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Making It Personal
Merrill Lynch, Moving Out: What It Really Costs to Live on Your Own
As you consider potential careers, one important factor is how much you will earn. While it might sound great to work as a lifeguard the rest of your life, it is likely the money you will earn at the pool will not support the lifestyle you envision for yourself. It is important to consider what it really takes to live on your own and to understand whether your potential salary will cover those expenses, with some money left over for savings and emergency funds. Merrill Lynch has created a useful guide, Moving Out: What It Really Costs to Live on Your Own, which outlines the basics of what it takes to live on your own.
Destination Title: Moving Out: What It Really Costs to Live on Your Own
Start at the Moving Out: What It Really Costs to Live on Your Own Web site. Record your answers to these questions separately.
- What types of monthly expenses should you expect when you live on your own?
- What types of expenses will you face in order to move and set up your new home?
- Read the sections Adding It Up and Creating a Household Budget. Follow the instructions in Adding It Up to find out how much you should expect to pay for basic expenses. Based on these amounts, create a household budget. How much money will you need to bring home each month so that you can cover these expenses?
- Describe the advantages and disadvantages to having a roommate when setting up a new home.