I mentioned that by my best estimates, we need a minimum of $1,800 to pay our expenses each month. Here’s what that would include:
- $750 rent on our 2 bedroom/1.5 bath 900 sq. foot apartment in Pittsburgh
- $277.33 car payment
- $415 every six months for car insurance (hopefully that will go down when we renew). That worked out to be about $84 on the five-payment plan
- $50 gas (sometimes more, sometimes less)
- $60 for phone and cable
- $50-90 for electric, depending on the season
- $200 food
- $275 for insurance policies and investments in addition to job-related retirement savings (we could cut this back if we absolutely needed to)
- Total: $1786/month needed for basic expenses
I forgot to include things that are paid directly from my husband’s paycheck. These things include:
- $265 all things medical (health, vision, dental, and flexible spending account amount that we’ll use later)
- $75 bus pass
- Tithe — 10 percent
- Extra total $340 + tithe
So, that brings the final total to $2,126 for the month. Hmm. Maybe I should increase the emergency fund goal a bit.
Once we have our emergency fund finished (whatever/whenever that’ll be) we’ll start saving for a down payment on a house. So either way, we’re going to be saving saving saving for awhile yet.
Curious at what it might cost for a single gal living in New York City? Check out my friend’s blog post here.