Monthly expense of living alone in Central Oviedo
Disclosure: This piece is not sponsored by any entity mention in the text.
Disclaimer: This is not professional advice, this is strictly personal.
This is for myself and for anyone seeking to move out on their own! By the end of this article, I hope you realize how important self-sufficiency is, financial independence, the power of passive income, and the power of getting a solid education.
This was done using apartments.com and apartmentguide.com. I’ve gone through Oviedo, Casselberry, Lake Mary, Orlando, Winter Springs, and Sanford.
What I did: gathered each rent price from as many of the available 1b1b apartments in the listed cities with an AC. I excluded ‘utilities included’ apartments to increase the sample group size. I averaged each city individually, then took the average of all the individual cities together. If the rent price varied, I found the middle number and used that.
Here we are:
The average rent in this area is 1293.45. This is only for apartments with AC. Now a single lad or lady would ideally spend around $50-100 monthly on groceries, around $60-100 on a phone bill ($60 is for if they own the phone, $100 is if they lease). If they work full time, maybe 60-120 miles a week, so around 240-480 miles a month, with a common sedan (18.5 gallon tank) pumping 24.9 miles a gallon, we can work out a very nominal and theoretical $45-60 for gas expense. The miles I projected is excluding any extracurricular activity: only going back and forth between work, home, gas station, and grocery store.
I’d only hope for these kinds of numbers, but I assume for the majority of single people these are a blatant underestimate. Also, this is a pretty strict budget as it excludes any form of takeout, going out with friends, work expenses, car expenses, exercise/gym, any alcohol, or any form of injury. I’m really stretching this theoretical life, but I’m also trying to optimize the perspective of what it’s like for a single person in the Central Oviedo area.
Let’s add all these up in a monthly:
Ok, so some clarity. I added a small clothing expense, added a bit more to the grocery bill for takeout, added a spontaneous oil change to the car expense and a car insurance payment, and a small utilities payment for water/electricity/gas/trash removal. To live with the bare essentials, it takes a monthly income of above 1983.45. This is sadly excluding saving money into an IRA or just your around-the-corner savings account.
The golden rule of rent is to keep it around 30% of your monthly income. This is also according to google. Taking into account that we have a rent expense of 1293.45, the other 70% of that would be 5319. Total income would be 6612. Again, completely theoretical and highly inaccurate due to underestimations. I believe this number should actually be a lot higher.
Ok, so now that we have our monthly expense in its birthday suit, how much would I need to make annually to supply myself with the bare essentials? Should be around 80K. As a single young lady or lad, we need to be making around $41.3 an hour to make ends meet. I calculated that based on if you get paid weekly for a 40hr work week.
Well, this is for a 30% rent contribution. I went through a 50% and a 70% rent contribution as well, and I believe these numbers are a bit more reachable.
This is the importance of passive income, getting a college degree, or simply saving in an IRA.
This is the importance of finding a passion in passive income.
This is the importance of individuality in entrepreneurship.
Education is important, money management is important, income and wages are important, but the most important thing is time. Start now, work harder now, so you can grow into a financially independent person.
I hope this article is jaw-dropping, and also refreshing. I hope that instead of saying to yourself ‘I can’t do that’, start telling yourself ‘I can’t do that yet’. The hard work you put in every hour, every day, will guide you to financial independence.