Millennial making 45k - how feasible does this budget sound?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your interest rate on car? Unless it's very high I wouldn't pay that aggressively.

I would really try to work on the blowouts cost...would even permanently straightening your hair be cheaper in the long run? Or figuring out a cut that works for curly hair?

What are your long term prospects for increasing your income? Can you babysit for extra cash on the weekends? I did that when I was in my 20s and made an extra $200-$500 bucks a month that way.

Interest rate is very low at 1.49% APR. Just hate the debt.

You're right, I need to start giving up my weekends for babysitting.

Don't give up your weekends but babysit 1-2 nights a month. That will help build a small cushion.

With that low interest rate I would wait til the end of the month and split half your leftover funds between savings and paying off the car loan.

Are you planning to stay at this job? How are your prospects for raises, bonuses etc?

What is your savings like?

I would love to stay at my job, but its budget is so tight I don't think there is much potential for raises. I need to find a new one. (I could probably make $55k elsewhere.)

Savings is about $7k in retirement, $1k in cash savings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your interest rate on car? Unless it's very high I wouldn't pay that aggressively.

I would really try to work on the blowouts cost...would even permanently straightening your hair be cheaper in the long run? Or figuring out a cut that works for curly hair?

What are your long term prospects for increasing your income? Can you babysit for extra cash on the weekends? I did that when I was in my 20s and made an extra $200-$500 bucks a month that way.

Interest rate is very low at 1.49% APR. Just hate the debt.

You're right, I need to start giving up my weekends for babysitting.

Don't give up your weekends but babysit 1-2 nights a month. That will help build a small cushion.

With that low interest rate I would wait til the end of the month and split half your leftover funds between savings and paying off the car loan.

Are you planning to stay at this job? How are your prospects for raises, bonuses etc?

What is your savings like?

I would love to stay at my job, but its budget is so tight I don't think there is much potential for raises. I need to find a new one. (I could probably make $55k elsewhere.)

Savings is about $7k in retirement, $1k in cash savings.

I would definitely advise you to build your emergency fund- 6 months of expenses- before paying off your car.

Also definitely start looking for a new job where you can earn more money.

Honestly, your budget is in decent shape. I made much less than you in my 20s and paid higher rent- and I had student loans.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your interest rate on car? Unless it's very high I wouldn't pay that aggressively.

I would really try to work on the blowouts cost...would even permanently straightening your hair be cheaper in the long run? Or figuring out a cut that works for curly hair?

What are your long term prospects for increasing your income? Can you babysit for extra cash on the weekends? I did that when I was in my 20s and made an extra $200-$500 bucks a month that way.

Interest rate is very low at 1.49% APR. Just hate the debt.

You're right, I need to start giving up my weekends for babysitting.

Don't give up your weekends but babysit 1-2 nights a month. That will help build a small cushion.

With that low interest rate I would wait til the end of the month and split half your leftover funds between savings and paying off the car loan.

Are you planning to stay at this job? How are your prospects for raises, bonuses etc?

What is your savings like?

I would love to stay at my job, but its budget is so tight I don't think there is much potential for raises. I need to find a new one. (I could probably make $55k elsewhere.)

Savings is about $7k in retirement, $1k in cash savings.

I would definitely advise you to build your emergency fund- 6 months of expenses- before paying off your car.

Also definitely start looking for a new job where you can earn more money.

Honestly, your budget is in decent shape. I made much less than you in my 20s and paid higher rent- and I had student loans.

Thank you for your feedback. I feel very fortunate that my parent's paid for my education, and I don't have student loans added to this mix.

To all those saying that I should cut back on the blowouts - you have me convinced. But I'm an early-20s, single woman and my appearance is pretty important both in the professional world and when going on dates - does this make a difference to you?

[Anonymous]

Stop paying so much on the car. Try to get that hair expense down.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your interest rate on car? Unless it's very high I wouldn't pay that aggressively.

I would really try to work on the blowouts cost...would even permanently straightening your hair be cheaper in the long run? Or figuring out a cut that works for curly hair?

What are your long term prospects for increasing your income? Can you babysit for extra cash on the weekends? I did that when I was in my 20s and made an extra $200-$500 bucks a month that way.

Interest rate is very low at 1.49% APR. Just hate the debt.

You're right, I need to start giving up my weekends for babysitting.

Don't give up your weekends but babysit 1-2 nights a month. That will help build a small cushion.

With that low interest rate I would wait til the end of the month and split half your leftover funds between savings and paying off the car loan.

Are you planning to stay at this job? How are your prospects for raises, bonuses etc?

What is your savings like?

I would love to stay at my job, but its budget is so tight I don't think there is much potential for raises. I need to find a new one. (I could probably make $55k elsewhere.)

Savings is about $7k in retirement, $1k in cash savings.

I would definitely advise you to build your emergency fund- 6 months of expenses- before paying off your car.

Also definitely start looking for a new job where you can earn more money.

Honestly, your budget is in decent shape. I made much less than you in my 20s and paid higher rent- and I had student loans.

Thank you for your feedback. I feel very fortunate that my parent's paid for my education, and I don't have student loans added to this mix.

To all those saying that I should cut back on the blowouts - you have me convinced. But I'm an early-20s, single woman and my appearance is pretty important both in the professional world and when going on dates - does this make a difference to you?

I'm a 30s woman who once made a salary similar to yours. Keep up your appearance. Women are judged on their looks and dating is important. Landing a nice and successful man is just as important as your own career.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your interest rate on car? Unless it's very high I wouldn't pay that aggressively.

I would really try to work on the blowouts cost...would even permanently straightening your hair be cheaper in the long run? Or figuring out a cut that works for curly hair?

What are your long term prospects for increasing your income? Can you babysit for extra cash on the weekends? I did that when I was in my 20s and made an extra $200-$500 bucks a month that way.

Interest rate is very low at 1.49% APR. Just hate the debt.

You're right, I need to start giving up my weekends for babysitting.

Don't give up your weekends but babysit 1-2 nights a month. That will help build a small cushion.

With that low interest rate I would wait til the end of the month and split half your leftover funds between savings and paying off the car loan.

Are you planning to stay at this job? How are your prospects for raises, bonuses etc?

What is your savings like?

I would love to stay at my job, but its budget is so tight I don't think there is much potential for raises. I need to find a new one. (I could probably make $55k elsewhere.)

Savings is about $7k in retirement, $1k in cash savings.

I would definitely advise you to build your emergency fund- 6 months of expenses- before paying off your car.

Also definitely start looking for a new job where you can earn more money.

Honestly, your budget is in decent shape. I made much less than you in my 20s and paid higher rent- and I had student loans.

I disagree on the emergency fund of six months. First off, op is eligible for unemployment if she's laid off. At her age and level it's much easier to find a new job. She doesn't have a mortgage and can't be responsible for any repairs to her rental. Really there is no reason to have a large sum of money sitting around in cash. She could probably use another 1-2k in case she ever had a car repair but that's really all she could use it for.

[Anonymous]

Anonymous wrote:Can you drive for Uber/Lyft and just not inform your employer? Because you could do that anytime.

Otherwise, eat the same basic foods daily. Beans and rice for lunch and dinner. Read Dave Ramsey. Extend your blowouts.

As a woman I wouldn't do this unless I were desperate. It simply isn't safe for women to be picking up unknown men. There are plenty of other jobs OP can take on that won't be as big of a risk.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your interest rate on car? Unless it's very high I wouldn't pay that aggressively.

I would really try to work on the blowouts cost...would even permanently straightening your hair be cheaper in the long run? Or figuring out a cut that works for curly hair?

What are your long term prospects for increasing your income? Can you babysit for extra cash on the weekends? I did that when I was in my 20s and made an extra $200-$500 bucks a month that way.

Interest rate is very low at 1.49% APR. Just hate the debt.

You're right, I need to start giving up my weekends for babysitting.

Don't give up your weekends but babysit 1-2 nights a month. That will help build a small cushion.

With that low interest rate I would wait til the end of the month and split half your leftover funds between savings and paying off the car loan.

Are you planning to stay at this job? How are your prospects for raises, bonuses etc?

What is your savings like?

I would love to stay at my job, but its budget is so tight I don't think there is much potential for raises. I need to find a new one. (I could probably make $55k elsewhere.)

Savings is about $7k in retirement, $1k in cash savings.

I would definitely advise you to build your emergency fund- 6 months of expenses- before paying off your car.

Also definitely start looking for a new job where you can earn more money.

Honestly, your budget is in decent shape. I made much less than you in my 20s and paid higher rent- and I had student loans.

I disagree on the emergency fund of six months. First off, op is eligible for unemployment if she's laid off. At her age and level it's much easier to find a new job. She doesn't have a mortgage and can't be responsible for any repairs to her rental. Really there is no reason to have a large sum of money sitting around in cash. She could probably use another 1-2k in case she ever had a car repair but that's really all she could use it for.

OP here: Also, the good news is that since my parents live in this area, in a worst-case scenario I could move back in with them.

[Anonymous]

I just saw the part that says you're banned from working a second job – how can a job pay only 45K and not allow outside work? To me that is ludicrous.

[Anonymous]

Babysitting once or twice a month will pay for your hair. Join a neighborhood listserv to start finding people.

[Anonymous]

Anonymous wrote:Babysitting once or twice a month will pay for your hair. Join a neighborhood listserv to start finding people.

Thanks, you're right, I should start doing this!

[Anonymous]

Is your car insurance a true monthly payment, or are you paying it every 6 months (in full)? The 6-month at once option saves you money. You can manage to set aside the fuller amount, and overall, you'd be setting aside less.

But if you are already doing the 6 month payment, good job.

[Anonymous]

Anonymous wrote:Is your car insurance a true monthly payment, or are you paying it every 6 months (in full)? The 6-month at once option saves you money. You can manage to set aside the fuller amount, and overall, you'd be setting aside less.

But if you are already doing the 6 month payment, good job.

It's truly a monthly payment. My bank offered me the loan and does a monthly auto-deduct from my checking account; it doesn't give me a 6-month option. (I'm not really sure what you're talking about.)

[Anonymous]

Yeah, definitely never got blowouts when I was 25 making 45k. Everything else looks reasonable enough.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:What is your interest rate on car? Unless it's very high I wouldn't pay that aggressively.

I would really try to work on the blowouts cost...would even permanently straightening your hair be cheaper in the long run? Or figuring out a cut that works for curly hair?

What are your long term prospects for increasing your income? Can you babysit for extra cash on the weekends? I did that when I was in my 20s and made an extra $200-$500 bucks a month that way.

Interest rate is very low at 1.49% APR. Just hate the debt.

You're right, I need to start giving up my weekends for babysitting.

Don't give up your weekends but babysit 1-2 nights a month. That will help build a small cushion.

With that low interest rate I would wait til the end of the month and split half your leftover funds between savings and paying off the car loan.

Are you planning to stay at this job? How are your prospects for raises, bonuses etc?

What is your savings like?

I would love to stay at my job, but its budget is so tight I don't think there is much potential for raises. I need to find a new one. (I could probably make $55k elsewhere.)

Savings is about $7k in retirement, $1k in cash savings.

I would definitely advise you to build your emergency fund- 6 months of expenses- before paying off your car.

Also definitely start looking for a new job where you can earn more money.

Honestly, your budget is in decent shape. I made much less than you in my 20s and paid higher rent- and I had student loans.

Thank you for your feedback. I feel very fortunate that my parent's paid for my education, and I don't have student loans added to this mix.

To all those saying that I should cut back on the blowouts - you have me convinced. But I'm an early-20s, single woman and my appearance is pretty important both in the professional world and when going on dates - does this make a difference to you?

I'm the PP who suggested your blowouts were unnecessary and this doesn't change my opinion at all. They ARE unnecessary. You can have absolutely GORGEOUS curls. A blowout doesn't make you beautiful. Working with what you have, learning how to style your curls, that is incredibly important given that you've made it to your 20's and don't know what to do with your natural hair. There are plenty of stylists in this area you can make an appointment with for a style. At this appointment, you can discuss products to use and you can even ask them to suggest store-brand dupes of products that'll work with your hair so you can save a few dollars. Any guy you date - at some point - will see your hair au naturale, so the dating thing isn't an excuse. And I know PLENTY of very successful women - several in my own circle, one being my own sister - who have beautiful curls and their hair hasn't affected their employment or professional development one bit.