Which of the following are not expenses that apartment dwellers?
Answer: Option A, mortgage payments , is the right answer. Explanation: A long-term loan which is intended to help us buy an apartment or house is called a mortgage.
What type of expense is apartment rent?
Rent. This is your primary monthly expense – and the largest. Pay on time to stay in your landlord’s good graces – and to avoid any late fees.
What are some fixed expenses associated with renting an apartment?
- Monthly Rent. Okay, this one is probably pretty obvious.
- Parking Fee (If Applicable) Depending on where you live, you may have to rent out a monthly parking spot in addition to your apartment.
- Renter’s Insurance.
- Utilities.
- Laundry.
- Home Essentials.
- Pet Fee (If Applicable)
What else do you have to pay besides rent?
When living in a rental property, you’re required to pay the gas and electricity bills. But in some cases, the electricity and gas bills may be in your landlord’s name. If you’re not sure who is responsible, check your tenancy agreement.
How much rent is too much?
One suggestion, provided by Metropolitan Life Insurance Company, is to spend no more than 25 percent of your monthly gross income on your rent. For example, if your annual salary is $30,000 per year, or $2,500 per month, you shouldn’t plan to spend more than $625 per month on rent.
What can I afford in rent with my salary?
A simple rule of thumb is you shouldn’t spend more than 1/3 of your after tax salary on rent. As an example, your annual salary is 50K that leaves you with $4,166/month. After taxes, you should have around $3,270. One third of 3270 is about $980, and that’s what your monthly rent should be on 50K a year.
How much should I spend on food a month?
What is the average cost of groceries per month? The average cost of groceries for U.S. households is $4,643, based on 2019 data from the U.S. Bureau of Labor Statistics. This works out to about $387 per month.
What is a good grocery budget for 2?
Monthly Grocery Budget
| FAMILY SIZE | SUGGESTED MONTHLY BUDGET |
|---|---|
| 1 person | $251 |
| 2 people | $553 |
| 3 people | $722 |
| 4 people | $892 |
How much should I spend on food a week?
Here’s what the USDA recommends per week for a family of four, defined by the USDA as a male and female 19 – 50 years old and two children 2 – 11 years old: Thrifty: $131 – $150. Low-Cost: $167 – $197. Moderate-Cost: $206 – $246.
What is a good amount to have leftover after bills?
It’s hard to define how much should be left over each month after paying all your personal finances as they are different for everyone. But to generalize it, the 50/20/30 rule is applicable to most of us. According to this rule, up to 50% of your income goes to fixed spending, 20% would go to savings.
What is the 7 day rule for expenses?
The 7 Day Rule is an effective strategy to avert impulse buying. The principle is mere. You simply give yourself a “cooling-off period”. Before making purchases above a certain amount, say $100, you give yourself 7 days to think it through.
How can I get ahead financially?
- Keep track of your spending. Start by getting on top of your spending habits.
- Review your current financial situation.
- Make paying down your debt a priority.
- Set an emergency fund target.
- Be proactive with tax planning.
- Check your credit scores.
- Set financial milestones and goals.
- You’ve got this.
How much should you spend on living expenses?
The rule says that you should spend 50% of your income on your living expenses, like your rent and car payment. You should put 20% of your income in savings, whether that’s for a rainy day fund or a down payment on a house.
How much money is fun a month?
So what’s the most you should be spending on leisure activities and entertainment, or what you might call ‘fun’? According to Corley, the magic number is 10 percent of your monthly net pay, or what you take home after taxes and other deductions.
How much should I save from my salary?
It’s the 50-20-30 Rule, i.e., 50 per cent of your income should go towards living expenses, i.e., household expenses, including groceries; 20 per cent towards savings for your short, medium, long-term goals; and 30 per cent towards spending, including outing, food and travel.
Can you retire comfortably with 2 million dollars?
If you are in your 20s or 30s, you could need to save at least $2 million to be able to retire comfortably. And today, the truth is, even $2 million isn’t as much money as we think it is. When we plan for retirement, we focus on how much money we think we’ll need.