Working in NYC on 80k a year

[Connoisseur]

Allright, so I got a bump this year and thought it would be good money for working in NY. I'm realizing now that it isn't much at all for the area and i'm not saving much at all (this year I maybe saved up 6k for a total of about 15-16k in the bank). I was hoping people can give advice on saving money for a guy who enjoys the NY lifestyle. My monthly expenses are:
900 - Apartment (Live in Jersey City right outside the path)
~400-600 - Food (I buy breakfast/lunch mainly cause I don't have time or knowhow to cook)
150 - Car (Since I live in Jersey I still need it to visit friends and family in and out of the state)
180 - Student Loans
80 - Cable/Internet
70 - Gym (I actually do use this membership)
Probably 100 a week or every other week for going out


Sorry if this sounds like a stupid thread, but I'm finally trying to become a LITTLE financially responsible. I'm 2 years out of college and don't want to be constantly broke.

 

[pyonir]

400-600 a month on food? Seriously? That's WAY too much. Eat pop-tarts for breakfast...and have a sandwich and some fruit lunch...that will cut your costs down a ton. When i was living by myself i was spending less than 300 a month on food...it isn't that hard. (i don't know what food prices are in NYC, but i can't imagine it's THAT much more than when i lived in Phoenix).

 

[Connoisseur]

yeah food's pretty pricey in NY. Breakfast generally costs me 4-5 bucks. Lunch about 10. I can probably cheapen the breakfast but I don't really have time to pack a lunch. I have to find some cheap places to eat around here. I'm trying to maintain some semblance of healthy eating.

 

[pyonir]

Originally posted by: Connoisseur
yeah food's pretty pricey in NY. Breakfast generally costs me 4-5 bucks. Lunch about 10. I can probably cheapen the breakfast but I don't really have time to pack a lunch. I have to find some cheap places to eat around here. I'm trying to maintain some semblance of healthy eating.

I hear ya with healthy eating...but you can pack a lunch the night before and put in the fridge ya know. Lunch for $10 is absolutely ridiculous IMO.

 

[Ig]

Seems like you left out a lot of stuff. It doesn't add up.

What you listed is ~2280/month. That's 27360/year.

80000 - 22400 (guestimated taxes; fed+state) = 57600 - 27360 = 30240 left to save, spend, etc.

That's a lot of money. If you only saved 6k in the last 8 months, that would mean you spent about 14k on something. (30240/12 * 8 - 6000 = 14160)

 

[pyonir]

Originally posted by: Ig
Seems like you left out a lot of stuff. It doesn't add up.

What you listed is ~2280/month. That's 27360/year.

80000 - 22400 (guestimated taxes; fed+state) = 57600 - 27360 = 30240 left to save, spend, etc.

That's a lot of money. If you only saved 6k in the last 8 months, that would mean you spent about 14k on something. (30240/12 * 8 - 6000 = 14160)

Coke habit?

:laugh:

 

[Connoisseur]

ha ha lol sorry forgot to mention some important things. 6% goes into 401k pretax straight from my paycheck and about 8% goes into the employee stock purchase plan post-tax. After social security/medical/dental it comes out to something like 3800/month give or take. I'm not sure myself but I suspect the rest of the money goes towards partying (drinking primarily).

 

[pyonir]

Find cheaper beer!

 

[Mo0o]

cook for yourself, thats dinner and next days lunch right there

 

[elmro]

Originally posted by: Connoisseur
I'm not sure myself but I suspect the rest of the money goes towards partying (drinking primarily).

Quote of the century!!

You are my new best friend

It is easy to party on 80K a year - you are already doing it.

 

[elmro]

Quick thread-jack follow-up - How do you get home at 4 in the morning to NJ? Are the trains still running? Do cabs go there? I've always wondered what NJ partyers did.

 

[pyonir]

Originally posted by: elmro
Quick thread-jack follow-up - How do you get home at 4 in the morning to NJ? Are the trains still running? Do cabs go there? I've always wondered what NJ partyers did.

Swim.

 

[xospec1alk]

I was on 80K last year,

one bedroom apt for 1400

car payment 270/mo
insurance 200/mo

5% into 401K, 5% into stock purchase plan

everything else, and i was still able to save roughly 500 a month

and last year i spent roughly 7k on eating out (fine dining, doesn't include normal breakfast/lunch/dinner on a normal night)

so at 80k, you're fine.

 

[Deeko]

Dude...I don't live in NYC, but my rent is the same as yours, my car payment is double yours, my student loan payment is about 3x yours, and I'm making a good deal less than 80k. I am not having any financial difficulties and I live comfortably. I don't understand how you can say you're struggling to save any money?

At any rate, as others have said, you're spending way too much on food. Also, maybe that's just how much gyms cost in NYC, but 70/month seems pretty steep.

 

[AMCRambler]

If you're partying in NYC, that's where your money is going. Drinks on the cheap end are usually 10 bucks per. How often do you go out partying? If it's more than 3 or 4 times a month, that's gonna be the money sinkhole you're trying to locate.

 

[MrChad]

Can you ditch the car and use Zipcar instead? If you only use the car occasionally, Zipcar's a good alternative, and you'll save money on your car insurance and loan payments (not to mention gas and maintenance costs).

EDIT: And if you're serious about saving money, you need to learn how to cook. It's not difficult and will save you a lot on your monthly food bills.

 

[K1052]

Originally posted by: Deeko
Dude...I don't live in NYC, but my rent is the same as yours, my car payment is double yours, my student loan payment is about 3x yours, and I'm making a good deal less than 80k. I am not having any financial difficulties and I live comfortably. I don't understand how you can say you're struggling to save any money?

At any rate, as others have said, you're spending way too much on food. Also, maybe that's just how much gyms cost in NYC, but 70/month seems pretty steep.

He's living in Jersey City, not Manhattan. I imaging partying and eating in NYC takes a big chunk out though.

 

[K1052]

Originally posted by: elmro
Quick thread-jack follow-up - How do you get home at 4 in the morning to NJ? Are the trains still running? Do cabs go there? I've always wondered what NJ partyers did.

PATH runs 24/7

 

[Modular]

Get MS $ and develop a plan.

This thread is teh ridiculous.

But so was the "career crossroads" thread. They both get a 0 rating from me.

 

[Deeko]

A pretty simple solution is to set budgets for yourself, and actually keep track of them. I'm not saying keep every single receipt for everything you buy (although you probably should, especially if you're managing to spend that much money). If it turns out you're spending $1000/month on drinks at the bar...maybe you need to limit yourself? If you really need to go out that much, do some shots at home before leaving. Bring cash to the bar (and not your debit card). Haha didn't you go to college??? The biggest thing I learned in school is how to drink as much as possible for as little money....

 

[AmpedSilence]

The going out and drinking on the town is your money pit. Curb that a bit. Stay in a weekend or two and rent a movie or "invest" in a 360 or ps3 to suck your time rather than going to the bars. In the end you will have lower expenses, and still enjoy a fairly active lifestyle.

 

[Mxylplyx]

Firstly, socking 6K in the bank over the course of a year isnt really that bad, and is probably more than most do as a percentage of income. Thats roughly 10% of your net I assume, if your single.

Secondly, you sound like you spend quite a bit of money on yourself. However, being able to do what you want, and still sock away 6K a year sounds pretty good. I would change nothing, unless you just really want to save more, in which case you should cut back on the meals. Dont be a penny pincher when your single. You'll have plenty of time to do that when your married and have kids, at which point you'll have no choice.

 

[akubi]

Originally posted by: K1052

Originally posted by: elmro
Quick thread-jack follow-up - How do you get home at 4 in the morning to NJ? Are the trains still running? Do cabs go there? I've always wondered what NJ partyers did.

PATH runs 24/7

yeah but jersey city's a ghetto, i wouldn't want to take the path there after midnight.

 

[dwell]

I make around twice that (even more as I am in a DINK family) and can barely afford to live here. Not really worth it other than the convenience.

 

[Connoisseur]

Originally posted by: K1052

Originally posted by: elmro
Quick thread-jack follow-up - How do you get home at 4 in the morning to NJ? Are the trains still running? Do cabs go there? I've always wondered what NJ partyers did.

PATH runs 24/7

Yup. My apt's literally right outside the Journal Square path station (across the street). In fact, my requirements for selecting my apt were: 1) 24/7 transportation 2) short commute 3)preferrably last stop on the line. The PATH satisfies all 3. I can't recall how many nights that's saved me when I'm severely drunk or tired.

Yeah I gotta re-evaluate my partying/going out habits but it's so FUN.