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Is it possible to pay rent and a car note making 9.65hr?

I work full time (40hrs) a week making 9.65. Im getting a car soon lets say the car note is $200 plus the insurance im 23 so it probably be high. I am planning on getting a studio for a least 400 a month. When May hits I be making 10.00. Is this to much for me to make ends meet.

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  • ?
    Lv 6
    6 years ago
    Favorite Answer

    Do the math!

    Working full time (assuming a full 40 hours year round) is $1672/month. Subtract from this SS tax, Medicare tax, federal tax and state tax. As a rough estimate, 20% in taxes. That leaves you with $1338/mo.

    If you are paying $400/mo in rent (rent should be no more than 1/3 your income, so you're ok here), you'll need to add water, electricity and cable/internet to this. That would be another $150/mo. So your rent and utilities are $550 of your income.

    If you have a car payment of $200, you will need to pay insurance and you MUST have full coverage on the car. This is going to be a total shot in the dark, but considering your age, paying another $200/mo is not out of the realm. Add to this gas and maintenance, and that's going to be another $150/mo. Your car is now $550/mo.

    This leaves you with roughly $238 left. With this money, you need to buy food and toiletries. That is going to leave you REALLY tight for money.

  • Anonymous
    6 years ago

    Would you like to be wealthy one day?

    Pay CASH for a car instead of a loan....if you can afford a $200 a month payment, you can take the bus for three months and save up $600 in cash....most private sellers will take $600 in cash for an $800-$1,000 car that will last you at least two years....if you KEEP making those $200 a month payments to yourself, after 24 months you'll have an old clunker you can sell for $100 and $4,800 in the bank, and you can offer a seller $4,900 in CASH for a $5,500-$6,000 vehicle...

    And so on!

    Only fools PAY interest....wealthy people EARN interest!

  • 6 years ago

    Depends on your other expenses, car, insurance and rent will be less than $1,000 but we don't know what you will spend on renters insurance, utilities, gas, repairs, retirement savings, food, misc and clothing.

    If you made $1,600 gross a month you would net about $1,400 so it might not be happening for you. It also depends how big your emergency fund is since you will need to keep paying even if between jobs or your are sick or injured.

  • Biff
    Lv 7
    6 years ago

    $400 a wk gross is only about $350 after taxes - and rent should not be more than one weeks paya nd that car loan is too much for that low earnings

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  • Sandy
    Lv 7
    6 years ago

    No. One or the other.

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