Living well on 20,000 in the Dallas/Ft. Worth area (Fort Worth: car rental, real estate)

[Selena777]

Okay, I know our state is renowned for its low cost of living (esp housing), but the Dallas area is also somewhat status conscious and full of temptation. I've landed a series of jobs since graduation, and the hourly sum that stays constant is $10.00. It's around the median income for a US citizen, so I figure I'm doing okay. Assuming that $20,000 will be my own median annual income, perhaps wavering by $7,000 give or take over the course of a decade, what can I do to live well on that amount while fulfilling my basic obligations (approx $500 of student loans each month) and having money to save for emergencies like repairs and possible illnesses. Where are the best places to live as far as rent and/or inexpensive activities and amenities?

[Pooua]

My income hasn't been that much different from yours over the last decade.

Budget carefully.
Learn to appreciate the simple things in life.
Find free and low-cost recreation, such as hiking and camping in parks.
Ration your expenses.
Try not to waste anything.
Plan ahead.
Calculate exactly what everything costs you. Don't assume that something is cheaper just because it is bulk or sold at Store X.
Avoid driving, except for special trips.

[SouthernBelleInUtah]

You can also apply for income-sensitive payments on your student loans.

Sent from my DROIDX using Tapatalk

[galore]

I don't think it's possible to live well on $20k/year in Dallas. $10/hour with a degree ??? That's less than my spouse made when working in a stock room (100% unskilled job) 10 years ago... I'd look for another job.

[ChristieP]

I agree. You need to look for a better job. There's no reason you should be making $10 hourly (or even working an hourly wage job) with a degree.

[TrueDat]

Regarding being able to find a better job with a degree, it depends on what the degree is in -- take it from a former liberal arts major! Without any continuing education or special certification, people like me really are just well-read unskilled labor, especially in the economy we've had the last few years.

I would get a roommate or roommates. In what part of the Metroplex is your work? I'd live as close as possible (to save gas and wear and tear on the car) without living in a high-rent area.

Is it possible to take public transportation or cycle to work? I know both options strike fear in the hearts of most people in the Metroplex but there are people who do one or the other and when I hear how much they save on gas, especially now that it's at $3.50 a gallon, they seem like the ones with the right idea.

The other big problem with a low-wage, part-time or freelance work is health insurance. Do you have it through your employer? Getting it on your own would take a huge bite out of your already stretched budget.

As far as free or low-cost things to do in Dallas, there are tons if you check sites like guidelive.com Dallas Events / Events in Dallas-Fort Worth - GuideLive.com or DFW.com | Dallas Fort Worth restaurants, dining, nightlife, city guides and entertainment

[Squirl]

*Become really good at whatever job you take so you can get promoted or find a better paying job. there's a career path in everything!

*Share living space with roommate/spouse
*keep a strict budget down to the last $40 you spend monthly
*Find ways to supplement income. Be available to babysit, walk dogs, help out on a lawn crew, develop skills in some areas like interior painting or basic repairs and get side jobs. If you are strong, help move households, sign up with temp agencies for work outside of the schedule you have on your own regular jobs. Tutor kids in a subject you do well in, etc., etc.....
*Build up your savings account to cover 3 months' living expenses and never touch it unless dire emergency.
*Don't borrow money and don't lend money.
*Don't make friends with nutsy people, don't hang with drinkers or druggies. Your friends will have the biggest impact on your financial health.
*Don't marry someone in debt.
*Take good care of your health. Don't engage in dangerous activities that you could wind up getting hurt. Example: Stay off motorcycles, even if free...always think about the risk.
*Eat healthy. Shop carefully. Eat at home. A dozen eggs (99 cents) and a gallon of milk at ($1.89) at Aldi's will provide a week's worth of breakfasts.
*Use contraception. If you mess up make sure to get the morning after pill. Don't have babies until you are in a secure relationship with another adult who demonstrates consistent financial stability.
*Use public transportation or carpool.
*Watch your consumption of utilities. Don't over heat or over cool your home.
*Public library, team sports, hiking, volunteer at community theatres.....find your interests and passions and there will be a path to enjoy them economically.

[MckinneyOwnr]

Selena, when did you graduate and what do you do? I also think you could find better employment with a degree (any degree) than $10 an hour.

I know so many people who have jobs that have absolutely nothing to do with their degree/education path. I'm one of them. Employers like to see that you have a degree, a lot of times it is of far less importance what that degree actually is.

Honestly, AFAIK, even call center jobs are paying better than $10 an hour for the most part. If you have a job making that much in your field, then... I'd change fields.

[dallas90210]

That is excellent advice.

When I was 18 and single - I made $10.58 an hour ($22k a year) doing very, very basic tech support in the early 1990s. I lived in a semi-ghetto apartment paying less than $400 a month in rent, had a car with over 100,000 miles on it (it was low cost and only semi-reliable), lived very cheaply with almost "no" extras and I did not have a $1 in student loans or other debt. That was hard, and was nearly 20 years ago!! I can't imagine doing that these days.

Even Costco pays upwards of $13-15 an hour for their most entry level jobs. Note that these days I own a couple businesses and lots of real estate ... but I still pay my most basic workers more than $10 an hour!!! So I think you are setting your standards too low, especially with a college degree.

If you ARE involved in a field that pays little to nothing, aka say social work at a non-profit organization or you are a preacher - I would recommend that you find some part-time work or an alternative source of income (say a vending business) to improve your standard of living.

Good luck!

Originally Posted by Squirl

*Become really good at whatever job you take so you can get promoted or find a better paying job. there's a career path in everything!

*Share living space with roommate/spouse
*keep a strict budget down to the last $40 you spend monthly
*Find ways to supplement income. Be available to babysit, walk dogs, help out on a lawn crew, develop skills in some areas like interior painting or basic repairs and get side jobs. If you are strong, help move households, sign up with temp agencies for work outside of the schedule you have on your own regular jobs. Tutor kids in a subject you do well in, etc., etc.....
*Build up your savings account to cover 3 months' living expenses and never touch it unless dire emergency.
*Don't borrow money and don't lend money.
*Don't make friends with nutsy people, don't hang with drinkers or druggies. Your friends will have the biggest impact on your financial health.
*Don't marry someone in debt.
*Take good care of your health. Don't engage in dangerous activities that you could wind up getting hurt. Example: Stay off motorcycles, even if free...always think about the risk.
*Eat healthy. Shop carefully. Eat at home. A dozen eggs (99 cents) and a gallon of milk at ($1.89) at Aldi's will provide a week's worth of breakfasts.
*Use contraception. If you mess up make sure to get the morning after pill. Don't have babies until you are in a secure relationship with another adult who demonstrates consistent financial stability.
*Use public transportation or carpool.
*Watch your consumption of utilities. Don't over heat or over cool your home.
*Public library, team sports, hiking, volunteer at community theatres.....find your interests and passions and there will be a path to enjoy them economically.

[SVTRay]

Living well is out of the question earning 20k...unless you move in with someone and you guys split everything.

I'm amazed you're only getting 10.00 an hour with a degree and owe 500.00 a month for school loans. What did you major in if you don't mind me asking? There are jobs out there that pays the same or more without a degree..car rental companies for example will probably start you out at that plus incentives and without a degree.

Dallas is a fun place but you really need 40k to live decent and not strain your self. If it was me, I would head to West Texas, we're still experiencing a huge oilboom. I'm guessing by your SN that you're female? Don't let that stop you! There is tons of clerical work as well as field work! Pioneer Natural Resources for example is about to build a new 6-10 story office building in Midlandand is going to need lots of misc clerical help! It may not sound like much but I've seen secretaries pull down some good money doing it. Anyhow, it's just a thought.