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George Said:

Will I be able to afford living on my own?

We Answered:

The banks have told millions of people that they too, would be okay. And look at them now....they just couldn't afford it and they're broke. But honestly, I think you are doing pretty well. With all of your monthly payments, and let's say your utilities come to an extra $200 a month, that puts your monthly spending at right around 2,000. Add in food shopping and other miscellaneous things, and there's a couple hundred more a month. Then there are those other things that ALWAYS come up....some kind of home repair...roof work, having to buy a new appliance, landscaping, etc.

You've got the house, which is a major investment in itself. Now, the trick for you is to really watch what other things you buy. So, right now your home will need a lot of repairs. And at the same time you will need furnishings. Decide which repairs you absolutely need right now, and spend on those. Decide on furniture...you don't need anything really fancy and it doesn't have to be expensive. After you get those repairs out of the way, and buy the furnishings, you should still be okay where you'll still be able to set aside $$ for savings. The important thing to remember is those other "things" you'll be spending on....the repairs or furnishings, dinner out with friends, clothes, etc. All those extras are where you really have to watch, and watch carefully. Prioritize and really think about what you NEED.

About your home....if it needs repairs, then do those right away. Many people wait to get something fixed until it's either too late, or too costly. As for your monthly utility bills, you can really save if you turn down the heat while you're out, unplugging things you're not using, doing home repairs yourself (if you can) other than pay someone an outrageous amount to do it for you.

I think you will be comfortable, but the fact that your job situation is shaky worries me. Since you are so young, how about getting a roommate? That way if something does happen to your job, and you have to pay that mortgage, you'll have that extra income coming in.

Good luck!!!