Young people of ATOT

[2Xtreme21]

I'm trying to work out my living situation for the summer and onward and I'd like to know how much is a reasonable amount left over from a paycheck for saving / spending, etc. Here's what's going on:

I'm a "Junior" in college atm and will be graduating in December of this year. I'm looking to move into an apartment in the summer close to my school and my job with a friend where my share of the rent will be around $600 including utilities, internet, cable, etc. For the second half of the year (next January), I'll need to start paying back my student loans which will run around $500 a month. Taking into account other expenses such as groceries and parking, I've budgeted $100. That leaves me with around $730-- most of which I'll put into savings.

Is that a reasonable amount for an almost/newly graduated student living in his own place? Obviously I'm not looking at long term, and there's a chance my pay will go up.

The reason I ask this is because I have the opportunity to forgo the apartment choice and live at home, where I will pocket nearly all of the take-home portion of my paycheck minus gas and rent (which will not be near $600) to my folks. Thing is, I sacrifice the convenience of a close bus route to work and school, being near other friends of mine, and living at home... ('nuff said ).

So if $730 isn't enough for putting into savings at my age (based on the opinions of ATOT), I might go that route.

Any help would be appreciated.

 

[Ns1]

The reason I ask this is because I have the opportunity to forgo the apartment choice and live at home, where I will pocket nearly all of the take-home portion of my paycheck minus gas and rent (which will not be near $600) to my folks. Thing is, I sacrifice the convenience of a close bus route to work and school, being near other friends of mine, and living at home... ('nuff said ).

That's pretty much what it's going to come down to. I opted for the solo lifestyle, but living with parents would have been a way better choice financially.

 

[oiprocs]

$100 for groceries? So that's what, $25 a week on food?

LOL

 

[Dacalo]

It would be nice to live at an apartment. But it also is nice to stash away even more money while you live with the parents. You can pay off the student loan quicker or any other debt for that matter. It's really up to you though.

 

[2Xtreme21]

Originally posted by: oiprocs
$100 for groceries? So that's what, $25 a week on food?

LOL

* 2. 2 people living here buddy.

 

[sonambulo]

Just be realistic with yourself.

Are you a pussy hound? Do you drink or do a lot of drugs you don't want your parents to know about? Do your parents nag you?

Shit, if I had the option to live at home if only for a year I'd take it. You'll be able to stash away another 5-6 grand no problem and be on much better footing when you decide to leave home.

 

[Journer]

looks like you'll be eating a lot of ramen. all i can say is you better get fancy, because i've cooked ramen every which way there is and it still sucks sometimes :/

 

[Specop 007]

Originally posted by: sonambulo
Just be realistic with yourself.

Are you a pussy hound? Do you drink or do a lot of drugs you don't want your parents to know about? Do your parents nag you?

Shit, if I had the option to live at home if only for a year I'd take it. You'll be able to stash away another 5-6 grand no problem and be on much better footing when you decide to leave home.

Thats pretty much it.

If your involved in a lifestyle which you dont want the parents around, dont stay. I mean going out once in a while is ok I'm sure, but if you get funky alot probably want your own place.

But hell, living at home for a year or two you could save up enough scratch to use as a down payment on your own house.

 

[RandomFool]

If you can deal with living at home I'd go that route.

I decided to stay at home and save my money. It's not bad living there and having all the extra money is great but I do missing having my own apartment. I travel for work so I'm only home every third week so it's hard to justify paying for an apartment. When I am home I live somewhere between my house and my gf's (parent's) place. I'm getting close to the point where I want to get my own place just so I don't have to drive back and forth so much.

 

[clamum]

I agree with the others that suggest living at home if you can deal with it. Good way to save up some money and there's nothing wrong with it. I'm done with school and working and I still live at home; my parents don't mind and neither do I. I may get a place this summer after I get a car and see how much I can afford, though.

 

[RandomFool]

Originally posted by: clamum
I agree with the others that suggest living at home if you can deal with it. Good way to save up some money and there's nothing wrong with it. I'm done with school and working and I still live at home; my parents don't mind and neither do I. I may get a place this summer after I get a car and see how much I can afford, though.

Living at home definitely helped me to get a better car.

 

[tfinch2]

No matter what you figure you come up with as your budget, tack on an extra 200-250 dollars. No matter what, shit always happens that you can't account for.

 

[Demo24]

unless your roommate is going to chip in another 100 for groceries thats not enough. Hell I can easily spend that much in one trip.

 

[oiprocs]

Originally posted by: 2Xtreme21

Originally posted by: oiprocs
$100 for groceries? So that's what, $25 a week on food?

LOL

* 2. 2 people living here buddy.

That's still $100 per person each month. You'll be eating half the food won't you?

Not to mention, you said "groceries AND parking". So it's not even $100, it's less than that. You're going to quickly realize that unless you eat small portions and NEVER go out, that $100...err, $80-$90 just won't cut it.

 

[duragezic]

When I was underage and smoked bud, I wanted out. Now I don't mind, and a lot of things are way easier at home, but there's no jobs where my parents live, so its unlikely I'll ever live there unless I can't get a job.

$100 for food and parking? Budget more for food. Even with your * 2 it still isn't enough, and you aren't gonna split everything 50% either... just doesn't work that way. You'll just want to coordinate with your roommate on stuff like house supplies, butter, condiments, anything that is common to both people (we've always used can money for those things). Probably $200/mo for food for yourself alone.

If your utilities aren't included in your rent, realize heat in the winter costs a ton, and electricity can get pricey if you leave stuff on all the time.

In short, as tfinch2 said, I'd expect to spend another ~$200-250/mo to what you think you will. Then with whatever is left for savings, decide if that number is satisfactory to you. Cause to me, saving $700/mo is pretty damn good and I'd sure like to do that but highly doubt I'll get paid enough to save that much but have what I want (decent apartment, new (used) car, few hobbies, beer money).