Submitted by [deleted] t3_11dyyw4 in personalfinance
hems86 t1_jablo03 wrote
A basic 50/30/20 budget would be a good place to start. That is 50% of your net pay to essentials (rent, utilities, bills, food, car, etc), 30% for wants (eating out, having fun, buying clothes and other wants), and 20% to savings / retirement. At your income would be:
$2,200 for rent, utilities, bills, car, groceries, etc $1,320 for fun $880 to savings
Based on that, $2,200 a month for rent alone is too high for your income. Even cutting back on the 30% wants category, it’s still too high. You probably need to be around $1,300 to $1,400 per month for rent. That means you either need to find a cheaper place to rent or get a roommate to live in a nicer place / area.
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