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You will definitely not be able to take a second job in your industry. You just won't have the time. You can expect to work 60+hrs. In some ways it sucks but you won't have as much time to go out and spend money. Just be careful how much you spend on convenience (take out, drop off laundry, etc) and you should be fine. There are jobs out there but the salaries are very flat bcs of the economy.
Let's look at my numbers some more, in a worst case scenario: $75k salary, let's say 50% of that goes to taxes, health insurance, and 401k contribution, that leaves $3125 take home a month. Rent $2k-2.5k. Food...is $500/month reasonable? How about subway? More than $100/month? At this point we're getting pretty close, but if I stayed at the lower end of that rent range, it seems possible. Also, what kind of taxes should I expect overall? About 40%?
According to the paycheck city calculator, after taxes (including state and city), you should be taking home around $4,000 a month on a $75,000 annual salary. And subways are $89 a month, possibly $100 in two years if you get here. If you know how to cook you can really cut down on your food expenses. You seem like a very contemplative person so I'm assuming you're not impulsive with your spending habits. You'll do just fine with your budget, now if you start dating thats another matter. But stick to your plan, its a good one
Last edited by twist07; 02-08-2010 at 12:15 PM..
Reason: spelling
According to the paycheck city calculator, after taxes (including state and city), you should be taking home around $4,000 a month on a $75,000 annual salary. And subways are $89 a month, possibly $100 in two years if you get here. If you know how to cook you can really cut down on your food expenses. You seem like a very contemplative person so I'm assuming you're not impulsive with your spending habits. You'll do just fine with your budget, now if you start dating thats another matter. But stick to your plan, its a good one
I appreciate the encouraging words. You're right, I'm not impulsive at all, even if I happen to have a lot of money on hand I don't spend in accordance with that, I just buy what is practical and always give it thought ahead of time.
I checked out the paycheck city calculator, it looks like I should expect taxes to be at least 35%, plus 401k and insurance costs, and I think my previous guess of 50% might be close. One very large amount I was leaving out before is my student loan payment, which is around $400/month but I've been paying around $750/month to pay them off in five years instead of ten.
I've also been having thoughts about shooting for a "nicer" apartment, perhaps even if that pushes me out of Manhattan. My reasoning for this is because I want New York to be a long term plan for me, not just a place I run away to and return from in a year or two. Moving multiple times would become tiresome, and I want a place that I feel permanent enough in to really motivate me to spend money to make it nice and feel like a home. A place I could see myself in for 5-10 years maybe. In that case, I would be looking for something nicer than a small, old walk-up. Like I said, that may push me out of Manhattan, but it's something I'm evaluating right now.
Considering the two above points could push my salary goals to $100k+, which frankly is probably unrealistic for a software engineer with 4 1/2 years of experience. Then again, I really don't know what is realistic yet, and salary websites can only tell you so much and often seem inaccurate. What would be best is a real contact/reference in the software industry in New York right now.
I appreciate the encouraging words. You're right, I'm not impulsive at all, even if I happen to have a lot of money on hand I don't spend in accordance with that, I just buy what is practical and always give it thought ahead of time.
I checked out the paycheck city calculator, it looks like I should expect taxes to be at least 35%, plus 401k and insurance costs, and I think my previous guess of 50% might be close. One very large amount I was leaving out before is my student loan payment, which is around $400/month but I've been paying around $750/month to pay them off in five years instead of ten.
I've also been having thoughts about shooting for a "nicer" apartment, perhaps even if that pushes me out of Manhattan. My reasoning for this is because I want New York to be a long term plan for me, not just a place I run away to and return from in a year or two. Moving multiple times would become tiresome, and I want a place that I feel permanent enough in to really motivate me to spend money to make it nice and feel like a home. A place I could see myself in for 5-10 years maybe. In that case, I would be looking for something nicer than a small, old walk-up. Like I said, that may push me out of Manhattan, but it's something I'm evaluating right now.
Considering the two above points could push my salary goals to $100k+, which frankly is probably unrealistic for a software engineer with 4 1/2 years of experience. Then again, I really don't know what is realistic yet, and salary websites can only tell you so much and often seem inaccurate. What would be best is a real contact/reference in the software industry in New York right now.
Indeed.com puts the average salary of a software engineer in NY somewhere in the 100K range. However I'm not sure how percise it is. Jobnob.com has an average beginner salary from a large list of companies as well. I think its good that you're looking to do NY for the long term, too many people want to try the city on like a pair of shoes then move on to the next place.
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