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[-] NeptuneOrbit@lemmy.world 104 points 1 year ago

If we take out 7k of the gross $46,0000/yr for healthcare and retirement....

$5,700 for federal taxes, another k for state taxes...

That's about $2692 a month, net. Subtract the just over $2k a month listed, there's another $400 a month for.... Utilities, phone, transportation, entertainment, savings, emergencies.

Even as rent is under 25% of income, pretty tight. Doable. But very tighter. You will never retire saving $4000 a year. You can never get sick. You apparently walk to work.

Pretty much have to get a roommate until the student loans are paid off.

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[-] brygphilomena@lemmy.world 55 points 1 year ago

Talk with the student loan provider. Get on income based repayment plans, you end up paying more in the long run, but less each month (or none at all) so you can at least eat.

[-] theo@lemmy.world 22 points 1 year ago

Is $1k/month student loan repayments in America usual?

[-] Crozekiel@lemmy.zip 25 points 1 year ago

This was nearly 20 years ago, but when I dropped out (two years in college, so don't even have a degree), it was all spread across 4 loans (something weird, I dunno, I was a kid, but it was like a new loan for each semester? That didn't even count the parent loans my mom took out for my schooling - thank god they just wrote those off entirely when she died). The repayment ticket book I received was $55 per week for each loan. That was $880 a month they wanted. For about a total of $50k of debt. With the sharp increase in tuition costs since I was in school, I wouldn't be surprised if $1000 total per month is on the low end if you just pay what they ask you to. They don't really tell you that you are taking out multiple loans by going to school, not just one big one.

I did as the above comment said and got on an IDR (Income Driven Repayment) plan, it basically refinanced my 4 loans into 1 and my monthly bill was now $57 a month, and it adjusts each year around tax time based on the previous year's income. I'm currently paying about $80 a month.

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[-] NotLost@lemmy.world 23 points 1 year ago

That's much higher than normal. A quick google suggests between $200-$500 is more in line with a normal student loan monthly payment, which is still a burden on someone just starting out.

[-] Crozekiel@lemmy.zip 14 points 1 year ago

Only speaking from my own experience, but that sounds in-line with what the monthly payment is for each loan, but when I came out I had 4 separate loans that they came collecting on.

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[-] frightful_hobgoblin@lemmy.ml 37 points 1 year ago

numbers don't check out

lists $2250 expenses.... 100 hours of work per month would cover it

I know they have other expenses, but they failed to list them and failed to make their point.

[-] Bloxlord@lemm.ee 54 points 1 year ago

100 hours of work if the money is tax free (it's not). Taxes take about 40% of your gross income so on $23/hr hr can't afford the listed bills.

[-] NeptuneOrbit@lemmy.world 45 points 1 year ago

By my estimation and IRS calculator, his tax liability is probably under 20%. Probably. This assumes about 15% is being taken out for healthcare and retirement however, so yeah, the net paycheck will be approximately 30-40% lower than gross.

I'd estimate OP has $440 a month left over after all the list expenses.

[-] Technoguyfication@sh.itjust.works 38 points 1 year ago* (last edited 1 year ago)

$440 per month to pay for gas, utilities, phone bill, insurance, incidentals, etc. You can forget about savings completely.

I don’t think OP is too far off the mark.

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[-] Spaceinv8er@sh.itjust.works 29 points 1 year ago

I want a single bedroom apartment for 850.

[-] MeDuViNoX@sh.itjust.works 20 points 1 year ago

You can get one a lot cheaper than that, but you're going to have to move somewhere you probably don't want to live.

[-] CrowAirbrush@lemmy.world 12 points 1 year ago

And lose the money you save on fueling your car?

[-] MeDuViNoX@sh.itjust.works 8 points 1 year ago

It kinda depends where you live, the cheaper apartments here are the same distance to work, just on a different side of town.

It's still not worth the grief to live there, for me personally.

I live near one of the worst Philadelphia suburbs to live in (Chester) and even there you're not going to find a one bedroom apartment for $850. You might find a room in a house for that little. On the flip side, I own a small two bedroom house in a very nice suburb that I rent out for $1400 a month. If you can find at least one other human being that you can cohabitate with peacefully, you can do a lot better than trying to find your own place. Easier said than done, I know - I hate living with other people.

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[-] uis@lemm.ee 10 points 1 year ago

In Russia we have plenty of single bedroom(they are just called single room) apartments for rent much less than 850. Even in Moscow.

Also don't be worse than Russia. Please fix.

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[-] Draegur@lemm.ee 21 points 1 year ago* (last edited 1 year ago)

$23/hr x 40 hours = $920/wk
$920 x 52 weeks per year = $47,840 per year, gross.
government takes ~25% in taxes leaving you with net $35,880
rent is $850 x 12 months = $10,200
$35,880 - $10,200 = $25,680
student loans $1000/mo x 12 months = $12,000
$25,680 - $12,000 = $13,680
groceries $400 x 12 months = $4,800 $13,680 - $4,800 = $8,880 to spare.

Your annual budget has a surplus of $8,880
Divided over 12 months, you have an allowance of $740 per month.

Honestly you have it better than most people.

Furthermore you don't need $400 in food each month.

Food is stupid anyway; Most Americans are overweight, so you can probably get by on less.

If carbohydrates have not yet been made toxic to your biochemistry via your metabolism being turbofucked to hell by sugar and empty starch, you could pull the red beans and rice plus basic spice hack for staple nutrition. Literally just big fucking bags of dry brown rice and dried red beans.

I see dried red beans and dry brown rice coming in around $1 per lb, and that's DRIED remember - after you soak them and cook them you're getting multiple pounds of food per dollar. You could get your grocery budget down to $100 per month if this is your base-load calorie source per meal and you decide to spruce things up every so often with a dollar here and a dollar there.

[-] Moghul@lemmy.world 17 points 1 year ago

What about being happy for this money? Can you have a fulfilling life for 740 bucks a month? What if you subtract bills from it first? What if you subtract transportation costs, seasonal clothing, repairs, medical bills? Can you feel happy if you worked your ass off to get a good job in your field only to have to eat beans and rice and have fun for free or at home?

[-] kwomp2@sh.itjust.works 16 points 1 year ago

Looool work 40/52, shut up and eat ur beans, bitch

Seriously, in the face of technological efficiency of the 21st century your answer to that life-situation is smth smth carbohydrates?

[-] die444die@lemmy.world 13 points 1 year ago

Utilities? (ie water, power, trash)

[-] Clinicallydepressedpoochie@lemmy.world 10 points 1 year ago* (last edited 1 year ago)

Phone. Internet. I guess you could always attach your ethernet strait into the red beans and rice.

Car payment..

Insurance...

Gas..

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[-] Furbag@lemmy.world 20 points 1 year ago

The system has made it impossible to live alone. You pretty much have to pair up with someone and split finances, whether that's a romantic partner or a roommate or whatever. You have to be absolutely killing it to be younger than 40 and living alone right now.

[-] UnderpantsWeevil@lemmy.world 23 points 1 year ago

American Capitalists: "Communism doesn't work."

Also, American Capitalists: "Live in a large shared space, cook meals together, and maybe even do a little farming on the side to supplement your diet. Also, don't use the traditional professional trade system. Learn by doing! Become your own mechanic, have friends cut your own hair and do your own dentistry, home school your kids, and dig your own well for water. Basically, become a 1950s Maoist."

[-] glitchdx@lemmy.world 19 points 1 year ago* (last edited 1 year ago)

23/hr at full time work (40 hrs/week) is $920/week.

Let's assume that 15% is taken out of each paycheck for taxes and withholdings and such, which leaves $782.

A typical month has 4 weeks, so $3128/month.

Stated expenses are $850+$1000+$400 totaling $2250

$3128-$2250=$878

bruh, if you're not making it with that kind of money, you need to take a serious look at your finances and cut back on things you don't need.

EDIT: I'm not replying to everyone.

There are several expenses that would be expected that were not covered. Those should easily fit inside the $878 monthly fund. I'm not going to go through item by item because they weren't mentioned by OP and everyone will have a different list. The things I'd put on the list absolutely fit, with plenty to spare.

The tax rate is based on my personal experience of being poor in Texas. This was a bit of an asspull, but I did math last year that determined I was losing 13% of my paycheck to taxes and withholdings, and I make a bit less than OP so I bumped it up a couple percent. Texas does not have state income tax, so if that number sounds low that's probably why.

Ultimately, I stand by what I said.

[-] WolfLink@sh.itjust.works 25 points 1 year ago* (last edited 1 year ago)

Expenses a normal person would likely have that aren’t mentioned:

  • car related expenses
  • utilities, if not covered by rent (especially a cheap apartment is unlikely to cover all the utilities
  • any needed insurance not covered by job
  • savings
  • less frequent necessities (clothes, tools, repairs, medical expenses)
  • ideally a little money for something enjoyable every once in a while
[-] shinratdr@lemmy.ca 12 points 1 year ago

Plus what lawless hellscape is 15% for taxes and withholdings? In Ontario you’re paying 20% for taxes alone at the absolute minimum. That’s not including CPP, EI, and anything else you have like benefits co-pay or union dues.

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[-] MystikIncarnate@lemmy.ca 18 points 1 year ago

I'm realistically in the situation OP is trying to get at. I'm making over $30/hr, I've been in my career a few years. I pay $1500 towards my housing expenses each month (rent/mortgage, electricity, heat, etc). I pay something like $500 in insurance between my vehicle and home, probably a bit less... My debt repayments are well over $1000/month. I pay $100 each for my cellphone and internet....

I have a slew of other expenses I can't really enumerate. When I factor in food and gasoline, etc, I basically have no money left. I might have $200 left each month if I'm very thrifty with food.

You know what I'm doing? I'm in the process of getting my finances into a system that can help me visualize the spending and plan for my month over month budgeting. I'm trying to find where I can find costs I don't need, and cut costs where I can. My work requires me to have a car, and while my vehicle is older, it works great and is pretty good on gas; best of all, I've paid off my car. I'm trying to dig myself out of this situation I'm in, and get in the black eventually. I'm tired of worrying about debt, which I've been in for nearly 20 years, in some way, shape or form.

[-] kurwa@lemmy.world 8 points 1 year ago

I use ynab (you need a budget) to try and help me out. Emphasis on try.

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[-] AngryCommieKender@lemmy.world 7 points 1 year ago

If you don't need a ton of data, Mint mobile has a $15 a month 5 GB per month plan. It costs me $201.51 per year. I have to pay a year at a time, but that helped me cut my phone costs by a ton

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[-] Agent641@lemmy.world 15 points 1 year ago

Thats the neat thing, you're not!

[-] ZILtoid1991@lemmy.world 15 points 1 year ago

You have nothing to lose, but your chains.

[-] ArmokGoB@lemmy.dbzer0.com 13 points 1 year ago

If anon is in the US, they can switch to a SAVE plan which would make their monthly payments zero and get the loan discharged after 20-25 years. It's not much, but it's something.

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[-] leidkultur@lemmy.one 11 points 1 year ago

Spend less on candles.

[-] Soggytoast@lemm.ee 9 points 1 year ago

Kids keep going to college with the promise of making 400k/year, but normies don't get that. College is good and all but employers generally don't care which college you went to, or your major (if not directly related), what matters is who you became friends with in college, and who their parents/uncles are.

Better off studying something specific, vocational schools, trade schools. Learn something specific, either no or small loan

[-] dejected_warp_core@lemmy.world 12 points 1 year ago

employers generally don’t care which college you went to

It's a little worse than that. College provides a useful socio-economic barrier for unethical employers. They can hide in plain sight by requiring a degree, knowing it's going to cull out a whole class of people. Working to keep college unaffordable may be another part in this strategy; they're pulling the ladder up at the same time. Parents and students overcommitting on loans are doing all they can to bash back against all this, even if they don't know it at the time.

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this post was submitted on 08 Jul 2024
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