How Much Money Should I Have After Graduation From College?
I’m going to move to vancouver, BC after I graduate from college. About how much money should I have, if I’m going to be living in a one bed, one bathroom apartment?
Money Maker
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Well, it’s not true, it is never too late to start making money. Yes, you can even make money IN college. Through internet, or just little things you start on your own, whether it’s helping someone or an online business income source. You know, check out http://www.mytimemattersblog.com – you’ll find a lot of useful info there. Hope that helps! =)
First, you need to figure out what your monthly costs are now, and then adjust them to the cost of living in Vancouver. Ask friends or search online listings to see how much apartments are in different areas of Vancouver.
A visit to the personal finance section of your local library will give you a some invaluable information. Authors like David Bach, David Ramsey, and Suze Orman all offer practical advice that can set you on the right financial path for life.
Stuff to budget for:
Housing costs (rent, utilities) are usually 25-33% of your total budget.
Taxes are about another 25%
Food and dining
Insurance (medical, rent, auto)
Transportation (car, gas, bus)
Debt (loans, debt)
Medical (assume you will get sick at least four times a year)
Clothing
Recreation and hobbies (build this into your budget so you know how much to may safely spend each month)
Savings – about 15% is good.
Absolutely none. Maybe even negative if you’ve taken out loans. When I graduate, I will have accumulated $30,000 in “good debt.” Ha! While I will have some years to pay it off, or just go to graduate school and accumulate more “good debt,” I will be in bad shape. Unless your going into the professional Medical Field or Engineering, or something of that sort, you will be in the same boat as me.
Rental fee could start from $300 depends on the condition. Bus monthly fare cost another $100. (But if you bike, there is no cost