Question

Sebastian is a 25 year old single male. He currently lives at home with his parents. His net worth income from work is $914.42 per month. He also makes about $110 a month from a side hustle. He has considered his monthly expenses. He pays $115 for a bus pass, $14 for his netflix subscription, $100 for groceries, $45 for his cell phone bill, $70 for a gym membership, $100 towards his tuition payments, and about $40 for other expenses like gifts.

He wants to move out and rend a 1 bedroom apartment for $750 in Beeton, Ontario, with utilities included.

Answer 1

Explanation:

$914.42 + $110= $1024.42 a month

Per month he pays $115 + $14 + $100 + $45 + $70 + $100 + $40

That comes to a total of $484 a month in expenses.

Subtract $484 from $1024.42

Assuming the side hustle is consistent that leaves $540.42 in additional income.

If he wants to afford the house rent, the best thing he can do is look for a better job. If that cannot be done for whatever reason, he should drop the Netflix subscription(+14), not go to the gym(+70), keep his pocketbook tight and not buy gifts(+40), and buy bulk type items from stores.

If he can make his dollar go farther by spending his money on bigger items of food he could probably spend only $85 a month on food.

With this advice he could save an additional $139 a month.

He now has $679. 42

He should also look at finding a cheaper bus pass around that $75 dollar range or just pay the fair whenever he gets on out of pocket (ONLY IF HE IS GOING TO WORK)

That totals out at $754.42

He can now afford rent.