FundRobot » Best Investment » Can I survive on a minimum wage job if i work 35 hrs/wk (making 13,000 per year). I also have 10000 saved up?

Reply
Old   #1 (permalink)
 
Posts: 2,565
Default survive on a minimum wage job if i work 35 hrs/wk (making 13,000 per year). i also have 10000 saved up

I'm only 20 years old and trying to think ahead for the future. I have a job right now however I'm only making 200 a week. I have some college credits but decided to stop taking classes.

Could i somehow rent an apartment for 400 a month and be able to replenish food, utilities, cable, recreation?

Im trying to become a male model btw.



Ty
I currently live in the suburbs of Chicago. I would like to move somewhere warmer however i love my Bulls.
Stocks4Me is offline   Reply With Quote
Old   #2 (permalink)
 
Posts: 2,502
Default survive on a minimum wage job if i work 35 hrs/wk (making 13,000 per year). i also have 10000 saved up

It would depend a lot on where you're trying to live.

Some states are drastically more expensive than others, and within those states, there are some cities/towns even MORE expensive.

400/month for an apartment is certainly not possible in California, which is the only state whose rent prices I'm familiar with.
It can be done with a roommate for sure, but that's before utilities and food expenses.
Owner101 is offline   Reply With Quote
more..
Old   #3 (permalink)
 
Posts: 2,621
Default survive on a minimum wage job if i work 35 hrs/wk (making 13,000 per year). i also have 10000 saved up

Not realistic for Chicago (sorry!)even living in a crash pad with a bunch of other aspiring folks because the cost to make your book and transportation to and from go sees will add up quickly. I'd recommend that you try to save a bit more before embarking on your adventure, seating soup noodles 5 days a week will help u stay thin but it gets old fast - really fast.
Money07 is offline   Reply With Quote
Old   #4 (permalink)
 
Posts: 2,584
Default survive on a minimum wage job if i work 35 hrs/wk (making 13,000 per year). i also have 10000 saved up

So you make $200 a week after taxes, which is $800 a month.

10% of your monthly income should be going to long-term (Retirement) savings: $80 a month

15% should go to debt repayment/emergency fund: $120 a month goes into a regular savings account until you have at least 6 times your monthly income saved up ($4800). If you have debt, you put all of this $120 towards the debt and then take that above 10% retirement and put 2% towards retirement and 8% towards your emergency fund.

35% goes to housing (rent, mortgage, bills, utilities, insurances, etc.): All-inclusive, you can afford UNDER $280 a month. any left-overs goes into another savings account for repairs and household needs.

15% goes to transportation (gas, insurance, repairs, bus): $120 a month; any money not used here goes to the other savings accounts.

25% goes to life (food, entertainment, clothing, gifts, travel, medical, wants, phone, internet, cable, other): $200 a month, or $50 a week; where I live that barely covers food, let alone other needs.



Right now, it's not realistic. If you want to get a place for $400, you need to be making at least $1200 a month; and is the rest of it realistic?

10% retirement: $120 a month
15% debt/emergency: $180 a month saved until you have $7200
35% housing: $420 a month, left-overs to savings.
15% transportation: $180 a month
25% life: $300 a month, or $75 a week

It's a bit more realistic, but you would probably want to aim for above that. If moving out is something you really want, then you need another job (a better job), or a part-time job on top of the full-time, and/or to do some side-jobs: tutor, baby-sit, pet-sit, house-sit, walk dogs, clean pools, weed gardens, mow lawns, rake leaves, shovel snow, clean houses, run errands for people, etc.
ForexCash10 is offline   Reply With Quote
Reply

Bookmarks

Thread Tools



Premium Numbers - Premium Domains - Find Arena - Cash - Coding Core - Bills - Find Arena - Bagoly - Wrestling -