A Depression not a Recession ~ In NEPA too? (buying, go bankrupt)

[SteelCityRising]

Originally Posted by lialleycat

Sounds like a disease. One that makes you itchy in the wrong places!

So do half the towns in New Jersey.

Passaic
Hackensack
Ho-Ho-Kus
Buttzville
Paramus
Hopatcong
Netcong
Piscataway

YUCK!

[Mr Yuk]

Originally Posted by ScranBarre

Buttzville

Buttzville will always hold a special place in my heart! The home of Hot Dog Johnny's.

[Summering]

Your all too funny............
I think NoName4U is a good name for Scranbarre when he moves south......
He might be able to speak with the head of the clan on that........
But for awhile there he was changing names with his moods......... Ah, what would do without him?
So off he will go in this recession/depression........Off to make some good solid $$$.
I just read an article how this is a little "d" rather then the big " D" of recession........I have to go look that up.

[SteelCityRising]

Originally Posted by Summering

So off he will go in this recession/depression........Off to make some good solid $$$.

To be fair $41,000 in Washington, DC is practically impoverished! I'm going to be learning to like Ramen noodles and clipping coupons a LOT! LOL! As long as I have my own 1-bedroom place and my own minuscule cubicle at work, I'm a happy camper!

[Jungle George]

Originally Posted by ScranBarre

To be fair $41,000 in Washington, DC is practically impoverished! I'm going to be learning to like Ramen noodles and clipping coupons a LOT! LOL! As long as I have my own 1-bedroom place and my own minuscule cubicle at work, I'm a happy camper!

Have you checked out rents in your new area Paul??

I would think a 1-bedroom would run around $700.00 a month=$8000.00 a year. Utilities around $2000.00 a year. Car payment/insurance around $6000.00 a year.

That would leave about $25,000.00 a year for your school bills, food, cell phone, etc.

How far off am I???

[Jungle George]

Originally Posted by go phillies

Buttzville will always hold a special place in my heart! The home of Hot Dog Johnny's.

Down here there's a septic service called "C. R. Butts"....

I don't know if that was done on purpose, or if they have no clue...

[lialleycat]

Originally Posted by ScranBarre

To be fair $41,000 in Washington, DC is practically impoverished! I'm going to be learning to like Ramen noodles and clipping coupons a LOT! LOL! As long as I have my own 1-bedroom place and my own minuscule cubicle at work, I'm a happy camper!

To get you started, here's some ramen noodle recipes:

Dirt Cheap Ramen Noodle Recipes (http://www.budget101.com/ramen_noodle_recipes.htm - broken link)

Ramen recipes - We love ramen noodles!

[SteelCityRising]

Originally Posted by Jungle George

Have you checked out rents in your new area Paul??

I would think a 1-bedroom would run around $700.00 a month=$8000.00 a year. Utilities around $2000.00 a year. Car payment/insurance around $6000.00 a year.

That would leave about $25,000.00 a year for your school bills, food, cell phone, etc.

How far off am I???

Very far off, George! The BEST deal I found on a 1-bedroom apartment was one in an upscale complex built by Toll Brothers for a rock bottom price of $1,050/month (excluding utilities). Let's not forget that $41,000 GROSS would probably be closer to $30,000 net when you factor in Medicare, Social Security, taxes, insurance, etc. I probably wouldn't bother with a 401(k) contribution of any sort for a couple of years when I wasn't in need of every penny I earned to get by.

Here's my rough budget:

GROSS SALARY: $41,000
SOCIAL SECURITY TAX : ($2,555)
MEDICARE: ($597)
FEDERAL INCOME TAX: ($6,646)
STATE/LOCAL TAXES: (I have to research this)
AETNA HEALTH INSURANCE: ($1,056)
NET INCOME: $30,356

BUDGET: ($30,356/12) = $2,530/month
RENT: ($1,050/month) (Assuming aforementioned rental)
UTILITIES: ($200/month) (Rough estimate)

Those housing costs alone (not even factoring in parking fees/amenity fees for the complex) total $1,250/month, bringing me down to $1,280/month to play with. From this I'll assume spending $100/week on food (groceries, dining out once per week), which is another $400/month. That brings me down to $880/month. My car is fully paid off, and I'll probably drive it until its demise to save cash, but I'll still have insurance. I'll assume a fee of $90/month if I switch to Geico and take advantage of a Federal employee discount. That takes me down to $790/month. I don't plan to drive much besides going to and from work, so I'll budget $20/week for gas for $80/month. That brings me down to $710/month. Then we have spending for "personal items" for around the house (toothpaste, toilet paper, razor blades, deodorant, paper towels, etc.) I'll budget $100/month for those, bringing me down to $610/month.

Unless I've forgotten anything else of major importance I'll have $610/month of "wiggle room" for any sort of unexpected expenses/emergencies (25% co-pays for dentist/doctor, oil changes for my car, voluntary donations to charity, the weekly church offering, etc.) If I'm thrifty with that and hoard ALL of it, that's potentially $7,320 I can save in one year. Naturally that will also be before I deduct those aforementioned state/local taxes AND student loan payments.

Many on this forum say I have no clue what the "real world" is like, but that's not the case. I'm sure besides what I've listed I've forgotten NUMEROUS expenses that I'll add into my budget as I think of them. Regardless though I should be able to "swing" it. Even if I'm thrifty for the first few years, once I move up from GS-7 in 2009 to GS-8 in 2010 to GS-9 in 2011 AND have my MBA and CPA under my belt it should all pay off in the long run! I may just work myself to the bone down there for ten years, save EVERYTHING I can, and then seek employment with the IRS in Scranton, using my massive savings to outright buy a new house with no mortgage (assuming the massive influx of New Yorkers hasn't driven housing prices through the roof by then!)

[I LOVE PA!]

Congrats again Paul...now as far as your budget....I think you can spend a lot less than $100. for food in a week. I spend about $150. a week for a family of 4 and pack lunches and some breakfasts for everyone too. You don't need a phone if you have cell phone service. Those personal itmes would never amount to $100. a month for one person.
You're in for an adventure....I'm so happy for you.
I think you will do quite well financially. To be able to save anything in this market is a plus. If you can save and find yourself saving...then I would kick in that 401K for the minimum contribultion as it's a great time to be investing in the market. (I HOPE!!!!!!)
As far as the rent......
When my hubbie and I bought our first house, which was an absolute DUMP..we paid $1050. for our mortgage and we grossed together $36,000. (Back in the olde days!) We also had the added expense of 2 adults not one, 2 cars, 2 car insurance payments and a lots of home improvements. We made it ....somehow.....

[Mr Yuk]

I'd say your budget is high for groceries if you're budgeting only for yourself, but a little low on utilities, unless you don't plan on having cable, phone, or internet. Although, you will find that groceries will cost quite a bit more down there.