I'll be making 2,500 a month after taxes. I want this apartment that's $1,060 a month all utilities included. My insurance is $150 a month and phone bill is $100 a month. That's the only bills I have. I calculated and I think I can do it but this would be my first place so I wanted an experienced persons input
Thanks
Assuming that you get a third taken out in taxes, you're talking about a gross yearly salary of $45,000. You're pretty close to the median USA household income, and you're single. That's about $20.08/hr assuming a 40 hr workweek. I used to live in Queens NY, living on $500/wk net as a Snapple truck driver, and later on $15.62/hr as an EMT-B, which went up to $20.22. When I worked for Charleston County EMS, base was $38k, and it went to about $55k with all of the mandatory OT, but by then I had a wife and daughter, and I was the only one working. You'll be fine.
$2,500/month minus your car insurance and phone bill leaves $1,190/4 weeks = $297.50/wk disposable, with two extra paychecks each year (52 weeks in a year, not 48). You should be able to live on that without a problem. Not have extras, but be able to live on that.The real total may be closer to $325-$350/wk with OT from late jobs or the occasional holdover for a few hours, as well as department mandated training outside of work hours (in-services, for example). Figure out your average weekly food and fuel expenditure, and keep track of it from month to month. Also log how and how much you spend of your disposable income, and see where you're at on a monthly basis. Never assume that you'll get anything back on your tax return. If you do, consider it a windfall, but never count on it. Youa lso need to be putting some of your salary into deferred comp. Your 55 y/o self will thank you greatly. The earlier you start, the better off you'll be later on. Even if you start with 3-5% and bump it up 1-2%/yr depending on pay raises, the payoff is tremendous. I like the percentage approach, because if I do OT, a percentage of that will go to deferred comp. This is what it means to "pay yourself first." If you do deferred comp, you'll never miss the money. Realistically, if you're disciplined with your disposable income (see below), you can easily defer $a few hundred dollars/month. Remember that if you do traditional (not Roth), when you defer $100, you're only shorting your actual paycheck by $67, assuming that a third typically gets withheld for taxes.
You just can't go out boozing that much, you can't have many dinner dates, and forget about taking an expensive vacation. Bring your meals to work religiously, and don't eat out. Skip getting cable, and just get a decent data plan for your phone or tablet. Your goal is to save up 3-6 months of living expenses in case something goes down. You may need to use that just for car repair. See if your employer and/or medical insurance company has a wellness program that gives cash prizes, or discounts for a local gym. See if they give you credit towards your medical premiums for attendance. That's free money in your pocket. Get a Costco membership, and get your fuel there for a discount. Buy meat in bulk (much cheaper), prepare a lot at one time, and freeze it, to allow for easy meal prep down the road. Buy your clothes at outlet stores. Try to never carry any credit card debt. That's the exact opposite of compound interest. If you do carry balances, make sure to always pay down the highest percentage card first, and pay only the minimum on any other cards. That is the quickest/least expensive way to pay down debt.
Make sure that your pay supports your lifestyle, and then use OT or per diem work to have the extras. Never, ever ever ever ever EVER base your lifestyle on OT. The OT can always dry up, the per diem gig may cut your hours, or you may get injured, be on light duty, and not be able to work OT for weeks, months, or even a year.
