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I am 22 years and I am making $36,000/yr after taxes it is ~$30,000 in turn, comes to about $2,000 a month.
I have a 2015 Chevy Cruise. My payment is $370/mo and my insurance is $250/mo
I work 1/hr 15/min away from home. I get out at five and have to be in class at 6pm to finish my degree.
I live with my parents, however, the drive is killing me. Whenever I get in my car its GO GO GO!
I want a place in the middle of my school and work to ease up on all the driving back and forth.
My plan was to pay off the car and then save for a down payment on a house.
But with what I make and what I pay on my car, could I get an apartment or a house and live well? or would I be stressing about bills and spend what I make each month?
I have my car payment and insurance so that is $640.00
And I do not do much more I would say video games and media probably $100 a month (can be cut down if needed)
Gas is another $240(two fill ups a week)
If your credit is good typically the bank will multiply your gross pay times 4 and say this is how much house you can afford. Doing the math they would lend you $144,000 for a house. Be careful going to that highest amount or you will always feel strapped. The old rule was the Quarter rule...
1/4 for house plus repairs and upkeep
1/4 for savings (not to be touched)
1/4 for day to day living expenses (utilities, food, clothing etc)
1/4 for entertainment, eating out vacations and car payments plus putting away 6 months income for emergency expenses and taxes
I would try to work toward paying off that car payment so you don't have that high expense in the day to day living expenses. (All the interest you are paying really adds up!!)
This also might help.... http://heartsofthegods.blogspot.com/...4-6-10-25.html
Renting is good but I do not like the idea of paying for a place I do not get to keep. Unless you have any other input that could help out.
And thanks @68551 That is a good rule. And yeah I hope to have it payed off soon. I owe about 23,000 on it still, and with a 2.9 APR.
I think that as soon as pay it off, renting or buying shouldn't be much of an issue.
Renting is good but I do not like the idea of paying for a place I do not get to keep. Unless you have any other input that could help out.
And thanks @68551 That is a good rule. And yeah I hope to have it payed off soon. I owe about 23,000 on it still, and with a 2.9 APR.
I think that as soon as pay it off, renting or buying shouldn't be much of an issue.
Don't make more than minimum payments on the auto loan. Rather, save money for a down payment. You most likely will have a higher interest rate than that on the auto loan.
Renting is good but I do not like the idea of paying for a place I do not get to keep. Unless you have any other input that could help out.
And thanks @68551 That is a good rule. And yeah I hope to have it payed off soon. I owe about 23,000 on it still, and with a 2.9 APR.
I think that as soon as pay it off, renting or buying shouldn't be much of an issue.
Home ownership has associated costs. Buying and selling real estates cost money. There are pros/cons of buying. Get the bold text out of your head... there are more to rent vs buy.
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