You Have Your Own Place, Now What?

Myth about moving out on your own: Absolute Freedom! No Rules! Wooooootttt!!!!!!!!
Fact about moving out on your own: Absolute Responsibility.

If you have enough income in this black hole economy and a willingness to discipline your spending, you may have a blind chance in hell at independence. Let's review the basic expenses you are bound to incur.

A warning: if you blow your savings the first week out and realize three weeks later you have no rent, the point is Mom & Dad are not there to save your butt. A hard lesson learned, so let's try to avoid it. We want to be able to pay rent!

Most people do this in percentages which are just a pain, so let's put some numbers and dollar signs together.

Application Fee: $25-$55 dollars, varies on location and fanciness of the complex.
Deposit: $200-350, this holds it for you while you gather the first month's rent.
First Month: $400-600, depends on amount of rent.
(Opt.) Pet Deposit: $200-300 per animal, see restrictions, usually max of 2.

Great! Now most of your savings is done and you are living in a castle of boxes trying to find where your PS3 should be. Then those bills roll around. The first month is always funny because certain things get pro-rated, so about month two can you start figuring your average payments.

Pay attention to due dates! The fees are nasty and they will nail your ass to the wall every chance they get.

Let's cover reoccurring basics:

Rent: $400-600, if you pay more for a studio/1bdrm please keep searching.
Electric: $40-70, check lights, computers, and stereos. Keeping them running adds up.
Laundry: $10, most likely you will not have a washer and dryer in your place, be prepared to pay.
Water, Sewer, Trash: $30-40, if you were smart the apartment complex should cover this already.
Cell: $60/avg and this really depends if you are on your parents plan, share with a friend, or have your own and with what company.
Internet: $60 with Comcast, or use local wifi, don't trust satellite in bad weather although it is slightly cheaper.
Bus: $86 for a monthly pass (Trimet/PDX)
OR
Vehicle: $150 insurance, $80 gas, $100+payments. You better have a damn decent job to manage that.
Student Loans: $65-85
Health Insurance: $100 is decent coverage
Groceries: $150 will go far if you avoid expensive shops like Albertsons and Safeway.
Eating Out: This depends on you, we all enjoy it.
Spending: No more than fifty dollars, for clothes, movies, gifts, whatever. This should not rollover to next month!
Savings: 10% of every check right off the top.
Credit Cards: $25 minimum each, watch for fees! Very dangerous, have no more than three, if any.

Total: Approx $1300 - $1600 a month. Minimize your spending. Money goes by so fast. Keep 3x your rent in savings at all times for emergencies!

If all else fails, get a trustworthy, employed roommate and split the cost for both of you!