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Anonymous
Anonymous asked in Business & FinanceOther - Business & Finance · 2 months ago

Do you think I can live off this?

I’m a college student and I have a part time job. I make around $12 an hour and I’m looking for a roommate. The apartment is around $500. Can I live off of this?

Update:

I work 4 hours each day.

4 Answers

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  • Judy
    Lv 7
    2 months ago

    how many hours?

  • 2 months ago

    In many places, such as San Francisco or Manhattan, no.

    But since this is going to be in a place where there are apartments for only around $500, maybe.

  • n2mama
    Lv 7
    2 months ago

    If you work 20 hours a week, you gross about 1000/month, so you would need the roommate (with income of at least about the same as you make) to have any hope of getting approved by the landlord. Now, I am assuming that you mean the total rent is 500, not your half of the rent is 500. If the total rent is 500 and you would split it and only pay 250/month for rent, you can probably make it work, assuming your other living expenses are minimal. For example:

    1000/month gross income-let’s assume after taxes you have 850/month net income

    -250 for rent (600 remaining)

    -100 for cell phone and other utilities (this is pretty low, but  with the right cell phone plan, possible) 500 remaining

    -75 for transportation costs (this assumes public transportation, no car, because insurance and gas are probably more monthly than that) 425 remaining

    -200 for food (this is eating at home and cooking cheap for yourself) 225 remaining

    -50 for “other” groceries, such as soap, shampoo, toilet paper, household items. 175 remaining

    -100 for entertainment. This is your streaming service or cable, your wi-fi, your going out with friends, etc. 75 remaining

    -75 the money you have left needs to go into your savings account. If you have a week or two where you don’t get as many hours at work, you’re going to be hurting, so putting every extra penny away when you can becomes critical.

    All of this assumes you have no other debt (like credit cards) and you’re willing to live pretty tight. It is not going to be fun, and you will be one paycheck away from a serious financial crisis. But lots of people live like this, it certainly can be done.

  • Anonymous
    2 months ago

    Landlords don't want your rent to be more than 28% of your gross monthly income. I guess between the 2 of you. You left out how many hours you work.

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