Credit Cards Take a look at the chart in this post. Monthly take-home pay (above /12) $1,875, Monthly Essential Living Expenses Double check all the numbers, just to be sure something is mot missing. Clothing, entertainment, vacations, etc. Utilities, incl. Laundry/Dry Cleaning -$40 Less: Other deductions (health insurance, 401K, etc.) Clothing, entertainment, vacations, etc. Mike, cable/internet (20% of rent) -$100 $125) After tax take-home $37,800 Cell phone est. Monthly take-home pay (above /12) $3,491, Monthly Essential Living Expenses Good luck! Utilities 20% of rent (electric, water, trash, internet) -$168 Im looking for 600 to 630/mo in rent is that possible with my pay? and nothing else to pay Hourly Paycheck Calculator - Payroll, HR and Tax Services Weekly 52 paychecks annually. $725 Seconds-+ Minutes-+ Hours-+ Hourly Rate-+ Add fees. Also of note is the Core CPI, which uses the standard CPI but omits the more volatile categories of food and energy. rent -$700 Cell Phone -$70 $90,000 If that is not an option, use our printable budgeting worksheet to estimate with your real numbers what your finances look like with that studio. Good luck! Hello, $125) rent at 35% of your estimated monthly take-home, or $1,400 and added to the monthly expenses medical insurance premiums. Cell Phone -$100 Hello! New York experienced the lowest rate of inflation during the 8 years between 2015 and 2023 (2.57%). Hourly Wage Calculator - CalcuNation.com - Online Calculators Many of my friends say I want to live a Rockstar lifestyle. Utilities, incl. Use this worksheet to see how much you could realistically afford. You might go even a bit higher, if that will get you a safer and better place. Monthly take-home pay (above /12) 1700, Monthly Essential Living Expenses or Commuting est. -$40 Im biweekly and make $12hr while working 40 hours each week. Anyway, input your income and expenses into the worksheet and see if you have enough left over for discretionary expenses and, hopefully, some savings. Im planning on moving to a 2B2B Near WDW at $1160/mth (water included) with two others who make $10.50 and $11.50. Cash left for Discretionary Spending, if has car $400. Your Budget What makes this possible for you is that you do not have car or credit card bills. Hi OhYouKnow, Thanks Angie for your nice words. I have found one for $ 1295. Hi Carlton, Utilities, incl. To add to my previous comment, I take in about $4130 per month after taxes We did assume youd save 5% in your companys 401K plan to get the typical match, but you need to also start building an emergency fund, 3-6 times your monthly expenses. Callies Budget: I found an apartment for $1150 I also usually spend $120 on gas. Gas est. Savings (target 20% of take-home) $0 Internet $85/month rent -$700 Student Loans $0 Compare this to the standard CPI measurement, which equates $15 with $19.25. Affordable Rent Calculator - My First Apartment Amount. -$146 Your Budget Car Insurance insurance -$115 Clothing, entertainment, vacations, etc. Is $15.15 an hour good pay? Thank you for your response. Credit Cards $0 If we have a $100/mth food budget, can we make it and still be able to save? $35,560 Most apartments start out at 1100 and go up so I actually just rented my very 1st apartment ever 1100. Use this worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to estimate how much rent you could pay and still have $75-$100 a week for discretionary spending. Target Savings To Move Out: $1,680. Car payments -$279 Hope this helps you to understand where the calculator comes from. Annual Salary (see below 1.) Also, add your health insurance premiums to the expenses, unless your employer pays. https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ -$300 rent -$690 Cheapest places are literally in bad neighborhoods and I pretty much a family of 3 (me,my daughter and my gf). Good luck! Affordability Calculator - Zillow: Real Estate, Apartments, Mortgages Hi Etienne, (Yes, we know there are 52 weeks in a year, but many hourly earners do not get paid sick or vacation days, so we use 50 paid weeks.) taxes/deductions 25% ($11,000) The average inflation rate of 3.17% has a compounding effect between 2015 and 2023. Child care Car payments $0 Car insurance -$140 Cell phone a 401k program. What Salary Equals $15.15/Hour? - CalculateMe.com - Comprehensive Total annual pre-tax 125,000 It will be tight, but you have a very nice savings account for emergencies, although it does not look like youll be able to add much to that after you move. Previous pay period? Thanks! Privacy guaranteed. rent -$900 My car insurance is $67/month. Car payments $0 Can i afford rent and utilities with my payments and what do you recommend i do? Check out this post. Hopefully you dont need to do that. Savings (target 10% of take-home) -$333 That would include rent, utilities, insurance and any other fixed monthly expenses. The hourly to salary calculator converts an hourly wage to annual salary or the other way around. It is easier and more common to use hours and minutes, for example, my appointment is at 11: 20 or I will arrive in 45 minutes. Unemployment tax in California should be paid quarterly via the Employment Development Department. or Commuting est. But you need to run your numbers in more detail using this budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/. There was also a car accident, etc. Look into low income housing assistance or childcare assistance/vouchers. Good luck! Will I be able to afford rent within this range based on the criteria provided? Cash left for Discretionary Spending, if has car $399 Hi, i make about 800-910 a month. Hours Calculator plus dog food -$400 i make 14 an hour and i work 40 hours a week and im trying to move as fast as possible the only thing i pay for is my car insurance being 290 and my phone bill being 50. how uch rent could i afford with that being said? Other fixed bills Maximum Rent = 35% of take-home -$1,540 Gas est. -$40 The car is not over a year old so it would not be worth selling, otherwise I would! Looks like $690 rent is too much. or Commuting est. We did a rough budget for you below that shows that you could not even cover all your essential expenses, let alone have money left over for such things as clothing. Total/yr $60,000 Thanking you in advance for all o your help. 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. Rent at home $400 I think I might be able to spend up to $700 on rent? Total Monthly Essential Expenses -$1,644, Cash left for Savings and Discretionary Spending 4.) Save my name, email, and website in this browser for the next time I comment. Even if we go as low as $300 rent, it does not leave you much of cushion for all the other living expenses. Your Budget And thanks for your feedback. Car insurance 100$ Acccording to your income you cannot afford anything more than $500 a month for rent. Groceries/Food -$300 Hi there! First Apartment Budgeting Worksheet Clothing, entertainment, vacations, etc. Click on a category such as "Food" to toggle it on or off: For all these visualizations, it's important to note that not all categories may have been tracked since 2015. To calculate how much rent you can afford, we multiply your gross monthly income by 20%, 30% or 40%, based on how much you want to spend. Use our apartment budgeting worksheet and see if you can afford that rent. Do you have a slow internet connection? Less: Other deductions (health insurance, 401K, etc.) Hi Allie, The gross pay in the hourly calculator is calculated by multiplying the hours times the rate. Student Loans I have a net pay of 3768.66 a month. Could you please help me out again? Could you please check how calculator is working on Google Chrome?.. cable/internet (20% of rent) -$120 Groceries/Food -$300 Cash left for all other expenses/Month $297 I make $10.50 an hour and work about 20 hours a week. I make $58K annually and plan to purchase (rent/lease) a new vehicle when I move to Atlanta. Utilities 20% of rent (electric, water, trash, internet) -$219 Savings (target 10% of take-home) -$319 Hello, I am looking to move into an apartment this fall. Car Insurance -$150 I make 38,000 a year per hour, Regular Work Hours/Week: Hi, I make $17 a hour & work 40hrs a week. Hi Marcus, MFA Editors. + Gas -$1,500 I dont want to live with anyone but myself, how much rent would be good for my budget? Car payments -$300 Hi Kendra, Fortnightly 26 Paychecks per year Utilities, incl. Student Loans -$350 My car insurance is 230, this would be my first apartment,my other expenses are around 330, and I get paid bi weekly. Car payments $0 You can download our printable budgeting worksheet here https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ and double check all the numbers, for example, your taxes are probably lower than our estimate. Clothing, entertainment, vacations, etc. Groceries And food is 500$ because we have kids Gas est. Hi Billie, Car Insurance For water, the average would be around $30 a month, but it will depend on your usage and water rates in Beaumont. 430 This was very useful good job! Less: Other deductions (health insurance, 401K, etc.) Other monthly costs about 200$ for little things here and there like clothing, cleaning supplies. Car loan or lease payment rent -$1,200 Will I be able to afford an apartment on this salary ? Groceries/Food -$300 I own a car, so no payments on that and insurance being covered by a family member. Public transportation monthly pass (est. Sorry the calculator did not work for you. Do you think $65 a month that is left for the two of you will be enough to get out of the apartment every now and have some fun with friends? cable/internet (20% of rent) -$161 Job 2 $600 With your good income, you are in a position to start out with smart money habits if you dont overextend on rent. He just has to work his way back up to that position at his new job. Hi Mikala, -$40 other: $100. Health Insurance $0 want to seriously consider a salary position. Credit Cards and drop in your actual numbers. My current salary is $65,000 a year. or Commuting $0 Savings, debt, and other expenses could impact the amount you want to spend on rent each month. Good luck! Per month take-home est. Calculate the gross amount of pay based on hours worked and rate of pay including overtime. Also no credit dept. of annual salary/40 = $, and go down from there until you get to a comfortable level. Total Monthly Essential Expenses -$2,430, Cash left for Savings and Discretionary Spending 4.) Other fixed bills I find I have about $820 left over to feed and cloth myself. This is the section you should have used if your $2,000 a month will not have any taxes taken out of it. Maximum Rent = 35% of take-home -$790 Car payments -$300 If I make $541 a week, totaling to $2,164 a month will I be able to float an $800 rent? Maximum Affordable Housing Expense: $572 Groceries/Food -$120 I believe internet typically is $40 per month (Internet is currently covered for me) Car payments -$350 Good luck! Car Insurance Hey, Im just trying to get opinions on whether or not i can move out on my own and not worry about going back home if things get rough. Child care or Commuting est. Your Budget Required fields are marked *. The basic formula landlords use for rent is annual salary divided by 40, or $2,000 in your case. Social Security Tax $3,801 First Apartment Budgeting Worksheet Hi Mermaid, taxes/deductions 30% ($18,000) Double check the numbers and make sure all big items are included. Estimated annual take-home pay $22,500 Published rates of inflation will vary depending on methodology. How much could I save up per month? I make about 52,000 a year based on a 40 hour week. Laundry/dry cleaning est. Savings (target 40% of take-home) -$1,517 Hard work never kills either. Est. 100 phone bill If not, then you can save even more. Savings (target 10% of take-home) $181 GSA has adjusted all POV mileage reimbursement rates effective January 1, 2023. $233 You can add multiple rates. Cash left for Discretionary Spending, if has car $495. Max. Health Insurance (See below 3.) Hello! Annual Salary (see below 1.) Cash left for Discretionary Spending, if has car. Gas -$50 Less: Estimated taxes 25% (see below 2.) Good luck! Use this budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to estimate how much you must earn to be able to move. Target Savings To Move Out: $3,360. This confused me at 1st because why is it only asking me one question vs all the questions that originally appeared?..and what were the other questions? Car insurance -$90 If you want to calculate the net income for a month or for a year you can calculate from this calculator by deducting all the taxes from your paycheck: $3,150 Let us know how this looks to you. Filers must also input dollar amounts for . Credit Cards Student Loans -250 Im moving from Providence, RI to Atlanta, GA and I think Im signing a lease which is out of my affordability ($1350). Thanks! Other fixed bills Target Savings To Move Out: $1,431, Hello, thank in advance for your time. Cash left for Discretionary Spending, if has car $290 $15 an hour is how much a year? (15 dollars an hour is how much a year?) or Commuting est. Car payments $0 This only takes into consideration the roof over your head. Est. Cash left for all other expenses/Month $320 $3,313 Double check all the numbers, before you start looking. My take home pay after taxes is around $2400-2500. I make 26.50/40hrs. Good luck! The above easy-to-use calculator uses the formulas from this post for calculating your maximum affordable rent. $2,800 Good luck! According to the Bureau of Labor Statistics, each of these USD amounts below is equal in terms of what it could buy at the time: This conversion table shows various other 2015 amounts in today's dollars, based on the 28.31% change in prices: Inflation can vary widely by city, even within the United States. I want to be comfortable and not feel like all my income is going towards rent! Student Loans Good luck! When $15 is equivalent to $19.25 over time, that means that the "real value" of a single U.S. dollar decreases over time. Clothing, entertainment, vacations, etc. Your gross income monthly: 2,240. Groceries/food est. I pay 370 a month on my car payment and about 160 in car insurance. Maximum Rent = 35% of take-home -$1,300 In other words, a dollar will pay for fewer items at the store. Im just curious as of what my pricing range would be with utilities included? I have been looking at prices that where $830 per month and below for a 1 bedroom apt. Credit Cards -$200 Reading your budget you are not accounting for misc expenses like saving, internet, etc. Savings (target 10% of take-home) -$160 $0 Student Loans $0 Public transportation monthly pass (est. Utilities, incl. Credit Cards $0 And congratulations for picking a high-paying major. Multiply weekly wages with no. Annual Salary ($12*60 hrs biweeks*26) 18720 cable/internet (20% of rent) -$232 Cell phone -$30 what can i afford to live comfortable? Double check if that number works by using this budgeting worksheet. Previous pay period? Her paycheck will be 1,000$ or so every two weeks and mine will be 600+ every two weeks. Per month take-home est. Instructions for the Hour Calculator: Im willing to give up the car if it gets me a nicer place. I have a car note $439/month, insurance$112/month, and daycare $305/month. First Apartment Budgeting Worksheet Misakijys Budget: What was your after-tax pay last pay period? They may run higher seasonally depending on your location and the size of the house. First Apartment Budgeting Worksheet Hi Chris, Just eyeballing your numbers it looks like $823 is well within your budget and your income is more than enough to meet any landlords guidelines. Student Loans Cell phone -$200 The other option is to find a roommate and get a 2/3 bedroom townhouse. Thanks in advance! Less: Other deductions (health insurance, 401K, etc.) Estimated annual take-home pay $27,200 I work 40 hours at $13.50/hr & paid weekly in St.Louis. Below is our rough budget for your, based on your very limited information. Savings (target 10% of take-home) $175 Credit Cards $125) Health Insurance (See below 3.) if you get paid every other week or twice a month $800 Your Budget For your convenience, you can also use our minute to decimal converter above. Less: Other deductions (health insurance, 401K, etc.) 2.) -$160 Hi Andrea, In order to start building credit history, go to your bank and ask for a secured credit card. Other fixed bills -$40 Now, if you are a introvert homebody, maybe a 2br with a right roommate is a good option for you, and gets you a little more out of your shell. (Double check the income numbers against your pay stubs.) Hi I make 2500 monthly If you want a steady, constant paycheck that is predictable, you may https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ Good luck! Maximum housing expense is the total of maximum rent + estimated utilities. Gas -$50 I put 4% of this into my 401k (Approx $1,200 per year after deductions) Car Insurance/parking -$80 Use our easy printable budgeting worksheet to figure out what you can afford in rent. Now this means I am living on 1,444 a month. They can never replace someone doing it the long but accurate way. Credit Cards $0 -$40 cable/internet (20% of rent) -$100 Hi Rosario, After tax take-home $23,800 After you calculate your maximum affordable rent and housing costs, you should double check that you can afford that rent even after deducting from your take-home all your other fixed expenses (car loan, insurance, student loan, credit card, etc.). I rent a massive bedroom(20*20) own bathroom and a private kitchenette. $125) With a monthly income of 2k you have to add all the extra expenses beside the rent, Monthly phone bill: $45 (mine) Cash left for Discretionary Spending, if public transportation. Total/yr (50 wks paid) $18,400 or Commuting est. -$50 Cash left for Discretionary Spending, if public transportation. Please help and Thanks. Car loan or lease payment -$449 Negativity all over the internet smdh This is a really good tool. See below. Our formula estimates that you should afford about $650 a month, but with your high phone bill (3 phones?) Monthly take-home pay (above /12) $2,625, Monthly Essential Living Expenses
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