How much does it cost to live on your own?

After looking at expenses for a cheap place for a college student i estimated $1200 a month. That includes rent, car insurance, gas, clothing/entertainment(no luxuries), Internet, phone, cable, electric, water, ect. This is all minimum. I am a full time college student taking 15 credits (5 classes). If I make $9 and hour at 36 hours that's $1300 a month. I could do it, hardly? Plus I have $3,000 in savings. Can I do it? Being a full time college student and working 36 hours is a ton of work but then again I don't wanna live in my mothers basement (; so whats it cost for an 18 year old to live on his own??

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  • Anonymous
    4 years ago

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    RE :How much does it cost to live on your own?

    After looking at expenses for a cheap place for a college student i estimated $1200 a month. That includes rent, car insurance, gas, clothing/entertainment(no luxuries), Internet, phone, cable, electric, water, ect. This is all minimum. I am a full time college student taking 15 credits (5 classes). If I make $9 and hour at 36 hours that's $1300 a month. I could do it, hardly? Plus I have $3,000 in savings. Can I do it? Being a full time college student and working 36 hours is a ton of work but then again I don't wanna live in my mothers basement (; so whats it cost for an 18 year old to live on his own??

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  • 6 years ago

    If you know you can make $9 an hour at 36 hours work (because you've done it before with full-time schooling), then you can go ahead and try to plan: it's more like $1150 though after taxes that you're making.

    10% of your monthly income should be going to long-term (retirement) savings: $115 a month.

    15% goes to debt repayment/emergency fund: $172.50 a month goes into a regular savings account until you have at least 6 times your monthly income saved up ($6 900)

    35% goes to housing (rent, mortgage, bills, utilities, insurances, etc.): All-inclusive, you can afford UNDER $402.50 a month so that you can put left-overs into another savings account for repairs and household needs.

    15% goes to transportation (gas, insurance, repairs, bus): $172.50 a month; I honestly doubt that you can afford insurance and gas based on this amount, besides post-secondary schools usually include a bus pass with tuition; why wouldn't you do the cheaper option 90% of the time?

    25% goes to life (food, entertainment, clothing, gifts, travel, medical, wants, phone, internet, cable, other): $287.50 a month, or $71.87 a week, which is extremely tight. Let's say your parents are very generous and would buy a meal plan from school for you (assuming that you could make that financially stretch and work), you MIGHT be able to pull this off.

    It would be a very tight living, you'd rarely have feelings of financial security, you would need student loans for which you may or may not be approved (it's based on your parent's income and your income), and overall it would be tight. Besides, you're just headed off to post-secondary; if it's in town, spend the first couple of years at home to get a feel for the work load and then when you're feeling like you're ready to take on additional life challenges and you can financially/emotionally afford it, then go for it.

    ***I lived in my dad's basement until I was 23, it drove me crazy, moved out into a basement apartment (which was better; more lit up, had its own kitchen, privacy, etc.), but I knew that I could afford the payments and still focus on learning.

  • 6 years ago

    IMO, no, you can't. Your margin of error is way too thin (only leaving about $100 per month is dangerous). This is why people get a roommate or two so they can split those expenses. What's wrong with living in your mother's basement? How about taking that $1200/month and put it in the bank while you are still in school? In one year that could potentially build into $14,400. Of course, chances are it will be much smaller because of expenses.

  • 6 years ago

    The situation you describe is precarious for several reasons. First, you are ignoring the effect of taxes, which is something few 18 years olds understand. Next, work has a way of not being as lucrative as you think. And working full time at the same time as 5 classes tells me something is going to fail catastrophically sooner or later.

    My advice: Deal with your mother and live in her basement. Save your money and get a good education. Work if you can but make education the higher priority. You'll have time for independent living later.

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  • 6 years ago

    Live in your mother's basement. Consider it an investment in your future. Your education is job 1. It will suffer greatly if you move out.

    Source(s): I lived at home while attending college.
  • 6 years ago

    Might as well live in your mothers basement debt-free than with debt.

    Source(s): You're gonna end up there anyways so why waste your time?
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