Can I live with 3300-3600 a month with 2 people? (Bristol: lease, car insurance)

[2GSDS0820]

Okay, I am currently 19 years old working 2 jobs. One is a $10/hour- 40 hours a week job. The other job is just a minimum wage weekend job. My girlfriend also is a manager. She brings in roughly 700 every 2 weeks. All in all this totals out to be about $3,300-$3,600 a month.

My uncle is offering us a spectacular deal on renting this house. It has 3 bedrooms 2.5 baths. Indoor garage. Huge fenced in yard for our dogs. for $500 a month.

Now This would be the first time I move out on my own so to speak.

I have no clue as to how much the utilities would be.

I don't need cable. I just need my internet.

This house is out right next to NESU and the Tri-Cities Airport, so Blountville I believe. I know the pricing of some utilities will change based on city/county.

Am I to in over my head? Me and my girlfriend have been looking for a place of our own for a while, and I don't want to just jump the gun!

Can you all give me a rough estimate as to how much I will be spending a month on everything. Here is what I know so far.

-per month-
Internet: $40
Dog Food: $100
Phone: $60
And with everything else I will need help on.

[DubbleT]

Car payment (s) and insurance?
Where are the jobs, you'll need to estimate cost to fill your cars with gas and my daughter was running through $30 -$40 weekly going to Northeast State from Bristol, so it can add up
Utilities - depends on a lot of variables, size of the house, how well it's insulated, your lifestyle. You might be able to find out from your uncle which utility company and contact them to see if they can trll you the average use based on history. I don't know if all utility companies will do that.
Your internet estimate seems low, unless it's part of one of those bundle deals
I get by on less than 3k per month but I live frugally and have no monthly car payment, so I think it can be done if you really want to.

[2GSDS0820]

Originally Posted by DubbleT

Car payment (s) and insurance?
Where are the jobs, you'll need to estimate cost to fill your cars with gas and my daughter was running through $30 -$40 weekly going to Northeast State from Bristol, so it can add up
Utilities - depends on a lot of variables, size of the house, how well it's insulated, your lifestyle. You might be able to find out from your uncle which utility company and contact them to see if they can trll you the average use based on history. I don't know if all utility companies will do that.
Your internet estimate seems low, unless it's part of one of those bundle deals
I get by on less than 3k per month but I live frugally and have no monthly car payment, so I think it can be done if you really want to.

I have the car insurance taken out of my paycheck. Cause I work with family and I am on their policy. Work is about 15 minutes away. (Near the Ft Henry Mall). Charter is doing 60mbps for 40 a month. I have 3 vehicles all mine don't owe money on them. It's not too big of a house at all its 2 story's bottom floor has a little finished office area. And the garage is right there too. And upstairs 3 bedrooms. I'm just looking for a rough estimate. Do you think I'm getting in over my head? If you had to make the call.

[Serious Conversation]

Is that your before tax or take home pay? If it's take home, you should be fine as long as you don't live lavishly. That's probably about what the middle household in the area makes.

[2GSDS0820]

It's take home pay.

[wombattver]

I can't think of many situations/places where you and your girlfriend could live reasonably paying only $250 per month rent each! If you are ready to live on your own, it looks like that is the best deal you will ever see. It's an exciting step!

Are you living with parents now? Check out their monthly payments for gas, electricity, water/sewage/garbage. Remember to think about heating costs and air-con. If you can take a look at a few of their previous bills, you can get a good idea of the normal usage per month of gas, electricity, etc. Your uncle may even have some specific utility bills for that house that you can see.

Have you made a budget before? Besides the utilities for gas, electricity, water/sewage/garbage, your monthly budget should include your groceries, gas/car payments/insurance, cell phones, landline if you want one, internet, entertainment - which would be going out, eating out, movies, buying music, etc. Keep a list of everything you spend for one month. Everything - even coffees, fast food, a candy bar, haircuts, everything. Then add in your "known-costs" of things like gas for car, cell phone, etc. Then try to figure out your "unknown" costs based on your parent's/uncle's utility bills. Then think about your once-in-a-while possible costs - doctor, dentist, vet, maybe a trip out of town, car repairs, further-education tuition or books, etc.

This can help you see what your true costs are and what your incidentals are costing and where you can save better. If you eat fast food a lot, you will see that it would save money to pack your lunches from home. You want to have a firm idea of all your expenses and what you could cut down on if you had some unforeseen issue to deal with.

Discuss with your uncle any repairs the house needs or could need. How about the lawn - you'd likely be expected to cut the grass, so factor in that time and the necessary equipment. You should also consider the expense of buying some furniture, kitchen stuff, TV, music equipment, whatever you think you might need to set up your new home.

A general rule of thumb is to spend about a week's pay on your rent. This is not always possible in or near bigger cities, but if you can cover your rent with just one week of take-home pay, you are in a comfortable position. Really, you just want to be in charge of your finances and know how much is coming in and how much you are spending. Otherwise, it's very easy to start the week with $50 in your pocket and have no cash by Saturday and not really realize all the little things you bought or where your money went!

And, finally, a word of caution – think long and hard about whether you want to move in with your girlfriend. It's a big step to move out on your own for the first time. It's an even bigger step to do so with a relationship. Maybe you two will be together forever... but maybe not. How serious are you two? If you have an argument, you can't just not see each other for a few days. When you mix your finances and your purchases with a lover, things can get messy. Even if you two usually spend most nights together anyway, think about what would happen if you break up? What happens to the couch and TV you bought together? Who gets the bed, the dog, the dishes, the toaster? Break-ups are hard enough without having to fight about dividing stuff. Will you both be on the lease? Will you split all the utilities and other costs? There are emotional and financial reasons why having a house-mate may be a wiser choice than a live-in significant other, especially for your first opportunity to live independently.
Good luck on your next big step!

[maggiekate]

don't forget medical insurance and car repairs also vet care for the dog.

[2GSDS0820]

I currently work at a mechanic shop so that wouldn't be much of a deal. (I hope lol). And me and her have been together for 3 years now. And have been super close our whole life. And yes we will both be on the lease. And we have been gradually getting items for the past year or so so we have a bunch of the stuff already.

[Serious Conversation]

If you're making $3300-$3600 take home, after rent, that should leave you about ~$3k. Without car payments or any debt, you should be able to live pretty well on that.

[wombattver]

Well, 3 years together is a good length of time for someone so young! I wasn't that grounded at 19! It sounds like you two have been working towards this for a while and it doesn't seem like you are jumping the gun on renting the place.
It's still a good idea to make a budget and plan your finances, if that sort of thing is new-ish to either one of you. You might also consider each keeping your own separate bank accounts and then having a joint account for household expenses and rent. Then you could each contribute a set amount per week/month or paycheck into the joint account to pay bills and rent. Also, if you haven't had utilities in your own name before, be prepared that some companies (gas, electricity, cable, etc.) might require a bigger deposit up-front, but it is usually refunded after a set time period. It might be good to get your utilities in both of your names so that you are both building credit from now on. Sounds like you are ready!