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Was wondering if someone help me out with my monthly budget. I go to college during the day and I have a night job. I have a studio apartment near campus. I net around $1500 a month and my rent is $650. The landlord covers all utilities except for electricity. I have a car but not sure what to budget for gas. I will be walking to school and I can either drive to work or bike. Work is 10 minutes by car. My student loan covers all of school plus school supplies/books. I will eat at my parents two nights a week and do my laundry over there as well. Parent's house is a 20 minute drive in no traffic.
So I must budget for groceries, eating out, going out/entertainment, electricity bill and anything else I should budget for. I'm not much of an entertainment person. I don't go to movies. I'll be spending most of my time studying. The occasional break to go out drinking/hang out with friends and get a pizza etc.
Can this be done or should I look for a better paying job? I like my current job and there's no guarantee another employer would fit into my schedule.
Any chance you could find a roommate? Or is the rent you're paying low for the area?
What is the public transit situation like in your area? Could you get by without a car since you're so close to everything?
If you want the car, sometimes you have to count that as your one single luxury good. When I was in school I walked to work and walked to school but I kept my car. In insurance and parking alone it cost $100/month, and on top of that I had to add on gas and repairs. I was willing to pay that, but I would encourage you to sit down and figure out what your monthly cost will be for parking and insurance, and ask yourself if it is really worth that much just to have the privilege of parking a car.
Any chance you could find a roommate? Or is the rent you're paying low for the area?
What is the public transit situation like in your area? Could you get by without a car since you're so close to everything?
If you want the car, sometimes you have to count that as your one single luxury good. When I was in school I walked to work and walked to school but I kept my car. In insurance and parking alone it cost $100/month, and on top of that I had to add on gas and repairs. I was willing to pay that, but I would encourage you to sit down and figure out what your monthly cost will be for parking and insurance, and ask yourself if it is really worth that much just to have the privilege of parking a car.
No, I don't need a roommate. Besides, the landlord wouldn't allow it. It's Los Angeles so rents vary. And it's LA so getting rid of my car wouldn't make much sense. I could always just not drive much if I ever get low on funds. Parking is free on the street.
I budgeted for $80 for car insurance but actually I'm going to pay my car insurance premium off for the year before the semester starts. I'm working two jobs right now to save up a little extra money and quitting the day job before the fall semester.
Depending on your food preferences, figure anywhere between $150 to $250 for food.
The electricity for a studio should not be too much. Price varies from location to location. I take it you have not gotten the first bill. Wait for that and that will give you an idea of what to budget for electricity. Consider the cost will go up with heater or air conditioner use.
Walk and bike when ever possible.
How many miles is a round trip to your parents? Going twice a week would be 8 trips. At random, the rough average gas mileage for any car is give or take 20 mpg. Gas is how much a gallon? How many miles you figure you will drive a month? I have to drive everywhere, and I spend about $150 a month for gas, you could probably figure half that and have some left over.
I think that the amount you have left over is enough to make it work. You won't be able to be taking any oversea's vacation, but be comfortable enough.
Depending on your food preferences, figure anywhere between $150 to $250 for food.
The electricity for a studio should not be too much. Price varies from location to location. I take it you have not gotten the first bill. Wait for that and that will give you an idea of what to budget for electricity. Consider the cost will go up with heater or air conditioner use.
Walk and bike when ever possible.
How many miles is a round trip to your parents? Going twice a week would be 8 trips. At random, the rough average gas mileage for any car is give or take 20 mpg. Gas is how much a gallon? How many miles you figure you will drive a month? I have to drive everywhere, and I spend about $150 a month for gas, you could probably figure half that and have some left over.
I think that the amount you have left over is enough to make it work. You won't be able to be taking any oversea's vacation, but be comfortable enough.
It's 30 miles round trip. So that's 60 miles a week. I get 35/mph highway. Depending on traffic and price of gas it would be around $27 a month. I've budgeted $75 a month for gas. Will be walking to school and riding bike to work.
The food budget seems high considering that you eat at your parents' place 2x a week. As for electricity... I charge my laptop and cell phone at school. I am not ashamed for doing that because I already pay too damn much tuition.
$650 for rent is too high for a student unless you're in a high cost of living area (i.e. California, NYC, DC, etc.) Look for a roommate or housemate.. once you have rent in check, it's easier to keep in budget in check without nickeling and diming your other expenses.
Do you really need the car? Is it your means of transportation to the job? Will public transportation suffice? It's likely if you live in a high cost of living area, you won't need the car. Most places have monthly public transportation passes for about $100/mo or (most likely) much less allowing unlimited rides. Note that you'll need to budget for maintenance (mostly oil changes) and the occasional breakdown if in case it happens.
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