I just got a job and plan on moving out of home. I work around Fairfield so I was thinking of renting an apartment there. I earn around 600 a week.
How much rent should I pay for the amount I earn? What other expenses will I be incurring and how much should I save?
I don’t have any money saved as yet because I start work next month. Please give me all advice and tips as possible.
Is that $600 a week total or after tax? With compulsory super and tax you might be on less. The general rule is not to pay more than 1/3 of your take home pay on rent. If you are renting chances are you will only have to pay electricity/gas (not water or strata – thats only if you own) and is you are young – the phone might cost more to have installed (best to stick with your mobile for a bit). you will need to save up 6 weeks rent before you move out for bond etc. Then it costs around $150 to get electricity connected, and the same for gas (so find a place that has only electricity) and the phone.
IF you pretend for the next couple of months that you have no money (live like you are now) then you will be able to save the money easy. If you start going out and spending now that you have money – you will not save a single cent and you will have trouble starting at a later date.
5 Responses
jennifer h
2010 Jan 20 1To rent an apartment on 600 a week can be done but really it will be hard on your finances. Not only is your rent you will have to pay a bond and about 4 weeks in advance. Because you have no savings then you wont have the money to start up. also references will be needed for the rental agent and then you have other expenses such as electricity and phone. and also furniture and pans cutlery bedding and all the things you need for the apartment . You could look for shared accomodaation that may be best to start with
References :
vanney2009
2010 Jan 20 2600 a week, you are kidding not in sydney. besides rent your other expenses just at home are going to be electricity,water,gas,strata and a bond. Than you have things like food,nessasities such as – toiletries, laundry stuff, kitchen appliances and all the other crap. Than if you have a car, youve got rego,insurance,pink slip, repairs. the list goes on. Than i guess your also going to want to spend some money on yourself maybe a drink or 2. I am 21 yrs old i stupidly moved out was i was 16 and have been living week to week since than it is impossible to save, i would recoomend you nor move out unless your being kicked out or u live with an abusive family.
References :
Liz R
2010 Jan 20 3Im 18, I moved out of home about 6 months ago.
Im earning about the same as yourself.
You cant really prepare yourself for the costs of living out of home, its something you have to experience yourself.
This is a list of my weekly expenses, hopefully it helps you.
Rent: $165 (sharing a 2 bedroom apartment with a friend).
Bus travel to work: $38
Mobile phone bill: $20
Groceries: $70
Work lunches (eating out): $50
That leaves me with about $250 leftover for the week.
Electricity bills come every 3 months, they are usually around $100.
What i suggest is that you go on http://www.domain.com.au, and have a look at apartments and see what is around and work around that.
Sharing an apartment with someone else is alot cheaper than getting one on your own, and its alot more fun. So ask around a few of your friends and see if anyone is interested.
Goodluck!
PM me if you need any help!
References :
skcattley
2010 Jan 20 4Is that $600 a week total or after tax? With compulsory super and tax you might be on less. The general rule is not to pay more than 1/3 of your take home pay on rent. If you are renting chances are you will only have to pay electricity/gas (not water or strata – thats only if you own) and is you are young – the phone might cost more to have installed (best to stick with your mobile for a bit). you will need to save up 6 weeks rent before you move out for bond etc. Then it costs around $150 to get electricity connected, and the same for gas (so find a place that has only electricity) and the phone.
IF you pretend for the next couple of months that you have no money (live like you are now) then you will be able to save the money easy. If you start going out and spending now that you have money – you will not save a single cent and you will have trouble starting at a later date.
References :
chris a
2010 Jan 20 5it’s do-able so long as you can budget and you are not the type of person to blow all your wage in one night after getting paid.
gumtree is good for looking for shared accomodation – when i was living out of home during uni days we found a cheap big apartment above a thai restaurant in neutral bay for only $100 a week each (3 bedroom). These type of units are hard to come by so be prepared to do alot of searching.
food is a big killer for my budget – when you get lazy and just decide to get takeaway for lunch/dinner – well this adds up so hopefully you know how to cook a few meals and kno a few cheapy palces to eat around your area.
good luck
References :
http://sydney.gumtree.com.au/f-Unit-House-Real-Estate-flat-share-house-share-W0QQCatIdZ18294
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