Economy

Write a journal entry outlining and analyzing a budget that would enable you to live on your own. List the expenses you might have, and estimate how much you'd need to budget each month to pay for them. You may have to research local housing prices and utility costs to make this as accurate as possible. Ask for some budget figures from people who are already living on their own. Figure out how much you would have to earn each month to cover your living expenses and assess whether or not this seems like a realistic income for you. Discuss any surprises and consider the kinds of preparations and sacrifices you would have to make in order to live on your own. (20 points)

Renting Studio in Pacific Palms Apartments (includes light bill) : $525

Cell Phone bill: $45

Cable & internet : $50

Monthly laptop rental : $21.75

Estimates monthly cost of gas : $78.25

Food : $125

In order to cover my living expenses I must make at LEAST $825/month. It will be important to earn more than this to cover luxury expenses as well as emergency expenses.

For example what if my car breaks down and I have to take the bus to work for that month. If I am not earning enough income to cover emergency expenses then I will have to cut one of my bills. Most likely I will cut my cell phone bill, or my monthly laptop rental. I may be able to work with my rental company to discuss delayed payment options in order to keep my laptop. To live on my own I will have to become very independent. Responsibility is the key. It may be smart to obtain a roommate, by doing so I will be able to save money and use the money for luxury expenses, maybe repairs on my car, or buying me a new cell phone.