SAVING ADVICES ON A $40 salary in Denver (Aurora, Craig: apartment complex, rental)

[rmonka1]

Hello,

So I am a new college graduate and moving to Denver in June for my first job; before-tax salary is $40. I do not know anybody/anything about the city and would appreciate any advices:

1) How is life in denver for young adult (23-30yo)? I currently live in Baltimore, and I have mostly lived on the East Coast.

2) I am a back African (not african american) individual. What is the demographic like in Denver? Are people racists or I should not be worried about it?

3) What are good neighborhoods to live in (safe/affordable/not too far from work)? And how should I expect to pay for rent+utilities (including cable and internet) if I don't want to live too far from work?

4) How is the public transportation system? can I commute to work if I live a little bit away from Downtown?

5) If I live very far away and decide to drive to work, is parking affordable downtown if any?

6) Can I go about without a car at all? im sure it would be hard, but getting a car would be another Loan + insurance

7) How much can I expect to pay fr car insurance? any good recommendation?

8) Living not too far from the city, and with all the following expenses (rent & utilities + car loan pmt + insurance + gas + food... Any advice on savings?

Thanks

[cityfilms]

A salary is a rate.

S = income per unit time

$40 is not a salary.

Spending < income = saving

[ChrisFromChicago]

Should we assume 40,000 a year perhaps, since 40 an hour would be 83k which isn't too bad

[rmonka1]

i meant to write $40K

[vegaspilgrim]

With little or no debt (BIG assumption I'm making here), $40k is a good salary for a new grad in Denver. However, when you say "another loan" it sounds like you have have existing loans... in which case it's anyone's guess how well you'll do without knowing your whole financial picture.

Originally Posted by rmonka1

6) Can I go about without a car at all? im sure it would be hard, but getting a car would be another Loan + insurance

If you work downtown, there are a lot of places you can live where you can commute to work without a car, if you carefully plan it right. You could try going carless for a while and see how it works for you. There are some threads about car-free living in Denver on the forum index that you should read up on. I think you'll find that while it's logistically possible, not having a car in Denver will suck, especially during the winter months, unless if you're the type who stays home all the time and never venture out of a 2 sq mi area.

If you just need a point A to point B mobile, you can find old cars in good running condition for ~$2-5k sold by private sellers on Craigslist where you pay cash, no reason you have to have to take out a 15, 20, 25k car loan if you don't want to.

[JBPisgah]

It's possible to live without a car. Just as in Baltimore, it will be easier to do this and still lead an active lifestyle in the city than in the burbs. You can get all the rental information you need through padmapper. Denver is unbelievably safe compared to Baltimore, so you have lots of choices. To save money, don't own a car, live with a roommate, don't go out for food and drinks, avoid packaged food, and look for free internet where you rent. Consider renting a truck for a day and getting your furniture off craigslist. Denver doesn't feel racist to me - certainly doesn't have as much rigid class and race division as Baltimore - but I'm white. As an African American in Baltimore, you were part of the majority. Denver is only 10% black and Aurora often seems more diverse than Denver. Denver has a Western attitude, and some things will be different. Just be open and enjoy. Many in Baltimore would be glad to be in your shoes.

[ChrisFromChicago]

Set your 401k to the company match, at least. Same for HSA (if you have it).

Not really a denver thing, but I think a lot of younger people don't do it.

[Prodigal Native]

Originally Posted by ChrisFromChicago

Set your 401k to the company match, at least. Same for HSA (if you have it).

Not really a denver thing, but I think a lot of younger people don't do it.

The 401k is a biggie - I know I wish I had done that. I wouldn't have really missed the money when I was younger, but even with mediocre investments (and the ups and downs of the market) it would be a nice addition to my retirement savings.

The HSA part can be trickier, but I think they key is to make sure you have AT LEAST one year's worth of Out of Pocket Maximum in the account. If your company matches (mine contributes a fixed amount) then yeah, maximize that as well -you can't have too much money in an HSA. It is nice to get glasses, dental work (including braces) and other such items without having to pay out of pocket.

[rmonka1]

Thanks for the advices!
I do not have any loan as of today, so it is kind of a fresh start. But I want to save to go to grad school in a year of two (it is very hard for international students to get loans).
Also, I am not too sure about going around without a car. I have done it in Baltimore for a year, and it was HORRIBLE. I guess if i were to live not far from work, i could do it, but otherwise it would probably be very annoying.
I am definitely setting a 401K with my company, HSA, not quite sure yet.
As far as the diversity, I asked because I did not see much black people when I went there for the interview; Not a problem for me, but I just wanted to know what the "culture" is like! But im glad to hear it has the western vibe! An im African (not african american, so I have always been a little bit of an outsider).

- Anybody would recommend good/affordable neighborhoods or apartment complex, not too far from downtown? I do not know anybody AT ALL there, so I am trying to plan wisely and effectively.

-Also, when I ask what is to do in Denver, people say :the mountains. Anything else?

Thanks

[mic111]

Welcome to Denver! You can pretty much take up any hobby in Denver except outdoor beach swimming. Were just big enough that you will probably find someone doing whatever it is you want to do. It really depends on your interest. If you grew up with more nature you will appreciate the opportunity to explore the mountains. However if you grew up surrounded by the big city you might find our activities limited a bit after a while. But I think Denver has a good mix. You can go to the theater, you can take ballroom dancing classes, you can take country western dancing classes, you can join a triathlon club and train to do a triathlon...really it all depends on you.

You might want to get in contact with this group to help with the culture shock.
Colorado African Organization | Supporting African Refugees and Immigrants in Colorado

When I moved here this wasn't available but I think it is a great idea.
Meetups near Denver, Colorado - Meetup
This site allows you to join groups with similar interests and meet to do activities.

If you list the sorts of things you like to do perhaps we could provide more specific suggestions.