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Can I live on my own making only $32,500 a year?

Discussion in 'General Chat' started by trewsx7, Mar 9, 2009.

  1. Bradford

    Bradford Senior member

    Mar 19, 2002
    You'll have to stay disciplined but yes, you can and should do it.

    The experience will pay off for you.

    You should probably throw some savings in your budget as well, which will leave you less disposable income but give you a backup in case things go sour.
  2. Brian278

    Brian278 Senior member

    Dec 24, 2006
    West Palm Beach, FL
    You'll be fine, but if you can, I'd find a roommate and save another few hundred a month. Having a roommate has other advantages as well if you're moving somewhere you haven't lived before.
  3. MetroStyles

    MetroStyles Senior member

    May 4, 2006
    New York Shitty
    As long as you stick to casual sex / a cool gf you will be fine. If you start catering to rich girls you will be screwed and broke, but I get the feeling you know this already.
  4. ctrlaltelite

    ctrlaltelite Senior member

    Jun 8, 2007
    upper caucasia
    that's around my living situation right now, but after my annual review i got quite the hefty raise. i pay about 725/mo for rent in a 2-BR apt with one other roommate. we rent out our parking spot which cuts about 65 dollars off my rent. i have enough to live reasonably comfortably and splurge occasionally, though i'll have much more disposable income once i pay off my credit card.

    i also have no student loans.
  5. j

    j Senior member Admin

    Feb 17, 2002
    Seattle, WA
    With a SF account? You've got to be kidding me.
    That's what I thought when I read the thread title. If you want, I will keep you banned for $20/month and it will be worth it.
  6. Connemara

    Connemara Senior member

    Mar 9, 2006
    i also have no student loans.
    CC debt/student loans are often a key make or break factor for the budgets of new graduates.
  7. Mazda

    Mazda Senior member

    Feb 23, 2009
    I was in Va for work right after college and I think I could survive on less in NYC. Between the absurd traffic laws, the 17 cops per capita that insure you AT LEAST one ticket a year ( I got 3 to the tune of 720 bucks and I had never gotten a ticket in my life prior or since), the insane traffic and even crazier housing and food prices, I think San Diego Gas Lamp and a lease on a Gallardo might be cheaper.

    Needless to say VA can suck mah balls and I feel for anyone trying to live their on the cheap. I was making 40K and had a housing allowance and I still felt broke.

    I lived off 18K and paid for school in TX and still had beer and motorcycle money left over.
  8. sho'nuff

    sho'nuff Senior member

    Apr 15, 2006
    My mom pays for cellphone because we have the family plan. As for cable/internet, I can purchase the bundle for about $60 a month. It doesn't seem too bad, but it's not a necessity.

    $865 - rent
    $300 - groceries
    $100 - toiletries
    $100 - incidentals/misceallaneous
    $60 - cable/internet
    $120 - partying [​IMG]

    That adds up to $1500 a month. I'll be living in Adams Morgan, so I am at ground zero for going out/getting wasted/etc...

    I don't see where the problem lies with living on your own on $32,500 a year. Do you?

    but the question is.. why do you want to settle for 32500 a year? i get the implication that this is your cause.
  9. Charley

    Charley Senior member

    Feb 18, 2005
    Senior VP - Follies and Gewgaws
  10. Scrumhalf

    Scrumhalf Senior member

    Dec 13, 2007
    Portland OR
    I think the fact that as a newly minted grad, you are even thinking about making this work puts you in the 99th percentile of your demographic. I think it is not only possible, but highly laudable that you are doing this. $800 is a fair amount of money for discretionary spending as long as you can make prudent choices on what and how you spend it.

    Pay off any debt, CCs, etc. that you may have. Nothing sucks discretionary income like high interest loans. See if you can live without a car - can you use zipcar for example?
  11. redcaimen

    redcaimen Senior member

    Mar 22, 2006
    Take it, you'll be fine.

  12. chronoaug

    chronoaug Senior member

    Oct 26, 2006
    You'll be fine, but if you can, I'd find a roommate and save another few hundred a month. Having a roommate has other advantages as well if you're moving somewhere you haven't lived before.
    Roommate in a studio efficiency? That shit's probably like 500sq ft. C'mon, that's really unnecessary and kinda gross. That seems like a fine set up. I don't know why lame ass posters are getting on his ass like he is going to work a $32k job for the rest of his life and raise a family on it or something. -He has most all his travel paid for -No loans, car payments, debt -At least has a budget plan unlike some. -Is a recent college grad so doesn't need all the fancy stuff some older SFers desire -Recent college grad so knows the value of finding cheap beer/drink specials and probably isn't super picky With the way he worked his budget out, if he sticks to it, he can probably stick $300 a month away in savings or some kind of low earning investment type dealy. It's not much for some of the older lawyer, big business man guys, but for someone his age, putting away $3600 a year for two years will be alright for now to use in case of small emergency. Why do some people get bent out of shape when they see others not desiring all the same luxuries in life as a 22-23 year old that they as older 20s, 30s and 40 year olds do who have years of life and job experiences. Not everyone can just "choose" to start out at a nice high paying job with perks and lots of upward mobility. Especially nowadays. I'm sure if he could find a job that pays $50k, with perks and mobility, he'd consider that as well. Sometimes people make it seem easy to make such a nice living with a good job and all. Someone PM me the secret, please. [​IMG]
  13. Flambeur

    Flambeur Senior member

    Mar 19, 2008
    be smart and you'll be fine
  14. ms244

    ms244 Senior member

    May 25, 2006
    I lived as a graduate studen for $24K less taxes a year, albeit at a much less expensive place.

    Rent was $450/month all inclusive.

    I spent a pile on food each month, drank like a sailor, lived like a king, bought and fixed up a truck (for a grand) in addition to my car and still put away some money.

    I had an exel spreadsheet and on top was income, less $250 in savings, rent and other fixed expenses. I tried to never go below what was left.

    For $32K you can do it, but you need to be careful about what you buy and spend.

    Join costco - $50/year, split it with a friend. One membership gets you two cards.
    You can get a huge chunk of meat and slice it into a dozen or so perfect steaks for $2.50 a pound. Paper towels and the like are really cheap there. Ethnic markets are a great source of cheap and fresh vegitables, rice, tea.

    Scour craigslist for free and cheap stuff, go to auctions. Used, non-SF worthy furniture is very cheap. I got almost all of mine for practically nothing.

    Buy all your clothes on the B&S or ebay.

    Open a chase checking account, you get $100 instantly. Put money into savings every month, after you pay your fixed bills but before you buy anything else.

    Poor is a state of mind, always think of yourself as being filthy rich. Not being able to buy something is a cash flow problem that will remidy itself in due time with adiquate work.

    And finally, gas, food, etc are cheap.

    Time is not.
  15. Fuuma

    Fuuma Senior member

    Dec 20, 2004
    Budget $300 more for partying (add other cultural activities to the list, buying books you don't get at the public library, say you wanna see a play, etc) and save $200/month just in case and you're golden. I don't see any problems....

    At some point in the year use those $2400 for a vacation or something. You'll save when you're older.
  16. BDC2823

    BDC2823 Senior member

    Aug 18, 2007
    Getting Dirty with XTina
    I do it at $13k, so no. Good luck, sounds like you've got it worked out okay for a while.

    Kyle, how the hell do you do this? Honestly. I am happy for you that you are pursuing something you really want to do, culinary school. My best friend graduated from culinary school a few months ago and is working in a restaurant. But 13k a year just seams impossible. I know I live in Orange County so 13k wouldnt be enough for a years worth of rent anywhere, but even in Chicago, how does that work?
  17. dtmt

    dtmt Senior member

    Nov 15, 2006
    Yeah, no problem.

    Just charge everything up on your credit card and wait for the gov't to bail you out.
  18. APK

    APK Senior member

    Sep 10, 2008
    Funny how some have to get their shots in at the government, even when it's not really applicable to the topic at hand.

    Speaking of the topic at hand, I say do it. I'm on the cusp of graduation myself and since I'm going into a profession that is truly smarting right now (journalism), a job, let alone one that pays $32k to start off, sounds fabulous.
  19. nate10184

    nate10184 Senior member

    Oct 31, 2006
    NY, NY
    Yeah build a spreadsheet and track how much of that $800 you actually spend every month. There are a lot of hidden expenses in life but I think $800 should give you enough breathing room. I do this every month and can hook you up with the spreadsheet I built if you need one. As long as you stay on top of things you will be fine.

    I applaud you for taking an honest look at your income and expenses before hand - this will pay dividends down the road. If everyone had done this we'd be in a lot better shape.
  20. robbie

    robbie Senior member

    May 3, 2007
    835$ only gets you an efficiency?

    holy crap.

    I have no desire to live on either coast, I'd rather keep myself and my money here or in OK.

    415$ a month for a spacious (i am not 100% on sq footage) 1 bdrm.

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