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?

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Old   #1 (permalink)
 
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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.
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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.
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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.
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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.
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