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

[Anonymous]

If you are up for babysitting that's an easy fix right there. You could make an extra $200/month for just a night or two.

I would probably pay the car payment as-due and not overpay right now. You can use that for a cushion or groceries, and maybe if you don't need it THEN divert it to the car.

Huge kudos to you for contributing to your 401K!

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'd do the math and see what the benefit is of you maxing out your 401k. It may make you eligible for government benefits like food stamps if the eligibility is based on AGI. You can always use the 401k later for a downpayment or education expenses. I'd try and get my AGI as low as possible.

Food stamps for a single person making $45k??? GTFO!

Ugh, no. DC has one of the most generous policies regarding income level and food stamp eligibility, and OP would have to be at least a family of 4 or 5 to qualify for any sort of food stamp benefit.

[Anonymous]

I agree that babysitting is a great idea. With respect to your hair, have you ever looked into any of the special cuts for curly hair like the deva cut? My daughter gets a different one (I can never remember the name) but a friend says they are all similar. It costs $100 but she only goes every 3 months and it's very low maintenance. Although she wears it curly, not straight.

[Anonymous]

Anonymous wrote:You should check out the curly girl group on Facebook and read Lorraine masseys book.

+1 Research the curly girl method. Get the book from the library.

Maybe you can tutor a student for extra cash. Keep working on your buget and keep an eye out for a higher paying job. You're on the right track.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My 2017 New Year's resolution is to get my finances under control. I'm starting off by looking at the cold, hard numbers. How feasible does this sound to you?

Paycheck (after 10% auto deduct to 401k) = about $2200

Fixed expenses:
Rent + utilities: $775
Health Insurance: $116
Blowouts: $148 (includes tips for extremely curly hair I can not otherwise manage)
Car Insurance: $80
Netflix: $10
Phone Bill: $66
Brad Traverse: $5
Dental Insurance: $28
Car Payment: $500 for next 8 months (actually $240, but trying to pay off aggressively)
Cash savings: $100

This leaves only $372 for all of my food, gas, misc expenses. I know this is going to be really tight.... but not sure what else to do. (And unfortunately according to my employee manual, I can't work a second job because I'm often needed to travel for work.)

I have young adults. If you are under 26 and your parent/s have employer group insurance or cobra and dental and are rated FAMILY [not single/couple] then go back on their health /dental plan. The family rate doesn't change by adding 1 person.

Skip the blow outs. Nothing wrong with curly hair! Your car insurance is low for your age-what company? DC/MD/VA?

I'm pretty sure that once the OP qualifies to purchase their own insurance through an employer they are no longer eligible for their parents employer sponsored plan.

I posted the age 26 and the information was correct. Employers ' HR dept have clarified what is on the Govt website:
https://www.healthcare.gov/young-adults/children-under-26/

[Anonymous]

and do you need a car?

[Anonymous]

Anonymous wrote:and do you need a car?

This is what I don't understand! Why on earth does OP have a car in Dc?

[Anonymous]

Anonymous wrote:

Anonymous wrote:and do you need a car?

This is what I don't understand! Why on earth does OP have a car in Dc?

Because I don't work in DC - a car is necessary because my office is not within walking distance of the metro.

[Anonymous]

OP here with an update: This thread inspired me to job hunt; I am now making 52k with better benefits!

[Anonymous]

Congratulations! You seem financially responsible so my only advice to you is to put as much in your retirement fund as possible. Compounding interest is absolutely amazing.

[Anonymous]

Anonymous wrote:OP here with an update: This thread inspired me to job hunt; I am now making 52k with better benefits!

Hooray! That is fantastic news. Continue to save aggressively, and keep expenses down where you are able. You have a good path ahead of you.

[Anonymous]

Anonymous wrote:Also-scrap netflix. Know anyone with amazon prime? Mom? Use that.

That's illegal.

[Anonymous]

Anonymous wrote:I'd do the math and see what the benefit is of you maxing out your 401k. It may make you eligible for government benefits like food stamps if the eligibility is based on AGI. You can always use the 401k later for a downpayment or education expenses. I'd try and get my AGI as low as possible.

Someone making 45k does NOT need government assistance. It's people like you that harm the system for those that need it.

[Anonymous]

Anonymous wrote:OP here with an update: This thread inspired me to job hunt; I am now making 52k with better benefits!

. Good for you! Best of luck.

[Anonymous]

Anonymous wrote:I agree that babysitting is a great idea. With respect to your hair, have you ever looked into any of the special cuts for curly hair like the deva cut? My daughter gets a different one (I can never remember the name) but a friend says they are all similar. It costs $100 but she only goes every 3 months and it's very low maintenance. Although she wears it curly, not straight.

My daughter goes to a salon that specializes in curly hair and it changed her life. Very, very low maintenance and people compliment her on her hair all the time.

http://www.oasis-salon.com/index.asp