How Do You Figure Out A Budget When Moving Out?
Moving out of your parents’ home is an exciting time in any young adult’s life. It means independence and freedom, but it also means a lot of responsibility. New worries are going to creep into your life, especially when it comes to managing your money for the first time. With a little planning, you too can create a livable budget for the first time and create a basis for a lifetime of good financial decisions. Figure out your monthly income. If you work an hourly job, multiply your average hours worked by your hourly wage. Then, multiply that number by 52 (the number of weeks in a year). Take that number and divide it by 12 to find your average monthly income. If you have a salaried job, simply divide your yearly salary by 12 to find your monthly income. Begin to list your expected expenses. Create a category for every need: taxes, rent, food, gas, insurance, toiletries, cell phone, savings and entertainment. More categories may be needed to meet your specific needs. Have a parent or
