Hi everyone,
I am looking into renting my first apartment as I have been living at home taking care of my sick mother who is now better. I have done a lot of research on renting and what to expect and how I can make this financially not hurt so bad and I have found that it is smart to try and keep your rent at no more than 30% of your monthly income. This is incredibly hard without roommates and I do not know anyone in this part of FL that I am in (Tampa) but I make enough to make it pretty close. The best apartment I could find that isnt absolutely outrageous in price is about 1300 a month + electricity + sewage + mandatory internet/cable package. This puts me at 1400 a month.
I make $1000 every week, so about $4000 a month. 30% of that would put my total rent at 1200, but the best I could find is 1400 which is about 35%. I am wondering if this is acceptable or not. Obviously it isnt financially smart, but I was told that I shouldn't look at getting my own place as something that is financially smart because it's just part of life.
The good news is, I have my 401k at 15% of my paycheck, insurance, and all of that comes out so I am still maxing my retirement accounts. Same with my ROTHIRA every year. I am just trying to setup a budget to see if I can make this make sense. I am in no debt, just pay 30 a month for my phone. Not sure how much I'll spend on food but I can eat cheap. No car payment either. I just want to make this work but obviously I am worried because my mindset is always thinking financially how this will make sense.
Any suggestions or input is appreciated
I am looking into renting my first apartment as I have been living at home taking care of my sick mother who is now better. I have done a lot of research on renting and what to expect and how I can make this financially not hurt so bad and I have found that it is smart to try and keep your rent at no more than 30% of your monthly income. This is incredibly hard without roommates and I do not know anyone in this part of FL that I am in (Tampa) but I make enough to make it pretty close. The best apartment I could find that isnt absolutely outrageous in price is about 1300 a month + electricity + sewage + mandatory internet/cable package. This puts me at 1400 a month.
I make $1000 every week, so about $4000 a month. 30% of that would put my total rent at 1200, but the best I could find is 1400 which is about 35%. I am wondering if this is acceptable or not. Obviously it isnt financially smart, but I was told that I shouldn't look at getting my own place as something that is financially smart because it's just part of life.
The good news is, I have my 401k at 15% of my paycheck, insurance, and all of that comes out so I am still maxing my retirement accounts. Same with my ROTHIRA every year. I am just trying to setup a budget to see if I can make this make sense. I am in no debt, just pay 30 a month for my phone. Not sure how much I'll spend on food but I can eat cheap. No car payment either. I just want to make this work but obviously I am worried because my mindset is always thinking financially how this will make sense.
Any suggestions or input is appreciated
Statistics: Posted by Randyman — Sat Feb 08, 2025 7:00 pm