How did you come up with the $41,700 number then if I may ask? I think that without knowing a location that there will be potential for vast variances in some of these expenses too.
How did you come up with the $41,700 number then if I may ask? I think that without knowing a location that there will be potential for vast variances in some of these expenses too.
Cut out clothing and entertainment or make it smaller. Your food will probably be much more if you eat out for lunch daily. $5-8/day for lunch. I don't know about your gas/service, but you might be able to cut those down too.
Saving $2k/year isn't that great. Maybe cut down on rent if it's possible to move.
Saving $2k/year isn't that great. Maybe cut down on rent if it's possible to move.
- Jun 8, 2001
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The 41.7 was a figure I was given for one job I am looking at. Obviously these numbers will change a LOT depending on where I am at. In that particular case the rent and gas would be cheaper but medical would be higher. So I expect to change this a lot but this was more or less based on living in Milwaukee.
AgaBoogaBoo
Lifer
- Feb 16, 2003
- 26,108
- 5
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Get DSL or something to bring internet costs down a bit... I use a $15/month plan for DSL and while there are times it can be irritating, it saves a good bit of money in the end.
Also, try to bring housing down if possible by having roommates, living at home, etc.
Also, try to bring housing down if possible by having roommates, living at home, etc.
Gooberlx2
Lifer
- May 4, 2001
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* $105/mo Medical - do you have some chronic condition, or are you talking about health insurance? You don't even have that listed.
* $110/mo Auto Service - what the hell are you doing to your car?
* $35/mo clothing - really?
* $225/mo Groceries and Dining - Well, I would have separated eating out. ~$150/mo on actual groceries should suffice for a single person, IMO. But then, I lived on sandwiches, chicken and broccoli.
But yeah....living ain't cheap. contributing to savings is great, I would abandon the Reserve Fund. Overall, expect to eat out less, go to movies less, etc... Learn to entertain yourself and friends without spending money. Your student loan is ridiculous.
Find a cheaper place to live. I was able to snag $500 incl utils as a single person in Denver. This should be exceptionally easy in Milwaukee.
At the end of the month, having only ~$26 to spare for immediate access (to avoid bouncing, etc...), just isn't enough for emergencies.
* $110/mo Auto Service - what the hell are you doing to your car?
* $35/mo clothing - really?
* $225/mo Groceries and Dining - Well, I would have separated eating out. ~$150/mo on actual groceries should suffice for a single person, IMO. But then, I lived on sandwiches, chicken and broccoli.
But yeah....living ain't cheap. contributing to savings is great, I would abandon the Reserve Fund. Overall, expect to eat out less, go to movies less, etc... Learn to entertain yourself and friends without spending money. Your student loan is ridiculous.
Find a cheaper place to live. I was able to snag $500 incl utils as a single person in Denver. This should be exceptionally easy in Milwaukee.
At the end of the month, having only ~$26 to spare for immediate access (to avoid bouncing, etc...), just isn't enough for emergencies.
- Jun 8, 2001
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Nope. I just checked on all of mine and the interest rate is at a fixed 6.8% and the loan is 10 years. Now once I consolidate it would be at least one percent lower and at 20 years which should get the monthly payment to the 2xx range.
- Jun 8, 2001
- 9,574
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Medical - I was figuring the health plan into the 1/3 gross reduction. And yes, I do have medical conditions. Long story short, yes, that is it and depending on the health plan it could very well get much higher.
Auto service - mentioned many times already
clothing - was making a rough guess. It really depends on where I am working and living. I do have a decent set of business clothes already but again it will depend.
Loans - Already covered multiple times
rent seems a bit low (but it all depends on where you live). for $750 a month you will probably need roommates. Your entertainment seems a bit low. Also your groceries/ eating out is way to low. For 2 people i probably spend $400 a month (i also eat at home all the time or bring my lunch to work), I only eat out maybe twice a month but those 2 times probably comes to another $150.
Plus you forgot a HUGE variable. Dating. If you get a g/f (or already have one) that whole chart is borked. You are also forgetting stuff like birthdays and holidays where you will need to drop coin as well.
Plus you forgot a HUGE variable. Dating. If you get a g/f (or already have one) that whole chart is borked. You are also forgetting stuff like birthdays and holidays where you will need to drop coin as well.
AgaBoogaBoo
Lifer
- Feb 16, 2003
- 26,108
- 5
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If possible, avoid increasing the length of your loan... you'll be paying more to interest. Do what you can to keep it as short as possible and get it paid off.
I think it's stupid to budget for clothes, automotive repairs, entertainment, food, etc. You'll just drive yourself crazy. Only budget for reoccurring expense and save the rest. If you need clothes, buy clothes sensibly. You just have to make sure that what you save keeps going up.
Despite what people say in this thread, $225 for food for one person is a lot unless you eat out a lot or weigh 300 lbs. If need a budget, you shouldn't be eating out anyways.
Despite what people say in this thread, $225 for food for one person is a lot unless you eat out a lot or weigh 300 lbs. If need a budget, you shouldn't be eating out anyways.
The major flaw with this plan is that you aren't challenging yourself to save as much as you can. This budget may rock for a year or two, but if you want to eventually get ahead you're going to have to tighten it up.
Gooberlx2
Lifer
- May 4, 2001
- 15,381
- 6
- 91
In my experience, the average monthly cost for health insurance alone has been ~$120/mo for a PPO, on an employer's group plan.
As a healthy single person without a group plan (before I had a good employer) my cost was the same per month, except the coverage was much worse and deductibles, co-pays, etc, were much higher. If you don't have a squeaky clean bill of health, then expect it to be even more expensive.
Either way, that's over your estimate and doesn't even include regular prescriptions or doctor visits. An HMO may be fine, but not everyone has one....and they suck to be on if you have health problems.
I've been meaning to do this same thing myself, to see what kind of car I can afford. So thanks for doing a lot of the work for me. 
I'll just take your numbers and adjust them according to what's been seen in the thread and my own experience.
Your auto service seems a little high, but I seen your explanation, and I'm surprised so many people had a problem with it. When you have an older car, you expect to pay for repairs, in addition to the regular maintenance like oil changes, brakes, tires, etc. And though it doesn't happen every month, it can be so expensive that you need to budget a significant amount every month in order to pay for those large repairs.
So going by yours, ugh, looks worse than I thought it'd be as far as being able to save money.
$750/mo is probably fine for rent if he's in Milwaukee. Rent out here won't be more than that, and it'd probably be enough for a pretty good 2 bedroom, when I'd only need 1 bedroom.
I'll just take your numbers and adjust them according to what's been seen in the thread and my own experience.Your auto service seems a little high, but I seen your explanation, and I'm surprised so many people had a problem with it. When you have an older car, you expect to pay for repairs, in addition to the regular maintenance like oil changes, brakes, tires, etc. And though it doesn't happen every month, it can be so expensive that you need to budget a significant amount every month in order to pay for those large repairs.
So going by yours, ugh, looks worse than I thought it'd be as far as being able to save money.
$750/mo is probably fine for rent if he's in Milwaukee. Rent out here won't be more than that, and it'd probably be enough for a pretty good 2 bedroom, when I'd only need 1 bedroom.
AgaBoogaBoo
Lifer
- Feb 16, 2003
- 26,108
- 5
- 81
Also, one recommendation - if you don't already, pay everything with a CC so that you can track where your money is going at the end of month. It's very easy to forget where money was spent if you pay in cash.
ok milwaukee i could accept $750 a month by himself for an apartment other cities like boston or new york and $750 is gonna need 18 roommates in a bad part of town.
Dr. Detroit
Diamond Member
- Sep 25, 2004
- 8,561
- 951
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Where are you getting this full time job at? If it require business casual (slacks, dress shirts) you should expect higher clothing bills until you build a wardrobe.
Or if you don't suck with money, get a credit card that gives you a cash-back reward and use it for as many as your normal bills as you can... pay it off right away and it's free money.
i totally forgot about that expense as well. Dry cleaning. If you need to wear suits or button up shirts you will probably need dry cleaning as well.
- Jun 8, 2001
- 9,574
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ok, let me try to expand on the last dozen posts.
THESE NUMBERS ARE GOING TO CHANGE DEPENDING ON THE LOCATION AND JOB!!!
I am not sure why so many people are having a problem grasping this concept. If I am living in NYC I don't expect these numbers to work. Just the same if I am living in podunk, KS they will change as well. I am using it as a general guideline that I can change depending on the location. So yes, I will be paying a hell of a lot more until I expand my wardrobe depending on the location (though I already have ~10 dress shirts, half a dozen ties, and about five dress pants). Yes I can *save* more but this budget is not about trying to save money it is about looking at realistic numbers. Can I get a roommate and cut my rent in half? Sure. But can you guarantee that I can find a roommate in a smaller town? Absolutely not. So I have to make realistic estimates with room for movement.
Also, since certain individuals are unable to read, student loans are not yet consolidated.
THESE NUMBERS ARE GOING TO CHANGE DEPENDING ON THE LOCATION AND JOB!!!
I am not sure why so many people are having a problem grasping this concept. If I am living in NYC I don't expect these numbers to work. Just the same if I am living in podunk, KS they will change as well. I am using it as a general guideline that I can change depending on the location. So yes, I will be paying a hell of a lot more until I expand my wardrobe depending on the location (though I already have ~10 dress shirts, half a dozen ties, and about five dress pants). Yes I can *save* more but this budget is not about trying to save money it is about looking at realistic numbers. Can I get a roommate and cut my rent in half? Sure. But can you guarantee that I can find a roommate in a smaller town? Absolutely not. So I have to make realistic estimates with room for movement.
Also, since certain individuals are unable to read, student loans are not yet consolidated.
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