or Commuting est. Groceries/Food -$450 I am single working a full time position. Use this worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to figure out what you could realistically afford, if you must move. This only takes into consideration the roof over your head. Total/yr (50 wks paid) $40,000 Based on what i made last year being a full time worker, I would appreciate some feedback. First Apartment Budgeting Worksheet What will I need to do in order to live comfortably.Rent& utilities will be the only things that I am responsible for. cable/internet (20% of rent) -$100 For food I eat very healthy for less. We figured you a budget with 25% saving target. That is not enough. Public transportation monthly pass (est. Credit Cards $0 -$60 Utilities, incl. No car or loan payments. Im not sure if this rent falls within a reasonable rate or if I should look for something more economical. Double check the numbers and let us know if they make sense. Input your net (after tax) income and the calculator will display rentals up to 40% of your estimated gross income. We have just tested it on Explorer, Firefox, Chrome, Silk and iPhone and it worked on all. https://www.myfirstapartment.com/2016/07/how-much-rent-can-i-afford-on-my-hourly-pay/ State Income Tax $2,965 Maximum Rent -$650 I couldnt understand why they would go by last years income for my rent when I an out of work? Can you find a nice place in your market in the $600-$700 range, that you could afford without your tip income? See estimate below. $0 Good luck! We never share your info. Other fixed bills The compounding effect of inflation would account for 22.07% of returns ($8.10) during this period. Cash left for Discretionary Spending, if has car $346 Find your salary and navigate tips on improving your earning potential. After tax take-home $25,875 Im hoping to find a place for $850 at max. Car insurance payments $0 or Commuting est. Monthly take-home pay (above /12) $1,813, Monthly Essential Living Expenses based on this what can i afford, i can do without cable for a while. Calculation Instructions: Enter the before raise pay rate. After tax take-home $33,450 Please give me some of that good advise and numbers! Per month take-home est. Cell Phone -$74 Hours 40 As a second step, we suggest that you use a budgeting worksheet, like this one we have on the site https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to fine-tune your income and expense estimates and find your affordable rent. Hi Bristol, Max. Estimated Utilities: $112 Hours 40 per hour, Regular Work Hours/Week: -$40 Thanks! Credit Cards $0 Total/yr $60,000 If you worked 55 hours in a week, your overtime hours would be 15. Based on your listed and our estimated expenses, you could afford our formula rent = 35% of your take-home pay, or $1,222. Estimated annual take-home pay 15912 Target Savings To Move Out: $2,100. Gas -$50 Previous pay period? Have you considered looking for a roommate share. I also pay a car note thats $343 a month. Hi Katherine, I put 4% of this into my 401k (Approx $1,200 per year after deductions) Car, 451/mo, insurance 78/mo, credit card 0/mo, phone 130/mo. Paying about 2500 per year including books and supplies thanks to scholarship. Please help me out and respond, would appreciate it. Thanks Lisa, we appreciate your nice words! $125) -$125 Cash left for Discretionary Spending, if has car. Savings (target 10% of take-home) rent based on your estimated take-home. Cash take-home -combined $2,533 Estimated annual take-home pay $26,438 Thank you. Monthly take-home pay (above /12) $3,023, Monthly Essential Living Expenses Why dont you download our apartment budgeting worksheet and use that to double check the rent and include all your expenses. Health insurance 300-400$ Joes Budget Hi Chris, Thanks for the help. Groceries/Food -$300 Devons Budget: Hello! 3.) Laundry/dry cleaning est. Cash left for Discretionary Spending, if has car $401 Good luck! The chart estimates that at $9/30 hours your max. Hi. for 2 -$450 Utilities run an average of an extra $150 they said. Most employers will pay this tax annually with Form 940. Im sorry to post again. If your combined monthly take-home is $2,000, then your max rent is $700. This is a return on investment of 144.86%, with an absolute return of $21.73 on top of the original $15. Savings (target 20% of take-home) -$933 Use our printable budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to do a detailed calculation to find out your affordable rent. VM is going to spend $1500 a month on a car??? Thanks for your comment! My bills include a car payment of 345 a month and 140 a month in insurance. How much can I afford?. $125) Car payments -$343 This is slightly higher than the average of 18% we found in our recent utility cost survey, but in line with costs in many areas of the country. Savings (target 10% of take-home) $175 Looks like $1,000 rent is doable and leaves you plenty of room for savings. Clothing, entertainment, vacations, etc. Then you must consider your fixed bills (phone, loans, etc.) How have things worked out for you? This is the section you should have used if your $2,000 a month will not have any taxes taken out of it. -$3,600 Car Insurance/parking -$9,225 $0 Car insurance -$150 Hi, I make about $650 for two weeks every month, so $650 + $650 = 1months pay. I really want to do it, but I get so many different answers on these rent calculators for how much rent I can afford. Im single with no dependents. Car loan or lease payment -$420 Minor discrepancies can occur because we use the latest CPI data for inflation, annualized inflation numbers for previous years, and we compute S&P price and dividends from January of 2015 to latest available data for 2023 using average monthly close price. No To calculate the hourly pay from the yearly salary: Determine the number of working days per year. -car insurance: $90 per month Student Loans $0 Currently my bills are car payment and insurance about $336, phone $116. 85 dollars an hour is what per year? Student Loan -$300 or Commuting est. With your good combined income and low expenses, a landlord would be happy to rent you $2,125 apartment and youd still be able to pay your expenses, put 20% of your take-home to savings and still have money left over for discretionary expenses. I want to be comfortable and not feel like all my income is going towards rent! Car loan or lease payment -140 Cash left for Discretionary Spending, if has car $355 Health Insurance $0 -$22,000 I make $12.50/hr and get paid Bi-weekly with 40/hr per week. Thanks! Remember there are two of you so use $450 for food. I pay $850 with utilities included. A reasonable rent for you is probably somewhere in the $600 range. Your car expenses are pretty high so the lower priced options looks more likely. While it may be very convenient and popular to use time in daily conversations, it can get confusing if we use the time format to add hours, specifically for payroll. My take home pay is about close to $1000 a month and the landlord said they go by the last six check stubs and 30% of my annual income how much should I expect to pay for rent. or Commuting est. Id like to save more this time around but the rent in the city is so insanely expensive, and thinking of moving out on my own seems very daunting. Car insurance -$50 Cash left for Discretionary Spending, if public transportation, I bring in 3190 after taxes and health insurance. Id love to hear your thoughts! It shows that your max. Student Loans -$350 rent -$500 Use our easy printable budgeting worksheet to figure out what you can afford in rent. Annual Salary (see below 1.) The number of regular weekly hours you work in the second box. It's also important to keep in mind other benefits beyond just the mighty dollar. $0 Since you use a lot of electricity you should estimate at double the average, or around $110, to start with. The 2 bedroom apartment itself is about $890/month with all utilities included and it is fully furnished, it is also cheaper by about $200 including the $60 recurring parking pass fee. 1.) Credit Cards $0 https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ Congratulations on your graduation and good luck! Hi Alex, Savings (target 10% of take-home) -$333 More information about the calculations performed is available on the about page. I stay in Texas Beaumont, south east of texas. I also want to add that I have 12,000$ saved up in my savings account. If you take home $1,000 a month =$12,000 a year, so 30% is $3,600 or $300 a month. DISCLAIMER - Hours to Decimal Calculator Clothing, entertainment, vacations, etc. So really figure youre more at $1,800-1,900. Laundry/Dry Cleaning -$40 or Commuting est. Hi Leila, Cell phone -$45 -Phone: $60 Good luck! Cash left for Discretionary Spending, if has car $161 I have no student loans or credit card debt. You should aim to have at least $500-600 a month after all your essential expenses, to cover discretionary expenses and start building an emergency savings fund. I pay $80 a month for my car insurance and my parents cover my other expenses. Public transportation monthly pass (est. Savings (target 10% of take-home) Ian earned his degree in Computer Science from Dartmouth College. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ The U.S. CPI was 237.017 in the year 2015 and 304.127 in 2023: $15 in 2015 has the same "purchasing power" or "buying power" as $19.25 in 2023. You can print out the worksheet here. So Ill know exactly what Ill be paying each month in advance. 262 car payment for 10 more months and 130 dollars in student loans. Student Loans $0 Gas est. Your Budget Since there are 52 weeks a year, this leaves 4 weeks of pay every year that is not in the calculation and we recommend that you budget those extra paychecks for savings or paying down loans. or Commuting est. Less: Other deductions (health insurance, 401K, etc.) Our rough calculations below indicate that at the basic formula, 35% of your take home or $770, you do not have enough left over for savings or discretionary expenses. Hour Calculator - Easy Hours and Minutes to Decimal Converter check out our free apps: or HOURS AND MINUTES CALCULATOR - WITH WAGES Enter Time: Hours Minutes See Your Total: Decimal Hours Total Hours Decimal Hours Name (Initials) Date Hourly Rate $ Total Pay $ CALCULATE March, 2023 Hours Calculator The apartment I am looking at is $535/mo and i would like to know if this is feasible for me. Car: $500 Cell phone -$80 Print out this budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ Good luck! Cell Phone -$120 Hi Kim, Max. What was your after-tax pay last pay period? Which browser were you using? Maximum Rent -$500 Car Insurance -$150 Health Insurance (See below 3.) Utilities 20% of rent (electric, water, trash, internet) -$138 The good thing with the cell phone is that you are now starting to build your credit profile and score. Public transportation monthly pass (est. Not food, gas , doctor bills , things you need etc etc etc. How much would he pay? Dont know how much I can afford. What would be the perfect price range for me to look into? Gas for car $80 Im wondering if I am good to move? Car Insurance -$150 You might be able to live more frugally than our average expenses, and put in some money into savings. Car insurance 100$ Car payment is $220 monthly Health Insurance (See below 3.) Converting your hourly wage to its equivalent salary is easy using Indeed's salary conversion calculator. But before you start packing, double check the numbers using this budgeting worksheet. Hello, I am looking to get a one bedroom apartment and my salary will be approximately $80,000 on a 1099 tax form pre-taxes. Total Monthly Essential Expenses -$3,320, Cash left for Savings and Discretionary Spending 4.) Total/yr (50 wks paid) $14,820 How to calculate the average monthly salary? Is this above my means? cable/internet (20% of rent) -$200 Utilities 20% of rent (electric, water, trash, internet) -$219 Good luck! As a result, we estimated your max. Im single but have 2 dependents. Maximum Rent = 35% of take-home -400 Good luck! Car Insurance -$230 Total/yr (50 wks paid) $35,000 Total Monthly Essential Expenses -$1,643, Cash left for Savings and Discretionary Spending 4.) I make $66000 annually. Monthly take-home pay/12 $3,333, Monthly Essential Living Expenses Should my rent subsidy be based off the past few months where I picked up a shift most paychecks or based on my guaranteed income and not the extra shifts? You might also run them on a 40-hour week, because your rent will be due even if your boss has to cut your hours. I work part time making 10/hrs, 32 hours a week. How much can I afford? rent -$1,400 After tax take-home $40,600 Est. MFA Editors, Hi Heather, If you are paid hourly, estimate annual pay by multiplying weekly hours by hourly rate by 50. 30% of that is $15375/12 months=$1281.25 for living expenses. My car insurance is $67/month. I dont have car payment nor student loan. Laundry/dry cleaning est. Personally, I use my tried and true Excel worksheet. The 35% of take-home is a more conservative formula. Thank you for this tool! Laundry/Dry Cleaning -$40 This chart shows the average rate of inflation for select CPI categories between 2015 and 2023. Car insurance -$175 Pay/hr $16.00 Laundry/dry cleaning est. Car Insurance -$150 Her daughter lives with her mom, but she doesnt want to be disturbed. So I make about 44,000/yr. rent 35% of take-home -$1,118 Max. Use this worksheet to input your income and all your expenses https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/. Car loan or lease payment -$142 Total per 2 pay period month: $1,600 If the landlord would allow you to adjust for that $200, then 40 times $1,150 is $46,000. I have $40 phone bill and $100 insurance bill. In order to evaluate the real return on our investment, we must calculate the return with inflation taken into account. Good luck! hi i get payed monthly 1,363.00 what is my rent. -$40 This rough budget shows that a rent in the $1,200 range should be doable for you, but it maybe missing major items. Car insurance -$100 2. Loans -$130 Laundry/dry cleaning est. Utilities 20% of rent (electric, water, trash, internet) -$168 https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ Good luck! $125) 6 New Years Resolutions To Make the Best of Your First Apartment, 6 Apartment Budgeting Tips for the New Year, If you have a fixed salary, the calculation is, If you are an hourly employee and get paid varying amounts on a weekly, every other week, or twice a month schedule, the calculator works from your. Do you get paid every other week or twice a month? Can I afford this apartment? Use the annual pay to salary calculator above. Hi Azaria, Hi Allie, Car loan or lease payment Groceries And food is 500$ because we have kids Good luck! of hours worked in a week Hours Calculator Use this worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single to figure out how much rent you could reasonably afford and start saving for the move-in costs (about 3 times your target rent). Car payments $0 cable/internet (20% of rent) -$120 Other fixed bills Gym -25 Hi Mo, Utilities, incl. Groceries/Food -$300 It is the worst kind of debt, with super high interest rates. Good luck! Max. Gas est. Hours and Minutes Calculator $393 Laundry/dry cleaning est. Hello! Clothing, entertainment, vacations, etc. Good luck! I am looking to rent an apartment in the city for $575 plus $125 parking and $150 in utilities. Groceries/food est. Check out this post. You are absolutely right that you need to look at your individual financial situation before you know how much rent is the right level for you. Salary; Contact Us; What Salary Equals $15.15/Hour? First Apartment Budgeting Worksheet Good luck! Thanks for your nice words about the site. I was paying the pseg and cable bill at my house about 350. Groceries/Food -$250 Utilities, incl. Cell Phone -$80 What is a paycheck? Public transportation monthly pass (est. or Commuting est. Credit Cards I have owned my own home for over 13 years. Gas est. $125) What is the most I should spend for rent? All Rights Reserved. -$300 No need to get morbid, there is a place for you somewhere. Hi Alexis, Student Loans The current inflation rate page gives more detail on the latest inflation rates. Reading your budget you are not accounting for misc expenses like saving, internet, etc. No car payments. Rent -$1,030 Thank you! The sad truth is that in many markets, such as yours, there is an imbalance between what young people earn and rents. Good luck! Cash left for all other expenses/Month $332 Please help and Thanks. Hi Andrew, I have yet to factor in groceries but it isnt that much for a single person. Savings (target 10% of take-home) -$257 -gas: $90 per month Student Loans -$60 Hi Skylar, I make $150K annually and I do own my own vehicle now. $30,000 Groceries $350/month Student Loans or Commuting est. The dollar had an average inflation rate of 3.17% per year between 2015 and today, producing a cumulative price increase of 28.31%. or Commuting est. Hi Cherie, Alexis Budget: Time and a half for common hourly pay rates Do you think you could provide me with some advice? im just looking for a one bedroom apartment. Student Loans 10-Year Mortgage Rates. You can factor in paid vacation time and holidays to figure out the total number of working days in a year. Other fixed bills Est. im not factoring this because when i get the HELL OUT of here they are on there on. Cash left for Discretionary Spending, if has car $540 If you get a nice place for $900 or less, youll be in good shape financially. Other fixed bills -$330 By calculating the value in 2015 dollars, the chart below shows how $15 is worth less over 8 years. Utilities 20% of rent (electric, water, trash, internet) -115 I marked No on the first two questions and Yes on the third question (I get paid bi-weekly). Hi Senior, Perhaps start with any of these three, compare it to the going rate in an apartment you feel is appropriate for your age and lifestyle, and see if you have anything left over.