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Old 06-20-2016, 07:51 PM
 
24,714 posts, read 26,785,278 times
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Quote:
Originally Posted by jambo101 View Post
Comes out to $615 a week,depending on your idea of comfort it should be more than enough to get by.
But just getting by sucks.
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Old 06-21-2016, 05:23 AM
 
3,749 posts, read 2,904,872 times
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It beats unemployment.
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Old 06-21-2016, 10:45 AM
 
Location: Phoenix, AZ
1,651 posts, read 1,886,485 times
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It's tough to say without some more details.


Like:


1. Would you be getting medical/dental benefits?
2. Since you are a teacher, are you paying into a pension, as well? How much? That will reduce your take home pay but will reduce the need for additional retirement savings.
3. What are the taxes in your state?


Those are big things that can affect your disposable income. Still, it's definitely very possible to live on $32k/year for the most part if you are frugal. You will just have to be comfortable making some sacrifices/trade-offs.
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Old 06-21-2016, 10:53 AM
 
7,351 posts, read 4,424,475 times
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32k gross

15% into traditional 401k: 4,800

Federal income tax: 2,074

Fica taxes: 2,448

State taxes: ?

That leaves 22,678 available for living expenses (maybe less, see state taxes).

On a monthly basis: 1,890

Rent is 690
Car payment is 259

Leaving 941 per month for groceries, utilities, gasoline, car insurance, car maintenance, medical co-pays, renters insurance, personal care, clothing, gifts, vacation, entertainment, and anything else you want.

Doable but you will have to be very careful.

Over time, your income should grow. Don't be shy about looking for a part-time job, especially one that would be fun.
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Old 06-21-2016, 04:24 PM
 
Location: Boise, ID
8,011 posts, read 22,505,069 times
Reputation: 9212
You never said if this is net or gross. Big difference.

But I agree it depends on the city. My husband and I together only spend around $24k a year for 2 people, we save all the rest of what we make. And we pay more on our mortgage than you do for your rent. But we don't have a car payment. We are also in a city with low COL numbers. If you are trying to make that amount work in a big city with high COL, I'd be concerned. If not, you can probably make it work. If that is gross, it'd be a stretch anywhere, but if that is net, it is doable in a lot more places.

In short, if this is Gross in New York City, probably not. If this is Net in Boise, almost certainly. Other combinations in between are maybes, depending on a variety of factors.
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Old 06-21-2016, 10:21 PM
 
24,714 posts, read 26,785,278 times
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Quote:
Originally Posted by carnivalday View Post
It beats unemployment.
Yes, but you missed my point. Setting yourself up to do well financially was my point. That means you give something up so that you can save and pay down debt.
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Old 06-22-2016, 07:31 AM
 
Location: Forests of Maine
29,722 posts, read 47,483,706 times
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$32k/year is well above the average household income in our town. You would be among the wealthy people.

Teachers start 'low'. As I understand that career field, once you are in it then you need to continue your education. Focus on Education Admin for your Masters. Never stop taking courses. Never let a semester go by without taking at least one course toward that goal.
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Old 06-24-2016, 07:51 PM
 
525 posts, read 264,109 times
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Hey you all sorry for the late reply!

My rent is actually 670/month
my car payment is 259
electricity turns out to be at least 50-60( Because its a one bedroom apt with just me)

I am a state of Georgia employee and will be getting paid Semi Monthly instead of monthly
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Old 06-24-2016, 08:13 PM
 
1,305 posts, read 832,153 times
Reputation: 1984
Trust me, I live on much less.
With that income, you'll find a way.

Take advantage of all the (free) help out there, and you'll be ok.
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Old 06-26-2016, 11:01 AM
 
Location: USA
6,171 posts, read 4,948,777 times
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I live on a lot less than that, not much more than 30k a year. I rent a room in a house in a nice neighborhood. I have air conditioning, cable, wifi, and a fridge stocked with all kinds of goodies including craft beer. It's certainly not an extravagant life, but it's relatively stress free and allows me to work 32 hours a week at a real easy job. As a minimalist I have never felt I needed more house or more things.
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