I need help with a budget and general financial advice.
I'm 24. I take the bus and use an electric scooter to get around — I have a mental disability that makes driving too risky & occasionally gets in the way of employment (been working on the SSDI process for the past few years, but I'm not treating it as a guarantee & hoping it won't be necessary either way). I'm currently working 2 part-time jobs, but my hours at both fluctuate each week, so I need a third (full- or part-time, I'm open to either) and I want to earn enough that I don't need to rely on my existing jobs at all. I live in California, so minimum wage is $16.9. Both existing jobs pay around $17.5. I'm on my mom's health insurance.
The story's too long & dramatic to get into, but basically I need to rent a room. I've done it before, but it was only for a few months. Now it's my only option. I'm looking for places near bus transfer points that each serve 4 routes and reach a bunch of important places in town. I'd either be scooter distance away from my existing jobs & potential jobs, or just one bus ride away. I already own a mini-fridge, microwave, and toaster from the last time I rented a room, plus a few other small appliances and pretty much all of the necessities for moving into a new one. Might be able to snag a little electric camping stove type thing from a family member too.
I made the budget below hoping to understand how much I'll need to make at my third job to swing it. I'm assuming worst case scenario for pretty much everything I can't already predict — most rooms in the area I'm moving to seem to hover around $600-$750 (plus or minus utilities, laundry, kitchen access, etc) and I'm actively avoiding anything over $850, but I want the wiggle room just in case. Grocery/Food number might seem low, but it's based on my current costs (I eat healthy & frugal; those are my priorities with everything, pretty much). I'm doing everything in my power to bring 2 small cats (+their supplies & toys), but I understand that it may not be possible. Someone sanity-check me, please.
– Rent: $600-$1000
– Utilities: $150 (got this number from Google)
– Food: $250 (based on current costs)
– Phone: $80 (still paying it off, might switch plans)
– Bus: $60
– Vet fund: $20
– Cat litter: $30
– Cat food: $60
– Laundry: $40 (assuming laundromat)
– Household supplies: $30 (got this number from Google, includes cleaning supplies, toiletries, etc)
– Medical fund: $30 (may bump this + the vet fund up when I'm settled and feeling more confident)
– Medications: $15
Anything extra will go to an emergency fund, then to savings.
If rent is $850, it's a total of $1615 per month, which means I need to work at least 25 hrs a week at minimum wage in the new job. I'm gonna shoot for 30+ (and not minimum wage obv, but even at minimum wage, 30 hrs would cover everything at $1000 rent to my understanding), but I am a bit worried about burnout. I'll also be applying for some of California's low-income programs to help with groceries and medical stuff.
Does this budget look right? Should I add or adjust anything? Any general advice for my situation? I've been spending the past week or so checking and rechecking my work. My family's always been financially unstable, so this stuff makes me crazy anxious & I think I need someone else to sign off on it before I feel confident about my numbers. Any input is appreciated. Thank you.
[Edits for spelling errors & grammar]
Renting rooms, budgeting, getting a 3rd job
byu/Active_Historian572 inpersonalfinance
Posted by Active_Historian572
3 Comments
You need to identify where specifically you live in CA. I don’t live there, but I have friends who do. It’s my understanding from them that you’re vastly underestimating the cost of rent, but my friends live in LA so I could be wrong.
The first thing that you need to do is figure out health insurance. Your coverage under your mom ends at age 26.
Medical fund probably can rolled into emergency savings unless this is for recurring co-pays.
Cellphone is expensive is that plan and service? Definitely worth shopping around. I pay 47 per line for a mid-level unlimited plan only because I need it for work. Survived a long time with 5gigs a month using wifi wherever I went.
Id check listing for what a room comes with, some utilities could be included. A quick search for LA i found a 1bed 0.5 bath for up to 960 with utilities included. So looking in your area could help refine if you need to include utilities in your math.