I make $1600 a month... how do I live?

Ringwraith917

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Phone, water, power, rent, cable, insurance, credit cards, food, entertainment, clothing, gas, home/car/clothing maintenance expenses.
Start keeping an account of every time money leaves your hands. You're missing something big or many many small things
 

TTGOz

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Phone, water, power, rent, cable, insurance, credit cards, food, entertainment, clothing, gas, home/car/clothing maintenance expenses.
Start keeping an account of every time money leaves your hands. You're missing something big or many many small things
yeah I don't have those things on there because I don't pay those. I'm gonna be starting to pay rent this year or move out and pay rent anyways.. but I still wear years old clothes, the only clothes I buy are for work and they're almost always a new pair of khakis. I don't hangout with friends, I don't go see movies. I have zero credit cards, only debt I have is with my car and I've only got like $600 to go to pay it off. I will be starting my own phone plan, I plan to go through Straight Talk with my plan in May.

Really the only unaccounted for expense is food and it's really more just an inaccurately represented expense. I don't eat out with my girlfriend because we buy our food from Target or my parents make dinner and are nice enough to let me eat a meal with them free. I have no subscriptions besides a gym membership.

I don't 100% track every single purchase because I don't really buy anything if it's not food. No credit cards, no subscriptions besides a gym membership, no rent, no utilities, no clothing costs, not a lot of car maintenance because I only need to change the oil every 3k-4k miles and I don't drive very far every day. Oil changes are only like $20 for me because I do it myself. Every car repair I've needed done.. I've done myself. Every regular monthly payment I can possibly think of went in, and it's not a lot. If I have any money left-over I just funnel it into investments. I just put another $300 into Stash and Robinhood.

I'm lucky I have parents that decided they would let me continue to stay home rent-free for this long, but I'm gonna start paying some rent soon. I'm a little surprised they didn't want me to pick up the phone bill for me, but I'll be getting my own plan come May. I drive a 2002 Dodge Durango RT so it's pretty reliable. Older trucks are always reliable. It's in near great condition, more than fair, but not perfect, and is probably worth about $3500 with low miles because I hardly drive anywhere. I'm going to probably sell it for a more economical car this summer. My parents are fine with keeping me on their medical and dental until the time runs out, I pick up the health bills... something I don't have to do more than once a year.

When I move out, for sure I'm going to have to pay more. Internet, rent, and utilities. I won't buy cable. Streaming is 100x more economical to me because I don't even watch TV.
 

Ringwraith917

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You'll probably be short of money living on your own. You will need a roommate or your GF to move in to split bills. The missing $700 /month probably mostly goes towards savings but that flow will change direction with all the added bills if you live solo
 

TTGOz

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You'll probably be short of money living on your own. You will need a roommate or your GF to move in to split bills. The missing $700 /month probably mostly goes towards savings but that flow will change direction with all the added bills if you live solo
Spot on! I won't be moving out alone. I'd really like to move out into an apartment with a friend or two, or me and my girlfriend rent and rent out a second bedroom to a tenant. At the point of moving out, I'll be doing a consistent forty hour week job unless doing solo business works out, then I'll just be doing that.
 

Ringwraith917

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For perspective, I "bought" a house for 112,000 zero $ down, 30 yr mortgage. Mortgage payment $808/mo. (Rent houses nearby go for 900-1200/mo.) 5k credit card debt, going down slowly but surely. Gf lives with me, pays half the mortgage and half utilities. Savings/investments basically nothing.
 
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TTGOz

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For perspective, I "bought" a house for 112,000 zero $ down, 30 yr mortgage. Mortgage payment $808/mo. (Rent houses nearby go for 900-1200/mo.) 5k credit card debt, going down slowly but surely. Gf lives with me, pays half the mortgage and half utilities. Savings/investments basically nothing.
$808 a month, that's $9696 a year, $290880 for thirty years. Sounds about right for the bank if I'm understanding correctly. My hope is to one day have enough capital to put a cushiony down payment on a fifteen year mortgage contract on a house. I think I'm fine with renting an apartment out. If I can't ever afford to live on my own, I know I can rent a room from someone and be okay.
 

TTGOz

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Includes flood, mortgage and homeowners insurance and property taxes. Yeah they make money, but it's less than I'd spend renting for 30 years, and I have a house at the end
I love it.
 

Times Up

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Includes flood, mortgage and homeowners insurance and property taxes. Yeah they make money, but it's less than I'd spend renting for 30 years, and I have a house at the end
And you can always pay it off early if your finances allow!
 

can't touch this

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I'm a retard for not realizing that signing up for the 5% 401k match can only be done during open enrollment, which I missed...RIP!!!
 

TTGOz

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I'm a retard for not realizing that signing up for the 5% 401k match can only be done during open enrollment, which I missed...RIP!!!
GET DAT INVESTMENT STARTED

I found out I'm actually contributing 6% of my paycheck to my 401k. At least that's what my Pay and Benefits said.
 

TTGOz

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do they match amounts over 5% then?
no idea, I had no idea how much I was even contributing. I calculated out that 3% was half of my last 401k deposit, so the other 3% must be Target. Maybe pay and benefits was just lumping it all together, so I'm probably just at 3%.
 

Militantagnostic

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If you can afford it, it's always best to at least put up your employers match, otherwise that's money you left on the table.
 

Times Up

Formerly PassinTime
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Try to hit the maximum amount that Spot matches, more if you can swing it.

TIP: when that next pay increase rolls around bump up your 401k contribution another 1-2%. You won't notice it being deducted from your check because your raise will more than cover it, plus leave a little extra "bread" for you.
 

TTGOz

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If anyone has Amazon Prime, take advantage of that free Audible trial. I believe you get to free audiobooks...

About to start reading and listening to Dave Ramsey's Total Money Makeover. Also checking out an interesting self-development book called "I Used to Be a Miserable F*ck: An Everyman’s Guide to a Meaningful Life"

should be interesting
 

TTGOz

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Ted and Bill has nothing on us
 
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