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This story is part of CNBC Make It's Millennial Money series, which profiles people across the U.S. and details how they earn, save and spend their money.
After graduating from Ithaca College in the spring of 2018, Elena Haskins landed her first full-time job in New York City. But the 23-year-old is far from a novice when it comes to working.
"I've always had part-time jobs," she tells CNBC Make It. "I think it's important to have a side income, even if you have support from your family. You want to have your own money."
The Brooklyn resident lives on $50,000 a year — her salary at PEI — a portion of which goes toward paying off her student loans. That debt isn't stopping her from making the most of her 20s.
"I definitely think you can live comfortably on a salary of $50,000, even in New York City," says Haskins. "It's an expensive city, but I think if you know where your money is going and you recognize what your priorities are, it's totally doable."
I hope a lot of posters on here read this article. I make less then that and pre covid I lived a very fun, full life in NYC. If you're smart you can live (and I mean actually live) life in NYC on not that much.
You know, I was thinking of you when I was reading this! Because I recall that thread where people found it so hard to believe you---that you live the way you do with the salary that you have.
I know people who make three times more than the woman in the article and yet complain how they can't make do. Course they spend a good portion of their salary on rent so...
even if you have a roommate, how are all your utilities including wifi only $50 a month?
I'm thinking that some of the common utilities are included in the monthly rent price, and she's only counting those that are not, which she then splits with the roommate.
Entertainment is set at 60 and her phone bill is only 40? Yep. It's a tight budget... but hey, that's how you make do. It takes discipline. And I second getting the roth ira (or even an ira) advice at the end. That's how you make your savings grow. Better than just letting it sit in the bank generating a paltry (if at all) interest & having to pay taxes on top of that. Also, that's how you'll get acclimated to the world of stocks/bonds and mutual funds!
A lot of people in expensive cities aren’t victims but actually the suspects in why they have money woes. These same people go down south and still can’t keep $1,000 in a savings account.
The beauty of nature is that you can’t hide your toxic ways. They follow you wherever you go.
$120 a month for groceries? What is she eating? I spent $60 a week.
She lives in Brooklyn which is no Manhattan.
$40 phone must be on her parents plan.
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