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Hello all! I've been looking to get into the DC area since I graduated college in 2008. I graduated law school in May 2015 and just accepted a position at a non-profit at 55k with all benefits/ insurance/ metro paid for by the organization. My rent for a studio in Columbia Heights (2 blocks north of the metro) will be appx. 35% of my pre-tax income. I know the recommendation is 30% but I couldn't find a dog friendly place in a decent neighborhood with the things I wanted for that percentage of my income.
No credit card debt, about $250 student loan payment per month. Parents pay cell phone, renters insurance. No car. I'd like to save a couple hundred dollars a month at the least. Is this possible? What is my likely take home pay biweekly?
Hello all! I've been looking to get into the DC area since I graduated college in 2008. I graduated law school in May 2015 and just accepted a position at a non-profit at 55k with all benefits/ insurance/ metro paid for by the organization. My rent for a studio in Columbia Heights (2 blocks north of the metro) will be appx. 35% of my pre-tax income. I know the recommendation is 30% but I couldn't find a dog friendly place in a decent neighborhood with the things I wanted for that percentage of my income.
No credit card debt, about $250 student loan payment per month. Parents pay cell phone, renters insurance. No car. I'd like to save a couple hundred dollars a month at the least. Is this possible? What is my likely take home pay biweekly?
A very crude number is about 75% of your salary. Taxes and all that non-sense typically total 21-24%. So take your annual salary, divide it by how many paychecks you have per year, deduct 25%, and that's a good guestimate. You can absolutely put money into savings every month (and should). Good for you for being responsible with your money.
Generally speaking you are okay. While 30% of your salary is generally a good number to shoot at, the reality is it is more of a range 30%-40% that you should be within. 35% towards rent is considered acceptable. Considering your profession, this is not unusual earlier in your career to dedicate more for rent, with it going down as you progress in your career and in life.
Thank you both for helping me! I come from a state with no state income tax (FL) so I've been trying to figure everything out. And yes, my salary will likely go up at least 10-15k per year in the nonprofit sector as an attorney. I'm 25 and I've watched my parents struggle and live beyond their means for most of my life - my goal is to NOT do that.
A very crude number is about 75% of your salary. Taxes and all that non-sense typically total 21-24%. So take your annual salary, divide it by how many paychecks you have per year, deduct 25%, and that's a good guestimate. You can absolutely put money into savings every month (and should). Good for you for being responsible with your money.
This is a very good estimate. Of course depends on things like how much you save in your 401k and what kind of healthcare plan you get if any at all, but generally 75% is a good estimate I think.
This is a very good estimate. Of course depends on things like how much you save in your 401k and what kind of healthcare plan you get if any at all, but generally 75% is a good estimate I think.
True, I didn't factor in 401K because that's obviously not a fixed or given for everyone.
OP, I'm so proud of you for saying you want to not repeat the mistakes of your parents. One of my largest gripes with the school system is that they don't teach even basic living finances. If they did, I think our country would be in a much better place.
Hello all! I've been looking to get into the DC area since I graduated college in 2008. I graduated law school in May 2015 and just accepted a position at a non-profit at 55k with all benefits/ insurance/ metro paid for by the organization. My rent for a studio in Columbia Heights (2 blocks north of the metro) will be appx. 35% of my pre-tax income. I know the recommendation is 30% but I couldn't find a dog friendly place in a decent neighborhood with the things I wanted for that percentage of my income.
No credit card debt, about $250 student loan payment per month. Parents pay cell phone, renters insurance. No car. I'd like to save a couple hundred dollars a month at the least. Is this possible? What is my likely take home pay biweekly?
That's cheap. I'm paying 70% of my income in rent.
Housing in the DC area is insanely expensive. My rent does include all utilities, and I live in a safe neighborhood, so there's that.
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