Fresh college grad, 75k base, suggested rent? How much to Save? (buying, living in)
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wawaweewa sums it up the best. There are a lot of curmudgeons on here who seem envious of anyone who wants to live in a nice neighborhood or spend a little more on rent, but like you, I'm in my 20s, two degrees, and have a lifetime of saving and earning potential ahead of me. Right now, I love the place I live and my "savings" every month, like wawaweewa said, is spent on a hobby that keeps me sane and travel. It's a ratio that works for me—you'll figure it out. It took me about 6-9 months to get in a good budget after I moved here.
I do second the notion of paying off the loans ASAP. I didn't have any when I came here (luckily), but it's wise to get them out of the way now.
wawaweewa sums it up the best. There are a lot of curmudgeons on here who seem envious of anyone who wants to live in a nice neighborhood or spend a little more on rent, but like you, I'm in my 20s, two degrees, and have a lifetime of saving and earning potential ahead of me. Right now, I love the place I live and my "savings" every month, like wawaweewa said, is spent on a hobby that keeps me sane and travel. It's a ratio that works for me—you'll figure it out. It took me about 6-9 months to get in a good budget after I moved here.
I do second the notion of paying off the loans ASAP. I didn't have any when I came here (luckily), but it's wise to get them out of the way now.
Thanks loratliff!
I will adjust my budget as I get a bigger picture in the next few months.
Glad yours worked out!
I've been living in nyc for 2 years and started at around the same situation as you although my base salary 2 years ago was 65K so substantially lower than yours.
I think your budget is completely realistic. Like others have said, don't rely on your bonus when factoring in savings and definitely get your loans out of the way if you get additional savings.
I actually think your food budget is reasonable. Trust me you will end up eating out a lot working in any type of business services job. Also I agree for around similar commute time you could live in a much nicer place in Queens. Definitely look into Astoria. But maybe you like being able to walk to bars and such. I would also definitely look into getting a roommate as $1500 goes a long way with 1 or 2 roommates.
The only thing you did not factor in is extra entertainment expenses. You might say you don't like to go out to bars/clubs/shows, but trust me, you will end up hanging out with friends and whether you like it or not be forced to dish out >$100 some nights on cover charges, taxis, overpriced drinks. You might say this won't happen because you're not that type of guy but peer pressure from your coworkers/friends/visitors/roommates will make this happen. So probably add another $100 to your current budget if you still plan on getting a studio.
Otherwise your expenses look right, welcome to the real world and congrats on the offer Also go for Queens/Brooklyn rather than Hoboken/Jersey. Much more to experience.
I don't think it is practical to make a budget like that without actually having spent some time living in NYC first. But, I will say as 1850 is quite high given your salary. If you are very disciplined i think that you may be able to save- but in practice very few people would actually be able to stick to that budget.
the day to day monotony of going to work / going home and going to sleep gets to people - and in NYC any social activities or entertainment that you might want to do will cost you a lot- certainly more than your $300 budget.
Also, if you move into your own place- you will need to furnish it all by yourself - that will probably cost you a few grand, maybe more if you want to have a comfortable place. Not to mention now you will own all this crap that you don't really want tying you down at your age.
I think in your situation roommates make a lot of sense- you would be much better just finding someone that you can live with, higher a maid that comes twice a month and suck it up. You will come out ahead in the long run.
I am 23 and will be graduating college this May, and have secured a job that pays 75k base + bonus in the financial district. My signing bonus is 15k, and I think it's safe to expect the same amount or more in subsequent yearend bonuses.
I am primarily looking into jersey city (exchange place, newport) for the lower rent and transportation convenience. Further, I have had enough with roommate problems (not cleaning his sh** up,having strangers stay over, etc.) during both my undergrad and master's years, and hope to find a studio for myself.
Having said all this, I have come across several rooms for roughly 1.8k/month. Is this a reasonable amount to spend on rent each month? I've done some analysis on my own with the following cash flow. This is not including my bonus. Please advise..
Monthly cash flow:
Base Salary $6,250.00
Tax(33%) $(2,062.50)
Rent $(1,850.00)
Utility $(120.00)
Amenities $(62.50)
Food per month $(930.00)
PATH $(73.00)
MTA $(30.00)
Student Loan $(200.00)
Necessities $(100.00)
Hobby $(300.00)
TOTAL SAVINGS $522.00
I'm starting not to like these "feeling yourself" posts....where people post what they're making. You manage to secure a job that pays well but have absolutely no idea on how to budget? There's people out there that don't even make half of what you make yet they manage to pay their bills and not be late. Smh
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
bro, let me give you some advice. Its obviously up to you to take that advice.
Either get a roomate (I know you said you are over roomates) OR get a very cheap studio in the outter boroughs. The key to be financially well off is to act like you are broke when your money now starts coming in. So yes you are making 75K but if you put most of your money towards savings for the first 3-4 years you can have loads of cash to put towards a house or a business etc....you can also push more money into paying off your student loans...dont drop and extra 1000 a month into the rent hole when you can utilize that money later on.
so you will be busy working and maybe studying, you are barely gonna be home, get one roomate who has a full time job, I have two roomates and I barely ever see them, its a huge apartment but my rent is cheap...(by NY standards). You just have to be extra vigilant when looking for potential roomates.
its a good way to save in the short term, and the utilities are most times included in rent. Also remember if you get your own apartment you most likely will have to furnish that aptment which can be a hassle and costly to do that on your own
Also cut your food budget to 150-200, cook and carry lunch to work...you will more likely eat healthier if you prepare your own meals. This idea about spending a lot of money on restaurants and takeout is NOT a good idea when you are trying to build your wealth.
By the time you are 27-28, you will be well on your way to having a nice downpayment on a home
If the OP really is getting 75k for his very first job offer, he is beyond any advice that anyone here can give him. Your starting salary often dictates how much you'll get paid in the future. He's gotten a very good start, and will soon be making six digits.
So since he has shown himself capable of that, I'd say he blows most people on this thread out of the water . There's no point in telling him to get a roommate or penny pinch on food (a lot of this advice is coming from jealous people who can't live alone or eat out).
If the OP really is getting 75k for his very first job offer, he is beyond any advice that anyone here can give him. Your starting salary often dictates how much you'll get paid in the future. He's gotten a very good start, and will soon be making six digits.
So since he has shown himself capable of that, I'd say he blows most people on this thread out of the water . There's no point in telling him to get a roommate or penny pinch on food (a lot of this advice is coming from jealous people who can't live alone or eat out).
you sound stupid for this post. Do you think telling him to spend 900 dollars on food for a single person is realistic, healthy or financially prudent? He came for opinions, its not like he is a know it all or else he would not have posted. No one is beyond advice, even the best of us listen to the advice of others, or at least take it into consideration. From the richest to the most successful. With the roomate/studio thing I was only showing him how he could possibly do the roomate thing for a while and come out on top financially in a couple of years, this is a young person we are talking about.
Many people start spending a lot in the short term, when they can sacrifice a little and then be in a superb financial position in a short time.
NYWRITERDUDE...U ARE BEYOND FOOLISH..just my two cents
you sound stupid for this post. Do you think telling him to spend 900 dollars on food for a single person is realistic, healthy or financially prudent? He came for opinions, its not like he is a know it all or else he would not have posted. No one is beyond advice, even the best of us listen to the advice of others, or at least take it into consideration. From the richest to the most successful. With the roomate/studio thing I was only showing him how he could possibly do the roomate thing for a while and come out on top financially in a couple of years, this is a young person we are talking about.
Many people start spending a lot in the short term, when they can sacrifice a little and then be in a superb financial position in a short time.
NYWRITERDUDE...U ARE BEYOND FOOLISH..just my two cents
Number one, what he spends on food is not my concern, nor is it your concern. Its his money, and to be frank I could care less what a working adult does with their money.
I'm sure there are people who spend far than $900 a month on food in NYC, especially if you count that there are those who can afford to eat at fancy restaurants (And still SAVE and INVEST). Just because you're too poor to do something doesn't mean everyone else must live like you.
As for the roommate/non roommate thing, again, that is his choice, as he is the one who has to live with the consequences of his decisions, not me.
So if he says he doesn't want roommates, more power to him.
OP, if you really have a job making 75k, you don't go on the internet and ask perfect strangers for advice. Truth be told, you have people on this forum who live in the projects, so if you truly make 75k, you should be advising people on this forum on how to get an education and a good job.
Number one, what he spends on food is not my concern, nor is it your concern. Its his money, and to be frank I could care less what a working adult does with their money.
I'm sure there are people who spend far than $900 a month on food in NYC, especially if you count that there are those who can afford to eat at fancy restaurants (And still SAVE and INVEST). Just because you're too poor to do something doesn't mean everyone else must live like you.
As for the roommate/non roommate thing, again, that is his choice, as he is the one who has to live with the consequences of his decisions, not me.
So if he says he doesn't want roommates, more power to him.
OP, if you really have a job making 75k, you don't go on the internet and ask perfect strangers for advice. Truth be told, you have people on this forum who live in the projects, so if you truly make 75k, you should be advising people on this forum on how to get an education and a good job.
ok since you seem very shallow, thick and unable to be apply logic. I am going to allow you some time to review the OP's post and the other posts in the thread and come and tell me how anyone is jealous as you say. I love how you can see through everyones's computer to know who is rich and who is not. BTW I am into financial planning so I think I am a little bit qualified to actually know about savings, wealth building and investing. You are a fool and I am done. PLAIN AND SIMPLE.
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It took me about 6-9 months to get in a good budget after I moved here.
