilities thrown in. You are smart to plan for an emergency fund, and need one BEFORE you move out.

      by chatsplas - 10 hours ago

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