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Default Mar 22, 2019 at 06:49 PM
  #1
Is it possible to move to a $900 a month apartment when you make $2000 a month? I think it would work out but I’m not sure. This apartment seems great and is right by a bus stop. My grandma used to live in one until she died and it was a very nice and safe place. They even have an indoor pool.

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Default Mar 22, 2019 at 07:04 PM
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Absolutely, just budget your expenses properly and you would be fine.
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Default Mar 23, 2019 at 12:14 AM
  #3
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Originally Posted by Mountaindewed View Post
Is it possible to move to a $900 a month apartment when you make $2000 a month? I think it would work out but I’m not sure. This apartment seems great and is right by a bus stop. My grandma used to live in one until she died and it was a very nice and safe place. They even have an indoor pool.
That's almost 50% of your income. If 2000 represents after taxes, then you're probably cutting it thin if you have things like a car payment or other debt. Normally, the threshold is 35% pre tax.

OK let's do some math.....say 2000 is before taxes. That probably puts you at 1800 a month or thereabouts. Standard food expense is about 100 per month.....now we're at 1400 cash per month. Factor in other elements like spending money, insurance, electric, heat, and the like, and you're probably close to 900. I'd be careful with this one......but at the same time, we need to live somewhere.
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Default Mar 23, 2019 at 05:36 AM
  #4
$2000 is after taxes.

I don’t have a car. But yeah I’d have to start watching my spending. But it shouldn’t be hard. I think these apartments pay for electric but I’m not sure. I’d have to be frugal with water though.

I also have pretty much all my furnishings for an apartment except for bathroom stuff. Plus I’d probably have to get a small couch when I have company over. I have a lounge chair right now. I can get a good deal on a couch at my job. But right now I have a bedroom set and even a ton of kitchen stuff.

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Default Mar 23, 2019 at 01:53 PM
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Water is cheap.....about $30 a month. Electric heat, on the other hand, can be very expensive. Not having a car is a huge savings. The expenses sound minimal so I think it can be done at $900 a month if you can keep the food around $75 a week.
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Default Mar 23, 2019 at 05:37 PM
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I found out today I can have a dog at these apartments. I’ve been dying to get a golden retriever since I was 11. So that will be another monthly expense in food for him.

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Default Mar 23, 2019 at 05:48 PM
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I found out today I can have a dog at these apartments. I’ve been dying to get a golden retriever since I was 11. So that will be another monthly expense in food for him.
Food and health, and it might raise your rent a bit, there might be a deposit fee as well. Plus check the size limit of dogs allowed.

I would love a pet, but they can be so expensive. I am in about the same financial range, and i dont think i could swing it. Do you have good savings to fall back on?

How do you live now?
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Default Mar 23, 2019 at 05:54 PM
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I have over $5200 in my savings. My goal is to have $8000 by summer 2020. I currently live in a house with my mom and my brother. My mom has told me I absolutely can’t have a dog when I live at her house. So I’m pretty excited that this place allows dogs. Yeah I’d have to check out the size of dogs.

Basset hounds are pretty good too.

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Default Mar 23, 2019 at 09:50 PM
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Where I am at to get approved for an apartment you have to make 3 times monthly rent. For example if apartment is 900 a month you have to make minimum of 2700 a month or you’d not get approved. But they typically only look at gross pay. Apartment managers don’t care about your savings, they want to see your official monthly income. You can get a roommate then with two incomes it’s doable
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Default Mar 24, 2019 at 07:17 AM
  #10
I'd advise you to factor in the cost of utilities and any property taxes and/or monthly maintenance fees if applicable. Consider alsoyour removals cost unless hiring a van and a pair of strong guys to move in your bed, furniture etc. Budgeting is essential.

Need to ask here, but is your income of $2,000 before tax, or net after taxation? Sorry to add, but consider the rising cost of food/groceries and the price of gas unless taking public transport or cycling. Will you be dining out once a month?

Here in London I am taxed to death for being a high earner. I have to pay an additional rate of my taxable income. Last year this jumped from 40% up to 45%. Criminal.

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Default Mar 24, 2019 at 08:05 AM
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The norm is 1/3 of your net income (after taxes and deductions) is maximum you should be paying for rent. I suppose though it really comes down to your other financial commitments. Take into account your utilities, your debt payments, transportation costs, healthcare costs, and any other contributions and financial needs (remember, this is after taxes and deductions have been paid). Another thing you need to consider is move-in and set-up costs. You will require to pay a damage deposit on the apartment. Many locales require first AND last months' rent to be paid up front. There are connection fees to set up things like power, gas, water, television and so on. How will you do the move; truck rental? friends (this isn't free by the way, it is expected that you kick in a few bucks or at least something like a case of beer and pizza). Finally, when it comes to what you put into savings, the rule of thumb is to never have less than three months worth of your rent and other payments in the bank in the event of an emergency.

Yeah, this is a huge commitment to take on, but with a little forethought you can make this work. You may find yourself in the position you have no choice but to spend a higher amount on rent. You just have to budget accordingly and give up things you would otherwise enjoy.

My share of the rent and utilities costs me fully 70% of my assistance income. That doesn't leave a lot for my debt payments, fuel for my vehicle, medications, my share of grocery expenses, etc. But this is a choice I felt was necessary to make in order to live in a comfortable safe neighbourhood. We do without a lot of things like entertainment. We instead get books from the library, play cards and board games, go to free things like galleries and festivals, and so on. We have the most basic of television channels and rarely eat out. I think I see maybe two movies a year.

You really need to consider then what sort of lifestyle you are prepared to accommodate. Are there things you are able to do without in order to live in this apartment? How important is it to you?
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Default Mar 24, 2019 at 12:30 PM
  #12
$2000 is after taxes. Although sometimes it’s a bit more a month. I’d probably have family help me move in. I would have to change my lifestyle if I move out. I do spend a lot now but I also save a lot. Knowing I won’t actually have the money will make it easier not to spend.

Honestly, I’m bringing all this up because I just found out my sister and her family are moving out of state and I’m worried about how stressed and sad it will make my mom. I want to be set and on my own years before she dies. Sorry if that’s morbid I’m just trying to plan ahead.

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Default Mar 24, 2019 at 05:34 PM
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It would be tight but do-able. Some places charge a monthly fee for dogs do I would check that out.
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Default Mar 24, 2019 at 05:37 PM
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Yes, my apartment complex charges $25 extra a month as "pet rent" because I have a cat. Also there was a non-refundable $300 fee for the pet when I moved in.
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Default Mar 25, 2019 at 10:31 AM
  #15
It sounds like you have already given this a great deal of thought. I am happy to hear this. If your only or primary problem is the fear of disappointing your family then I think you already are somewhat prepared. I ask how close you will be residing to them? Would gathering at their place for say dinner regularly be a good concession to the issue? You would still have gained your much needed Independence yet in away also appear to depend on your mother.
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Default Mar 25, 2019 at 03:09 PM
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I won’t ever be disappointing them. My family is always going to be very supportive of me. I just want a place of my own so I won’t have to rely on them my whole life.

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Default Mar 25, 2019 at 03:50 PM
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Maybe there is something else you would like to do with the money you could save while living at home? Like going to school, or traveling?

Or buy a condo? For such high rent, it might make more sense to save for a while longer and then buy, you might have smaller monthly payments.

Maybe meet with a financial planner.
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Default Mar 25, 2019 at 03:54 PM
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I am saving money so I can travel as well as saving money so I can eventually move out. I’m going on vacation in June. My tax refund from this year is all in my savings and that is my vacation money.

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