How much should you spend on rent a month?

When determining how much you should spend on rent, consider your monthly income and expenses. You should spend 30% of your monthly income on rent at maximum, and should consider all the factors involved in your budget, including additional rental costs like renter’s insurance or your initial security deposit.

Keeping this in consideration, How much should I spend on groceries per month?

Nationally, the average annual cost of groceries for U.S. households is $4,643, according to 2019 figures from the Bureau of Labor Statistics. That puts the average monthly grocery bill at $387 a month. While that may sound about right for some households, for others it may be way off the mark.

Secondly How much should you make to afford $1500 rent? When deciding how much you should spend on rent, the rule of thumb is that your monthly rent should be no more than 30% of your gross monthly income or 40 times of your annual gross income. For example, if your annual income is $60,000, ideally should spend $1500 on monthly rent.

What can I afford in rent with my salary?

Most experts recommend that you shouldn’t spend more than 30 percent of your gross monthly income on rent. Your total living expenses (rent, utilities, groceries and other essentials) should be less than 50 percent of your net monthly household income.

How much should 2 adults spend on groceries per month?

Average grocery bill for 1 If you’re a single adult, depending on your household budget, look to spend between $175 and $345 each month on groceries. Average grocery bill for 2 For a two-adult household, the figure above will double: $350 to $690. The number goes down a bit for adult-plus-child households.

How much should I spend a week on groceries?

Here’s what the USDA recommends per week for a family of four, defined by the USDA as a male and female 19 – 50 years old and two children 2 – 11 years old: Thrifty: $131 – $150. Low-Cost: $167 – $197. Moderate-Cost: $206 – $246.

How much rent is too much?

One suggestion, provided by Metropolitan Life Insurance Company, is to spend no more than 25 percent of your monthly gross income on your rent. For example, if your annual salary is $30,000 per year, or $2,500 per month, you shouldn’t plan to spend more than $625 per month on rent.

How much car can I afford on 50k salary?

On a $50,000 salary, it is recommended you don’t spend more than $5,000 (10%) on a car. Dave Ramsey recommends spending no more than half your gross annual income ($50k) on a new car. However, the cost of a car really includes purchase price, opportunity cost of investments, or loan interest.

Do you really have to make 3 times the rent?

With a few exceptions, a landlord accepts a rental application if a prospect’s gross salary is at least three times the monthly rent. In the real estate world, this principle is sometimes referred to as the ‘3x the monthly rent’ rule. … Some landlords might not require proof of income (it doesn’t happen often).

How much can we afford in rent?

The first one is the 30% rule. That’s where you spend no more than 30% of your income on rent. So, if you’re earning $1,000 a week, you’d want to spend around $300 on rent.

How much should you spend on rent and utilities?

The general rule is that your monthly apartment rent (excluding utilities) should not exceed 30% of your gross monthly income.

How much rent can I afford making 12 an hour?

Many landlords like to see income that is three times the amount of the rent. So, $12 per hr for 40 hrs would be $480/week. Assuming 4.33 weeks in a month, that would be $2,078.40 monthly.

How much does 1 person spend on gas per month?

Average Transportation Costs in the U.S.

Nearly 90% of U.S. households report spending money on gasoline, an average of nearly $3,000 per year. The average cost of gas per month is $250.

Is $400 a month good for groceries?

I highly recommend that you take out your $400 monthly grocery budget in cash at the beginning of each month. Then, just bring about $100 worth of cash with you to the store when you shop. … This might sound militant, but it’s one of the best ways to ensure that you actually follow your budget.

How can I lower my grocery bill?

10 Ways to Cut Your Grocery Bill

1. Plan Ahead. Before you plan out your menus for the week, check the store ads to see what’s on sale. …
2. Be Savvy with Coupons. …
3. Buy Generic. …
4. Eat Healthier. …
5. Buy Produce In Season. …
6. Don’t Always Buy Fresh Produce. …
7. Buy “Must-Go” Foods. …
8. Check Unit Prices.

What groceries can I buy with $10?

Here is a list of groceries that can be purchased for approximately $10.
…
Surviving on a Budget, $10 Grocery List

• Baking Powder (MYO!)
• Eggs.
• Flour.
• Fruits (on sale)
• Hamburger.
• Rice or Ramen Noodles.
• Margarine.
• Milk.

How much does 1 person spend on food per week?

Average grocery bill in NSW

In New South Wales, households fork out on average $141 per week for groceries, equating to $564 a month or $6,768 per year. According to our latest survey, 60% of people living in NSW have switched supermarkets in the past to save money.

Is 40% too much for rent?

A common rule of thumb is to spend no more than 25% of your gross income on rent, or no more than 30% on rent + other house-related expenses like: Water/sewage. Trash. Utilities.

Is renting a waste of money?

No, renting is not a waste of money. Rather, you are paying for a place to live, which is anything but wasteful. Additionally, as a renter, you are not responsible for many of the costly expenses associated with home ownership. Therefore, in many cases, it is actually smarter to rent than buy.

Is 35000 too much for a car?

Nothing is too much for a car if you are passionate about it. You might think of using the 35000 in other useful ways or invest it.

How much should I spend on a car if I make 80000?

The frugal rule: 10% of income

If you earn $80,000, that’s a used car for around $10,000 or $12,000.

What car can you afford with 120k salary?

You can comfortably afford a car that is roughly half of your salary, maybe even a little more if you have little other debt. So at 120k you can afford a car up to 60–70k. Honestly depends on your other expenses. If you live way below your means on everything else, you may even be able to afford a 100k car.

What happens if you don’t make 3x the rent?

If you are debt-free take advantage of it: if you don’t earn three times the rent but you are debt-free you can talk your landlord into taking in consideration that you don’t have any debt bills to pay, which means that you have to use less money of your income to get by.

Are broken blinds considered normal wear and tear?

Frayed or broken pull strings on blinds. Faded drapes, blinds, or curtains.