![]() ![]() 10% groceries, cell phone, and gym memberships.Since we are talking about rent specifically, let’s break that down even further. This is everything that you need to function in life. 50% of your income needs to go to the necessities: rent, food, car payment, etc.As a general rule of thumb, you need to go by the 50-30-20 rule. You need a structure for how you are going to spread out what you spend your money on. After adjusting for retirement and taxes your monthly take-home pay is $1937, according to a paycheck calculator website called Paycheck City. Let’s put this in realistic terms, your starting salary is $35,000, you live in South Carolina and are contributing 10% to your retirement. For example, Figure out what you can afford firstīefore you sign any lease, I would highly recommend that you take a look at what your after-tax income that you will be taking into consideration. They will check so many important things for you. My recommendation is to check out area vibes. I don’t mean to scare you but just to give you the awareness of what can happen. If you are in a bad area, chances are there is going to be a higher crime rate (which can cost you more money via theft, destruction of property, or physical harm to you…which again can cost you in medical bills) in which case it ultimately defeats the purpose in saving money anyway. Two, don’t go the other extreme and sacrifice safety to save money. You are not investing in something you can take with you. One, you are renting and that means that when you leave you can’t take it with you. Student loans Have the right mindset about itīefore you start looking at the coolest new apartment with a skyline view of the city and matching stainless steel appliances you need to remember a couple of things (even though I know it’s incredibly tempting to do so). ![]()
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