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I'm not sure how you live on a grad school stipend with a child, but single daughter lives on her stipend of $1100/month net (PhD candidates get $1500 starting their 3rd year) in an area where rents are high (compared to the national average) and manages to cover everything exept her car repairs and unexpected expenses. She shares a 2 bedroom apartment and they even manage to budget in for cable tv. Her part of the rent is $525. So it can be done. There's been a lot of dumpster diving and thrift store purchases for furniture since there is a large transient population where she lives, besides the college students. We finally bought them a washer and dryer because the girls were cutting back on groceries to afford their laundry. But even still, with delivery, the used pair was only $300 and they will sell them back for 1/2 when they leave. They also both carry renters insurance and each have a small dog to feed and medicate for heartworm monthly. They both have cars that are paid for but commute on the bus because it is free with their ID. Medical insurance is deducted from their pay/stipend.
Budget
rent 525
power 50-60 (AC almost all year required)
water 25
food 150
car/renters insurance 50
dog 30
cable/internet 40
prepaid phone 25
gas 40
GRAND TOTAL 945...yes, she puts money in savings almost every month
I can't even afford a car...geesh.
My insurance would cost $200, my repairs and depreciation another $200 before even getting to gas.
I'm not sure how you live on a grad school stipend with a child, but single daughter lives on her stipend of $1100/month net (PhD candidates get $1500 starting their 3rd year) in an area where rents are high (compared to the national average) and manages to cover everything exept her car repairs and unexpected expenses. She shares a 2 bedroom apartment and they even manage to budget in for cable tv. Her part of the rent is $525. So it can be done. There's been a lot of dumpster diving and thrift store purchases for furniture since there is a large transient population where she lives, besides the college students. We finally bought them a washer and dryer because the girls were cutting back on groceries to afford their laundry. But even still, with delivery, the used pair was only $300 and they will sell them back for 1/2 when they leave. They also both carry renters insurance and each have a small dog to feed and medicate for heartworm monthly. They both have cars that are paid for but commute on the bus because it is free with their ID. Medical insurance is deducted from their pay/stipend.
Budget
rent 525
power 50-60 (AC almost all year required)
water 25
food 150
car/renters insurance 50
dog 30
cable/internet 40
prepaid phone 25
gas 40
GRAND TOTAL 945...yes, she puts money in savings almost every month
$1100 for a third year PhD student? Oh, wow. I know the amount varies between funding and school, but that is pretty tight.
My husband's contract says pre-candidacy at his school the amount (gross) was $2045, and by the third year it is $2124. Husband made net $1500 as a stipend while he was teaching, and this is the amount AFTER money was taken out (pretaxed) for his OPERs. So his peers who are in the same year were making a bit more than $1500, because the majority of them opted to NOT put money into retirement. But in his field he is expected to get funding somewhere else by third year, when they pass their Quals. The dept.does not want to financially carry them forever, and the student shouldn't want it, either, as teaching absorbs a lot of time that could and should be going to research. His professor got him his current job which is in conjunction with the research he is doing to graduate, and the pay is a decent amount higher. Granted, it's not much higher than $1500, lol, but it's not the pauper level it felt like when he was teaching.
Now PhD students who have fellowships... They can make bank.
Btw, I commend your daughter. Putting money away into savings on $1100/month is not something most people would even consider doing.
Judging by the amount you are paying to credit cards it looks like you are making minimum payments. If you don't mind me asking, how much credit card debt do you have?
We are striving for a frugal lifestyle. We make $4200 and our monthly expenses are 2k max, and that is EVERYTHING from eating out to groceries, gas, utilities, insurance, etc. We have a baby on the way and our goal is to try to not increase our cost of living by more than $200. We have been reading a lot on the frugal forums, and know it is possible
Maybe your problem goes beyond monthly expenses, and more on managing debt and daily living.
About 1700.
one of our car pymnts will be done in a few months. so that'll help by about 375/mo.
It's easy to assume a lot here and one has to be careful, but I suspect the issue is either a large vehicle or a long commute. Fortunately they are renting so it is less impractical to move to cut expenses down than it would be if they had bought a house. However, it's still easier to cut the food budget, $1,000 does seem high to me.
That $1000/month for food does sound high, but don't forget this is a working couple with kids. They are probably buying a lot of convenience items, fast food, eat out, etc. its easy to say Quit That! but hard to do. They may be so short on time that's the best they can do. I know its cheaper and healthier to buy everything on sale, in bulk, pre-plan measl, freeze ahead, etc, etc but get real---they simply don't have the time for all that!
we make about 130k combined, i just dont understand how we have so much going out with 10k (gross) coming in each month. well after taxes its probably like 6500 so thats why.
we make about 130k combined, i just dont understand how we have so much going out with 10k (gross) coming in each month. well after taxes its probably like 6500 so thats why.
we are in our early 30s in Central FL.
Your fed taxes should be 18,830 at most without taking kids into account med/ss 9945.00. That's 8400 after taxes a month
Your fed taxes should be 18,830 at most without taking kids into account med/ss 9945.00. That's 8400 after taxes a month
yea, we definitely dont bring home that much.
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