Monday, June 21, 2010

How I Plan on Financing My Move

Current Financial Position
How am I suppose to pay for all this? Financing an apartment is now easy feat. My financial position right now is:
$500 in savings
$1306.4 bimonthly income
$0 debt
The $500 I already have in savings will be used towards my current living expenses. This means I can only spend $50/week until I move to my new place.

Estimated Expenses September 1st - October 31st

Rent
I will save enough money to pay the following bills twice before I get my first pay check at my new place:
Rent: 650 x 2
Electricity: 100 x 2
Water: 40 x 2
Gas: 54 x 2
Internet: 40 x 2
Total: $1768
Groceries
In addition to that I will have to pay for groceries:
Groceries: $150 x 2
Grand Total: $2068
Furniture
As far as financing the furniture is concerned, I am hoping to get a credit card approval from a store with 12 months free interest. I'm guessing I will spend anywhere from $2000-$5000 on furniture. If the minimum payment on my credit card is %5. Then I will have to have $200-$500 saved up. I will be risk-averse and say $400.
Grand Total: $2468
Laptop
In addition to all of this I need a new laptop. I am thinking of getting a Mac Book Pro + 32GB Itouch Harddrive. This will cost a total of about $1300
Grander Total: $3768
Left Over Income
And that leaves $1232 - $2232 to spare. I will need this for additional furnishings and accessories such as the IKEA Expedit, towels, utensils, tissue, etc.

My First Pay Check

My first pay check will be on October 31st, 2010. And I will really be looking forward to it. I think I will be getting $1900/month but I'm not entirely sure. This should be able to cover my monthly estimated expenses of $1234 with $666 (evil!) to spare each month. I can deal with that. Of course these are some very exaggerated figures. I am hoping my bills are not this huge! By the end of my first school year I to have accomplished:
  • All debt paid off
  • Banking $500/month in income

No comments:

Post a Comment