Can i live on my own at 10.50 an hour? (pay, rent, debts)

[JFoster94]

I'm sure the answer is more than likely no but i'm wondering how much is it to get an apartment outside of Detroit. Right now i'm making 10.50 an hour and its not looking like much to be enough to live on my own

I'm trying to move out to a nicer area Detroit is definitely not a place i wanna be forever

Even if i gotta move out of state then i will

What is a wage i could live comfortably on ( not ball out i need all that i can be happy living simple)

any advice is welcome and appreciated

[mysticaltyger]

We would need a lot more info, but in general, if you're making $10.50 an hour, you should have roommates--and that's true even if you live in a relatively low coast area like Detroit.

If you want to have financial breathing room, you'll want to always keep your housing payment to 25% of your gross income or less--preferably a lot less. Think of that 25% as the upper limit where the alarm bells start going off inside your head if you hit that percentage. Landlords and banks will often let people go above that 25% limit, especially if they don't have any other debts. But the goal of the landlord and the banks is to have you spending right up the the limit of what you can afford. They don't care if you have minimal or no savings and a ton of stress because of tight finances. And remember, just because rent gets raised doesn't mean your income will go up...That's why you want to keep that rent payment below 25%, especially when first renting a place.

Some of the best financial advice you can get is from the Mr. Money Mustache "Start Here" page. That page, along with links to supporting articles is awesome. People who follow his financial advice have a much better chance at an awesome life full of options and opportunities.

Getting Rich: from Zero to Hero in One Blog Post

[selhars]

No.

Living with roommates....is that "living on your own?"

[galaxyhi]

Jfoster94:

We do need more info as mysticaltiger said.

Are you part time or full time? If full time, the answer can be yes, if you: watch every penny, keep your housing cost at or below 25% mystical mentioned, can take public transportation, keep all utilities nd foid and other living expenses lower than 1 paycheck, and start savings plan.

Here's loosely a general rule:

1 paycheck goes to rent or mortgage (25%)
1 paycheck goes to transportation ( car, including gas and insurance and maintenance) or public transport or cabs
1 paycheck to cover utilities and food and other living expenses,
1 paycheck directly to savings.

That is a general rule to live by.

There are 4 5 week pay months in a year. That extra 5th paycheck can be used for savings, vacation, or other expenses, or to find an emergency fund.

An emergency fund is just that, savings to cover emergencies or periods of unemployment, etc, any REAL emergency.

If you start living by that general rule you'll do fine.

Once you get your e-fund (6montgs to one year liv8ng expenses) set up, and have substantial savings, you can tgem start investing for retirement. If you follow this general rule, you might be able to retire early if your investments do well.

But for now, start saving, and:

Check out apartments ads, look at roommate situations, and find out what it really costs. If you work downtown, you might habe to live downtown. Being closer to work is also a valuable thing. Look in the paper, check Craigslist, but do NOT give your first months rent and security deposit to any one until you have seen the place and are signing a lease. Do not send any money to "hold " the place etc. You'll get ripped off.


And yo the poster who questioned if roommates constitutes " living on your own"....yes it does. It means you have no parental support, not that you literally live alone.

Good luck jfoster94.

You might have to get a second job, but if you stick to the above, you'll do ok in life.


Ps, I make minimum, and have disability, and my other half has two jobs, one at minimum and the other slightly higher. We OWN our house, own two cars and have some money. It CAN be done.
Keep track of every penny you spend and know where your money goes. Do not get into debt except car or mortgage. You'll do fine then.

[MrRational]

Originally Posted by JFoster94

Right now i'm making 10.50 an hour and its not looking like much to be enough to live on my own

It's not. Anywhere.

The question is about what sort of situation your WEEKLY net allows for.
$10.20 x 40 - 20% (FICA etc) = $326 for housing (including utilities).

...any advice is welcome and appreciated

Focus on share situations.
YOUR question is about how many you have to share with to stay under $326/month.

[rjm1cc]

I would try getting a job at an apartment complex. Could be you get a free apartment for being on call at night and work your other job during the day or get a full time job at the building that includes an apartment.

Other than that rent a room in a house or get a roommate.

[Rakin]

I have a friend who makes that much money and the only way he does it is because he lives in his car. Not advisable for most people.

[sholomar]

Kenosha, WI area has a need for workers and still has affordable housing and rentals. I wouldn't settle for starting for anything less than $13-14/hour starting for factory work, working up to $16+ after a year or two.

[Suburban_Guy]

No.

[ItIsWritten.]

try subsidized low income apartments in your area. You'll pay 30% of your income for housing with free trash or water or both


try jobs which come with housing- in our area, the ski resorts provide employee housing for about 4-5 months out of the year


You could save up for an RV to be able to park it anywhere. Then stay at motels or put an add on Craigslist you want to rent a room for 50% of the time. Then live in your RV the remaining 50%.