Just because you can afford to pay rent doesn’t necessarily mean you can afford to live on your own. For you to find out whether or not you can we’re going to have to do some calculations. On this first page you’ll see there’s a comprehensive list of all your possible sources of income. Once you’ve filled out all that information to the best of your abilities click the, ‘next page’ button to enter your expenses.
We’ve pre-filled the second page with what we feel are a realistic totals for a first time renter.
Do you have at least three months of rent in the bank? Yes! Without a rental history you may need it.
Have the cash to pay down on the security deposit? Nope. You're not going anywhere before you get that cash.
You plan on living on $0 for groceries month. Which by the way also includes non-edibles like toiletries.
Your total monthly recurring income is: $0
Your total monthly recurring expenses are: $0 including the cost of renting your apartment.
Leaving you with $0 left in the bank every month. If you don't have any major expenses on the way you're totally solid.
And the verdict is... Congraties, you can afford it, but be careful not to overspend!
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