My first budget; need to know the average cost of utilities, groceries, etc. in new york city?
Hi there, I'm currently in college and I'm going to be getting my first apartment in two years. I'm the type of person who likes to approach everything with a plan so I'm playing around with some financial calculators to find out how much rent I can afford with my expected starting salary. I need to know the average cost of the following things; -Average cost of heat, water, and electricity for 1 person living in a 1 bedroom. Location might make a difference so I'll mention that I'll most likely be living in Brooklyn, possibly Queens. -Internet and cable (I'm guessing $30 each?) -Groceries/eating out -Health insurance. I know it's different for everyone but I have no idea what range it's within. Then again I know health is often included in your salary with white collar jobs... Also, how wise would it be to consider getting renter's insurance? How much does it usually cost? here's a list of things I already know the expected cost of. If there's anything I might have overlooked just let me know. -public transit -credit card -clothes -retirement contributions -savings Also forgot to mention that I have an idea of my expected income taxes
Public Comments
- Having a solid but flexible plan is a great way to approach finances! A budget needs to fit your personal needs and priorities, but there are some general guidelines: Start with your pre-tax (or gross) income. -Budget 25-33% for housing (including water, trash, gas, electricity, and other essential utilities) -Check the IRS website or your accountant to figure out the income tax for your income bracket. It averages 17-33%. -Savings. Put 8-15% of your salary into a 401k or other IRA. Trust me, you can't start this too soon or invest too much. Put aside a similar amount for short- and mid-term goals, like a car, house, or travel. Health insurance depends on your job. Most white-collar employers will offer several plans in addition to your salary, and one is usually a fully-paid HMO (you will have co-pays but no monthly cost). You need to pick the plan that is righ t for you and your health needs. Renter's insurance is a good idea, and many landlords require it; but if you have pressing needs like debts or loans to pay and not much property to insure, you might want to skip it for a year or two. Cost varies widely by state, and will depend very much on the sort of neighborhood you live in. You might be able to get good deals through a membership association (your college, honor society, etc). Call up several places and ask for quotes. AAA offers a great deal to members, that cut my cost in half (from $300 to $150 per year). Groceries and dining depend largely on your habits. Start with a target of $150-200 for each, try it out for a couple months, and adjust as necessary. Internet and cable can vary; in California I pay about $100 for internet and cable. Check the websites to compare deals from companies in your area.
- By google to collect some related information or you may try using answer engines like yahoo answer or yedda.com to get some related ideas.nonetheless,If you prefer some direct resource,here http://www.HealthInsuranceIdeas.info/free-online-health-insurance.htm is a good one from my own experience.
