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

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

  1. chorse123

    chorse123 Senior member

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    Without student or cc debt, that's great. I wish I had $800 a month in disposable income when I was 22.

    I think your food number is a little low, since you'll probably eat out a lot.

    Try to save for near and long term. It's easy to piss away money, but it's good to have some in reserve even if just for something like vacation.
     
  2. West24

    West24 Senior member

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    im planning on doing the same thing. but i plan on buying a condo so if im struggling and not putting money away, i dont care too much because im using the condo as an investment.
     
  3. Connemara

    Connemara [URL='http://www.youtube.com/watch?v=6jST2Sv63WQ']

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    I make $140K a year and it is not enough.
     
  4. Fuuma

    Fuuma Franchouillard Modasse

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    I make $140K a year and it is not enough.

    You can't survive on less than 300K, I really can't see how these people do it.
     
  5. West24

    West24 Senior member

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    I make $140K a year and it is not enough.

    and youre always sleeping at other guys houses.
     
  6. ctrlaltelite

    ctrlaltelite Senior member

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    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.

    i work in media/pr and man, i really wish you the best of luck. a lot of my friends have gotten the axe, it is really rough out there!
     
  7. Bradford

    Bradford Current Events Moderator

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    One big tip that just occurred to me in reading this thread...

    Buy a lunch box and use it to take your lunch to work everyday.

    That's one of the best ways to save money there is.

    If you fall into the habit of going out to lunch, you'll end up typically blowing anywhere from $7-$12 per day and there goes all your money.

    I find that making my lunch the night before is the best way to do it - either by making more of whatever I'm having for dinner and packaging up the leftovers for lunch or just by making a sandwich and whatever. Either way, having it ready to go in the morning and taking it with you is a great way to save money - and you usually eat better as well.
     
  8. Joffrey

    Joffrey Senior member

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    I graduated college in December, and I just got a new job that pays $32,500 a year, after federal and state taxes are taken out, I get $24,000 a year--or roughly $2000 a month--in disposable income. I also get free healthcare/medical/dental. My new company will also pay my Metro transportation costs.[​IMG]

    I just found a studio efficiency apt. in the heart of DC for $865 a month, with ALL utilities included. I have no car, no loans, no car payments, or any other monthly expenses. I am single. I have a great and extensive wardrobe, so I don't really need work clothes. I spend $300 a month in groceries, which leaves me about $800 a month as extra "spending money" when the rent and groceries are extracted from the $2000 a month.

    Everyone seems to think that living in DC on $32,500 annual salary is impossible, but I just demonstrated that you can. Can anyone see a major flaw in my reasoning, or an error in my calculations that I am forgetting? Thanks! I ask because I know there are plenty of people on this forum who live in cities, and I would greatly appreciate any input on my situation before I sign my lease and live on my own! Thanks![​IMG]


    If you can, live at home for a year, save that $865 a month (plus food and other expenses) then move out on your own. Once you do so it will be mpossible save anywhere near that amount on your salary. I actually lived at home for 2 years (1 too many) and saved a shit load. It's a great feeling - especially in this economy and other emergencies that come up, to have a cushion. Plus with rent and other things that come up as a 24 year old living on his own, I'm only saving about a third I used to.
     
  9. chrome_dout

    chrome_dout Senior member

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    Live at home for a year, save that $865 a month then move out on your own. Once you do so it's incredibly hard to save especially figures anywhere that high on your salary. I actually lived at home for 2 years (1 too many) and saved a shit load. It's a great feeling - especially in this economy and other emergencies that come up, to have a cushion. Plus with rent and other things that come up as a 24 year old living on his own, I'm only saving about a third I used to.

    +1
    But if you really enjoy being on your own, your current situation does sound pretty good. Congrats.
     
  10. antirabbit

    antirabbit Senior member

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    I make $140K a year and it is not enough.

    Bullshit
     
  11. Piobaire

    Piobaire Not left of center?

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    You are actually making much more that 32.5k a year. If I read this correctly, you have your health care 100% covered (there's probably 12-18k a year), your mother pays your cell phone, and work pays your transportation costs. Seems to me your effective income is closer to 45K.
     
  12. Scrumhalf

    Scrumhalf Senior member

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    I think your food number is a little low, since you'll probably eat out a lot.
    Don't. Buy groceries, learn to cook and pack your lunch. You'll save money, be healthier and learn a skill that is very underrated.
     
  13. KenN

    KenN Senior member

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    Don't. Buy groceries, learn to cook and pack your lunch. You'll save money, be healthier and learn a skill that is very underrated.

    Plus, it is another reason to invite the girl over.
     
  14. Fuuma

    Fuuma Franchouillard Modasse

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    You are actually making much more that 32.5k a year. If I read this correctly, you have your health care 100% covered (there's probably 12-18k a year), your mother pays your cell phone, and work pays your transportation costs. Seems to me your effective income is closer to 45K.

    Not bad and not reason he shouldn't make it. He can even keep purchasing dtuff for his wardrobe if he wisely picks from B&S and ebay. You don't end up with exactly what you want that way though so that's why I prefer a bigger budget in this area.
     
  15. yerfdog

    yerfdog Senior member

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    Bullshit
    Everyone knows Conne's a full time college student, so I doubt he was actually trying to fool anyone.
     

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