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Will I be able to???

I am 25 y/o and I would like to move out by the end if this year.I wrk in a lab making about $17/hr,paid weekly.(Thank God every day for my job) I just got my driver’s license and looking to get a new car within the next couple of months. Is is possible that I could move in to a 1 BDRM apartment plus car payment. I would really appreciate some responses back maybe from people who are in the same sitution I’m in or anyone. thanks

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Answer #1

Make a budget. At $17/hr, you should be bringing home roughly $2900 per month. Consider saving for a few months and paying mostly cash for a used car (new cars depreciate a ton…used cars are a much better value, even if it’s only a few months old) and finance the rest over 12 or 18 months tops. I don’t know where you live, but if you figure $850 for a 1BR apt, that still leaves you a lot of room to save, pay bills and cover other expenses.

Considering how much you’re making and how few expenses you have, now is the time to start saving as much as you can while avoiding racking up debt. With this economy, there’s no guarantee your job will last and having a nice savings account and a paid off car can be a life saver.

Good luck!

Answer #2

It’s very do-able depending on your expectations and the local cost of living. You have to realize that an adjustment in your thinking will probably have to occur. You have been living at (I’m assuming) your parents’ level of income which is probably considerably higher plus they are well established with a home, credit, etc.

Good Luck!!

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