How much money does it usually take to pay the bills?

Interesting question.

In New York where I live, I would say 60K is the bare minimum, and 80K would give you more comfort and latitude.

I survive nicely in downtown Boston on $53K/year. But I do not have or need a car. I am single, age 46.

Whatever you end up making you get used to. If you get a raise somehow that doesn't equal saving much because you end up filling it with some sort of expense. Going from making a certain amount to less is harder.

What is our generation's preoccupation with money?

Don't get me wrong, money is important; it is the driving force for our entire society.

But I'm in college right now, and it seems like everybody I talk to bases every one of their decisions on how much money it will get them in the future.

"Hey, dude, why'd you join that club? Looked pretty lame."

"Yea it is man, but it'll look great on a resume some day/get me more money some day/whatever, even though it's a lame club."

This isn't entirely in line with this thread, but it's just kind of disillusioning to see people follow the money instead of their own path.

34yo.

I am doing fine living single with $60K in Austin, TX.

I own a 3 bedroom 1600 sq townhouse 10 miles north of downtiwn which I bought for $160K 3 years ago. Ocassionally I will have a roommate who pays me $500 per month.

Monthly Expenses:

$1000 Mortgage + Property Taxes

$300 - $400 Condo Assessment + All Utilities (electric, gas, trash, water)

$100 - Cable TV + Broadband Internet

($350) - Car loan payments are paid in full

($50) - I use one cellphone which is paid by my work

($50) - Credit Card Payment (currently paid in full)

($50) - Student Loans are paid in full.

hmmmmm wrote:

What is our generation's preoccupation with money?

Don't get me wrong, money is important; it is the driving force for our entire society.

But I'm in college right now, and it seems like everybody I talk to bases every one of their decisions on how much money it will get them in the future.

"Hey, dude, why'd you join that club? Looked pretty lame."

"Yea it is man, but it'll look great on a resume some day/get me more money some day/whatever, even though it's a lame club."

This isn't entirely in line with this thread, but it's just kind of disillusioning to see people follow the money instead of their own path.

Save this response and look at it ten years from now. You'll get a good laugh. I mean no offense by it. I thought the same way at your age.

Sometimes your own path leads to a need for more money. It's an ugly truth that most of us have to face. If your path is to have a family, you have to provide for them and that costs an ever increasing amount of money. If you don't have a family you might have time to resume build by joining a lame club. The two examples are not in the same orbit.

Mrs. mutha f'er could have Donald Trump living paycheck to paycheck, we are making about 85 grand a year and live in NC.

doobie loobie wrote:

34yo.

I am doing fine living single with $60K in Austin, TX.

I own a 3 bedroom 1600 sq townhouse 10 miles north of downtiwn which I bought for $160K 3 years ago. Ocassionally I will have a roommate who pays me $500 per month.

Monthly Expenses:

$1000 Mortgage + Property Taxes

$300 - $400 Condo Assessment + All Utilities (electric, gas, trash, water)

$100 - Cable TV + Broadband Internet

($350) - Car loan payments are paid in full

($50) - I use one cellphone which is paid by my work

($50) - Credit Card Payment (currently paid in full)

($50) - Student Loans are paid in full.

That adds up to about 2000 a month... or about 24000 a year. I know there's a lot of other expenses out there (gas, food, etc), but if it only takes 30k to keep everything going, what do you do with the extra 30k?

You sound like a sellout. Keep running and not worry about this.

Life isn't expensive if you're single without kids. First job after college - I lived in Boston on $29K for a while and was still able to put away 20% for savings. Despite that, I still couldn't believe how much money I seemed to have. Went out to eat often enough, could pay for dates, could buy new clothes. I didn't own a car, though.

NYC single rent controled one bedroom elevator building just over the bridge in outer borough. 1150 month before food and with no auto costs.

I'm poor.

Single female, I live downtown in a city (not in upstate NY) and I make $8.80 an hour...I am fine off that. My rent is $550 per month, give or take for utilities. I pay my car insurance in full 2x a year so I don't have to worry about that. I own my car so I have no car payments. I buy the bare essentials for groceries, we steal internet and cable, and I am careful about turning lights and appliances on only when I need them. I fill up my gas about every other week becuase I only drive to work- walk or run everywhere else. I don't go out and blow money in bars or on dinners, I do go shopping occasionally but I rarely spend more than $50 at a time. I have student loan payments of $90 a month. My parents do not help me at all, so I am totally on my own. I have friends who are graduating college this year who are worried that they won't be able to make it off $60k a year. Every time I buy something I have to think about how much money it is, if it is actually worth it, and how long I'd have to work to buy it. That helps me decide if I want to get something. Luckily I have no problem shopping in thrift stores and off the sale racks. It's not like I have tons of money left over to spend on things I don't really need, but if I need money to do something, I can save it and use it. Makes me appreciate it more.

ha, i hear ya, yea mrs. economist knows how to spend - a wonderful woman whom i love dearly and she married me before i was making a dimenow i take home about 200k a year and she manages to spend a shocking % of itah, yes times change - in my student days we got by on about 40k between the two of us

old mutha f'er wrote:

Mrs. mutha f'er could have Donald Trump living paycheck to paycheck, we are making about 85 grand a year and live in NC.

Philly suburb, 85k, 36, family of 5

We're ok but don't travel or splurge. My wife is going to start making money again soon....I can't wait.

I don't race often because its too expensive.

ignorant kid wrote:

That adds up to about 2000 a month... or about 24000 a year. I know there's a lot of other expenses out there (gas, food, etc), but if it only takes 30k to keep everything going, what do you do with the extra 30k?

As you acknowledge, you are apparently an ignorant kid. Do you see an accounting for income tax? What about minor details like food or clothes? Any mention of other probable expenses like furnishing the place (college knock-off furniture won't last forever)? What if something else in the home needs repairing/replacing?

i would add that this is what we spend a lot of our money on, travel - we take up to 4 or 5 big trips a year all over the place - mexico, italy, japan, malaysia and many more weekend trips (skiing and such)... but to me these trips and adventures are worth every single pennyi guess it all depends what your priorties are and what you have money to doif we made less money that would be the first thing we would cut outthat and reducing the $3000 a month rent by moving into a smaller place

random wrote:

We're ok but don't travel

How much you need to be "comfortable" all depends on what that word means to you and where you live.

In 1998 (man! just 9 years ago) I had a family of 3, soon to be a family of 4, and my wife was not working, and we bought a house while still having student loan payments and one car payment, and my salary at the time was $44,000. We made it work and I did not go into credit card debt. Fortunately I make much more now.

You can still buy a $150,000 house in many parts of the country in decent areas near work centers. That will cost you about $1,000 each month in mortgage and taxes. Gotta figure in more than I saw in another list of items someone posted in this thread. I didn't see a line item for FOOD. Groceries, the ocassional meal out. That's a decent expense even for the most frugal of eaters.

A single guy with student loan payments (assuming the total bill isn't astronomical) and a car payment living in a city that doesn't have a huge cost of living and paying no more than about $1,000 per month for housing (apartment or house) should be able to make it work on about $35,000. My guess is that if you're really frugal you could do with even a little less. Counted in there, I'm assuming at least 5% toward a retirement account.

If you're making less than $30,000, it seems to me that either you need to buy a cheap used car or have roommates or things along those lines.

$53k year / teacher / coach

Per month:

$900 mortgage for 1800 SF 3 bed / 2 bath house

$60 natural gas

$120 cable / high speed internet

$20 water / sewer

$30 garbage

$45 phone (no land line, just a cell)

$70 electricity

$300 - $400 average credit card bill, to pay my car gas, and odds and ends

$200 groceries

$100 insurance (2 vehicles)

$150 loan

$250 IRA

$20 home owners assoc. fees

Probably some other expenses, but I can't think of any off hand.

These are just averages. Still gives me arond $500 / month to fool around with.

Not sure what in the world I'd do with a lot more money, other than retire earlier. But, I'm having too much fun teaching and coaching to consider that anyway...no idea what I'd do with my time if I wasn't coaching and teaching.

I'm also single and have no kids, so I don't have as many expenses as the average person in my situation.

I don't figure in food or clothing cause it is a huge variable.

It can be $300-$1000 a month.