 I need $24,000. Any ideas? |
I'm in debt and need help!
Additional Details
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 £200, 000 - What would you spend it on? |
I've been left 200K in inheritance, do I do the sensible thing and buy a house or spend it on fancy cars and luxurly holidays?
How would you spend 200K? x
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ALeoStar | Could you live if you were me? |
I bring home an average of $21,600 a year AFTER taxes. Meaning, an average of $11,400 come out of my check a year to pay my taxes and company benefits.
In 2008, I will automatically spend $15,891 of which will fully take care of my yearly expenses for rent, utilities, car insurance, car registration, cell phone bills, student loans, GRE prep class, GRE exam and my living room tables.
After all of the above is paid, I am left with an average of $5,699 to last me for the year of 2008 on miscellaneous expenses. Expenses include gas, car maintenance, and any other possible issue that may arise. Therefore, I am automatically given about $475 a month or $237 every two weeks to do with what I want or need. Is this sufficient? Could you live if you were me?
Keep in mind I am left with $475 a month with rent, utilities, all bills, loans, insurances and college prep stuff paid for.
Note: I am only 22, no kids and working my first real job after college. |
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Big Sky 23
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Yes, I would live, but I'm NOT you. I don't know your lifestyle or how quickly you'll go through $475 a month on miscellaneous expenses or shopping or entertainment.
What concerns me is that nowhere did you mention any SAVINGS, so I'd be worried about getting used to living paycheck-to-paycheck. You've accounted for all expected expenses, so that's fine. But what about UNexpected expenses? No matter how well you plan your life, **** happens and you need to be ready for it.
If your budget is accurate and you've got $475 a month to play with after EVERYTHING ELSE is already accounted for, I would put at least half of that into a savings account, not to be touched except for emergencies. You mentioned the GREs, so this is especially important if you're considering going back to graduate school. You will want to save up as much money as you can now, unless you plan on working full-time while attending graduate school (which is possible, my fiancee is doing that, but I would not recommend it).
Try $250 a month automatically transferred into savings, also consider setting up a retirement account for the future and put about $100 a month for now. Tweak with those numbers if you want, but I definitely advise you put away something for emergencies and future. |
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Kathryn
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It sounds like you're doing fine. You don't mention saving for retirement. I hope part of the company benefits you mention is a contribution to a 401(k). The earlier you start saving for retirement, the better. I would also suggest you open a Roth IRA and contribute the maximum allowed every year. You should also build up an emergency fund that would cover about six month's of expenses.
Now I want to give you one more piece of advice. I figured this out for myself, but I was already in my 30s. I wish I'd thought of it sooner. The advice is this: You are living comfortably on your current salary; so when you get your next raise or bonus, save all of it. Don't increase your spending to keep up with your income. I got to where I was saving over 50% of my gross income every year, and I never missed the money because I just treated it as if it didn't exist.
Good luck! |
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peppersham
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You are living quite well actually.After my bills I have exactly 201.00 for the entire month to live on,and some people want to take even that away with higher and higher prices.If you manage to get your extra bills paid(Student loans ect) before incurring more debt then you are well on your way to a middle class income and you should do very well.God bless you. |
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YoMamma
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No, I couldn't. Point of this question? I would get a better job. |
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icprofit2000
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I think you will really have to watch your money the first six months, and you need to start thinking about building a reserve to cover unforeseen expenses. l would try and save at least $40/week from the beginning. If I did not have to dig into it during the first six months then I would be comfortable that I could make it. |
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maddiesmumma
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You can make it....its not easy and you cant have an exstravagant life...but you can make it.
I have 2 bank accounts. At the nbeginning of each month I add all of my bills for the month together and divide that number by most of the paydays in the month. Then I transfer that amount into my bill account each week. After that I usually have sbout 150 per week left over. I also have 2 daughters and I am not on any government assistance programs.
The hardest part to me is to not be able to afford to do a lot. |
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Jerry H
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I was in the same situation as you when I was 22. But unlike you I'm not required to pay taxes according to the IRS's own records. I even confirmed this with them. |
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Brandon T
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I get 300 every two weeks, have 275 in rent 149+81 in two loans, 40 in electric, 45 in c.c., 50 in calbe(if i can afford it), and I'm doing fine. I wish I could do better, but a college degree isn't worth the paper it's printed on if you don't use it. I would go to college, but my family and I can't afford it even after grants and the like. |
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ilove.clubpenguin
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woah thats alote well im sure youll take care of it , and i would tottaly live if i were you.at 22 all that is to much responsibilaty but atleast you get paid and dont forget,you could have had kids and had alney about $2,200 maximum and its a great life. :) |
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i have a question
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yeah, i think you'll live. |
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Hank the wayward Christmas tree
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I could if I was in your situation. |
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Dirty Rat
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Think about how well you'd be forced to live if you were suddenly making 1/3 of that? That might make your spending choices a little easier. |
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Zach L
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make a budget for yourself and know dollar for dollar what you can afford. if you can afford it, your ok, if you cant cut some stuff from the budget or get another job. no-one can tell you if they can live in your situation, your the one living it, not anyone else. |
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Sahara
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I was you at one point. I graduated from college and that's probably about what I was making after taxes, given inflation too I'm sure. It was 10 years ago. It will get easier because you will go up in the pay scale but the expenses always seem to move faster (what do I mean seem? They are.). Try to get into management. It should be ok. You need to distinguish between wants and needs. That will help you. First, pay yourself every time you get a pay check (what you think you can afford). You need to build up savings. |
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robert w
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congratulations , u are alive and able to work so. What is the issue?
get a budget make ur money scream as it leave ur wallet.
at 22 u can be a multimillionaire before 60
a millionaire before 50
ur choice. do u enjoy the lack of money ?
get 2 more pt/tm jobs - pay off ur bills don't inccur more debt and u'll own your paycheck in less than 3 yrs.
visit dave ramsey .com to learn ur hard lessons from others mistakes . it is cheaper easier faster.
is this the answer u wanted?
check ur w-2 withholdings they seem high
unless u like loaning IRS money? |
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