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I need some advice about apartment hunting & budgeting. Anyone have some advice?
I’m thinking about moving out of my parent’s house and renting an apartment. Currently, I’m making $13 an hour before taxes, though that may be going up a little soon. I am working in Madison, Wisconsin, though currently I am living about 60 miles away and commuting each day. Obviously, the gas costs are big and as they continue to go up, it won’t be long before it is not feasible at all.
I have to pay about $260 a month for student loan payments, will be paying about $50 a month for a cell phone, and will be taking on my own car insurance soon, though I don’t know how much that will be yet. I would probably also want at least basic cable and internet access in an apartment.
I also need to know how to search for an apartment. I lived on campus when I went to college in Green Bay, so I didn’t have to worry about searching. What is an acceptable amount to be paying monthly, especially since I will probably be living by myself?
Frankly, I don’t think you have enough income to manage paying rent right now with all your other expenses. There’s a lot of upfront expenses to consider: You’ll need a security deposit and an application fee right at the start. Sometimes that security deposit is equal to a month’s rent, and it’s in addition to the first month’s rent. Also, if you’ve never paid rent before (and have no rental history), you will probably need a co-signer on the lease.
You also have to think about electricity, water, internet access and phone — you probably cannot find an apartment that furnishes these things. On top of that are your car expenses — insurance, gas, maintenance.
I make $16.50 an hour before taxes, probably live in an area with a lower cost of living than yours, only commute about 12 miles round trip, my rent alone is $645 for a two-bedroom in a decent apartment complex, and with utility bills, car expenses, insurance and groceries, my monthly budget is always extremely tight.
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