I'm 24, debt-free, limited savings. Only earlier this year did I get my first full-time "adult" job.
I make about $2,270 biweekly after tax in Atlanta, GA (~$4,500/month take-home). My rent budget is $1,200–$1,500, but maybe I'd go for units that cost more than $1500 if I had roommates.
I initially posted asking about apt expectations, but I realized I’m missing a basic understanding of what normal living expenses look like.
I’ve lived with family up to now for personal reasons, so I don’t have experience estimating costs like rent, utilities, transportation, and other monthly expenses. Aside from groceries and household items, I’m not sure what a realistic budget looks like. I don’t want to stay several more years if I can reasonably avoid it.
I also don’t have experience with car-related costs or life logistics, so I’m trying to understand whether my income is:
- too low to live independently right now
- workable if I budget carefully
- or enough but requiring lifestyle adjustments & what will those be
I've never lived alone, how do I identify & budget my living expenses?
byu/RhubarbBusy7122 inpersonalfinance
Posted by RhubarbBusy7122
1 Comment
Rent being 1/3 of income is good. Thats the recommended level. Rest of your budget will really vary, but I’d imagine that you will be fine at this income as long as you spend within your means. Watch every single purchase and expense that you do for a month and use that to help with your budget. Divide it into categories like groceries, household, or hobbies. See how you can save or what is a necessity. That’s at least how I did my first budget.