Pay/hr $13.00 $627 Phone $0 Required fields are marked *. I’m a physician in my 60s and I can afford to take over her expenses once her money is gone provided I continue to work. Splash's event marketing platform helps companies market, manage, and measure their live, virtual, and hybrid event programs. Then, there are the products that are so useful we cannot imagine what we'd do without them. If that is the case, $1,200 is far too much in light of all your other expenses, including typical expenses for food. But the root cause question here is this: What do you value in life? Au pair for childcare or an option thats not the best of the best high end daycare I grew up using Sadaf products and, though I normally only use rose water while making baklava, I've become obsessed with adding it to my coffee — it tastes like something that would cost you $6. You can get your number right from the chart in the post. Same advice to you as to Sabrina, so here goes. Your Budget Backpack coolers have been a big hit recently, and I'm also a big fan of the IceMule BOSS for bigger, longer trips, the YETI BackFlip has been my all-around favorite this year. 20% of 313 is 62.60, so the $100 amount would be the working number for budgeting. Car Insurance:200 Hi Sean, They may approve you for the $1,470 place. As for storage, I don’t have a lot of items or closets, and I cull regularly for charity, so my closets and drawers are not stuffed and I wear everything, and most of it for many years. Utilities 20% of rent (electric, water, trash, internet) -$125 Truthfully, it’s probably low. rent -$400 You can download titles for offline reading and add highlights and notes. HOw much rent can I afford afford? Also, depending on the specialty, “specialist” doctors (all doctors specialize in something so a bit of a misnomer) make 300-550k many times. Hours 40 Utilities, incl. Cell phone -$80 Car Insurance -$186 taxes/deductions 15% ($3,000) But I’m sure you already know that. Less: Estimated taxes 10% (see below 2.) Car-related 80 Why don’t you look for a roommate share and see how you manage with all your expenses when your rent is in the $400 range. How much rent could I afford based on my following expenses: Utilities 20% of rent (electric, water, trash, internet) -$50 I make 16/hr working 40 hours a week. And save hundreds of thousands of dollars over their childhood doing so. Income is a funny thing. We included an estimate for car insurance, assuming that you pay the average amount a month. Est. -$500 The answer is still pretty much the same. That’s about $2,700/month here in Denver, and I think that’s low with nanny taxes, vacation, etc. Health Insurance (See below 3.) Annual spending $70k. My phone bill is $45. If you don’t have a car and can use public transportation, you’ll have $193 shortfall a month, before discretionary expenses. Found inside – Page 3A new device, described as a “souped-up iPad” has been created that lets customers place their orders and pay for them right at their table. I have no credit cards (but was looking to get one for just paying my utilities every month and paying it off from next check) and internet is on auto pay. Groceries/food est. The budget truly is as real as I’ve said it is. I’m looking at investing in real estate here in the Midwest but I’m concerned bc there’s A LOT of space in heartland America. Gas est. There are a few people who are making tons of money. Est. for 2 -$450 NYC looks incredible, but also smells terrible and the interiors on some apartments are awful. Hi Savy, Trips to Target = budget killer. Car loan or lease payment -$188 I work a new job where I make $30k a year (40 hours a week) and then another online part time job at $13/hr, around 15 hours a week. Student Loans $0 Maybe, you like the city vibe. Hi Claudia, Hello, I make 9.00 an hour, So I get a little over 40 hours a week guaranteed plus tips which is only like $15 a day ( I’m a cashier) and was wondering if I could afford a efficiency apartment for 430 a month & only pay electricity, which will probably only be like 60-70 a month at the most. At a minimum you could grow a client base on someone else’s dollar, and then try and sway them to your new operation. Finally, thoughts on choosing Penn State instead of U Penn? Look for ways to cut the cable cord and go down to internet only plan and use Roku, or other streaming device for TV. Gas -$50 I’ve never seen a zero vacation solution. Gas $100 (I live 15 minutes from my job) Utilities 20% of rent (electric, water, trash, internet) -$70 https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ Groceries/Food -$300 You have one car. Car loan or lease payment Paid There is also a summer robotics “camp” in the same district. We have no idea how much rents are in your area, Groceries/Food -$450 Sadly seems to be going away. Newer cars. If moving from your current place is a must, roommate share is your best option. I’ve lived on both ends of middle class which is a subjective concept. Good luck! After tax take-home – Chase $18,700 Other fixed bills For ex, the suburbs of Boston and prime Manhattan lifestyles also have vast economic differences. Hours 35 I have my car which is $229 & my insurance $225 and my phone bill $120. The place I’m looking at is $725 in rent. Money left for other expenses: $460 (car, commuting to work, clothing, entertainment, etc.) taxes/deductions 30% ($15,000) Child care My boyfriend and I want to get a 2 bedroom apartment in the $775 – $815 range. Total Monthly Essential Expenses -$1,290, Cash left for Savings and Discretionary Spending 4.) Even if you could find a $350 roommate share, you’d still have only $10 or so left for discretionary expenses each week. Student Loans -$80 Hi Aisha, My wife left her job to stay home with our son. -$40 $0 which is expected. Max. Our income fits your profile, but our expenses were significantly less until we chose to buy the big house on the hill side with the pool. I make 13.25 an hour . Car loan or lease payment Groceries/Food -$300 Hi there!! Maximum Rent -$550 The good thing in 2020 is that mortgage rates have come down to all-time lows. I have a small savings account, probably about $3000. Max. Haven’t done household income above 300k, by itself. https://www.financialsamurai.com/your-car-as-the-ultimate-status-symbol-for-insecure-people/ rent -$1,000 Car insurance $0 I don’t think it is exclusive to the right or left. -$5,600 Your car expenses take about third of your take-home, so if you get rid of your car, you can use that money for rent. Clothing, entertainment, vacations, etc. Child care Great post! Est. I bring home about $870 every two weeks after taxes and 401K deductions. First Apartment Budgeting Worksheet Hi Nate, Where are you working mcdonalds? If one puts 20% down, the mortgage is $5700/mo on a 30 year amortization at 4%. $2100 to feed a family of 3, you can’t be serious. Cash after fixed exp. Car loan or lease payment -$274 I read Sam’s post more as “How to make 300K a year and *not* become financially independent” as a means to show opportunity for improvement and cost reductions. Stay where you are for now and try to chip away some of your high payments before moving to a more costly place. Your Budget Laundry/Dry Cleaning -$60 There are other possibilities to reduce expenses and still live a “middle class” life style. Savings (10% of take-home) -$364 Choose Order Pickup for your items. If you want to play it safe, you’d be looking for a roommate share of under $400 a month and still you’d have hard time saving even a small emergency fund. Good luck! In NYC, you’ll be looking at a roommate share, most likely with several roommates. How much rent could I afford? cable/internet (20% of rent) -$110 Car insurance- $162 Total Monthly Essential Expenses -$1,215, Cash left for Savings and Discretionary Spending 4.) What’s left is a of people toiling at the corporate wheel to hit $175-200k. You would not be able to buy that in prime Manhattan for twice as much. Since you don’t seem to have other high expenses it may work for you, but to be safe, use this budgeting worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ to double check. Hi, Wow $25K for food,or $1K per month per person including baby. I’ve been an avid reader of your blog over the years. We each have about 550$ a month in bills/cars/student loans we pay. Try to shop around and see if you could find a less expensive plan. Hi Clara, See it here https://www.myfirstapartment.com/. Less: Estimated taxes 25% (see below 2.) Cell Phone -$56 Saving for children’s college. The reality is that we ALL face the challenge of living within our means, and the temptation not to so as to keep up with the Joneses. Total Monthly Essential Expenses. I pay 110 on my car insurance and I pay 41 for my phone bill and I spend 20 dollars biweekly on gas. Their combined effective tax rate is roughly 32%, for a tax bill of ~$76,160. I give kudos to people like you. Same thing occurs with Houses etc. Max. Total/yr (50 wks paid) $26,000 I’m just not so convinced they’re all that portable. Annual Salary (see below 1.) So I see you use 35% of take home pay for rent then add utilities. The more you can save now the better off you will be in the long run. $0 Car note is roughly 255, car insurance is max 120, health insurance is 163 and one credit card of 60 a month. Hi! Student Loans $0 Pay/hr $12.00 A middle-class lifestyle is all we really want. $120,000 is pretty good. Car loan or lease payment -$370 I work nightshift and get a dollar more due to differential pay and a dollar more on weekends. -$20 Less: Other deductions (health insurance, 401K, etc.) $0 Cell Phones for 2 -$160 -$50 See, I’ve this thing in my cellar called a Washing Machine. Total/yr (50 wks paid) $38,260 rent -$500 -$4,200 My monthly expenses include 128 for car insurance (car was paid in full), 120 for cell phone, approx. Live in flip in a way that you make an extra 300-400K every two years. Send in the serfs!” Around here people don’t have acres of grass in any case. Jason — you bring up the most vital point (Sam does, too, on occasion): debt. Annual Salary (see below 1.) Gas est. Car payments $0 Good website but I really think you’re not understanding how much 300k gross is for a family of 4 even in NYC or san fran. In any case, do your own budget by using this printable worksheet. Credit Cards $0 Laundry/Dry Cleaning -$40 Evelyn’s Budget: Utilities, incl. For a ~1 million home and a 2017 Honda accord our home plus car insurance comes out to around ~3.5K. Less: Other deductions (health insurance, 401K, etc.) You got on a good track and you stayed on it and I’m sure you worked very hard, but San Francisco, LA, OC and New York don’t have enough room for 320 million Americans to follow similar examples and the price of an entry ticket and the simple ability to hang (psychologically, intellectually, financially or otherwise.) https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ My disability income: $1,850 (including kids SSA) I make $12.40/h and work 40 hours a week at least every week. Total Monthly Essential Expenses -$1,315, Cash left for Savings and Discretionary Spending 4.) I think 80k a year is pretty easy to get to with 5-10 years experience in my field. You may not FEEL middle class because marketing, your peers and your neighbors are going to encourage you to live larger than you can really afford, but you are absolutely able to do so. Dad was a prodigious saver but the burn rate on what he left is considerable. Car insurance -$55 Good luck! Based on the chart in this post, your max. Cash left for Discretionary Spending, if has car Laundry/dry cleaning est. Apartments around my area run for about 1000-1100. Any spare money goes towards stuff for the kids. Max. Laundry/dry cleaning est. Good luck! Chase’s Budget: $200 a week. Other expenses include sewage, electric, gas and trash. -$200 Car payments -$350 Health Insurance $0 After looking at your budget list, I found that our budget was quite in line with it. You are earning 300k+ and not being able to live comfortably in NYC and live in NJ instead. Print out and use this worksheet https://www.myfirstapartment.com/2017/08/budgeting-bootcamp-budgeting-worksheet-single/ for a more accurate budget. I make $11.09 per hour and 40 hours a week. Car loan or lease payment -$268 etc…. -$150 Monthly take-home pay (above /12) $1,594, Monthly Essential Living Expenses Car loan or lease payment Can I afford a $800 apartment??? I work on average 10hrs of over time on top of the 80hrs worked bi weekly. If you must move and only expenses you have to pay are rent, electric and food, you could probably squeeze by, but there is no room for error and you need all extra hours you can get. Apartment rent for 530 I make 11hr 30 hours a week i also have a salon 400-88 a week I have a car payment of 250 and cell phone 50 credit credit card bill 35. It can be a big challenge in a city with lots of yummy diverse choices tho. I make 20 an hour. Good luck! Less: Other deductions (health insurance, 401K, etc.) I can’t seem to budget myself properly . Then in the guise of the law of comparative advantage they flood the country with goods from foreign countries . Also, it should be noted, what is often omitted in these discussions is Student Loans. -$5,800 So I will be coming out of high school, I make 10/hour for my first job, and 9/hour for my second. Car payments $0 Or you can earmark your spouse’s earnings for savings. rent is in the $700-800 range, depending on your hours. I notice that the only debt is a mortgage and car payment. Print out this worksheet and double check that you have not forgotten any expenses you have. I know a couple people who are very successful with doing acu in the DC area. Why do they stay? Then why live here at all? $50 for fun (Spotify, movies, fairs, vacations) Car costs @ $9k are really high. Hopefully get out of debt and stay there. Hi Ashley, Am I even able to move out and still live comfortably? You think this 1.5 million dollar house couple is spending only 7500 a year on 3 vacations? — Mara Leighton, As an avid home chef I've accumulated way too many tools and utensils to fit in my kitchen drawers. Is it possible for me to move out within a month? Overall, there seems to be a dynamic socially where people are pressured to become accustomed to less and less. If you are living at home, stay there and pay off your car before you move out. Your Budget For mortgage, I bought early so am LUCKY to have a house 1600 sqft with leaking roof and rotting bathrooms for almost the exact amount mentioned. I also stopped upgrading my beloved BMW motorcycles every year or two. Found inside – Page 399An Introduction to Mass Communication Richard Campbell, Christopher R. Martin, ... 2000, however, “the average annual salary in America, expressed in 1998 ... Also, this website is geared to “the average above-average”. Your Budget Found inside – Page 8A Low-Risk Investment You Can Pretty Much “Buy-and-Forget”—Until You Want to ... get was the stuff that had been sitting on a hot plate for half an hour. Laundry/dry cleaning est. and i did have 3 jobs ran me almost into the grave !!! My fiancé works 40 hours (sometimes more) a week at 13/hr. Clothing, entertainment, vacations, etc. Giving your range of hours $900 a month maximum. One is 31 and 28. Yours is one of the rare cases where you could reasonable afford the max. I am interested in a 1-bedroom apartment listed at 535.00 with water, sewer, and trash included. We have car insurance $500, groceries $330, gas $80, and phone $30. We’d like you to boost your hours or pay rate so you can comfortable afford to move out before you do it. I sort of understand the “starving artist” mentality but at somepoint you need to shift pipe dreams into action. $1,014 rent -$569 $125) Total Monthly Essential Expenses -$1,715, Cash left for Savings and Discretionary Spending 4.) They bought earlier at a lower price and saw the value of the house rise. or Commuting $0 Annual Salary (see below 1.) Savings (target 10% of take-home) Hi I live in New York and make $12.62 going on $13 possibly this summer. Cash left for Discretionary Spending, if has car $998. 2) If you have debt and/or children, life insurance is a must. Living in the normal house, I felt very middle class, and comfortable. I am putting away 12% into 401k, $1000 into college funds every month and still have $10k left each year. As you saw on the chart in the post, at 40 hours/week and $15/hour, your max. ), in addition to landscape maintenance and other such expenses. That’s my problem and where I agree with Sam in a lot of his points. SF is a special place, but the challenges to make a living here and raise a family are well represented in this article. In order for this household to achieve financial independence, they’ve got to either up their 17% gross savings rate, figure out a way to reduce expenses, or boost income. Utilities, incl. Everybody specializes in something, by the way. I don’t see a single sacrifice in there at all. Why don’t you stay where you are and pay off your credit card debt before you move. Est. I make $11/hr at 40 hrs/week for my first job. taxes 15% ($4,800) 6) And as we have really flexible schedules our childcare costs are about $800/mo. Eating out for me was the easiest way to trim fat off the top. I never thought homeownership would even be possible, I think it could be a good step for me if the price is right and now my income is steady to building and I have a plan (airbnb, which I have experience with). 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