Alright, so I am moving out for my first time to an apartment in the Sacramento area. I am working part time and going to school. I have composed this general budget and would like to know if it seems realistic. Any helpful opinions would be great:
Rent $610
Bills (Cable/internet/smud/water) $200
Gasoline: $150
Food $200
Car Insurance: $90
Cell Phone: $50
Household items: $50
This would give me around $155 wiggle room
Do you already have savings? If you do then this budget would be all right. If you don’t then its unrealistic. Choose a lower cable package, as for the internet, you can get a dsl/cable connection for around $50.
Your utilities like electricity and water should stay under $100. Also for food like groceries $200 is too much. Set aside $100/month. If you like to eat out save it for the weekends with your friends. Don’t eat out too much because with the meal, the drink, and the tip it gets expensive.
I suggest a pay as you go cell phone. Ditch the contract. Also you need to have at least $1,000 for emergencies. You never know when your car needs repairing or you might get sick and end up going to the ER.
Personally, I would get the simplest cable and internet package I could. Also, you don’t have your other utilities in here such as gas or electric which could run you $100 or more a month. Other then that, remember that you will not be able to go out to bars or do a lot of entertaining on this budget and no new clothes for a while either.
First thing you should know is your budget should include income and expenses. Where’s the beef as they say. How are you going to pay for this especially with a part-time job?
The level of detail is subject to your preference and need however, you should be aware you need to budget for initial security deposit for your apartment and up front deposits for water, sewer, electric, cable, and gas. I would check into these requirements before committing yourself anything. There are a large number of free budgeting programs on the net which you should utilize [try these http://office.microsoft.com/en-us/templa… available for MS Office] web site.
Do you want to get a roommate to have more money in your pocket?
Your budget seems realistic, IF and only IF you really stick to it..At least you’re not in the negative when it comes to income.
What about entertainment? (movies, shopping) you want to do that!!
You must don’t have a car note so that’s a good thing. If you have a car, you need to save money for maintanence (oil changes, etc)
Your rent should never be more than 30% of your gross income.
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save 100 bucks for a rainy day put in a federally insure savings account
hmm…. What about medical? And for even better answers on here you should put your savings and debt (if you have any).
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