Can I afford $650 a month rent?

I work 40 hrs a week and make $11.50 an hr and get payed weekly.
My expenses now:
Cell Phone-$100mnth
Car-$300mnth
Gas-$60mnth
I have no debt but i only have $500 saved
I live in the LA area so it is kind of pricey out here.
I would just like any tips on budgeting money.
I'm 24 and I still live at home so I

I work 40 hrs a week and make $11.50 an hr and get payed weekly.
My expenses now:
Cell Phone-$100mnth
Car-$300mnth
Gas-$60mnth
I have no debt but i only have $500 saved
I live in the LA area so it is kind of pricey out here.
I would just like any tips on budgeting money.
I'm 24 and I still live at home so I really need to get out on my own.
Thank you.

Best Answer:

elmer: Well, let us start from the beginning. At 11.50 an hour, and 40 hours a week, that comes to $460 per week before taxes. For the sake of arguments, let's say that their are 4 weeks per month, although you will still get 4 more paychecks because 12 (months) x 4 (weeks) only comes to 48 paychecks. Also, let's just say that after taxes, you bring home 400 a week. $400 a week times 4 weeks come to $1600 a month. 1600- 100(cell) – 300(car) – 60 (gas) comes to $1140. $650 a month is a little bit more then half of your monthly pay. But out of the remaining $490, you will have to think about things such as food, electricity, cable, and things like that. Although I commend you for wanting to live on your own, I myself don't think that it's possible. Although it is doable. Good luck to you.

Other answer:

elmer:
if you can only manage to save 500 living at home you can't afford your own place. Generally an apartment should be no more than 1/4-1/3 of your monthly take home income. I don't see how you could afford this at around half your income. To get into an apartment you generally need first and last months rent=1300.00 plus security deposit could be 500-1000. then you need emergency fund so if you are sick for a week you can still pay bills= 4000 so keep saving up your money,
closure520:
well by your information given, your gross income is around $460 a week. take taxes and such out, you're probably at around $350 net income per week. times that by 4 which equals $1400 monthly.

$1400 – $650 (rent) = $750
$750 – cell phone, car, gas, = $290

that leaves $290 a month left for food, utilities (if not included) entertainment, savings. that's not comfortable by any means. but manageable.

ideally, you want your rent to be only 25%-33% of your income. in this case, the rent is about 46% of your income. some places won't even let you rent if the rent/income ratio doesn't meet their needs.

like i said, not ideal, but possible. good luck!

Cari:
your own place… generally an apartment should be no more than 1/4-1/3 of your monthly take home income… i don't see how you could afford this at around half your income… to get into an apartment you generally need first and last months rent=1300…00 plus security deposit could be 500-1000… then you need emergency fund so if you are sick for a week you can still pay bills= 4000 so keep saving up your money,
Robt:
Nope not here maybe in ur area.
Max u afford is 450$ monthly.
Local educated adults can explain why.
Visit Dave Ramsey website for enlightenment education about money debts credit card score slavery and life in general
Dana:
well, let us start from the beginning… at 11…50 an hour, and 40 hours a week, that comes to $460 per week before taxes… for the sake of arguments, let's say that their are 4 weeks per month, although you shall still get 4 more paychecks 'cause 12 (months) x 4 (weeks) only comes to 48 paychecks… also, let's just say that after taxes, you bring home 400 a week… $400 a week times 4 weeks come to $1600 a month… 1600- 100(cell) – 300(car) – 60 (gas) comes to $1140… $650 a month is a little bit more then half of your monthly pay… but out of the remaining $490, you shall have to think about things such as food, electricity, cable, and things like that… although i commend you for wanting to live on your own, i myself don't think that it's possible… although it is doable… good luck to you…
Donald B:
Your first step out will need to be with roommates to keep the price of rent down.
Casey Y:
33% of your gross income is the max…period.

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