$115,000 / year - Decent? (for sale, 2009, foreclosures)

[ndheah]

Hi guys,

I'm an IT Professional, with a few years experience, and my wife will have a job offer in NYC(Manhattan) in May 2009, which is when we would move.

Looks like together we'll be making about $115,000 - $120,000 total.
Just want everyone here to take a look at our budget and see what you think.

Add on to this shopping of course...We just want to know if these figures are about accurate for 2 people living in Manhattan. These are on a per month basis. We really just are looking at Food/Utilities of course, and Train/Cabs/Buses

Grocery Store $500.00
Dining Out $250.00
Drinks for Home $50.00
Drinking Out $150.00
Coffee $150.00
Rent / Mortgage $2,500.00
Upkeep $100.00
Electric Bill $75.00
Home Telephone $75.00
Cellular Telephone $100.00
Internet $100.00
Laundry $100.00
Pet Costs $50.00
Train / Bus $150.00
Taxi $50.00

[NJ Chutzpah]

hell yeh that is great money,

I wish I made that much, but i may pretty soon

please go ahead ask me how

but if you want to start a family it may be better to live in the burbs, as there is plenty of foreclosures on mcmansions in nice nabes, so now is a good time to buy

[alexei27]

Originally Posted by NJ Chutzpah

hell yeh that is great money,

I wish I made that much, but i may pretty soon

please go ahead ask me how

but if you want to start a family it may be better to live in the burbs, as there is plenty of foreclosures on mcmansions in nice nabes, so now is a good time to buy

ok...Ill take the bait...HOW???

[Viralmd]

I think you underestimated some costs. Your rent for a 1 BR will likely run you more than $2500/month. And you don't have cable TV on there. In the summer, especially, your electric bill will likely be more than $75/month. And you must have some really cheap pet care!

Also factor in holiday tips for building staff, if there are any, and the super. What are you planning to save??? That's really important these days. Remember, also, that health/dental insurance have to be factored in.

[NJ Chutzpah]

Originally Posted by alexei27

ok...Ill take the bait...HOW???

I have two buildings and two lots for sale all in manhattan

should be a hefty commission in it for me that will tie me over for a while

they are all great bargains too

one building is generating positive cash flow of around 150K/year and is next to one of the lots

the other two are located in prime upcoming areas

but lets not get off topic anymore

[Hamza]

Originally Posted by ndheah

Add on to this shopping of course...We just want to know if these figures are about accurate for 2 people living in Manhattan. These are on a per month basis. We really just are looking at Food/Utilities of course, and Train/Cabs/Buses

You're making a real mistake moving to Manhattan. You could pay much less in rent, get more space and have many fewer expenses living in Brooklyn or Queens. For $2500, you could get a beautiful home in many wonderful areas in Brooklyn.

[Fred314X]

You budgeted $150 a month for coffee? You can live anywhere you want to!

[Ace Rock]

Originally Posted by ndheah

Hi guys,

I'm an IT Professional, with a few years experience, and my wife will have a job offer in NYC(Manhattan) in May 2009, which is when we would move.

Looks like together we'll be making about $115,000 - $120,000 total.
Just want everyone here to take a look at our budget and see what you think.

Not decent at all. You'll have a very hard life in Manhattan on $120k for 2 people, and just an OK life in the outer boroughs.

I recommend visiting Manhattan and riding the subways during rush hours and observing all the people who look beaten down by NYC. Sad sacks.

The budget looks accurate for a BARE BONES existence, but there are MANY costly intangibles in NYC that will pop up every week/month.

[roccos]

Yeah, I'd look in Brooklyn - one or two subway stops away - other boroughs too.

[analyticalkeys]

I honestly don't think you should be paying that much in rent if you only make that amount of money.. I know people who make the same amount, and pay less ($1,200 - $1,600), and still have a bit of a tough time getting by. You shouldn't push yourself to your limits; there should be excess money.