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Old 12-20-2011, 12:19 PM
 
65 posts, read 113,588 times
Reputation: 37

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Quote:
Originally Posted by AllDay28 View Post
So I'm not all that familiar with the area but is living in like Vienna or fairfax for that type of money possible and/or is that just too far out for my social life as a single guy?

Also, if someone wants to comment on my budget that would be great. Right now I estimated monthly costs of:

150 - Gas/Metro/Parking
200 - Insurance
150 - Phone/Tablet
300 - Utilities/cable/internet
100 - Gym
500 - Food
250 - Miscellaneous drinks/club/etc expenses

Total of 1650 + 1200 for rent = 2850 and allow me to save an extra 350 a month into my Roth.

150 for transport: Probably a bit low. If you want your rent to be around $1000, you're not going to be on a metro line, so you're going to be driving everywhere. If your commute is more than a few miles, you're going to sit in traffic for a long time. So, I would bump this up to $200-250.

200 for insurance: Auto insurance for $2400/year? If you don't have any accidents/speeding tickets/expensive car, etc., this should be at most about $1500/year. Anymore than that and you're getting gouged, even for a young male (I'm 24, a single male, have a speeding ticket, and collision insurance for under $800/year with Progressive). Rental insurance should cost no more than like $15/month.

150 for phone/tablet: Sounds fair. Data plans for both, I assume? I don't like the idea of almost $2000 a year going to data plans on devices that keep me wired in to my work, but if that's what you want, then that's okay, too!

I would see if you can get a discount through your employer, or maybe they'll even pick up a portion of the bill? I get an 18% discount through my employer, and I think that is the norm for most companies in the DC area.

300 for utilities: Probably high. I have a 750 sq. ft. condo in Alex., and my power, water, gas, sewage, and trash averages about $100-120/month. I have Comcast, and my bill is $100/month for HD, DVR, and good internet.

100 for gym: High. My gym is $50/month and has all the amenities and classes anyone could ask for. Better yet, find an aprtment with a gym!

500 for food: This depends. My wife and I eat out a couple times a week and go on a date at least once a month, and our food budget is about $750 for both of us for groceries and eating out combined.

250 for entertainment: Also depends. Take advantage of happy hours, and find friends that don't need to go out every weekend to have a good time.



Also, your take home pay sounds low. How much is your health insurance, and what percentage are you contributing to your 401(k)? Have you accounted for adjusting your withholdings based on your pre-tax 401(k) contribution? No reason to end up with a big tax refund if you don't have to...my income is slightly lower than yours, I contribute 10% to my 401(k), and still take home almost $200/month more than your estimate.

Do you have loans that are going to come out of their grace period soon? Don't forget to account for those if you do. You should start paying those off now if you do...if you have a job it would be silly to let the interest accrue for another six months.

Do you have an emergency fund? I would start a high interest savings account (Ally, ING, etc.) with 6-9 months of savings built up before you contribute to your roth.
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Old 12-20-2011, 12:23 PM
 
43 posts, read 79,072 times
Reputation: 30
I lived in Fairfax for a year while I was single and didn't really enjoy it. I spent most of my time socializing in Arlington and D.C. I moved to Arlington 10 years ago and love it here. Fairfax is a nice place for families, but unless you're in an active church or in a Meetup group, it's difficult to meet single people. I think Vienna may be a little better since it's closer to Arlington and Tysons, and they have an awesome live venue called Jammin' Java.
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Old 12-20-2011, 12:56 PM
 
16 posts, read 51,110 times
Reputation: 11
Quote:
Originally Posted by brenpilot View Post
150 for transport: Probably a bit low. If you want your rent to be around $1000, you're not going to be on a metro line, so you're going to be driving everywhere. If your commute is more than a few miles, you're going to sit in traffic for a long time. So, I would bump this up to $200-250.

200 for insurance: Auto insurance for $2400/year? If you don't have any accidents/speeding tickets/expensive car, etc., this should be at most about $1500/year. Anymore than that and you're getting gouged, even for a young male (I'm 24, a single male, have a speeding ticket, and collision insurance for under $800/year with Progressive). Rental insurance should cost no more than like $15/month.

150 for phone/tablet: Sounds fair. Data plans for both, I assume? I don't like the idea of almost $2000 a year going to data plans on devices that keep me wired in to my work, but if that's what you want, then that's okay, too!

I would see if you can get a discount through your employer, or maybe they'll even pick up a portion of the bill? I get an 18% discount through my employer, and I think that is the norm for most companies in the DC area.

300 for utilities: Probably high. I have a 750 sq. ft. condo in Alex., and my power, water, gas, sewage, and trash averages about $100-120/month. I have Comcast, and my bill is $100/month for HD, DVR, and good internet.

100 for gym: High. My gym is $50/month and has all the amenities and classes anyone could ask for. Better yet, find an aprtment with a gym!

500 for food: This depends. My wife and I eat out a couple times a week and go on a date at least once a month, and our food budget is about $750 for both of us for groceries and eating out combined.

250 for entertainment: Also depends. Take advantage of happy hours, and find friends that don't need to go out every weekend to have a good time.



Also, your take home pay sounds low. How much is your health insurance, and what percentage are you contributing to your 401(k)? Have you accounted for adjusting your withholdings based on your pre-tax 401(k) contribution? No reason to end up with a big tax refund if you don't have to...my income is slightly lower than yours, I contribute 10% to my 401(k), and still take home almost $200/month more than your estimate.

Do you have loans that are going to come out of their grace period soon? Don't forget to account for those if you do. You should start paying those off now if you do...if you have a job it would be silly to let the interest accrue for another six months.

Do you have an emergency fund? I would start a high interest savings account (Ally, ING, etc.) with 6-9 months of savings built up before you contribute to your roth.
As far as the take home pay I took 65000, maxed out my 401k contributions (my employer matches 100% up to 10% of income) and then the average health and dental take out for my employer was listed as 115 combined. That gave me a little over 57k before taxes. Than I calculated federal and VA state taxes (assumed I would live in Arlington with no city/country tax) and medicare/SS which gave me just over 39k post withholdings which comes out to just over 3200.

I have no school loans (athletic scholarship). I figured the transportation might be low but originally (foolishly) thougt that I could live close to the metro and commute to the arlington office that way. I have 3 speeding tickets and got like a free progressive quote and they said something like 2k for the year so I rounded up a bit, so maybe I can make a good deal there. I'm surprised you say the gym is high because I pay 85 now in a midwestern city. And I'm paying like 300 now for utilities but I know i'm getting hosed so hopefully that will change.

Also, good looking out about the emergency fund. This is great info so thanks for the help. Is falls church/Mclean a possibility for ~1200 and would that be a fun/convenient place to live?
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Old 12-20-2011, 08:07 PM
 
65 posts, read 113,588 times
Reputation: 37
Hmmm based on $57,000 annually I calculated just over $3500 take home monthly (with 1 exemption for federal and state). Oh well, better to be prepared for $3200 and be pleasantly surprised if its more, right? . Just report back here if Im right hehe!

One more thing from before: I forgot my insurance has been adjusted mid policy for getting married...so the actual amount I was paying when single was closer to $1000/year. Still not bad though! When do your speeding tickets come off your record? Are you willing to up your deductible? If you build your emergency fund up to 6-9 months of daily living expenses, you can afford to have higher deductibles on your insurance. Over the long run, that will end up saving you a lot of money.

Congrats for not having any loans, that's awesome!

I may take some flack for this, but here is my recommedation: Honestly, being a recent college grad with no debt (no credit card debt, right?) and an income of $65,000, I think you should go live it up. There is likely not going to be another time in your life where your income outpaces your debt and expenses as much as it does right now. Go find an apartment on the orange line (Ballston, Clarendon, etc.), and get a roommate. Find a 2br with parking and have fun! You can metro everywhere you want to go out for fun, and drive to work.

As long as you are contributing 10% (with 10% match-effing awesome!) to your 401k and maxing out your Roth, you deserve to go out and have fun. Very few people are as lucky to be in the situation that you find yourself in.

However, you have to determine what your mid term and long term goals are. Do you want to get married? If so, when? Do you want a condo or house? If so, when? This will determine how much you need to sock away to savings.

I think you should enjoy yourself for a couple years, and start a savings account now that is destined for your big mid term goals for when you are sick of the party scene. That way, when you are ready to transition to the "suburban life," you'll have the money sitting there ready for you to do so.

For example, I have a checking and savings account with a local bank (short term money, direct deposit, bills), my emergency savings with ING, my "big ticket" savings in a separate ING account (short-mid term money), laddered US gov. bonds (mid-term money) my company 401k, and my Roth (obviously long term money).
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Old 12-20-2011, 08:11 PM
 
65 posts, read 113,588 times
Reputation: 37
I suggest following this thread: //www.city-data.com/forum/north...ear-metro.html

And seeing what they suggest! Like previously mentioned, as a young, single twenty something you'll most likely be happiest on the orange line.
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Old 12-21-2011, 01:30 PM
 
16 posts, read 51,110 times
Reputation: 11
Quote:
Originally Posted by brenpilot View Post
Hmmm based on $57,000 annually I calculated just over $3500 take home monthly (with 1 exemption for federal and state). Oh well, better to be prepared for $3200 and be pleasantly surprised if its more, right? . Just report back here if Im right hehe!

One more thing from before: I forgot my insurance has been adjusted mid policy for getting married...so the actual amount I was paying when single was closer to $1000/year. Still not bad though! When do your speeding tickets come off your record? Are you willing to up your deductible? If you build your emergency fund up to 6-9 months of daily living expenses, you can afford to have higher deductibles on your insurance. Over the long run, that will end up saving you a lot of money.

Congrats for not having any loans, that's awesome!

I may take some flack for this, but here is my recommedation: Honestly, being a recent college grad with no debt (no credit card debt, right?) and an income of $65,000, I think you should go live it up. There is likely not going to be another time in your life where your income outpaces your debt and expenses as much as it does right now. Go find an apartment on the orange line (Ballston, Clarendon, etc.), and get a roommate. Find a 2br with parking and have fun! You can metro everywhere you want to go out for fun, and drive to work.

As long as you are contributing 10% (with 10% match-effing awesome!) to your 401k and maxing out your Roth, you deserve to go out and have fun. Very few people are as lucky to be in the situation that you find yourself in.

However, you have to determine what your mid term and long term goals are. Do you want to get married? If so, when? Do you want a condo or house? If so, when? This will determine how much you need to sock away to savings.

I think you should enjoy yourself for a couple years, and start a savings account now that is destined for your big mid term goals for when you are sick of the party scene. That way, when you are ready to transition to the "suburban life," you'll have the money sitting there ready for you to do so.

For example, I have a checking and savings account with a local bank (short term money, direct deposit, bills), my emergency savings with ING, my "big ticket" savings in a separate ING account (short-mid term money), laddered US gov. bonds (mid-term money) my company 401k, and my Roth (obviously long term money).
Thanks for all the advice, man. Maybe i'm overestimating taxes which would be a nice thing. As far as my short and long term goals I really have none that are non-career related. I'm focused on doing well in my career, hopefully getting into a top MBA program in 3ish years, and then hopefully switching to what I originally wanted to do (Investment Management). Getting married and starting a suburban life isn't really on my mind at all or even really something I feel like is definitely in my future. My primary goals are to kill it at work and meet a lot of young single females. That said I appreciate the help with the budget and i'll keep looking for places to rent but following some of the other threads.
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Old 12-21-2011, 01:45 PM
 
493 posts, read 1,120,040 times
Reputation: 291
(1) Gas prices are probably higher here than where you're coming from.
(2) If you choose to live in Virginia, you need to budget for the annual car tax. And several jurisdictions tack on an additional local fee.
(3) Obviously your employer covers some portion of your health care coverage, but you'll still have co-pays for appointments and meds. Even if you're generally healthy, you'll still be going for annual physicals, dentistry services, flu shots, etc.
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Old 12-21-2011, 05:57 PM
 
65 posts, read 113,588 times
Reputation: 37
Quote:
Originally Posted by AllDay28 View Post
My primary goals are to kill it at work and meet a lot of young single females. That said I appreciate the help with the budget and i'll keep looking for places to rent but following some of the other threads.
Dude, you DEFINATELY WANT to be in Clarendon or Ballston then! NOVA in general is lacking in the young single female department IMO, but the orange line bar scene's is your best bet.

Plus, it always helps to live within walking distance from the bar to seal the deal
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Old 12-21-2011, 06:00 PM
 
65 posts, read 113,588 times
Reputation: 37
Quote:
Originally Posted by AllDay28 View Post
Thanks for all the advice, man. Maybe i'm overestimating taxes which would be a nice thing. As far as my short and long term goals I really have none that are non-career related. I'm focused on doing well in my career, hopefully getting into a top MBA program in 3ish years, and then hopefully switching to what I originally wanted to do (Investment Management). Getting married and starting a suburban life isn't really on my mind at all or even really something I feel like is definitely in my future. My primary goals are to kill it at work and meet a lot of young single females. That said I appreciate the help with the budget and i'll keep looking for places to rent but following some of the other threads.
Here's the salary calculator I use: Salary Paycheck Calculator | ADP
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Old 12-21-2011, 06:06 PM
 
Location: Seattle
1,568 posts, read 3,101,408 times
Reputation: 1622
Business Inteligence and Strategy Analytics is a brilliant move...a more robust resume will double that income in two to three years. Well done!
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