I am currently living in my dads dining room, I made it comfortable for what it is until I find a place of my own (he lives in a 1 bedroom apartment) here are all my bills currently :MONTHLY
Phone- $100
Car payment-$260
Car insurance- $100
Parking for my job: $60
Groceries-$400 ($100 a week)
Day care- $400
Storage of all my belongings-$260
(I came from a 3 bedroom house I have a lot)
Gas -$160
(I fill up about once a week maybe less)
Anyways, if I cut down completely on storage and some gas by finding a place that's close to work will I be able to afford it?if so how much?
What should I do? I could stay 8 months (until income tax or until I can find a roomate. But is it reasonable living the way I am right now?
Help?
My advice to you is the same as before. Your tax situation is such that (earned income tax credit) you should have very little taken from your paycheck for federal income tax----Review your W-4 as I suggested. $360 weekly out of 424 possible indicates that you may already be withholding the minimum for federal income tax----you still have to pay SS and medicare taxes.
You need to dump the $100 phone for a tracfon and maybe magicjack as a home phone if you have a computer there.
You MUST dump the storage cost. In a year's storage cost you can buy a lot of the furnature new again. Keep only what you need for your own apartment and sell the rest at a garage sale on craigslist.
Check around for car insurance---$100 a month is a lot but if you live in a city it might be what it is.
Your food cost is right on-----no eating out though.
You need to save $200/mo to get a 3-mo emergency fund put together
You still do not say what medical insurance costs you have.
So you have basically 2300/month cash flow and expenses of 600 car (add $80 for repairs/mo) 400 child care 400 food 60 parking and 200 for the emergency fund for about $1660 leaving you 700/mo for an apartment BUT ONLY IF you dump the high cost cell phone, and storage. If you save $40/mo gas you can get a tracfon for that money.
And the idea of getting a larger place with your dad is good assuming you all could get along.
Whereabouts do you live? What is the status of your father? * Lived there a long time, or not? Is he in love with the place? is it near family, friends and work? OR .... could you and he get a bigger apartment (or house) together to have space, yet save money? {Obviously getting your stuff out of storage would save $260 a month. But consider selling or junking half of it. $260 a month x 12 months = $3,120 saved that you could put toward new furniture.} - or start actively looking for a roommate [that is trustworthy ! to pay their share. ]
You do what you have to do. Your father is very nice to give up some of his space for you.
The groceries sound high, unless you are shopping for your father's food too (which is more than fair). [Phone is expensive; unless you really use most of its features.]
Do not have too much tax withheld from your paycheck. { Run some numbers, but you may not owe any tax. - educated guess by this accountant.} Get it and use it as you go along. Do not carry credit card debt because paying interest is wasting money. {But use them wisely to smooth out your cash flow.} For now, keep all of your money in your checking account to avoid overdraft fees. {Avoid banks that charge monthly fees. Try for a credit union.}
You actually have an almost reasonable income. Your child support is not taxable. You may get some EIC, and the $1,000 Child Tax Credit, so you are better off than you think.
I hope these additional thoughts help.
That really depends on how much your rent would be. As of right now you have an excess of about 5-6 hundred dollars. If apartments near you are in that price range than sure you can afford though I would recommend cutting down on what you can cause you will be strapped for cash. I know around me 1 BR apartments go around $1,000 to $1,500 depending on the area. The nicer areas tend to be more expensive of course.
If you cut out storage and move closer to work you'll save yourself say around $360, now you have about a thousand dollars for rent. You could always cut that phone bill down and get a prepaid phone which would save a lot if you use it minimally.
As far as it being reasonable to be living the way you are, it's rough I'm sure but many people are in similar situations especially in your age group. I would recommend taking advantage of the rent free living and get some kind of training/schooling to boost income.
What about $500 in rent maybe $600 all together in living expenses w/out storage and cut down on food and parking will I have any extra money to even do things if I want? Or to save?
$100 a week for 1 adult and 1 child is way too much for food - do the math and see how much money is left over . I don;t see enough left for rent and utilities , healthcare, emergency savings
