Reply to If I make 112k income...how much should my rent be?

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Reply to "If I make 112k income...how much should my rent be?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]OP here I am working out on a possible budget to look like this:

Rent: $2200
Utilities: $100
Car payment: $450
Car Insurance $100
Gas: $100
Groceries: $600
Cellphone: $180

So total: $3780.

I will have to decrease my retirement contributions so I have more wiggle room.[/quote]

Way too tight.  I’d keep it under $1400 for rent.  You have no spending money.  Cell phone is way too high.  Car insurance too low.  You forget clothing, extras, going out, car repairs, hair cuts, etc[/quote]

Agree. You have NO wiggle room
here—no saving, no holidays, no clothing, no nothing. You could do it for six months but then you either need a housemate or an additional job.

Don’t forget that the retirement saving won’t come back to you 1:1 unless it’s Roth. Taxes will be deducted.

I’m sorry—this sucks.[/quote]

This is just plain wrong.

I make $112K and spend $2,700 monthly on rent and bills with around $1,000 per pay period left over. With OP's budget that would be $460 wiggle room every pay period, with two "bonus" pay periods per year which is tight but easily manageable. Especially considering OP could easily cut $150 from his cell phone bill and $200+ from his grocery bill.

[/quote]

I don't know why you assume two bonus pay periods; many jobs pay twice a month no matter what and there are no bonus pay periods.

We're also missing information here about payroll deductions for things other than retirement--most notably, health insurance, which may now be set for 2025 with no chance of changing it that doesn't also involve changing jobs.

Agree that the cell phone bill is nuts. [/quote]

NP and OP provided their takehome pay which presumably already includes health insurance costs.[/quote]

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