Essay On Cost Of Living In Englisia

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The cost of living in Fairfax, Virginia is relatively high compared to other areas in the country however, compared to living in Washington D.C or other counties in the Metropolitan D.C area the price of living in Fairfax is manageable. Based off of my budget I need to make between $35,100-$37,000 a year in order to support myself. The most affordable housing for people starting off in Fairfax is an apartment however, in order to live in an apartment I like, in a quality area I would need to have a roommate and rent a two-bedroom apartment. With a roommate, rent becomes much more manageable and nicer apartments become available because we can split the cost of rent rather than pay rent for an apartment on our own. The apartment I have …show more content…

Because I drive a hybrid car, I only need to fill up my gas two times a month in Harrisonburg; however, I am budgeting for three fill-ups a month. To fill up in Fairfax costs me around $20-30 each time so in total I am budgeting I will spend about $80-$90 per year on gas. Another car payment I will be making is insurance which will be approximately $80 a month or $960 a year. This will cover most of the cost of damages except for the deductible, which is $250, which is why I budgeted $350 for car maintenance to cover the deductible as well as other small maintenance needs. As far as medical expenses go I have budgeted a total of $700 in recurring costs for the year. I will remain on my parents heath insurance for the next five years until I am 26 years old so I do not need to pay that cost. The $700 is for co-pays and any medication I will need over the course of the year. This will also cover my annual order or new contacts and the possibility that I need new glasses. A major goal of mine is to have a large “rainy day fund” to fall back on if something happens and I need to either quite my job, buy a new car or something of that expensive nature. As a result, I plan to save $500 a month equaling $6,000 a year, with any overflow going into savings as well. This savings account does not include the $300 a month and $3,600 a year I will pout into my retirement account. This is important to me because it is impossible to know what will happen

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