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Old 10-08-2013, 01:46 PM
 
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hi All
We are getting married in Dec and my fiance lives in Herndon VA..CAn you please let me know if 80 k is a good enough income for a newly wed couple to live in Herndon VA. he doesn't have any loans, though he is planning to buy a new car and would need to pay every month for that.
Thanks
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Old 10-08-2013, 02:02 PM
 
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It's a good starting point.

One income or two?

The county median is $100k so $80k gets you a comfortable middle class lifestyle if you watch your spending and live modestly.
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Old 10-09-2013, 06:37 AM
 
Location: Northern Virginia
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It's doable if you're managing your expenses and budget properly.

My husband and I moved to Alexandria in 2009, and our starting salaries were around $80k combined. We were able to pay our bills and have money leftover for discretionary spending.
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Old 10-09-2013, 07:30 AM
 
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Quote:
Originally Posted by chait View Post
hi All
We are getting married in Dec and my fiance lives in Herndon VA..CAn you please let me know if 80 k is a good enough income for a newly wed couple to live in Herndon VA. he doesn't have any loans, though he is planning to buy a new car and would need to pay every month for that.
Thanks
It depends.

If you're looking to rent a 1-2BR apt, you should be fine. If you plan to buy a place, it will take you a while to save for even a condo. If you otherwise live relatively modestly, as previous suggested, you'll be fine.
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Old 10-09-2013, 07:38 AM
 
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I am a single mom (one child) and I live on $85k a year in Springfield (which is similar to Herndon in expenses I think... Herndon might be a little less expensive). It's plenty of money. I pay all my bills, mortgage, and even fund a few hobbies for me and my daughter. I go on a vacation every other year and save 20% of my income (to be fair, some of that is pre-tax 401k). The only difference with you is you have a husband (and, frankly, men eat more, ... so your grocery bill will most likely be higher than mine).

The key is you can't fall victim to consumerism. Personally, I budget everything, use only cash. Don't get every little gadget (for example, I don't need an $80 a month smartphone when a prepaid phone for $200 for a year works just fine), be "cheap" and be proud to be "cheap" (or call it frugal if you like... I like "cheap" ), live withing your means (AKA don't use credit), have an emergency fund so when something pops up like a car repair you have the cash, etc, etc.

Good luck!

EDIT: I highly recommend "Ultimate Cheapskate" Jeff Yeager. You can get his books at any Fairfax County library. In fact, he's going to be speaking at the library in Lorton soon. I just can't remember the date.
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Old 10-09-2013, 08:25 AM
 
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Housing will be your biggest expense by far. I'd stick to a one bedroom apartment so you can build up savings for a rainy day fund and for a down payment for a piece of property. Think $1300-$1500 depending where in the area you look.

I would also avoid the new car if possible. While 80k/year is a decent salary, its not a lot, especially for two people. If it were 80k each, then maybe a new car would be in order.

Ha, and as mentioned above, don't fall victim to consumerism. You don't have to do a prepaid "dumb" phone, because Virgin Mobile is dirt cheap at $35/month for unlimited data and text and it has good coverage in this area.
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Old 10-09-2013, 02:24 PM
 
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Originally Posted by jillabean View Post
The key is you can't fall victim to consumerism. Personally, I budget everything, use only cash. Don't get every little gadget (for example, I don't need an $80 a month smartphone when a prepaid phone for $200 for a year works just fine), be "cheap" and be proud to be "cheap" (or call it frugal if you like... I like "cheap" ), live withing your means (AKA don't use credit), have an emergency fund so when something pops up like a car repair you have the cash, etc, etc.

Good luck!

EDIT: I highly recommend "Ultimate Cheapskate" Jeff Yeager. You can get his books at any Fairfax County library. In fact, he's going to be speaking at the library in Lorton soon. I just can't remember the date.
It's definitely the first rule to "spend less than you make". But all too often, people fall into the second pitfall of being overly focused on penny pinching and cutting expenses. It's far more productive to find ways to make more money, whether through career advancement, a second income source, investments, or even starting a side business. I have a friend who constantly texts me deals to movies, fast food restaurants, tax-free shopping days, and other such things - so she is spending time and effort keeping up with stuff like this. It's so wasteful when her efforts could be better spent on making more money.
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Old 10-09-2013, 06:33 PM
 
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This will depend on your monthly expenses. Look at what your take-home will be after all deductions and then estimate your monthly living expenses, that is the only way to know.
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Old 10-09-2013, 07:08 PM
 
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It is all about your lifestyle and your spending habits (yours and your soon-to-be husband's). That all factors in to what you can afford. There is no reason that you could not live fine on that salary. Perhaps you can't eat out as often or have as much discretionary funding..but in my opinion you can live on that salary. You can research the area and housing. You can easily do the simple math and figure out what you have left after your bills.
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Old 10-10-2013, 06:49 AM
 
5,121 posts, read 5,557,151 times
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Quote:
Originally Posted by NovaOne View Post
It's definitely the first rule to "spend less than you make". But all too often, people fall into the second pitfall of being overly focused on penny pinching and cutting expenses. It's far more productive to find ways to make more money, whether through career advancement, a second income source, investments, or even starting a side business. I have a friend who constantly texts me deals to movies, fast food restaurants, tax-free shopping days, and other such things - so she is spending time and effort keeping up with stuff like this. It's so wasteful when her efforts could be better spent on making more money.
I get what you are saying, but some of us don't have the luxury of working another job, etc. Like I said, I am a single mom. I can work during the school day (and use SACC) but if I were to work longer hours, another job, etc not only would I barely see my child; but I would also be spending most of what extra money I earn on child care and taxes.

I don't do all that stuff your friend does. I just do simple things. For example, I don't go to the movies, I watch them on video and make my own popcorn at home (a couple of dollars vs $20-30), I make food from scratch and don't waste money prepared meals or eating out except once in a while as a special treat, I pack my lunch for work, I don't have a gym membership--but I use the Fairfax County parks for free for exercise, I don't buy things I don't need just because I "want" them, etc. The biggest impact this all has on my life is that my daughter is upset I don't have any "iFads" that she can play with like her peers at school. I pay her allowance though and told her if she wants one, save up and buy one.

I find that (for me) $85k is enough to live very comfortably in this area with money to spare to save (and I do have invest income now that I have investments I've been saving). It might be different for two adults though (like I said, it's me and my daughter). I still enjoy life and do fun things, I am just smart about it (to toot my own horn ).
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