How can I afford to live on my own?

So I live with roomates now, I hate it. I really really would like to have my own place. I’m 21 right now, I work as a server and the money is decent. I probably make around $500-$550 a week. I have $7,000 saved up right now.

I know some people will say “just save up then you can get your own place” but what I don’t understand is that yes, I can save up, but then when I get my own place, I’d have to dip into my savings and how is that smart?

I guess I just don’t understand how people get their own first place without draining themselves from their money.

How did you get your own first place and did you continue to save money?

22 Answers

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  • 5 months ago
    Favorite Answer

    Take your gross pay (pay before taxes).

    Multiply by .33

    = the amount you can pay in rent.

    At $525 a week, this is $750. Are there places in your area that rent for that?

  • Anonymous
    5 months ago

    Honestly it’s hard unless you have two incomes(like living with a fiancé) or parents helping with co-signing or startup costs. Especially in an expensive area it’s really hard to live alone even if you have a career job. I personally was never able to afford to live alone. I am also disabled so I have to pay movers on top of first and last months rent and the security deposit. I have known people who thought living with parents was better than living with strangers until they found a significant other. But that’s not always an option for various reasons.

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  • 5 months ago

    Get a room mate.

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  • 5 months ago

    none at all whatsover

  • 5 months ago

    Just buy a, trailer.........................

  • 5 months ago

    Find a place cheap enough for you to afford. Or find a second job or different job and make more money.

  • 5 months ago

    There is nothing wrong with starting to look around for a reasonably priced studio or one bedroom apartment. Then you will get an idea of rent, amenities, and other perks. You should also make sure to find out what utilities and how much they run on average so that you can put it in your budget. . Once you have it all figured out, then make a decision about the affordability...what furniture you will need...and then go from there. Also don't forget that most landlords require you to have rental insurance and name them in case you accidentally damage their property say with a fire etc. I think you can find that reasonable for around a $ 100 a year.

  • 5 months ago

    When your income is 3 times the rent...you can get your own place.

  • GEEGEE
    Lv 7
    5 months ago

    When you first move, there are quite a few "one time only" expenses, like security deposits, application fees, and stuff like that for the actual apartment. Than would take a chunk of your savings. But the rent would be based on your actual income and you wouldn't have to tap into savings to pay rent, utilities, and your other "basic" recurring expenses.

  • Anonymous
    5 months ago

    i'm not even going to lie, i've never lived on my own because i could not afford to in southern california, even when i was making $16 an hour in 2010. but that's the thing of it; we have no idea where you are, so we don't know what you can afford. orange county? ha! laughable for someone making below $20 and hour. the rents in that area cost more than my current mortgage (i've since moved out of state to buy a home).

    if you're in california, oregon, new york, washington, florida, or in any bigger city, you won't be able to get out on your own, unless you choose to move to the boonies of these states. if you're not, look in your area for an affordable studio or one bedroom. the key to paying rent and saving is budgeting and sticking to it. it also wouldn't help to stick it out as much as you can and pay off any debt you might have, like credit cards.

    you can get budgeting apps through your phone or do the age-old excel spreadsheet method. either way,a budget is what will keep you on track. it's not impossible, but you have to ask yourself this: if you're pinching pennies every week, worrying about money, what you can cover, and stressed beyond capacity, then it's not worse being apartment poor.

    if worse comes to worse, you can always try to get better roomies and keep saving.

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