Living within my means (Accord: apartment, to rent, credit card)

[jennagayle]

Hi everyone. I have been parousing this board for the last couple of days. Everyone is so helpful, it's a great resource.

Here's my question...I am single and moving to the city. My salary will be around $100K. I will not have a car, and I am looking at the astoria area to rent an apartment. I am hoping for a 1 bedroom with a rent of about $1500. I have minimal credit card debt, and I would live alone.

Are there unusual hidden costs that I need to know about? I am factoring in increased cost of groceries, increased taxes and entertainment fund.

This is my choice at this point to move to the city or not to take a promotion. Every indication I have at this point is that I want to do it, and i think I would manage just fine on that salary. However, I don't want to overlook anything, and end up really struggling.

Your thoughts are appreciated!
J

[ctrres]

That's about the maximum I would consider spending on rent. Withholdings leave the paycheck net at ~63% of 100,000. Then 100.00 for TV/landline/net. 81.00 for a monthly MTA card. 35.00 or so for electricity; same for stove gas. Even if heat isn't included, there's a nice cushion because the budget isn't being blown on a fancy apt. or location. The rest is money in the bank. It'll allow for plenty of savings.

[jennagayle]

Originally Posted by ctrres

That's about the maximum I would consider spending on rent. It'll allow for plenty of savings. Then 100.00 for TV/landline/net. 81.00 for a monthly MTA card. 35.00 or so for electricity; same for stove gas. Even if heat isn't included, there's a nice cushion because the budget isn't being blown on a fancy apt. or location. The rest is money in the bank.

Great, thank you for the response ct

[yellowjasmineo]

Edited to remove prior quote.
Why must you be mean for no reason? It is obvious she knew the word, she just mis-spelled it.

[SeventhFloor]

i had a boss who made 7 figures a year and couldnt spell for ****.....so lets lay off the grammar policing....

[UpstaterInBklyn]

You'll do just fine on $100K, especially without a car. You are smart to consider a reasonably-priced area like Astoria.

One hidden cost you may or may not know about is NYC resident income tax, which takes an additional 3% out of your paycheck.

According to this very accurate paycheck calculator, take home in NYC on $100K is about $1200/week, so after rent, you'll have over $3000 a month for other expenses, savings and entertainment.

[Carbro]

Originally Posted by ctrres

35.00 or so for electricity

Why is my electrical bill between $100-$110 each month? I don't even run air conditioning in the summer (which I hear can easily add another $100). Plus, the PSC just granted ConEd an increase of about 4.75%.

Gas is less, but I hardly use the stove -- except for storage.

[Viralmd]

I also think the electricity will be WAY more than $35/month. While not $100/month, I think the $35/month is not realistic. Remember you also have to allow for increased electricity rates (happening soon) and the SUMMER, when A/C makes everyone's electricity bill go into the stratosphere.

[jennagayle]

Originally Posted by yellowjasmineo

Edited to remove prior quote.
Why must you be mean for no reason? It is obvious she knew the word, she just mis-spelled it.

Did I mis-spell something?
What did the person say?

[jennagayle]

Originally Posted by yellowjasmineo

Edited to remove prior quote.
Why must you be mean for no reason? It is obvious she knew the word, she just mis-spelled it.

Ah, I see it....perusing rather than parousing. Haha, should have used spell checker.

If the person who had pointed it out has the time to spell check a bulletin post, then WOW, they have way more time on their hands than you and me!!