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Anyone have an example monthly budget for a single guy living on his own? (UPDATED)
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GuitarDaddy
Lifer
I've lived a long time and the one thing I can say for certain is what ever your budget is you will bust it. Budgets are a great idea but normally just don't work.
The best advice I can give is to schedule your largest expenses according to your pay schedule. Like Rent,groceries,cable out of the first check of the month, and car payment,utilities,ins,ect.. out of the second check. And stick with it religiously, if for instance your schedule payments happen to take 90% of a particular paycheck and leave you only $50 till the next paycheck "gut it out". Once you start pushing scheduled payments to the next paycheck you are lost
The best advice I can give is to schedule your largest expenses according to your pay schedule. Like Rent,groceries,cable out of the first check of the month, and car payment,utilities,ins,ect.. out of the second check. And stick with it religiously, if for instance your schedule payments happen to take 90% of a particular paycheck and leave you only $50 till the next paycheck "gut it out". Once you start pushing scheduled payments to the next paycheck you are lost
Rent $545.00
Electric $75.00
Cable $100.00
Cell $50.00
Car $200.00
Insurance $145.00
Food $350.00
Fuel $168.75
WebHosting $35.00
Laundry $50.00
Car Maintenance $50.00
Clothing $40.00
Medical Bills
Gifts
Household $70.00
Personal $20.00
based on my experience...
-$100 for cable? And why do you even need cable? broadcast+ bit torrent is all I've had for a long time. If you love TV that much, get yourself a black market satellite dish.
-$50 for cell phone? won't one of those $30 plans be enough?
-$350 for food? Unless you're a food snob or smoke up frequently, you won't need so much.
-$50 for laundry? I have a washer & dryer in my house and I still use them about once a week. I don't know how much it costs outside, but I can't imagine $12 for a load or two.
Anyway, there's ~$300/mo you could do without.
Electric $75.00
Cable $100.00
Cell $50.00
Car $200.00
Insurance $145.00
Food $350.00
Fuel $168.75
WebHosting $35.00
Laundry $50.00
Car Maintenance $50.00
Clothing $40.00
Medical Bills
Gifts
Household $70.00
Personal $20.00
based on my experience...
-$100 for cable? And why do you even need cable? broadcast+ bit torrent is all I've had for a long time. If you love TV that much, get yourself a black market satellite dish.
-$50 for cell phone? won't one of those $30 plans be enough?
-$350 for food? Unless you're a food snob or smoke up frequently, you won't need so much.
-$50 for laundry? I have a washer & dryer in my house and I still use them about once a week. I don't know how much it costs outside, but I can't imagine $12 for a load or two.
Anyway, there's ~$300/mo you could do without.
Fireball77
Senior member
Here is mine....$1386 a month...in CA too.
I guess I spend about 2200/month
RENT: $375 (Older 2 Bedroom House1)
Car payment: NONE
Car Insurance: $37
Gasoline:$100
Gas Bill: $50
Water Bill: $50
Electric: $20
Cell: $40
Phone / DSL: $30
Food/drink at home: $150
Restaurants: $200
Clothing / hair: $100
Necessities/miscellaneous:$100
Gym: $34
Entertainment: $100
I guess I spend about 2200/month
RENT: $375 (Older 2 Bedroom House1)
Car payment: NONE
Car Insurance: $37
Gasoline:$100
Gas Bill: $50
Water Bill: $50
Electric: $20
Cell: $40
Phone / DSL: $30
Food/drink at home: $150
Restaurants: $200
Clothing / hair: $100
Necessities/miscellaneous:$100
Gym: $34
Entertainment: $100
GeekDrew
Diamond Member
I need cable for high speed internet access. I just called TW, and it would be $75.90 for basic analog... something like 26 channels + 5.0/? RoadRunner. I could pay $10 more per month and get digital cable with 130 channels + 5.0/? RoadRunner. I don't really watch TV that much, and what I do watch is on ABC, CBS, NBC, or FOX... so I don't need the additional 104 channels. I'd rarely watch them, if ever.
I asked an associate that lives in the area about DSL, and she indicated that it's very unreliable, and that she highly recommended RoadRunner over DSL. Also, the cable/internet package is month-to-month, whereas DSL requires a contract. Fine by me...
I just got a new cell phone in January, I'm happy with the service, I do talk on the phone a fair amount, and I don't intend to have a home phone, so I'm thinking that I'll stick with my $50/month phone.
I'll skip the food thing, it's been beaten to death.
Laundry... I've been to a couple of laundromats in the area, and they've all cost $5+ per load. The dryers are older than stone, and take multiple cycles to get clothes dry. Perhaps there's a better laundromat nearby that I don't yet know about. I looked into the cost of a washer and dryer, and I figured it would cost around $900-1000 new, less if I could find a decent used pair.
<edit> Updated budget to reflect cable bill. </edit>
I live in southern Ohio, and I have a hard time believing you're gonna have a hard time living on a $35K salary.
Maybe before you move out, get a car with better mileage. 22MPG isn't very good and gas is one of this big things on your budget.
Also, If I ever pay $80 per month for TV and internet, I hope someone hurts me. Maybe just get high speed internet for now and watch OTA TV until you're confident of your budget. Or if it's going to be an apartment, see if you can chip in with a neighbor who has a wireless router.
$350/month for food sounds reasonable, assuming that's with restaurants included.
WebHosting? do you really need that? Do you really need to pay for it?
my $.02.
Maybe before you move out, get a car with better mileage. 22MPG isn't very good and gas is one of this big things on your budget.
Also, If I ever pay $80 per month for TV and internet, I hope someone hurts me. Maybe just get high speed internet for now and watch OTA TV until you're confident of your budget. Or if it's going to be an apartment, see if you can chip in with a neighbor who has a wireless router.
$350/month for food sounds reasonable, assuming that's with restaurants included.
WebHosting? do you really need that? Do you really need to pay for it?
my $.02.
Rent out the room if at all possible. Even if you only get $200/month that is $200 a month in your pocket. It also cuts your utilities in half, another $75 - $100 saved.
Why are you spending $35/month on web hosting? Is it necessary/required?
You may want to consider cutting your own hair. A decent set of clippers is only $20-$30. Takes a while to get good at, but once you're used to it, it's easy and saves you $20 every 2 weeks.
Food seems about right to me, $200-$250 at the grocery store and about $100-$150 eating out.
$145 for auto insurance? Try reducing your coverage or upping your deductible.... Almost $2k/year is a lot..... Consider selling yours and buying one that gets better mileage and is cheaper to insure? Kill 2 birds with one stone....
Even at $5 per load of laundry, are you really going to do 10 loads per month? Looks on craigslist for a used washer/dryer, if you really are paying $50/month, a used set will pay for itself quickly.
I also find it funny that people tell you "You should be spending less on gas". What are you supposed to do? Run to work instead?
Why are you spending $35/month on web hosting? Is it necessary/required?
You may want to consider cutting your own hair. A decent set of clippers is only $20-$30. Takes a while to get good at, but once you're used to it, it's easy and saves you $20 every 2 weeks.
Food seems about right to me, $200-$250 at the grocery store and about $100-$150 eating out.
$145 for auto insurance? Try reducing your coverage or upping your deductible.... Almost $2k/year is a lot..... Consider selling yours and buying one that gets better mileage and is cheaper to insure? Kill 2 birds with one stone....
Even at $5 per load of laundry, are you really going to do 10 loads per month? Looks on craigslist for a used washer/dryer, if you really are paying $50/month, a used set will pay for itself quickly.
I also find it funny that people tell you "You should be spending less on gas". What are you supposed to do? Run to work instead?
GeekDrew
Diamond Member
I estimated $350.
I still owe something like $3500 on this car... not going to be selling or trading it any time soon. It gets much better mileage on the highway, but I'll be doing city driving only when I'm going back and forth to work. I'll also be taking occasional 6+ hour trips (paid for by other funds), and I really like my car when I do that.
According to the rep I spoke with today, I have to have cable TV in order to have RoadRunner. I really don't like the idea of using someone else's internet connection. I know people in this immediate area that were fined for doing just that, and are now blacklisted from getting broadband from TW.
My webhosting isn't going anywhere.
I've still got the advertisement for the room active. If I find anyone that way, great. If not there, perhaps the newspaper. There are a lot of variables behind that possibility... I'm not ruling it out, though.
Dunno about cutting my own hair... I see that going poorly.
I can't reduce my insurance coverage because of my contract with the bank. I could up my deductible, but that's taking a chance I'm not sure I should take. Talked to my insurance agent today, and he said that I'm about due for another discount, so I should be down to around $105 within a couple of months.
I do a lot of laundry. I'm paranoid about making sure my clothes, towels, etc., are clean.
My car doesn't get wonderful gas mileage in the city, but I really like the car, and it's great on trips. It's not going anywhere.
Don't feel too bad GeekDrew, substitute $1200 into the rent column of your budget and you get close to my monthly spend (SoCal.) I think your budget is very realistic, don't listen to the people telling you to live like a street person. Track your expenses in Quicken once you move out and make adjustments accordingly. I personally am too old to live with a roommate, the hassle ain't worth the money it saves. Yes, I too also consider cable TV a necessity. Welcome to America, who said living good is cheap? 🙂
GeekDrew
Diamond Member
Thanks for your advice, everyone.
I decided today to wait another 3 months before moving into my own apartment. I'd be cutting my budget much closer than I'm comfortable with right now, and by staying here, I'll be able to pay a *lot* more on my car... and thus pretty much eliminating my car payment and reducing my insurance payment after I do move into my own place.
I decided today to wait another 3 months before moving into my own apartment. I'd be cutting my budget much closer than I'm comfortable with right now, and by staying here, I'll be able to pay a *lot* more on my car... and thus pretty much eliminating my car payment and reducing my insurance payment after I do move into my own place.
conehead433
Diamond Member
Condoms $100
The rest should be less than what you make less the $100 for condoms.
The rest should be less than what you make less the $100 for condoms.
TwiceOver
Lifer
I'm also not picking a fight. But I don't feel like posting my numbers to the public so I can be ridiculed. Your numbers are pretty out there. I don't have it in front of me but $170 for gas... Do you drive a ton or what? I think it was over $300 for food. I eat on less than $150. I saw car mainenance on there... If your car brakes down monthly and you pay that much for gas.... Get a different car. I don't know, maybe you are accustomed to a better living than I am? Don't really know. But if I made more than twice my current income, I wouldn't even know what to do with the extra money.
GeekDrew
Diamond Member
I don't feel ridiculed (even though I probably should) for posting my budget here. I suppose it's different in my case tho, since I have no idea what I'm doing, and you've been doing it for a while now. I really don't like posting my private stuff in a public forum... but I don't have anyone else to talk to about it. 😉
Yes, I drive a lot. No, my car has yet to ever "break down". Am I out of line for setting aside a fixed amount monthly, so that I will be ready for the next time I need to buy tires, or get the oil changed, or replace the brakes, etc.
As for food... I haven't the slightest. I discovered that I pretty much have to eat out (lunch) every day I work, unless I want to skip lunch altogether. There's just no alternative. Outside of that, I doubt I'd spend very much at all on food. I just don't know how much it *is* I would spend on groceries... dunno if it would be $50 or $250.
I suppose I might be accustomed to living a better life than you are; I have no clue whatsoever.
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