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That's about $2100 - I'm young, don't need health insurance. Assuming the $2500 a month scenario, that leaves $400 left over for whatever. I do not think it is hard to save if you are young and frugal. This is basically what my budget currently is at a nice apt. in one of DC's best neighborhoods.
I've made at or below 40K for many years and I didn't live with roommates. I lived in the Northern Bronx and owned my condo (which factored to be $1,100/mo). Granted, I left NYC in 2004, so take that for what it's worth. But I think it can still be done. 40K is still good income, especially in today's economy. If housing is the most important thing to you, then a good chunk of your money will go towards housing in a good neighborhood. It all comes down to what is important to you. For me, where I lived and size was the most important, so I didn't mind paying over 1K for an apartment. If partying or lots of disposible income to travel, etc. is good for you, then bunking it with someone else can work. You should still be able to find nice apts for 800 in the boros, check Craigslist.
I do it and it is possible. BUT, it is a hand to mouth situation. You can save money by not renting in NYC but in other borroughs. Just shop around. Just be prepared that your monthy expenses you have calculated in your mind will go up once you get here. After a couple months you will get used to it and will find a way to do the things that matter most to you.
Word of advice......do not lease/finance a new car! Save your money unitl you become familiar with the city and buy a used car.
Well, then, I sincerely hope you never have an accident or develop a catastrophic illness. Because that will wipe you out financially. At least take out castastrophic health insurance....And what about a dentist?
And what about dry cleaning? I see $50 for laundry but dry cleaning costs a small fortune here. And $300 is WAY too little for groceries.
Well, then, I sincerely hope you never have an accident or develop a catastrophic illness. Because that will wipe you out financially. At least take out castastrophic health insurance....And what about a dentist?
And what about dry cleaning? I see $50 for laundry but dry cleaning costs a small fortune here. And $300 is WAY too little for groceries.
Health ins. would be nice and I will have it next August, but until then I don't think it's going to be affordable for me to get on my own. I will pay for dental cleanings out of pocket.
I hardly ever use the dry cleaners. I spend $200 here in DC on groceries - even when I was going to Whole Foods I was around $300.
Some of you are saying phone/cable/internet but when I move up to NYC(preferably on my own) The only phone I will be having is My cell phone.Why pay a cell phone and a house phone bill when you can eliminate one and save a few extra dollars at the end of the month?
If your $40k salary is for a 9-5 job, I'd consider a night job waiting tables
Why would someone need a night job? Again, $40K is not working for free. It is a nice sum of money, even in NYC. There are many people working for less.
Why would someone need a night job? Again, $40K is not working for free. It is a nice sum of money, even in NYC. There are many people working for less.
I think he was saying ditch the 9-5 and do something that would require less work and make the same. You could probably wait tables evenings 4-10 or something and make the same $$ for less hours.
i dont get the probs every1 is talking about 40 k is enough. lets break it down
40k after taxes etc about 32000, or 2500 a month
-1000 for rent(could be less with roomates)
-300 for phone/cable/internet
-100 for monthly metrocard
-300 for food
900/225 a week
sounds livable to me
Your numbers added up to $1700, which is $800 left. And don't account for gas & electric, student loans, buying clothes, presents at the holidays, unexpected medical expenses, or anything else. They also don't allow for any savings, which is many people's reality but isn't a very good long term situation. When I was in that position with several hundred a month in loans I wasn't really keeping my head above water. I had no extra cash to do anything, and wasn't saving a dime. I had to figure out a way to make more.
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