I could use some financial advice

[theunflushables]

So, my landlord informed me today I have about a month until the house I am renting from them is foreclosed on. I have absolutely squat in savings, I live paycheck to paycheck. The place I'm at now I pay $325 as my lanlord was generous enough to cut me a deal when I kicked the ex out. However, I used that excess money to buy things I needed. Bed, microwave, dishes, etc. So I haven't been able to figure out what amount I could actually use for rent.

The plan is to take as much as I can from each paycheck and use that to getting a new place.

That being said what should I be looking for price wise when it comes to an apartment?

Some things to consider:

1. I make 10/hr and work 40/hrs a week.
2. I have about 300 to 400 in bills
3. I spend maybe 20 a week on gas
4. I smoke 3 to 4 packs a week.

Any suggestions as to finding a good price range where I can have a place and be able to start saving money?

Also, I don't really want to find a roommate as I hate the idea of living with a random stranger.

 

[Wiesman44]

Might not have a choice with the whole roommate thing. Living with a roommate is cheaper, and only living on about $300 per week is tough ! Don't know how u do it if u ask me. U might want to look into a second job. Not sure where you live, but here in connecticut, you're not going to get an apartment w/o a rommate for less than $700.

 

[theunflushables]

Yeah, I forgot to add that. I live in Grand Rapids, Michigan.

 

[Effington]

You should make a budget with your expenses to determine how much you can afford in rent. I could send you a template if you sent me your email address or if we can transfer files through here, that'd work. The trick is to be as detailed as possible.

While I don't know housing prices where you live, it may be the reality that you'd need to downgrade, especially if you were getting a steal at your current location. In a lot of cases, living solo is not an option, I don't care how much you hate roommates, it's a part of life. (That is a terrible attitude, by the way. All of my previous roommates are now some of my best friends, and that's not a coincidence) I don't know anyone (outside of cheap college towns) that live by themselves on $10/hour. Another possibility is that you may have to move to a cheaper area. Or make more money.

It really depends on where you live. At the college I attended, you could find a studio off campus for $400/month, and where I live now, it's three times that...if you're lucky.

 

[theunflushables]

Yeah Effington, that template would be nice. I'll PM you for that.

I'm not sure if roommate would neccesairly be cheaper looking at Cragislist the people looking for a roommate are almost asking the price I could get for a studio, or in some cases a one bedroom. (example 415 for a room with two other roommates or 495 for a one bedroom)

And when I say I'd rather not have a a roommate, I'm not trying to be negative. I just don't like the idea that you don't know who you could be living with. Even if you think they seem alright when you first meet them, there can always be that one neurotic thing you'd never expect. Either that or you could have a roommate that invites people over and you really have no control of that either and they may nick your stuff. Or damage it. But I'm open to finding a room mate if it comes down to it.

Wutang, believe me man the last thing I am worried about is getting laid. And I've done just fine making less money too.

But on the subject of money, I'll have been at my job for one year coming up in 14 days or so. However, I don't think they give raises until annual review time in December. Should I approach my manager and see if they can give me my raiser early?

And on the topic of studio apartments. If I go that route, any suggestions on how to create something less studio-y. Some sort of divider type thing so its not like "Here's my couch, here's my bed"?

 

[RedPill]

Let me help you get started...

1360/mo in income ($10 x 40 hrs, 4 weeks/month avg, less 15% taxes)
- 350 bills
- 80 gas
- 80 tobacco
- 100 sh1t happens
----------------
= 750

This 750 has to account for rent, additional expenses, and saving. This is barely sustainable for living on your own, and not a sustanable lifestyle for the long term. A small studio is the best you'll be able to do and still have 'your own place.' That said, studios aren't necessarily that bad. Look for buildings that weren't initially built as apartments, but have been rennovated into them. Those are usually the least expensive, and often the most decent studios available.

If I were you, I'd strongly consider:
1. a lesser living arrangement, like renting a room out of a house, or roommates
2. give up smoking
3. live very frugally and save every last penny you can
4. come up with a long-term career plan and work toward that end so that you aren't stuck in this situation for life

Good luck, man. Getting started is tough.

 

[theunflushables]

Redpill, thanks for the numbers and advice! Yeah its looking more and more like I may be looking at a studio or a small one bedroom. I've found both under 500. Which is my highest limit. Some of them even include electricity on the utilities along with gas and water. So that is deffinetly going to help cut the costs. As for those houses that have been converted we have ton of them here. Grand Rapids has a huge historical district with sprawling victorian mansions. Its just trying to snap them up at a cheap price due to the popularity of them. And then a lot of these places are being bought up by companies who raise the rents and stop covering utilities. So that always hurts.

And I got the long term career plan going as well. I belive next month I will be attending management training and there is deffinete possibilities of promotion in the near future. Its just surviving until that day.

 

[MacAvoy]

Here is another piece of advice. Don't pay your current landlord any more money. If your check for June's rent hasn't gone through yet, put a stop payment on it. He's basically giving you the shaft by getting his house foreclosed on, so I would give him the shaft in return.

Realistically, he isn't going to have the money to take action to get a months worth or rent, its not worth the hassle for him. Use the money for your deposit on your next place.

Sure this isn't something that a higher power would approve of and the morality police are likely to jump all over me, but I don't live for them, I look out for number one and in this case, where I'm getting the shaft, I have no qualms about protecting my interests in any way I can.

 

[PrinceBeavis]

Actually, I'm with Macavoy on this one.

 

[theunflushables]

My landlord actually told me before I paid June's rent. I was going to pay this Friday when I get paid, but his wife, who I work with, told me not to worry about rent and to keep it.

So, now its just a matter of finding a place and I wish by damn 600 rebate would come soon. That would make the moving proccess a bit easier.

 

[Latinoman]

1) I would not use 15% as the amount for taxes. I would use something like 30% (to account for taxes, health insurance, social security, retirement, etc.). Just to be on the save side.

2) If the house is getting foreclose...why not buy the house yourself? Just an alternative to consider, assuming you can afford it and assuming other circunstances that are unknow to me.

3) Maybe you can get couple of roomates and provide extra $$$ to Landlord. Maybe even with "option to buy".

By the way, I am NOT a financial expert. Just providing food for thoughts.

 

[theunflushables]

I thought about looking into finding a way to buy out. Unfortunately I don't think I could do that at this point and once it does foreclose. I couldnt make a bid without moving out first.

I'm going to set up a meeting with the urban league to see what I can do. Unfortunately, from the way it sounds, once things get moving its hard to stop.

 

[ProDJ26]

Ladies and Gentleman I introduce to you

(drum roll please)

The State of Michigan!!!

We have

-High Gas (One of the highest in the country at $4.15 a gallon)
-People with messed up attitudes
-Complainers!!!!
-People who can't drive!!!
-SNOW!!!
-And some of the worst highest crime rates in the counrty!!!!

ok ok back to the topic, I'ds say cut smoking back to at least 1-2 packs a week. I don't smoke but I can tell you living in Michigan sh*t up here is expensive....

 

[theunflushables]

Don't forget the state has the worst economy in the nation.

And everyone of things ProDJ listed is not an exaggeration for a good majority of the state.

Yeah, I'm working on the cutting the smoking down and eventually quitting all together. I joined the company softball team so hopefully that will make my lungs feel bad enough to make me want to quit for good.