20-somethings scrimping on 60k in NYC (New York, York: apartments, income, rent)

[Viralmd]

I think you might want to consider SAVING something every month. Take a look at compound interest tables...a small sum does impressive things over the years.

[Irish Eyes]

He said net so maybe that's after 401k contributions which EVERYONE SHOULD BE MAKING!!! Sorry, I just nag everyone I know about this so I thought I'd branch out to people I don't know.

[Guywithacause]

Its called location location location,....and location ain't 1 hour away. Enjoy your commute....

[Dangerous-Boy]

Originally Posted by TollKinder

No, I don't mind posting.

I will preface it by saying that I realize I am lucky/privileged to not owe on any college debt; it works very well in my favor...



Net monthly pay:
$2376

Rent:
$1250

Utilities (Electricity+Gas+Internet):
~$70 (split with roommate)

Food:
$500 p. month (budgeted for, not always used)

NYSC Gym Membership:
$82

MTA Monthly Pass:
$81

Cell Phone:
~$60

Medical/Prescription/Personal Grooming:
~$50-75 p. month


* * * * *

In the end, that leaves me ~ $300 a month to do whatever I want with: a couple of bottles of wine, drinks here and there, new books, and itunes album, going to the movies. . .

I realize it's a pidly sum, but it's not impossible if you watch how you spend.

These kids (I use it loosely, as I'm 24) just don't have any concept of fiscal responsibility.

what are you putting away for savings? Did you start a Roth IRA?

[middle-of-nowhere]

Originally Posted by Dangerous-Boy

what are you putting away for savings? Did you start a Roth IRA?

Maybe by "Net Pay", he means his real take-home pay that he'll actually be spending after he already put part of that away into an IRA or 401(k) or some other retirement account.

[Dangerous-Boy]

Originally Posted by Salsan

I don't travel to Manhattan for work, and I drive......Guy, I'm not mesmerised by the rats in Manhattan like you......You're right it is about location. I live in a nice location and you don't.....Plain and simple.

Why don't you take the train?

[Salsan]

Originally Posted by Dangerous-Boy

Why don't you take the train?

I don't have any reason to.

[Dangerous-Boy]

don't u have to worry about paying money for parking?

[Pete Piper]

Originally Posted by TollKinder

No, I don't mind posting.

I will preface it by saying that I realize I am lucky/privileged to not owe on any college debt; it works very well in my favor...



Net monthly pay:
$2376

Rent:
$1250

Utilities (Electricity+Gas+Internet):
~$70 (split with roommate)

Food:
$500 p. month (budgeted for, not always used)

NYSC Gym Membership:
$82

MTA Monthly Pass:
$81

Cell Phone:
~$60

Medical/Prescription/Personal Grooming:
~$50-75 p. month


* * * * *

In the end, that leaves me ~ $300 a month to do whatever I want with: a couple of bottles of wine, drinks here and there, new books, and itunes album, going to the movies. . .

I realize it's a pidly sum, but it's not impossible if you watch how you spend.

These kids (I use it loosely, as I'm 24) just don't have any concept of fiscal responsibility.

You're paying more than half of your net pay on rent! You need to be saving money in your twenties, while you don't have the responsibilities of children. Believe me, it will make your life much easier later on.

[Pete Piper]

Originally Posted by Fred314X

For that matter, you could go a little further uptown...like The Bronx. The upper part of the Grand Concourse, around Bedford Park Boulevard, is a nice area. And that goes double if you happen to like Art Deco apartment buildings!

I second that (I live around there). Here $1250 will get you a nice 2 bedroom apartment. The Fort Greene guy could save an extra 600 a month - which would amount to more than $70,000 by the time he's 34.