Ready to look for rent your first--or a new--place? Not sure what you can afford?
Any debt payments (including student loans) plus your rent plus the cost of utilities (including cell phone bills) shouldn't total more than 30% of your income before taxes and other payroll deductions. So if your salary is $3000 a month, you should spend $1000 or less on rent, utility bills and any loan payments combined.
Spend more than that, and you'll find it hard to save any money. You want to save 10% of your income ($300 a month on a salary of $3000 a month) until you've established an "emergency fund" of a minimum 3 months rent.
Ideally, you should have a minimum of 3 months gross salary in emergency savings (for example, you want to have $9000 saved for emergencies if your salary is $3000 a month. In Canada, you can put $5000 a year in a tax-free savings ccount.) Don't touch this money unless you lose your job and need it to survive.
Once you've saved 3 months gross salary, consult a financial advisor on the best way to invest additional savings for your retirement or to buy a home.
To make a workable budget for your remaining income, keep track of your spending for at least a month. How much do you actually spend on groceries, coffee and snacks, clothing, personal care (hair, cosmetics, fitness, education, drugstore items), clothing, socializing and entertainment, transportation, medical/dental insurance? How much do you really need to spend?
How much will you need to spend on furniture, household items, paint and supplies, tools and repair items, and moving?
If you have or want to buy a car, you need to figure in the cost of a car loan or lease payments, gas, parking and car insurance.
Do the homework now and figure out how much you can actually afford to spend, so you don't have to figure out how to get out of debt later.
