(Closed) College HELP: We're looking for an Apt together again:

posted 5 years ago in Money
  • poll: Would we be able to afford a 1bd apt for $500/month plus food, electric, internet, etc.?
    Yes without a problem : (22 votes)
    40 %
    Yes, but you may struggle : (27 votes)
    49 %
    Maybe not, explain. : (6 votes)
    11 %
  • Post # 3
    225 posts
    Helper bee
    • Wedding: June 2014

    If you’re careful about your spending, I don’t think it should be too much of a problem. Monitor both of your spending, and always make sure you have enough money in the bank in case something bad happens. Good luck!

    Post # 4
    3471 posts
    Sugar bee
    • Wedding: July 2012 - The Gables Inn, Santa Rosa, CA

    What isyour NET income–that matters a lot more than your gross income.  It certainly sounds possible, but it depends on where the rest of your finances are… 

    Generally speaking, you want to ensure that your living expenses are less than 1/2 of your TAKE-HOME pay.  

    Post # 5
    500 posts
    Busy bee
    • Wedding: May 2013

    I think as long as you both are really smart with your money you should be fine with a rent that reasonable I think your in the clear. The best rule of thumb is that your rent should be no more than 1/3rd your monthly payment or 1/3.5. My fiance and I have a similar payment, We are both done with school and great jobs but are paying the student loands off, car payments, insurance ect. We followed that rule and its working very well for us! as long as your disiplined and not an impulse buyer you should be fine 🙂 

    Post # 6
    658 posts
    Busy bee
    • Wedding: December 2012

    @RawHoneyBee:  Since everyone’s situation is different its hard to say. But I will say this. My fiance and I’s combined income is more than your combined income and our rent is more and we are strapped for cash. But, we both have a lot of previous debt that really eats up a lot of our income so. If you guys feel that you are good with money, give it a try.

    One thing I suggest is to sit down and put the figures in front of you. Right down you realistic monthly income between the two of you and your monthly bills, Subtract and figure out what is left. If that is enough for other expenses, than yes, you can afford it.

    Post # 9
    2425 posts
    Buzzing bee
    • Wedding: May 2012

    @Juliette Eliza:  I agree with this, if your expenses are more than 1/2 your take home, it’s too risky in my opinion.

    OP, what are you current expenses living separately?

    Post # 10
    4352 posts
    Honey bee
    • Wedding: August 2013

    I think its doable. I know Fiance and I live in a more expensive apt with not much more income. I would put all of your extra income into a savings acount for a few months after you move in so that you can afford to live for one month if something terrible happens (you get sick and miss a week of work, one of you gets laid off ect.)

    Post # 12
    2425 posts
    Buzzing bee
    • Wedding: May 2012

    @RawHoneyBee:  So are you currently living with your respective parents? Or are you living in dorms and your parents will pay for that but not an apt?

    And you say this would only be a year, so honestly, I think I would save the money. Going to med school is going to be crazy expensive, you will be living off of loans and presumably his income, since it’s doubtful you will have time to get a part time job in med school. So I would power through this year and save the money. An extra $500 a month will give you several thousands of $ of a cushion for next year!

    Post # 13
    11752 posts
    Sugar Beekeeper
    • Wedding: November 1999

    Our mortgage is 35% of our grossly net income and it’s comfortable given our other expenses, though would be better if it was less of course!!

    Post # 14
    1458 posts
    Bumble bee
    • Wedding: May 2012

    Our income and expenses sound similar to yours, and we aren’t having any problems. I think as long as you’re careful you can do it. Good luck!

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