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Old 10-17-2012, 06:21 PM
 
3,379 posts, read 4,517,130 times
Reputation: 3681

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Quote:
Originally Posted by kayo_michael View Post
2 slices and a coke for lunch cost me >$10 today.
2 slices for $10? Eating out is expensive. I can get a 8 slices of a frozen pizza from the grocery store for $4. If I make my own pizza with fresh ingredients, it's even better. Some pizza dough, tomato sauce, mozarella, pepperoni and stick it in the oven. That's about 50-75 cents a slice. For a coke, I can get 2 liters for $1.49. Put it in a 16 oz BPA-free water bottle, and get some ice from the ice machine. The 2 liter can be used for 5-6 meals.

For $6, I can have 8 slices of pizza and a 2 liter.

I can get a whole rotisserie chicken for $5.99-6.99 and eat for 2 days straight. I usually love some chicken, veggies, rice or pasta. It also goes great in tortilla wraps or sandwiches.

For the weekend, I go out for $10-15 for some Asian or Mexican food.

Last edited by move4ward; 10-17-2012 at 07:28 PM..
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Old 10-17-2012, 07:54 PM
 
48,526 posts, read 75,935,879 times
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As stated it largely depends o where you live and overall cost of living.
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Old 10-18-2012, 07:32 AM
 
Location: Village of Patchogue, NY
1,144 posts, read 2,238,664 times
Reputation: 601
Quote:
Originally Posted by jamiecta View Post
doesn't surprise me. I think most people in here already said that the more you eat out, your food cost goes up exponentially.
I know. It doesn't surprise me either. It was directed more at people who said "I don't know how anyone can blow $500 a month on food for a single person", like mysticaltyger.
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Old 10-18-2012, 06:03 PM
 
3,379 posts, read 4,517,130 times
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Quote:
Originally Posted by freemkt View Post
If I had the money for say a 3/4BR house, I would buy one and collect rental income by renting out the spare bedrooms, thereby defraying most of the house expenses. Currently I rent a room in a house with five other people, so the biggest difference is that by owning a house, I would be able to decide whom I live with - not an option I have now, where I have no control over who moves in or out.

That's an awesome way of doing it. The OP would lower his housing and utilities cost to $0. That's $20,400/yr that he doesn't have to worry about. $1700 x 12 = 24,000.

The problem would be meeting the DTI requirements for a larger house without having a dual income. I am guessing that he would be a first time buyer.

Last edited by move4ward; 10-18-2012 at 06:12 PM..
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Old 10-19-2012, 06:26 AM
 
837 posts, read 1,480,892 times
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Quote:
Originally Posted by GeorgiaTransplant View Post
Slacker. You should be shooting for much more than that-about $400,000 a year. What Is Your Annual Income After Taxes?


(/sarcasm off-$60K is pretty decent for a single guy in most parts of the country; it's also enough to raise a family in most parts of the country, but you won't be living large)
Hahaha!! Best thread ever. Reminds me of the guy who posted something about "is 450k a year enough with a $1M house or is 600k with a $1.5M house ok?" same story... He was in school and was convinced he'd just open a practice and make bank. If I could find the thread.... Cracks me up.
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Old 05-13-2017, 01:50 PM
 
4 posts, read 2,076 times
Reputation: 15
Red face Growing up is Hard to do...

Quote:
Originally Posted by SpeedyAZ View Post
True and I agree with your assessment. But what if that person has credit card debt? That could easily eat away a few hundred each month. Or what if they have an SUV that gets 15 mpg and a 45 mile commute each way? Add some more to the money spent on gas per month.

My point is, there are so many expenses that people don't take into account nowadays. $60K/ year sounds like a reasonable salary but in reality, with the hard numbers plugged in, it really doesn't amount to much. I'll be the first to admit...I honestly couldn't live on a $60K/ year salary because I spend too much. I have a compulsion to buying things; new cars, new electronic gadgets, eating out every meal, insurance for all the toys, etc etc. My credit card bill each month is between $2200 and $2500 and while I pay it off in full at the end of the month, I wouldn't be able to do that on a salary less than what I currently make.

I'd challenge anyone to look at what they spend in proportion to what they made over the years and I'm assuming as your income rose, so did your level of spending. That's how it is in my situation and most people I know who make good money.


Oh, I love challenges.

It's time to pull up your boot straps and grow up. No one will rescue you when the hard times come.

Stop charging up your credit cards every month. That adds up to between $26,400 to $30,000 spent annually on impulse buying.

Switch to cash. When you buy something, ask yourself, "Is this a want or a need?"

At the end of a year, you will have $26,400 to buy a car for cash. No car payment. Better yet, sell your current car. Buy the car you can afford now with cash. That eliminates your current car payment of $300 which adds up to $3,600 year. Consider purchasing a car that get phenomenal gas mileage like a Prius. It costs us $15 a week for gas for our paid off 10 year old Prius.

Stop buying new cars. It's foolish and silly. Once you drive a brand new car off the dealer's lot, the value of the car drops by $10,000 or more. Instead, buy a two-year old car. Let someone else take the hit of depreciation. Don't invest your money into something that declines in value every year.

No one NEEDS to eat out every meal. No one. Save that money.

The car payment ($300) and your credit card bill ($2,640) adds up to $30,000 a year. You spend $30,000 or half your income on things you want, not what you need. The impulse to "spend to much" is immature. A grown-up adult takes charge of their life. They don't let life happen to them. Learn to use Microsoft Excel as a budget tool. Make every dollar have a purpose and plan.

As far as my spouse and I are concerned. As our income increased, our spending stayed the same. My entire income of $60,000 has been added to the mortgage payment (that's $4,500 every month). Our house will be paid off in five years. Our cars are paid for and we have no credit card debt. You could be in this same place in five years with no debt and $150,000 cash in the bank.

Growing up has its advantages.
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Old 05-13-2017, 02:23 PM
 
4 posts, read 2,076 times
Reputation: 15
Default More pizza ideas...

Quote:
Originally Posted by move4ward View Post
2 slices for $10? Eating out is expensive. I can get a 8 slices of a frozen pizza from the grocery store for $4. If I make my own pizza with fresh ingredients, it's even better. Some pizza dough, tomato sauce, mozarella, pepperoni and stick it in the oven. That's about 50-75 cents a slice. For a coke, I can get 2 liters for $1.49. Put it in a 16 oz BPA-free water bottle, and get some ice from the ice machine. The 2 liter can be used for 5-6 meals.

For $6, I can have 8 slices of pizza and a 2 liter.

I can get a whole rotisserie chicken for $5.99-6.99 and eat for 2 days straight. I usually love some chicken, veggies, rice or pasta. It also goes great in tortilla wraps or sandwiches.

For the weekend, I go out for $10-15 for some Asian or Mexican food.
Very good budgeting but here are some additional ways to save money. I wait for the 2 liter Pepsi to go on sale for 99 cents at the grocery story. I buy ten to twenty bottles that week to last for a month or longer.

Consider purchasing a pizza at a place like Papa Murphy's where you take home the fresh pizza and bake it in your oven at home. The coupons never expire and on Tuesday's, most of their pizzas cost only $10.

If you want to challenge yourself, make your own dough from scratch. It's wonderful if you can figure out how to make it. (If interested, I can publish the recipe we use at home.)
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Old 05-13-2017, 02:36 PM
 
4 posts, read 2,076 times
Reputation: 15
Default Save more money for the next step--two rentals

Quote:
Originally Posted by move4ward View Post
That's an awesome way of doing it. The OP would lower his housing and utilities cost to $0. That's $20,400/yr that he doesn't have to worry about. $1700 x 12 = 24,000.

The problem would be meeting the DTI requirements for a larger house without having a dual income. I am guessing that he would be a first time buyer.
Awesome idea and great way to save money for the future. Doing something like this before your get married and have kids, makes you wise beyond your years. Keep up the good work OP.

When the OP pays off the rental house, that money can be saved to purchase the next house. Either save up and buy the next house for cash or save a huge down payment to make the mortgage costs easy to pay off in a few years. If the $24,000 is saved every year for five years, that would be equal to buying a $288,000 house for cash.
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Old 05-13-2017, 03:10 PM
 
292 posts, read 95,344 times
Reputation: 445
As many issues as I have living in the Houston area, I can't complain about the cost of living. I just changed my career a short while ago and I'm just shy of the $60 a year opined in the OP. I live in a newer, somewhat upscale complex and pay $1015 a month for rent/cable/pet/water. I always say I'll eat at home more often than not, but it rarely happens. I have a car payment for the first time in about 7 years and am paying several multiples of my student loan debt in an attempt to pay it off in 3 years instead of 10. All of that and on slightly less than $60, I more than make it work. I'm extremely comfortable.
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Old 05-13-2017, 03:35 PM
Status: "I don't know." (set 2 days ago)
 
4,421 posts, read 4,608,358 times
Reputation: 3281
Yes.
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