how much of my paycheck should I save each month? (buy, utilities)

[cleasach]

The LL of the building is telling a prospective tenant that if they don't want to live with a filthy, disgusting bathroom, they can pay for and arrange the reglazing of the sink and tub? And the prospective tenant is actually considering doing that? What?

If the $800 for food is for one person, that is insanity.

[Kefir King]

Originally Posted by cleasach

If the $800 for food is for one person, that is insanity.

^^^I gotta agree.
$45 a month for the gym is also a bit off the wall unless it comes with massage and release.


safina,


Live with the bathtub for awhile with a bath mat to stand on for showering (if that is the setup.) You get used to crap.
Exmple: I was shown this apartment and the bathroom was a nightmare of lemon yellow tiles. (In HGTV terms, a total gut job.) I got used to it and never give the hideous tiles a second thought.


Remember, you aren't BUYIMG the place and can move out after a quick 12 months passes.


Are you rent stabilized? If you are, the day after you get a signed lease in your hands, file with DHCR and find out your maximum allowed rent. If the building is old you might be due a hefty rebate and a rent rollback. You have nothing to lose.

[safina1]

Originally Posted by Kefir King

^^^I gotta agree.
$45 a month for the gym is also a bit off the wall unless it comes with massage and release.


safina,


Live with the bathtub for awhile with a bath mat to stand on for showering (if that is the setup.) You get used to crap.
Exmple: I was shown this apartment and the bathroom was a nightmare of lemon yellow tiles. (In HGTV terms, a total gut job.) I got used to it and never give the hideous tiles a second thought.


Remember, you aren't BUYIMG the place and can move out after a quick 12 months passes.


Are you rent stabilized? If you are, the day after you get a signed lease in your hands, file with DHCR and find out your maximum allowed rent. If the building is old you might be due a hefty rebate and a rent rollback. You have nothing to lose.

it is true that I am used to crap but I can't handle filthy conditions.
I can live in a simple apt but it has to be clean.
Are you asking about my current place or the apt I want to rent? My current place is not rent stabilized.
what is wrong if I spend a couple of hundred dollars to make my living space nicer?
I am hesitant to apply because it is a big chunk of money ( to me), they are asking for first, last and security then 12% broker fee. All this just to move in. Then I have to buy furniture.

[pierrepont7731]

Originally Posted by safina1

UWS. It is close to the subway. You can't beat the location. But it is a very old building and I am worried that the cracks in the wooden floor are hosting unwanted guests. The bathroom is disgusting.
You make a good point. But what if I reglaze the bathtub and the sink without the landlord's knowledge? It is not like I am changing the main structure of the apt.

That explains it. Yes $1600 is a good price, but I too have seen some disgusting apartments on the UWS. You would never think that an area known to be so expensive would have such apartments.

For $1600 for a studio you can definitely find better, but you would need to move further north in Manhattan. I don't know... I don't spend TONS of time in my apartment, but I needed a renovated apartment and I can't tell you what a difference it makes. I too pay $1600 and have everything new. New high-end flooring, new kitchen and bathroom, great counters, industrial style sink, balcony, an island and two closets (linen and a walk-in closet). My previous apartment was charming, but with the new place I save a lot on electricity and cleaning is a breeze.

I've seen some apartments in Upper Manhattan that are renovated that could probably be around that price range for a studio, especially now with landlords making concessions. Yes you are only renting, but if you think you're going to have issues with leaks or anything else, I wouldn't take it. It's clear that the landlord is a slumlord because who charges $1600 on the UWS unless the apartment is in deplorable conditions AND it's near the subway...

I would definitely look up the management company online and see if you can find anything on them. There was recently a list put up by the City of the worst slumlords. If they're on that list, I would RUN from that apartment.

https://www.trulia.com/p/ny/manhatta...31--2171795596

This one has an odd lay out, but it's been renovated and it's right at $1600. Short walk to the 1 train too.

The only issue may be the area though... I don't do urban too well, so I wouldn't do that place, but even Astoria would be a good place to look if you really want a nice studio with good subway access to Manhattan.

[Henna]

Originally Posted by safina1

$ ?? some digital subscription to some websites that I like (netflix or amazon prime or Lynda.com)

$50 laundry

Am I missing something here?

Hope you're not paying $25/mo for a Lynda.com subscription when it is completely free if you have a NYPL library card. https://www.nypl.org/collections/art...bases/lyndacom

Also, my opinion since most of your posts and threads have shown a great concern for your budget is not to live on the UWS. UWS is one of the most desired locations in NYC, so that's why all you're going to get for $1600 is a hovel. If you want to live in a hovel for $1600, ok. But why not do what others on a budget do, which is look for a nicer place in a more reasonably priced neighborhood.

[safina1]

Originally Posted by pierrepont7731

That explains it. Yes $1600 is a good price, but I too have seen some disgusting apartments on the UWS. You would never think that an area known to be so expensive would have such apartments.

For $1600 for a studio you can definitely find better, but you would need to move further north in Manhattan. I don't know... I don't spend TONS of time in my apartment, but I needed a renovated apartment and I can't tell you what a difference it makes. I too pay $1600 and have everything new. New high-end flooring, new kitchen and bathroom, great counters, industrial style sink, balcony, an island and two closets (linen and a walk-in closet). My previous apartment was charming, but with the new place I save a lot on electricity and cleaning is a breeze.

I've seen some apartments in Upper Manhattan that are renovated that could probably be around that price range for a studio, especially now with landlords making concessions. Yes you are only renting, but if you think you're going to have issues with leaks or anything else, I wouldn't take it. It's clear that the landlord is a slumlord because who charges $1600 on the UWS unless the apartment is in deplorable conditions AND it's near the subway...

I would definitely look up the management company online and see if you can find anything on them. There was recently a list put up by the City of the worst slumlords. If they're on that list, I would RUN from that apartment.

https://www.trulia.com/p/ny/manhatta...31--2171795596

This one has an odd lay out, but it's been renovated and it's right at $1600. Short walk to the 1 train too.

The only issue may be the area though... I don't do urban too well, so I wouldn't do that place, but even Astoria would be a good place to look if you really want a nice studio with good subway access to Manhattan.

Thanks for letting me know about the worst landlords list. it is good to know. no, he is not on that list.
actually, I spoke with some of the tenants and they say good things about him and the super.
thanks for the link but I don't think I would want to live in that neighborhood. I don't think it is a terrible apt it just needs a little bit of work. I like simple places. It is just I am afraid I would be on a tight budget and no flexibility for emergencies.

[pierrepont7731]

Originally Posted by safina1

Thanks for letting me know about the worst landlords list. it is good to know. no, he is not on that list.
actually, I spoke with some of the tenants and they say good things about him and the super.
thanks for the link but I don't think I would want to live in that neighborhood. I don't think it is a terrible apt it just needs a little bit of work. I like simple places. It is just I am afraid I would be on a tight budget and no flexibility for emergencies.

Then you need to cut back on something. Instead of doing $200 a week on groceries, do $150. You can certainly eat all organic food from Whole Foods on that. I hope you buy some store brand items. I used to refuse to buy store brand from Whole Foods, but if you buy organic and GMO free, you'll find that most store brand items from them are good quality, especially the 365 label. I buy the 365 organic label or GMO free label for some items and then for specialty items I usually shop around and get them from places like Vitacost. I load up on organic veggies. Organic meat is expensive, so you can cut back on how much meat you eat.

I would also cut back on cleaning products, soaps, etc. Surely you can do $50 for that. I buy all eco friendly products, and I allot $50 a month for that. Ecover is great... I mean fabric softener, cleaners, etc. Those things should last at least once a month or more depending on how much you buy.

I would lose the internet and just add more to your cell phone or buy a tablet. You can add a tablet for $20 in some cases. There's your "laptop" when you need it for streaming or internet.

$50 for laundry seems excessive for one person, but you're a female. I do a few loads a week in the laundry room. Machine is $1.75 per wash. My dress shirts I hang dry in the walk-in closet. Same deal with my pants and socks. Towels and bed sheets obviously you need to dry, but everything else I would just hang dry. We have these eco-friendly machines, so the clothes don't come out very wet at all and thus dry over night in most cases. Pants are dry in about a day.

That said, I already cut out about $250 from you budget that can go back in your pocket each month. If you look around in say Astoria, you can find something for $1450. That would save you another $150 a month, thus $400 savings per month, $4800 for the year.

[safina1]

Originally Posted by Henna

Hope you're not paying $25/mo for a Lynda.com subscription when it is completely free if you have a NYPL library card. https://www.nypl.org/collections/art...bases/lyndacom

Also, my opinion since most of your posts and threads have shown a great concern for your budget is not to live on the UWS. UWS is one of the most desired locations in NYC, so that's why all you're going to get for $1600 is a hovel. If you want to live in a hovel for $1600, ok. But why not do what others on a budget do, which is look for a nicer place in a more reasonably priced neighborhood.

I have to move out by Oct, Henna. I have been trying to look for a room. I sent a lot of emails responding to people who are looking for roommates. Nothing has worked out so far. A month ago, I was about to rent a studio in Rego Park that turned out to be a disaster. No hot water, no heat. It was a narrow escape.
This one though has hot water and heat but it has cracks around the radiator ( wooden floor), and broken tile in the bathroom , also filthy bathtub and sink in the bathroom.

i am not going to find a nice apt within my budget unless I share. I understand that. I am ok with it. It just has to be clean.
I should also say that I very much appreciate the support that I get from this community. Thank you all very much!

[jad2k]

I use a financial adviser to help with my savings/investment decisions. I think the advice he gives me about saving is particularly useful.

I spend 27% of my income on housing - one should really keep it under 30%
I put $1000/month into investment accounts- per his advisement based on my “retirement goals”
I put $250/month into a savings account - I’ve been doing this for a while, before I used the advisor
I put the max allowed amount into my 401k account - automatically allocated from my paycheck
I maintain a separate account that has a 12 month emergency fund. This account has enough liquid to cover my monthly expenses for one year. - my advisor said 6 months is the typical recommended amount. 1 year makes me more comfortable, so that’s what I have.
I maintain a “comfortable for me” balance in my main checking account. This is the money used for all monthly expenses as well as things like vacations, etc.
Each year we review any excess money in my main checking account (the money above my “comfortable balance”) and allocate that to my investment accounts.

Some other suggestions he’s made include using a separate credit card or debit card to help manage spending on food/entertainment. This doesn’t include groceries but things like dinning out, bars, even coffee bought out. It helps me understand how much of my disposable income is going to things that are really “unnecessary”.

[pierrepont7731]

Originally Posted by jad2k

I use a financial adviser to help with my savings/investment decisions. I think the advice he gives me about saving is particularly useful.

I spend 27% of my income on housing - one should really keep it under 30%
I put $1000/month into investment accounts- per his advisement based on my “retirement goals”
I put $250/month into a savings account - I’ve been doing this for a while, before I used the advisor
I put the max allowed amount into my 401k account - automatically allocated from my paycheck
I maintain a separate account that has a 12 month emergency fund. This account has enough liquid to cover my monthly expenses for one year. - my advisor said 6 months is the typical recommended amount. 1 year makes me more comfortable, so that’s what I have.
I maintain a “comfortable for me” balance in my main checking account. This is the money used for all monthly expenses as well as things like vacations, etc.
Each year we review any excess money in my main checking account (the money above my “comfortable balance”) and allocate that to my investment accounts.

Some other suggestions he’s made include using a separate credit card or debit card to help manage spending on food/entertainment. This doesn’t include groceries but things like dinning out, bars, even coffee bought out. It helps me understand how much of my disposable income is going to things that are really “unnecessary”.

To each it's own, but you only live once. When you die that's it, so I don't obsess over oh my God, I have too much money in checking I need to put more into investments.

They're investments anyway so they're going to go up and down just like the market. If you have kids then sure, stock away more money for them at a minimum and put something into a 529 account, but if you have no kids, who are you going crazy saving money for? You're already maxing out your 401k, plus you put $1000 a month into investments. Now I understand that you need money in retirement, and none of us knows if Social Security will even exist, but let's say that you buy a place and you have it paid off before you retire. Your housing expense is your biggest expense each month, so IF you have a decent amount coming from Social Security, and you delay taking that out until later on, PLUS your investments and your 401k, you should have more than enough money for retirement until you croak (excuse my language ). I mean I'm sorry, if I want to eat at an expensive restaurant, or buy $10 ice cream I'm gonna do it. You only live once and I'm not dying with regrets. I don't know how old you are, but you sound very old. I mean most people are maxing out their retirement accounts when they're older, not when they're say in their 30s.

I've done most of what I wanted to do, so most of what I do now is icing on the cake.