CREATING A CHICAGO BUDGET
After moving to Chicago I had multiple people reach out wondering how I created a budget to move to Chicago. No less, right downtown. Some people feel uncomfortable throwing money and prices out there, but it would have been so nice to see when Ryley & I were creating our own! Remember that this is our experience and everyone has different bills, situations and needs.
To start off the first thing you need to decide is what area you want to live in. We both knew we wanted to be downtown, in the heart of the city (highly recommend, it’s so fun). Depending where you live will depend on the cost of parking, rent, distance to and from work (if your job is already established), etc.
From there decide if you want to live with someone else, although it may not seem ideal, you WILL save money in the long run… I promise!! Also remember you can’t enjoy the city if you’re working the entire time In my case this was obviously a no brainer because Ry & I knew we were moving in together. What we did from here was decide how to split the bills. We took what we both made annually and since he makes 60% of the money he pays 60% of the bills.
Remember to take EVERYTHING into account and over plan. Groceries are much more expensive, going out to eat is move expensive, even my normal drink at Starbucks that costs $3.06 in Bloomington, IL costs about $5.50 in Chicago. You also have to put Uber/Lyft costs on the budget because that adds up way more than it probably should. If you plan to live downtown, in The Loop area, you have to pay for parking where as in some other neighborhoods you can sometimes get street parking for free.
After looking at what felt like hundreds of different apartment complexes we decided on a couple of things we wanted out of our experience. One, we wanted to live in a high rise, with a balcony, on a high floor. Two, laundry had to be in unit and not community laundry. Three, I needed a bath not just a shower but a freaking bath. Four, we needed a dog friendly complex. Five, we could not do a studio or a convertible (in between a studio and a one bedroom), we had to have a one room apartment.
We knew for rent / utilities we couldn’t do anything more than $2,000 a month. Now I know that sounds crazy, especially considering some people don’t even pay that for a house, but you pay for the experience and we have just that. We signed for an apartment on the 39th floor, monthly rent is $1,861. Our building has utility packages depending on if you have a studio, convertible, one or two bedroom. For us it is $125 a month and it includes everything except electric. Living on my own before this I knew that electric was about $30-$50 a month, so we budgeted for $50 a month to be safe. Our building has a non refundable $600 pet deposit. We found out that we could register our dog as an emotional support animal for $50 and it will wave the deposit which was super helpful!
We brought my car with us which is $222 a month and we pay for parking. We had the option to park in our buildings parking garage for $250 a month or park in a garage less than 1/4 of a mile away for $160 a month. So obviously we decided on the $160 option. Keep in mind just for us to have the luxury of having a car in the city it is $382 a month. We don’t even drive the car to and from work because it would cost $40+ to park outside of work.
Odds are you will need furniture which is not cheap. We bought a couch with a pull out bed (highly recommend, especially if you plan on having people over), repurposed an old coffee table Ryley’s parents had, and are currently using old barstools my parents were going to get rid of. We bought an entry way table and outdoor furniture from amazon, a bed frame / headboard from way-fair, living room lamp from Target, and our TV stand, dresser and night stand from Ikea. I’ll link what I can here, I can’t link anything from Ikea (sorry)!
Below is a breakdown of our monthly budget / some things we took into consideration when deciding on an apartment. We live in the Lakeshore East area which has a Marianos (kind of like a HyVee) less than 800 feet from our front door! It also has a diner, coffee / wine shop, subway, nail and hair salon and a Mexican restaurant. Included in our little community is a dog park, open area of grass to hangout, a small park for children, and a great little area to go for runs and walks. We love it and are so happy with our decision. Its the perfect area to live if you want to be downtown but also have a small area of quiet. Below is a breakdown of approximately what our bills are monthly.
Rent: $1861 monthly
Utilities: $125 monthly
Electric: $50 monthly
Car payment: $222 monthly
Parking: $160 monthly
Renter’s Insurance: $128 annually
Eating out / Entertainment: $500 monthly
Groceries: $500 monthly
Uber / Lyft: $75 monthly (for both of us)
Extra Expenses (life insurance, shopping (duh!), toiletries, etc.): $250 monthly (for both of us)
Decor wise we went with a white and grey marble look. We also bought a bunch of random stuff, I will link as much as I can above. If you have any questions regarding city living, budget, things to plan for, etc let me know. I am more than happy to help. I know it can be stressful, but don’t let that stop you.
With love,
Lex